STOCK EXCHANGES AROUND THE WORLD
Pakistan index sheds 487 points due to panic selling
The benchmark KSE-100 index extended losses at the stock market on Friday as investors resorted to panic selling in the face of continued tensions between Pakistan and India over Kashmir.
Standard and Poor’s affirmation on Pakistan’s economy a day earlier provided mid-session support. The ratings agency kept its outlook on Pakistan stable with a ‘B-‘ sovereign rating for the long term and ‘B’ rating for the short term. The first trading session began on a positive note but weak investor sentiment resulted in range bound trading and the market inched down marginally by the session’s end. The second session extended the losses as the KSE-100 index dipped below 30,000 points to close the week in the red.
At close, the benchmark KSE 100-share Index recorded a decrease of 486.84 points, or 1.61 percent, to settle at 29,672.12 points. Overall, trading volumes decreased to 110 million shares compared with Thursday’s tally of 118.6 million. The value of shares traded during the day was Rs4 billion. Shares of 322 companies were traded. At the end of the day, 77 stocks closed higher, 231 declined and 14 remained unchanged. K-Electric was the volume leader with 10.1 million shares, losing Rs0.17 to close at Rs3.05.
US stocks upon easing trade tensions
US stocks rose on Friday as an easing of trade tensions between the United States and China, and data showing solid domestic consumer spending abated concerns that major economies were on the brink of a recession.
A sharp heightening of tensions this month after the US and China slapped tariffs on each other’s goods, caused panic across global markets and resulted in a key part of the US yield curve, a closely-followed recession indicator, inverting.
Dow Jones Industrial Average was up 122.64 points, or 0.47%, at 26,484.89, the S&P 500 was up 12.43 points, or 0.43%, at 2,937.01 and the Nasdaq Composite was up 27.33 points, or 0.34%, at 8,000.72.
Advancing issues outnumbered decliners for a 2.41-to-1 ratio on the NYSE and a 1.79-to-1 ratio on the Nasdaq. The S&P index recorded 33 new 52-week highs and no new low, while the Nasdaq recorded 26 new highs and 18 new lows.
France stocks higher
France stocks were higher after the close on Friday, as gains in the Foods & Drugs, Gas & Water and General Financial sectors led shares higher. At the close in Paris, the CAC 40 added 0.56percent, while the SBF 120 index added 0.68 percent.
Rising stocks outnumbered declining ones on the Paris Stock Exchange by 342 to 197 and 101 ended unchanged. The CAC 40 VIX, which measures the implied volatility of CAC 40 options, was down 1.46 percent to 16.96. Gold Futures for December delivery was down 0.33percent or 5.05 to $1531.85 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in October fell 2.59 percent or 1.47 to hit $55.24 a barrel, while the November Brent oil contract fell 2.20percent or 1.33 to trade at $59.16 a barrel. EUR/USD was down 0.62 percent to 1.0986, while EUR/GBP fell 0.40 percent to 0.9031. The US Dollar Index Futures was up 0.35 percent at 98.797.
German stocks surge
Germany stocks were higher after the close on Friday, as gains in the Financial Services, Technology and Retail sectors led shares higher. At the close in Frankfurt, the DAX gained 0.85 percent, while the MDAX index added 1.30percent, and the TecDAX index climbed 0.87 percent. Rising stocks outnumbered declining ones on the Frankfurt Stock Exchange by 465 to 214 and 76 ended unchanged.
The DAX volatility index, which measures the implied volatility of DAX options, was down 0.67 percent to 17.90. Gold Futures for December delivery was down 0.36 percent or 5.60 to $1531.30 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in October fell 2.66 percent or 1.51 to hit $55.20 a barrel, while the November Brent oil contract fell 2.25 percent or 1.36 to trade at $59.13 a barrel.
FTSE rises after gains in miners, trade optimism
Gains in mining companies after nickel prices hit an all-time high and signs of a resumption of US-China trade talks lifted London’s FTSE 100 on Friday, as the index snapped a four-week losing streak. The main index added 0.3percent, but still posted its sharpest monthly fall since October in a month ravaged by escalating trade disputes and fears of a recession.
The mid-cap FTSE 250 gained 0.5percent. The more domestically-focussed FTSE 250, which has broken ranks with the local currency in recent months, gained, supported by a 10.3percent surge in building materials distributor Grafton after its first-half results. Shares of blue-chip IT group Micro Focus and mid-cap consumer credit provider Amigo Holdings clawed back some losses from the previous session’s steep falls. Micro Focus rose 5.5percent, while Amigo climbed 12.6percent.
India’s Sensex recovers 489 points
The S&P BSE Sensex and NSE Nifty 50 indexes staged a sharp recovery from intraday low levels in afternoon deals led by gains in bluechip shares like HDFC Bank, HDFC, ITC, ICICI Bank, Hindustan Unilever and Sun Pharma.
The Sensex recovered as much as 489 points from day’s lowest level and the NSE Nifty 50 index moved above important psychological level of 10,950. The Sensex rose 0.3 per cent or 124 points to 37,193 and the NSE Nifty 50 index advanced 0.25 per cent or 27 points to 10,975.
Japan stocks higher
Japan stocks were higher after the close on Friday, as gains in the Paper & Pulp, Railway & Bus and Real Estate sectors led shares higher. At the close in Tokyo, the Nikkei 225 added 1.19 percent. Rising stocks outnumbered declining ones on the Tokyo Stock Exchange by 3009 to 523 and 170 ended unchanged. The Nikkei Volatility, which measures the implied volatility of Nikkei 225 options, was unchanged 0.00percent to 19.37.