Pakistan stocks post 6th successive negative close
The KSE-100 Index dropped for the sixth successive trading session, reaching close to 41,500 points as selling pressure persisted amid concerns over Pakistan’s macroeconomic indicators and political uncertainty.
At close, the benchmark KSE 100-share Index recorded a decrease of 246.13 points or 0.59 percent to settle at 41,623.52. Shares of 313 companies were traded.
At the end of the day, 78 stocks closed higher, 218 declined while 17 remained unchanged. Overall, trading volumes rose to 82.8 million shares compared with Thursday’s tally of 56.9 million. The value of shares traded during the day was Rs4.3 billion.
K-Electric was the volume leader with 5.9 million shares, losing Rs0.11 to close at Rs6.01. It was followed by Sui Southern Gas Company with 5.6 million shares, gaining Rs 0.82 to close at Rs36.86 and Pak Elektron (XD) with 5.2 million shares, losing Rs1.39 to close at Rs35.56.
US stock indexes post weekly loss
The S&P 500 ended lower on Friday after a choppy trading session as bank and chipmaker stocks weighed on the index and investors grappled with US-China trade talks.
All three major US stock indexes posted a weekly loss as the markets reacted to reports from the US-China trade summit, rising US government bond yields and increasing oil prices.
The Dow Jones Industrial Average was essentially flat, ending the session at 24,715.09, the S&P 500 lost 7.16 points, or 0.26 percent, to 2,712.97 and the Nasdaq Composite dropped 28.13 points, or 0.38 percent, to 7,354.34.
Declining issues outnumbered advancing ones on the NYSE by a 1.01-to-1 ratio; on Nasdaq, a 1.03-to-1 ratio favored decliners.
Volume on US exchanges was 6.18 billion shares, compared with the 6.64 billion-share average for the full session over the last 20 trading days.
Tokyo shares rise on weak yen
Tokyo stocks closed higher Friday as a cheaper yen gave a boost to exporters but traders said they would be keeping a close eye on geopolitics in the coming days.
The benchmark Nikkei 225 index gained 0.40 percent, or 91.99 points, to 22,930.36, marking a weekly gain of 0.76 percent. The broader Topix index was up 0.38 percent, or 6.88 points, at 1,815.25. Over the week, it advanced 1.13 percent.
European share markets fall
European stock markets fell at the start of trading on Friday, with profit-taking setting in after record highs a day earlier.
London’s benchmark FTSE 100 index opened down 0.2 percent to 7,772.30 points, having closed at a record high on Thursday. In the eurozone, the Paris CAC 40 slipped 0.2 percent to 5,610.14 points, having ended Thursday’s session at the highest level since December 2007. Frankfurt’s DAX 30 opened flat at 13,115.63, having achieved its highest close since February the previous session.
China shares fall
China stocks fell on Thursday as investors turned cautious amid trade talks between China and US in Washington.
The blue-chip CSI300 index fell 0.7 percent, to 3,864.05 while the Shanghai Composite Index lost 0.5 percent to 3,154.28 points.
The United States and China will launch trade talks on Thursday in a bid to avert a damaging tariff war, with the White House’s harshest China critic relegated to a supporting role, senior Trump administration officials said on Wednesday.
The CSI300 financial sub-index was lower by 0.53 percent and the consumer staples sector was down 1.33 percent while the real estate index dropped 0.57 percent. Healthcare sub-index fell 1.2 percent. The smaller Shenzhen index ended down 0.52 percent and the start-up board ChiNext Composite index was weaker by 0.84 percent.
Saudi and Gulf markets down
Saudi Arabia and other Gulf markets failed to reflect strength in oil prices on Thursday, with geopolitics continuing to weigh on investor sentiment, though Saudi bank Alawwal soared again on its merger plans.
Investor activity was also slow because of the Muslim fasting month of Ramazan, traders said.
The Saudi index edged up by only 0.1 percent despite Brent crude futures moving ever closer to $80 a barrel, their highest since 2014, as supplies tighten and demand remains strong. Saudi British Bank’s shares fell by 2.5 pct to 31.20 riyals, extending losses for a second day.
In Abu Dhabi, real estate developers Eshraq Properties and Aldar Properties were the most heavily traded shares, losing 1.4 percent and 0.4 percent respectively. Dana Gas was also heavily traded but the price held steady. Abu Dhabi’s index eased by 0.4 percent.
In Dubai, the index was down 0.5 percent, dragged lower by Emaar Properties and subsidiary Emaar Developpement, down 1.3 percent and 0.9 percent respectively.
Energy shares boost TSX as oil tops $80
Canada’s main stock index rose on Thursday, gaining for the 10th straight session, led by the energy sector as oil prices hit $80 a barrel for the first time since November 2014.
At 9:36 a.m. ET (1336 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 35.65 points, or 0.22 percent, at 16,143.71. Brent crude prices hit a high of $80.18 per barrel on concerns that Iranian exports could fall because of renewed US sanctions, reducing supply in an already tightening market. Eight of the index’s 11 major sectors were higher, led by the energy sector, which climbed 1.3 percent.
Hong Kong shares finish week with gains
Hong Kong stocks finished the week on a positive note Friday with energy firms soaring on the back of rising oil prices, while investors are keeping tabs on high-level China-US trade talks.
The Hang Seng Index rose 0.34 percent, or 105.76 points, to 31,047.91. The benchmark Shanghai Composite Index climbed 1.24 percent, or 39.02 points, to 3193.30 and the Shenzhen Composite Index, which tracks stocks on China’s second exchange, advanced 0.33 percent, or 6.09 points, to 1828.79.
Sri Lanka shares higher
Sri Lanka stocks were higher after the close on Friday, as gains in the Chemicals & Pharmaceuticals, Healthcare and Power & Energy sectors led shares higher.
At the close in Colombo, the CSE All-Share added 0.29 percent. The best performers of the session on the CSE All-Share were Shalimar Estates, which rose 19.52 percent or 292.40 points to trade at 1790.00 at the close. Meanwhile, Union Chemicals Lanka PLC added 18.33 percent or 77.00 points to end at 497.00 and Hunas Falls Hotels PLC was up 17.82 percent or 13.60 points to 89.90 in late trade. Rising stocks outnumbered declining ones on the Colombo Stock Exchange by 101 to 80 and 50 ended unchanged.