Pakistan stocks hit nine-month high
The benchmark KSE-100 index extended its rally from the previous day as bulls dominated trading on Friday, supporting the index cross the 39,000-point mark after nine months. The extensive buying seems to be the result of political clarity following the Supreme Court’s verdict in the army chief tenure extension case.
On Thursday, the apex court gave the government six months to legislate and clearly specify the terms and conditions of service of the army chief, paving the way for General Qamar Javed Bajwa to stay on until a new law determined his terms of service.
The index shot up as soon as trading began and heavy buying continued in the first session, which closed with a gain of nearly 450 points. The second session further lifted the index but selling pressure towards the end wiped off some of the gains. At close, the benchmark KSE 100-share Index recorded an increase of 581.38 points, or 1.5percent, to settle at 39,287.65. Overall, trading volumes increased to 431.9 million shares compared with Thursday’s tally of 348.5 million. The value of shares traded during the day was Rs14.5 billion. Shares of 407 companies were traded. At the end of the day, 299 stocks closed higher, 92 declined and 16 remained unchanged. The Bank of Punjab was the volume leader with 51.8 million shares, gaining Rs0.43 to close at Rs11.62.
US stocks slip on renewed trade fear
US stocks slipped on Friday in a post-holiday shortened session as a US-China discord over Hong Kong reignited trade tensions and retail stocks dipped on signs of a tepid start to in-store Black Friday sales.
China on Thursday threatened to retaliate against a US law backing pro-democracy protesters in Hong Kong. The measures could include barring drafters of the legislation from mainland China, Hong Kong and Macau, the editor of China’s state-backed Global Times tabloid said in a tweet.
The trade-sensitive Philadelphia Semiconductor index fell as much as 0.8% and was on track for its worst day in a week.
The diplomatic clash also knocked Wall Street’s main indexes off record highs. They had closed at all-time highs in every session so far this week on upbeat domestic data and hopes of an imminent “phase one” trade deal.
The Dow Jones Industrial Average was down 95.45 points, or 0.34%, at 28,068.55, while the S&P 500 was down 8.63 points, or 0.27%, at 3,145. The Nasdaq Composite was down 21.73 points, or 0.25%, at 8,683.45.
Declining issues outnumbered advancers for a 1.58-to-1 ratio on the NYSE and for a 1.18-to-1 ratio on the Nasdaq. The S&P index recorded 15 new 52-week highs and one new low, while the Nasdaq recorded 66 new highs and 26 new lows.
Trade angst tugs FTSE 100 lower; Ocado outperforms
London’s FTSE 100 slipped for a second straight day on fears that the US ratification of a law backing Hong Kong protesters would dent progress made in trade talks with China, even as Ocado outshone after a partnership with Japan’s Aeon.
The main index moved further away from a near four-month high it hit earlier this week and gave up 0.5 percent, as trade-sensitive stocks such as Asia-focused HSBC and miners weighed. Bucking the trend, Ocado jumped 11 percent and was on track for its best day since May 2018, after signing a technology partnership with Japan’s biggest supermarket operator, Aeon Co Ltd. The FTSE 250 snapped a five-day winning streak as it shed 0.3 percent, but still hovered close to a near 1-1/2 year high. The index is on course for its third straight month of gains and the biggest since January.
India’s Sensex slides 336 points, nifty holds 12,050 level
Expectations of slower GDP numbers for September quarter (Q2FY20) due later in the day and weak global cues weighed on investor sentiment on Friday with the benchmark indices sliding nearly a percent. It is widely expected that the second quarter GDP print will slip below 5 percent on subdued consumer demand, weakening private investment and falling exports courtesy global slowdown.
The S&P BSE Sensex lost 336 points or 0.82 percent to settle at 40,794 with YES Bank (down 2.50 percent) being the top loser and Bharti Airtel (up over a percent) the biggest gainer. During the day, the index hit a low of 40,664.18 levels. Reliance Industries (RIL), ICICI Bank, Hindustan Unilever (HUL), and State Bank of India (SBI) contributed the most to the index’s fall.
NSE’s Nifty50 index closed the session at 12,056, down 95 points or 0.78 percent. On a weekly basis, Sensex gained 0.54 percent and Nifty added 0.66 percent. In the broader market, Nifty Midcap 100 index ended flat at 17,222, up 0.06 percent while Nifty SmallCap 100 index outperformed the benchmarks by settling nearly a percent higher.
Japan stocks lower; Nikkei 225 down 0.49pc
Japan stocks were lower after the close on Friday, as losses in the Paper & Pulp, Railway & Bus and Real Estate sectors led shares lower.
At the close in Tokyo, the Nikkei 225 fell 0.49 percent. The Nikkei Volatility, which measures the implied volatility of Nikkei 225 options, was unchanged to 14.19. Crude oil for January delivery was up 0.03 percent or 0.02 to $58.13 a barrel. Elsewhere in commodities trading, Brent oil for delivery in February fell 0.22 percent or 0.14 to hit $63.13 a barrel, while the February Gold Futures contract rose 0.25 percent or 3.65 to trade at $1464.45 a troy ounce. USD/JPY was up 0.01 percent to 109.51, while EUR/JPY rose 0.02 percent to 120.56. The US Dollar Index Futures was down 0.01 percent at 98.282.
France stocks decline; CAC 40 down 0.13pc
France stocks were lower after the close on Friday, as losses in the Foods & Drugs, Gas & Water and General Financial sectors led shares lower.
At the close in Paris, the CAC 40 lost 0.13percent, while the SBF 120 index fell 0.19percent. Falling stocks outnumbered advancing ones on the Paris Stock Exchange by 308 to 254 and 104 ended unchanged. Shares in Ipsos rose to 52-week highs; gaining 3.20 percent or 0.90 to 29.00. The CAC 40 VIX, which measures the implied volatility of CAC 40 options, was up 3.89 percent to 12.44. Gold Futures for February delivery was up 0.64percent or 9.35 to $1470.15 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in January fell 4.39 percent or 2.55 to hit $55.56 a barrel, while the February Brent oil contract fell 4.06 percent or 2.57 to trade at $60.70 a barrel.