WALL STREET ENDS DOWN
US stocks lost ground late to end lower on Friday following a White House-focused week that raised more questions about the Trump administration’s ability to implement its pro-growth agenda. While the day’s losses were small, Friday marked the first time stocks haven’t risen the day after a more than 1 percent drop since Donald Trump was elected president on Nov. 8.
The week’s losses further dented the post-election rally, which was built on Trump’s promises of tax cuts and higher infrastructure spending.
Thursday’s 1.5-percent drop in the S&P 500 came a week after a similar fall, and while the benchmark index still is up 13.4 percent since the election, it is down 2.1 percent in the last two weeks. That’s the most since the two weeks before the election.
In the latest shakeup, the White House said Trump on Friday fired chief strategist Steve Bannon, known as an economic nationalist and an advocate of “America First” policies. Critics have accused him of harboring anti-Semitic and white nationalist sentiments. While stocks turned higher following reports of Bannon’s departure, they lost those gains heading into the close.
The Dow Jones Industrial Average fell 76.22 points, or 0.35 percent, to close at 21,674.51, the S&P 500 lost 4.46 points, or 0.18 percent, to 2,425.55 and the Nasdaq Composite dropped 5.39 points, or 0.09 percent, to 6,216.53.
KSE-100 CLOSES SLIGHTLY IN THE RED
The Pakistan Stock Exchange (PSX) recorded another volatile session on Friday as the index traded in a range of over 700 points and oscillated between the red and green zones.
At close, the benchmark KSE 100-share Index recorded a decrease of 57.68 points or 0.13% at 43,078.38. Overall, trading volumes rose to 188 million shares compared with Thursday’s tally of 167 million. Shares of 378 companies were traded. At the end of the day, 154 stocks closed higher, 203 declined while 21 remained unchanged.
The value of shares traded during the day was Rs11.2 billion. Azgard Nine was the volume leader with 18.1 million shares, gaining Rs1 to close at Rs16.26. It was followed by Aisha Steel Mills with 14.2 million shares, losing Rs0.18 to close at Rs20.86 and TRG Pakistan with 13.1 million shares, gaining Rs1.29 to close at Rs42.88.
INDIA’S BSE INDEX SLIPS AFTER INFOSYS CHIEF RESIGNS
Most of the IT companies in Indian stocks were trading in red on Friday after resignation of Infosys BSE -9.60 percent CEO and MD Vishal Sikka with immediate effect.
The BSE IT index was down over 2 percent with Infosys falling over 7 percent at around 11.35 am. Other IT companies such as Mindtree BSE -2.03 percent and Intellect were also trading in negative zone. Overall market sentiment was also under pressure following weak global cues. The BSE Sensex was down 250 points, or 0.79 per cent, at 31,545, while NSE Nifty index was down 62.15 points, or 0.63 per cent, at 9,842.
TSX SLIDES AS FINANCIERS SHUN RISKIER ASSETS, GOLD SHINES
Canada’s main stock index declined on Friday, led lower by heavyweight bank shares, as financiers international fled equities to perceived safe-haven investments amid global geopolitical uncertainties.
Canadian financial stocks were the five biggest contributors to the index’s decline. Manulife Financial Corp fell 1.3 percent to C$24.77, while Bank of Montreal slipped 0.6 percent to C$91.2.
The overall financials group declined 0.5 percent. At 10:16 a.m. ET (1416 GMT), the Toronto Stock Exchange’s S&P/TSX composite index fell 74.5 points, or 0.5 percent, to 14,959.14. All 10 of the index’s key sectors were in the red.
FALL IN AIRLINES DAMPENS FTSE 100 AFTER SPAIN ATTACK
Britain’s main share index came under pressure from falls among consumer giants, financials and airline stocks, caught up in a broader risk-off move following the attack in Spain.
The FTSE 100 index ended the session down 0.9 percent at 7,323.98 points, extending the previous session’s losses after three days of gains. It still managed to end the week with a small gain, however. Energy stocks took 6.6 points off the index, with BP declining 0.7 percent as the price of oil fell.
TOKYO SHARES DECLINE AS SPAIN ATTACK, TRUMP TROUBLES WEIGH
Tokyo’s benchmark index ended at its lowest level in more than three months Friday in the wake of Barcelona’s deadly attack and concerns over US President Donald Trump’s economic agenda.
Tokyo’s Nikkei 225 index lost 1.18 percent, or 232.22 points, to end at 19,470.41, its lowest finish since early May. The benchmark index fell 1.31 percent over the week. The Topix index of all first-section issues fell 1.08 percent, or 17.46 points, to 1,597.36 for a weekly loss of 1.23 percent.
EUROPEAN SHARE RETREAT AFTER BARCELONA ATTACKS
Europe’s key stock markets slid at the start of trading on Friday following the Barcelona attacks and a sharp sell-off on Wall Street.
London’s benchmark FTSE 100 index dropped 0.6 percent to 7,343.65 points compared with the close on Thursday. In the eurozone, Frankfurt’s DAX 30 shed 0.8 percent to 12,103.51 points and the Paris CAC 40 lost 0.8 percent to 5,103.47. The Spanish IBEX 35 opened around 1.3 percent lower.
HONG KONG DECLINES, SHANGHAI STOCKS FLAT
Hong Kong stocks chalked up steep losses Friday, driven lower by a worldwide downturn after a deadly Barcelona attack and poor results from tech giant Lenovo, while Shanghai ended flat.
The Hang Seng Index finished down 1.08 percent, or 296.65 points, at 27,047.57. The benchmark Shanghai Composite Index ended 0.01 percent higher, or 0.29 points, at 3,268.72, while the Shenzhen Composite Index, which tracks stocks on China’s second exchange, dipped 0.37 percent, or 7.13 points, to 1,902.25.