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Pakistan stocks gain nearly 300 points

The stock market once again had a volatile session on Friday and the benchmark index oscillated between red and green zones before ending the week higher by around 300 points. Prime Minister Imran Khan’s visit to China seemed to have strengthened investor’s sentiments due to anticipated good news about financial support during the trip.

Earlier, trading started on a negative note, but a buying spree emerged shortly afterwards, helping the index gain close to 300 points in the first half. Volatility intensified in the second half due to political uncertainty in the wake of protests across the country, which made the index rise and fall multiple times. It closed the day slightly above the 42,000-point mark.

At the end of trading, the benchmark KSE 100-share Index recorded an increase of 287.99 points or 0.69 percent to settle at 42,004.09. Overall, trading volumes increased to 292.4 million shares compared with Thursday’s tally of 245.1 million.

The value of shares traded during the day was Rs13.8 billion. Shares of 377 companies were traded. At the end of the day, 253 stocks closed higher, 107 declined and 17 remained unchanged. Pak Elektron was the volume leader with 28.7 million shares, losing Rs1.05 to close at Rs32.15. It was followed by The Bank of Punjab with 25.4 million shares, gaining Rs0.25 to close at Rs13.32 and TRG Pakistan with 17.3 million shares, gaining Rs1.45 to close at Rs30.53.

US down as Apple falls, trade optimism fades

US stocks snapped a three-day rally on Friday as Apple shares dropped following a disappointing forecast and the White House dampened optimism over US-China trade talks.

Apple Inc tumbled 6.6 percent, sending its market value below $1 trillion at the close, a day after the iPhone maker warned that sales for the crucial holiday quarter may miss expectations. Apple in August had become the first publicly listed US company with a $1 trillion market value.

The forecast dragged down shares of Apple’s US suppliers, mostly chipmakers, and pushed the S&P technology sector down 1.9 percent.

The Dow Jones Industrial Average fell 109.91 points, or 0.43 percent, to 25,270.83, the S&P 500 lost 17.31 points, or 0.63 percent, to 2,723.06, and the Nasdaq Composite dropped 77.06 points, or 1.04 percent, to 7,356.99.

Still, the S&P 500 and Nasdaq registered their biggest weekly percentage gains since May, while the Dow posted its biggest weekly gain since June. For the week, the S&P 500 and Dow each rose 2.4 percent and the Nasdaq climbed 2.7 percent.

Chevron Corp gained 3.2 percent after reporting its quarterly profit doubled on record oil and gas production.

Starbucks Corp shares hit a record high and closed up 9.7 percent, a day after the coffee chain reported strong sales in the United States and China. Overall, third-quarter results have been stronger than expected, with about 78 percent of the reports so far beating analysts’ estimates, according to I/B/E/S data from Refinitiv.


India’s Sensex zooms to 1-month high

The Sensex soared 579.68 points to end at a one-month high of 35,011.65 on easing crude prices, strengthening of rupee to 72.52 and fresh foreign fund inflows.

Positive cues from global markets on easing concerns over the US-China trade war too buoyed the sentiment. The 30-share index got off to a strong start at 34,743.95 points and reclaimed the 35,000-mark to hit a high of 35,190.20 but profit-booking trimmed the gains. It finally settled 579.68 points, or 1.68 per cent, higher at 35,011.65. This is its highest closing since October 4, when it had finished at 35,169.16.

The NSE Nifty leaped 172.55 points, or 1.66 per cent, to 10,553 after touching intraday high of 10,606.95. On a weekly basis, both the Sensex and Nifty halted their two-week losing streak by surging 1,662.34 points or 5 per cent, and 523 points or 5 per cent, respectively.

Japan stocks higher as Nikkei-225 up 2.63 percent

Japan stocks were higher after the close on Friday, as gains in the Glass, Electrical/Machinery and Machinery sectors led shares higher.

At the close in Tokyo, the Nikkei 225 rose 2.63 percent. The best performers of the session on the Nikkei 225 were Sumitomo Dainippon Pharma Co Ltd (T:4506), which rose 14.59 percent or 314.0 points to trade at 2466.0 at the close. Meanwhile, Hitachi Construction Machinery Co (T:6305) added 8.47 percent or 251.0 points to end at 3215.0 and Dainippon Screen Mfg. Co, Ltd was up 8.09 percent or 490.0 points to 6550.0 in late trade.

The worst performers of the session were Chiyoda Corp, which fell 17.32 percent or 80.0 points to trade at 382.0 at the close. Oji Holdings Corp. declined 5.26 percent or 41.0 points to end at 739.0 and The Kansai Electric Power Co. was down 4.76 percent or 84.0 points to 1682.0.

Sri Lanka stocks surge, rupee rebounds

Sri Lanka stocks ballooned 2.70 percent Thursday, the highest single day gain in more than six years, crossing the 6,000-point psychological barrier, while the rupee ended stronger at around 174.00/40 rupees against US dollar in the spot market, source quoted as saying on Thursday.

The rupee had fallen to an intraday low of 175.75 rupees against the greenback, before banks selling US dollars on the back of some intervention saw the currency rebound. The rupee ended Wednesday at around 175.60/80 rupees against the greenback.

Colombo’s All Share index surged 2.70 percent to end 160.66 points higher at 6,114.13, and the S&P SL20 of more liquid stocks gained an even sharper 4.66 percent, up 143.58 points to 3,227.66. Market turnover was 1.5 billion rupees with 164 stocks gaining in the day while 28 declined. John Keells Holdings (up 4.70 rupees to 154.40 rupees), Distilleries (up 90 cents to 18.90 rupees) and LOLC Holdings (up 8.50 rupees to 100 rupees) contributed to the benchmark index surge. Hatton National Bank had gained 9.70 rupees to 214.80 rupees and Commercial Bank was up 3.90 rupees to 121.80 rupees.

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