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Pakistan KSE-100 index gains 82 points

The KSE-100 index extended its gains from the previous session and closed up by 82 points on Wednesday after experiencing a volatile session.

On the political front, the suspension of prison terms of Nawaz Sharif and his daughter Maryam, awarded to them in the Avenfield properties case, by the Islamabad High Court failed to cast a significant impact on the stock market. The day kicked off on a positive note, but bearish sentiments prevailed soon, triggering a highly volatile session with ups and downs at regular intervals.

The market closed above 41,300 points with a small increase. At close, the benchmark KSE 100-share Index recorded an increase of 82.06 points or 0.20 percent to settle at 41,320.13. It is also said market movements were reflective of a see-saw session where the bourse juggled between green and red zones. It hit an intra-day low of -137 points and intra-day high of +119 points to close at 41,320, up 82 points. Overall, trading volumes decreased to 158.7 million shares compared with Tuesday’s tally of 166.5 million.

The value of shares traded during the day was Rs5.7 billion. Shares of 351 companies were traded. At the end of the day, 192 stocks closed higher, 140 declined and 19 remained unchanged. K-Electric was the volume leader with 30.6 million shares, gaining Rs0.01 to close at Rs5.38. It was followed by Summit Bank with 15.1 million shares, losing Rs0.01 to close at Rs1.12 and Unity Foods with 9.4 million shares, gaining Rs1.26 to close at Rs37.5.

DOW, S&P reach record highs

The S&P 500 and Dow reached record highs on Friday ahead of Monday’s major sector reshuffle, capping a week that largely shrugged off trade worries.

Trading volume was expected to spike in anticipation of the S&P 500 sector change, when telecom will be folded into a new sector called communications services, along with heavy-hitting stocks such as Amazon.com, Facebook Inc and Walt Disney Co.

The S&P 500 and the Dow were up, with the tech-heavy Nasdaq losing ground. All three were on track to post their second consecutive weekly gains, with the blue-chip Dow on its way to its best weekly percentage gain in over two months.

The Dow Jones Industrial Average rose 78.46 points, or 0.29 percent, to 26,735.44, the S&P 500 gained 3.04 points, or 0.10 percent, to 2,933.79 and the Nasdaq Composite dropped 18.66 points, or 0.23 percent, to 8,009.58.

Telecoms rose 1.4 percent on its last trading day as a discrete major S&P sector, and was the index’s biggest percentage gainer. The advance was led by AT&T Inc, which rose 1.7 percent following a UBS upgrade to “buy.”

Trade war hopes buoy FTSE 100, still slave to sterling swings

Britain’s top share index extended its rally on Wednesday to hit a near two-week high as investors focused on hopes a U.S.-China trade war was losing intensity.

Brexit developments also kept the FTSE 100 in the thrall of currency moves on Wednesday, with inflation figures also driving swings in the index whose constituents derive most of their earnings from abroad. An unexpected jump in UK inflation boosted sterling in the morning, sending the FTSE 100 into the red.

The FTSE 100 ended the day up 0.4 percent, driven up by mining and banking stocks as well as the positive currency translation. Washington on Tuesday imposing further 10 percent tariffs on $200 billion of Chinese imports and Beijing retaliated. Mining companies helped support the FTSE 100 as copper prices climbed on the less harsh than expected U.S.-China trade tariffs. Anglo American, Antofagasta, Fresnillo , and Glencore were the top gainers, up 3.5 to 5.9 percent.

 

Egypt’s stock plunges, Saudi index rebounds

Egypt’s stock market plunged to its lowest close this year on Wednesday as liquidity tightened, while most Gulf markets were little changed and Saudi Arabia continued to rebound from six-month lows.

The Egyptian stock index tumbled 3.8 percent, its biggest drop since mid-2016. On Sunday it had plunged 3.6 percent after an Egyptian criminal court ordered the arrest of ousted president Hosni Mubarak’s two sons on charges of stock market manipulation.

Fund managers said Egypt’s slide was at least partly due to jitters in emerging markets globally, although MSCI’s emerging market equity index rose on Wednesday, and credit default swaps and currency forwards do not so far show heavy pressure on the Egyptian pound. Qalaa Holdings, which has said its investor relations head Amr El-Kadi was detained in connection with the manipulation case, plummetted 8.9 percent on Wednesday.

Telecommunications firm Mobily climbed 2.2 percent while petrochemical producer Saudi Kayan added 2.0 percent. United Electronics was up 1.7 percent after shareholders approved a capital boost via a bonus share issue.

Sri Lanka shares snap losing streak

Sri Lankan shares ended marginally higher on Wednesday, edging up from their 30-month closing low hit in the previous session, as investors picked up battered shares, while sentiment was weighed down by weak rupee and continued foreign selling.

The Colombo stock index ended 0.06 percent firmer at 5,974.75, edging up from its lowest close since March 15, 2016 hit on Tuesday. It lost 1.4 percent last week, its first weekly drop in four. Turnover was 657.2 million rupees ($3.94 million) on Wednesday, less than this year’s daily average of 796.7 million rupees.

Foreign investors sold a net 207.8 million rupees worth of shares extending the year-to-date net foreign outflow to 5.1 billion rupees worth of equities. Earlier in the session, the Sri Lankan rupee dropped 0.6 percent and hit an all-time low of 166.95 per dollar, pulled down by importer demand for scarce US currency, market sources said.

Analysts said the fuel price hike also hurt investor confidence as it could hit corporate earnings. Fuel retailers raised gasoline and diesel prices in September for a third time in four months due to higher global oil prices and a weaker rupee.

Indian market fails to build momentum, retests crucial support mark

Indian market which was hitting fresh record highs in August failed to build momentum and retested crucial support levels this week. The S&P BSE Sensex breached its crucial support at 37,000 and slipped 1,249 points or 3.2 percent for the week ended September 21. The carnage was more severe in small & mid-cap space as more than 70 stocks hit fresh 52-week low and 69 stocks slipped 10-40 percent in just 4 trading sessions, data showed.

As many as 76 stocks in the S&P BSE 500 index hit a fresh 52-week low which include names like Reliance Nippon, Jaiprakash Associates, IL&FS Transport Networks, Force Motors, Jet Airways, Repco Home Finance, IRB infrastructure, JK Tyre, ICICI Prudential Life Insurance, and HSIL plunged 10-20 percent in just 4 trading sessions this week. The S&P BSE Sensex fell a little over 3 percent this week but over 100 stocks in the small & mid-cap space plunged up to 40 percent in just four trading sessions.

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