STOCK EXCHANGES AROUND THE WORLD
Pakistan’s KSE-100 continues to rise, aided by support fund
After a phenomenal rally in the preceding session, the stock market continued to gain ground on Thursday as euphoria over the creation of a market support fund provided vital support.
The KSE-100 index surged over 500 points in the first hour of trading but selling pressure dragged the index lower. Rumours about delay in approval of the fund pushed the index down but approval of the fund by the Economic Coordination Committee (ECC) helped the index make a decent recovery. At the end of trading, the benchmark KSE 100-share Index recorded an increase of 15.36 points, or 0.04percent, to settle at 35,974.79.
Overall, trading volumes increased to 199.1 million shares compared with Wednesday
’s tally of 182.5 million. The value of shares traded during the day was Rs8.9 billion. Shares of 325 companies were traded. At the end of the day, 119 stocks closed higher, 184 declined and 22 remained unchanged. The Bank of Punjab XD was the volume leader with 25.4 million shares, losing Rs0.04 to close at Rs11.17.
US stocks decline on tariffs threat to Mexico
US stocks dropped on Friday, as the S&P 500 closed out the month with its biggest May slump since 2010, after President Donald Trump’s surprise threat of tariffs on Mexico fueled fears that a trade war on multiple fronts could lead to a recession.
Washington will impose a 5% tariff from June 10, which would rise steadily to 25% until illegal immigration across the southern border was stopped, Trump tweeted late on Thursday.
Mexican President Andres Manuel Lopez Obrador responded by urging his US counterpart to back down.
The Dow Jones Industrial Average fell 354.84 points, or 1.41%, to 24,815.04, the S&P 500 lost 36.8 points, or 1.32%, to 2,752.06 and the Nasdaq Composite dropped 114.57 points, or 1.51%, to 7,453.15.
Both the S&P 500 and Nasdaq closed below their 200-day moving averages for the first time since March 8, seen as a strong technical support level that could presage further losses.
For the week, the Dow fell 3.01%, the S&P 500 dropped 2.62% and the Nasdaq declined 2.41%. The weekly decline was the sixth straight for the Dow, its longest weekly losing streak since 2011. For the month, the Dow fell 6.69%, the S&P 500 dropped 6.58%, the Nasdaq declined 7.93% to mark the first monthly decline of the year for each index.
Declining issues outnumbered advancers on the NYSE by a 2.52-to-1 ratio; on Nasdaq, a 3.20-to-1 ratio favored decliners. The S&P 500 posted four new 52-week highs and 52 new lows; the Nasdaq Composite recorded 12 new highs and 210 new lows. About 7.92 billion shares changed hands in US exchanges, compared with the 7.01 billion daily average over the last 20 sessions.
India sensex ends 117 points lower, Nifty holds 11,900
The market close the volatile day on the negative side but off day’s low after cabinet announcement under Modi 2.0.
At close, the Sensex was down 117.77 points at 39,714.20, while Nifty was down 23.10 points at 11,922.80. About 1020 shares have advanced, 1534 shares declined, and 155 shares are unchanged. Yes Bank, ITC, Grasim Industries, Vedanta and Zee Entertainment were the top losers on the Nifty, while gainers were Tech Mahindra, Asian Paints, TCS, IOC and Britannia Industries. Among sectors, PSU bank, metal, auto, infra and pharma witnessed selling pressure, while buying saw in the energy and IT space.
Japan stocks lower; Nikkei 225 down 0.29pc
Japan stocks were lower after the close on Thursday, as losses in the Paper & Pulp, Food and Chemical sectors led shares lower.
At the close in Tokyo, the Nikkei 225 fell 0.29 percent to hit a new 3-months low. The best performers of the session on the Nikkei 225 were JGC Corp, which rose 3.53 percent or 51.0 points to trade at 1497.0 at the close. Meanwhile, Fuji Electric Co Ltd added 3.33 percent or 120.0 points to end at 3725.0 and Tokyo Electron Ltd was up 3.30 percent or 485.0 points to 15170.0 in late trade. The Nikkei Volatility, which measures the implied volatility of Nikkei 225 options, was down 2.43percent to 17.68. Crude oil for July delivery was up 1.02percent or 0.60 to $59.41 a barrel. Elsewhere in commodities trading, Brent oil for delivery in August rose 0.40percent or 0.27 to hit $68.14 a barrel, while the June Gold Futures contract fell 0.47percent or 6.00 to trade at $1275.00 a troy ounce.
France stocks lower at close of trade; CAC 40 down 0.79pc
France stocks were lower after the close on Friday, as losses in the Utilities, Gas & Water and General Financial sectors led shares lower. At the close in Paris, the CAC 40 fell 0.79 percent to hit a new 3-months low, while the SBF 120 index declined 0.72percent. Falling stocks outnumbered advancing ones on the Paris Stock Exchange by 344 to 213 and 84 ended unchanged. The CAC 40 VIX, which measures the implied volatility of CAC 40 options, was up 4.62 percent to 16.95. Gold Futures for June delivery was up 1.31percent or 16.80 to $1303.90 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in July fell 3.34percent or 1.89 to hit $54.70 a barrel, while the August Brent oil contract fell 3.40percent or 2.22 to trade at $63.11 a barrel.
Germany stocks down
Germany stocks were lower after the close on Friday, as losses in the Software, Pharmaceuticals & Healthcare and Basic Resources sectors led shares lower. At the close in Frankfurt, the DAX lost 1.47percent to hit a new 1-month low, while the MDAX index declined 0.58percent, and the TecDAX index declined 2.13percent. Falling stocks outnumbered advancing ones on the Frankfurt Stock Exchange by 526 to 168 and 79 ended unchanged.
Shares in Covestro AG fell to 52-week lows; losing 2.90percent or 1.170 to 39.230. Shares in Siltronic AG fell to 52-week lows; falling 3.41percent or 2.160 to 61.220. The DAX volatility index, which measures the implied volatility of DAX options, was up 5.20percent to 18.00.