STOCK EXCHANGES AROUND THE WORLD
Pakistan’s stocks index extends gains, up 281 points
The benchmark KSE-100 index extended gains on Friday and crossed the 33,000-point mark due to robust investor sentiment following a meeting between Army Chief Qamar Javed Bajwa and prominent businessmen.
The first session remained largely range bound due to a lack of positive triggers and the index ended the session with a gain of about 100 points. Bullish sentiment prevailed in the second session, which began with a buying spree that continued till the end, helping the index close with handsome gains.
At close, the benchmark KSE 100-share Index recorded an increase of 281.06 points, or 0.86percent, to settle at 33,033.32 points. Buying activity was mainly seen in cement and steel sectors, and was further aided by oil and gas marketing companies, exploration and production firms and banks.
Optimism in the market was fueled by the meeting of leading businessmen with the Army Chief, the Prime Minister and his economic team, which sparked hope among market participants about resolution of the issues afflicting the bourse for long. The technology sector topped the volumes table with trading in 50.1 million shares, followed by cement companies (35.8 million) and engineering firms (31.1 million).
Among individual stocks, WorldCall Telecom emerged as the leader with trading in 33.2 million shares followed by Dost Steels (15.2 million) and Unity Foods (13.5 million). Oil and Gas Development Company (+2.1percent) and Pakistan Petroleum (+0.8percent) were the major gainers in the exploration and production sector.
In the cement sector, Cherat Cement (+4.9 percent) closed near its upper circuit whereas Fauji Cement (-1.1 percent) remained negative. In the fertiliser sector, Fauji Fertiliser (+1.9 percent) and Engro Fertilisers (+1.4percent) were the major gainers.
Mixed sentiment was seen in the financial sector where NBP (+5percent) and Bank AL Habib (+1.2 percent) were the main gainers whereas UBL (-0.8 percent) was in the red zone.
Traded value stood at $48 million, down 18 percent and volumes stood at 262 million shares, down 19 percent. Overall, trading volumes decreased to 261.8 million shares compared with Thursday
’s tally of 324.3 million. The value of shares traded during the day was Rs7.5 billion. Shares of 387 companies were traded. At the end of the day, 248 stocks closed higher, 120 declined and 19 remained unchanged. Foreign institutional investors were net buyers of Rs50.2 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.
US stocks surge after moderate jobs growth
Wall Street surged on Friday after moderate jobs growth in September offered relief from a spate of dismal economic data this week that has rankled markets and fueled concerns that the world’s largest economy may be sliding into a recession.
A rally in technology stocks led by Apple Inc also helped lift the benchmark indexes at the end of a rollercoaster week. Still, for a third consecutive week the Dow and S&P 500 lost ground.
The Labor Department’s report showed nonfarm payrolls increased by 136,000 last month and the unemployment rate dropped to a 50-year low, but manufacturing payrolls declined for the first time in six months.
The Dow Jones Industrial Average jumped 1.42% to close at 26,573.72 points, while the S&P 500 also surged 1.42%, finishing at 2,952.01. The Nasdaq Composite added 1.4% to end at 7,982.47. Volume on US exchanges was light at 5.9 billion shares, compared with the 7.3 billion average for the full session over the last 20 trading days.
FTSE, European stocks 600 suffer worst day
The FTSE 100 suffered its worst day of trading on Wednesday since January 2016, with the blue-chip index losing more than 3 percent of its value. The European Stoxx 600 also recorded its worst trading day of the year.
The sell-off in UK and European equities was driven by poor US jobs and manufacturing data, as well as a decision by the World Trade Organisation (WTO) that will see $7.5 billion in US tariffs applied to EU goods.
On Wednesday, Germany’s DAX closed 2.8percent lower, while France’s CAC 40 fell by more than 3 percent.
India’s Sensex, Nifty suffer weekly loss of nearly 3pc
Indian stock markets suffered sharp losses on Friday with benchmark indices finishing the week nearly 3 per cent lower. The S&P BSE Sensex reversed direction in the second half of the session, plunging as much as 770.18 points from the day’s highest level to hit 37,633.36 on the downside, after the Reserve Bank of India reduced the key interest rates to the lowest level in nine years.
The broader NSE Nifty benchmark – which climbed to as high as 11,400.3 in morning – fell to hit 11,158.35 at the weakest level of the day. A selloff across sectors barring information technology shares pulled the markets lower with the banking and financial services counters worst hit.
Japan stocks higher; Nikkei 225 up
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 gained 0.32percent.
Rising stocks outnumbered declining ones on the Tokyo Stock Exchange by 2102 to 1335 and 262 ended unchanged. The Nikkei Volatility, which measures the implied volatility of Nikkei 225 options, was unchanged 0.00 percent to 19.05 a new 1-month high.
France stocks move 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 rose 0.91percent, while the SBF 120 index gained 0.91percent. Rising stocks outnumbered declining ones on the Paris Stock Exchange by 328 to 225 and 103 ended unchanged.
The CAC 40 VIX, which measures the implied volatility of CAC 40 options, was down 11.28percent to 17.98.