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US STOCKS ADD TO RECORDS ON TRUMP’S ‘HYPE’

Wall Street stocks added to records early Friday on optimism over President Donald Trump’s promise of tax cuts, with petroleum-linked stocks gaining on higher oil prices.

About 15 minutes into trading, the Dow Jones Industrial Average stood at 20,233.21, up 0.3 percent. The broad-based S&P 500 also climbed 0.3 percent to 2,313.71, while the tech-rich Nasdaq Composite Index advanced 0.2 percent to 5,728.36.

Trump sparked a rally Thursday that lifted all three major US stock indices to records by promising details on his much-anticipated tax-cut plan in two-three weeks.

Friday’s session closes with the Nasdaq Composite Index reaching a historical high. The index closed at 5,734.13 up 18.95 for the day. The index first reached the 5000 mark on 02/09/2017 The total shares traded for the Nasdaq was over 2.29 billion. Advancers stocks led declining by 2.04 to 1 ratio. There were 1919 advancers and 939 decliners for the day. On the Nasdaq Stock Exchange 138 stocks reached a 52 week high and 12 reaching lows.

PAKISTAN STOCKS FLAT AS SELLING PRESSURE PERSISTS

Pakistan Stock Exchange (PSX) on Friday ended flat after crossing the 50,000-point barrier as midday selling pressure dampened investor sentiments.

The KSE 100-share Index of PSX inched up 0.03 percent or 16.93 points to close at 49,925.08 points. KSE 30-share Index gained 0.02 percent or 5.61 points to end at 26,950.63 points.

As many as 422 shares were active; of which 168 increased, 238 decreased and 16 remained unchanged. The ready market volumes stood at 354.875 million as compared to 538.907 million shares a day earlier.

Highest volumes were witnessed in Power Cement with a turnover of 26.571 million shares. The scrip inched up 86 paisas to close at Rs18.85/share.

PAKISTAN STOCK EXCHANGE on 10th February 2017
Symbols
shares
KSE100 Index
All Share Index
Advanced
157
Current
49925.08
Current
33732.39
Declined
226
High
50093.38
High
33835.07
Unchanged
14
Low
49845.85
Low
33701.72
Total
397
KMI 30 Index
KSE 30 Index
PSX-KMI All Shares Index
Current
85954.75
Current
26950.63
Current
23711.97
High
86366.83
High
27061.52
High
23822.38
Low
85763.45
Low
26888.09
Low
23697.58

 

TOKYO STOCKS JUMP AFTER DONALD TAX CUT PROMISE

Japanese stocks rose sharply Friday, mirroring a surge on Wall Street after US President Donald Trump promised details soon about a “phenomenal” tax-cut plan aimed at boosting the world’s top economy.

Tokyo’s benchmark Nikkei 225 index jumped 2.5 percent, or 471.26 points, to end the week at 19,378.93, while the Topix index of all first-section issues rose 2.18 percent, or 33.01 points, to close at 1,546.56.

INDIA’S SENSEX, NIFTY END SLIGHTLY HIGHER

BSE Sensex closed higher by 5 points, or 0.02 percent, to 28,334, while the Nifty 50 rose 15 points, or 0.17 percent, to 8,794. BSE IT index closed up 2.06 percent.

The stock markets failed to leverage the early momentum, but managed to close a little higher at 28,334 ahead of IIP numbers even as other Asian bourses closed at 18-month high amid a higher opening in Europe.

Lackluster quarterly readings of a few Nifty constituents made sentiment depressed. On top of it, a rush to take profit towards the close of the session washed out much of the initial gains.

The Sensex after opening higher climbed to a high of 28,456.18, but hit a low of 28,286.80 before ending up 4.55 points, or 0.02 percent, at 28,334.25. The gauge had gained 39.78 points on Thursday. The broader NSE Nifty, which recaptured the 8,800-mark and touched a high of 8,822.10 intra-day, finally finished at 8,793.55, up 15.15 points, or 0.17 percent.

PARIS CAC 40 LITTLE CHANGED

CAC 40 is little changed so far for Friday’s trading session (+0.06), as European stocks remain quiet going into this week close.

Leaders for the CAC 40 include ArcelorMittal (+8.14%) and Legrand (+1.98%). Losers include Loreal (-2.24%) and Societe Generale (-1.91%).

Technically the CAC 40 remains trending high in the short term, after aggressive push higher placed the Index back above its 10 day EMA (Exponential Moving Average). This line now resides at 4,808.79 and will remain a point of support going into next week’s trading.

If the CAC 40 continues to rise, traders may next target the January 26th swing high found at 4,903.10. Intraday market analysis has the CAC 40 turning lower after initially testing resistance found at the R1 pivot at a price of 4,854.45. While prices are currently off of the highs of the day, the Index however has failed to break below today’s central pivot at 4,811.05.

In the event of a selloff, traders should first look for the CAC 40 to drop below 4,811.05. A move here then exposes key values of intraday support. This includes the S1 and S2 pivots found at 4,788.20 and 4,744.80 respectively.

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