KSE-100 snaps losing streak, gains 126 points
After posting losses for four consecutive days, the stock market reversed the trend and rose 126 points on Friday, led by buying in banking and cement sectors amid thin trading. Investors pinned their hopes on Pakistan’s likely exclusion from the Financial Action Task Force’s (FATF) grey list by June 2020 as they expected diplomatic support in the FATF meeting to be held in Paris next month. At close, the benchmark KSE 100-share Index recorded an increase of 126.08 points, or 0.3 percent, to settle at 42,633.02. Overall, trading volumes decreased to 173 million shares compared with Thursday’s tally of 230.8 million. The value of shares traded during the day was Rs6.7 billion. Shares of 350 companies were traded. At the end of the day, 178 stocks closed higher, 152 declined and 20 remained unchanged. Maple Leaf Cement was the volume leader with 17.7 million shares, gaining Rs0.62 to close at Rs23.54. It was followed by Al-Shaheer Corporation (R) with 14 million shares, gaining Re1 to close at Rs3.32 and Hascol Petroleum with 13.9 million shares, gaining Rs1.19 to close at Rs22.9.
Sensex up 227 pts, mid-cap rally continues; metal stocks gain
Bulls held their reigns for the second consecutive day on Friday, as markets decisively stayed in the positive territory after a mild blip in the early morning trade. Pre-budget rally and decent Q3FY20 results throughout the day were the biggest factors driving the markets today. Banking counters were leading the charge from the front with HDFC twins, ICICI Bank, Kotak Mahindra Bank, and Axis Bank being the top contributors of the gained. The benchmark S&P BSE Sensex surged 421 points off day’s low to hit an intra-day high of 41,697.03. At close, the Sensex settled at 41,613.19 level, up 226.79 points or 0.55 per cent. UltraTech Cement, L&T, Tech Mahindra, and Kotak Mahindra Bank were the top gainers on the 30-share index, while Power Grid, IndusInd Bank, TCS, and Reliance Industries were the top laggards.
Japan stocks higher at close of trade; Nikkei 225 up 0.13pc
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 rose 0.13 percent. Falling stocks outnumbered advancing ones on the Tokyo Stock Exchange by 2517 to 1055 and 227 ended unchanged. The Nikkei Volatility, which measures the implied volatility of Nikkei 225 options, was unchanged 0.00 percent to 15.58. Crude oil for March delivery was up 0.52 percent or 0.29 to $55.88 a barrel. Elsewhere in commodities trading, Brent oil for delivery in March rose 0.60 percent or 0.37 to hit $62.41 a barrel, while the February Gold Futures contract fell 0.39 percent or 6.15 to trade at $1559.25 a troy ounce.
DAX index could resume uptrend on us markit PMI beat
At the time of writing, the DAX index was up by 0.55 percent on the day, as stock markets worldwide were trading higher. The move itself is not enough to trigger the resumption of the bullish trend in the DAX index, but it could be the start of it. In the afternoon, US PMI figures will be out, and if they beat expectations, it might be enough to lift the DAX index higher. The biggest loser with the highest amount of shares trading was Daimler, and its share price was down by 1.35 percent, with 1.35 million shares traded. Wirecard AG was up by 3.47 percent with 1.25 million shares traded, while Bayer was up by 3 percent and 1.79 million shares traded. Bayer is a pharmaceutical company, and this sector has seen significant gains following the breakout of the Coronavirus in China.
FTSE 100 powers higher as who tempers China virus fears
London’s main index surged 1.5 percent on Friday as investor nerves were eased after the World Health Organisation issued a measured assessment of the new coronavirus in China. The FTSE 100 looked set to end a four-day losing streak and record its best day in more than a month. The FTSE 250 firmed 0.9 percent. The new coronavirus has killed 25 people and infected more than 800 so far. While the WHO termed the outbreak “an emergency in China”, it refrained from declaring it an epidemic of international concern. Dealers were also taking heart from China’s efforts to lock down the epicentre of the outbreak, potentially limiting its spread and impact. China has suspended public transport in 10 cities and a media report suggested that a hospital to treat infected people will be constructed by as soon as Monday.
Dow drops over 250 points after 2nd case of Wuhan virus in the states is confirmed
The Dow Jones Industrial Average dropped over 250 points Friday afternoon as the second case of Wuhan virus in the United States came to light. After rising nearly 100 points earlier in the day, the Dow plunged following confirmation from the Centers for Disease Control and Prevention that a Chicago woman was diagnosed with coronavirus. Tuesday saw the first diagnosis of coronavirus in the states — the Dow closed down 152.06 points that day, snapping a five-day streak of closing in the green. Airline and hotel stocks also slipped following the report Friday. United Airlines declined nearly 5 percent and American Airlines dropped 5.52 percent, with the Dow Jones Transportation Average overall declining 1.28 percent. Marriot International was down 3.36 percent and Wyndham was down 1.90 percent.
European stocks rebound at open
Europe’s main equity markets rebounded strongly at the open on Friday, after Asian indices halted their slide. In initial trades, London’s benchmark FTSE 100 index of major blue-chip companies rallied 1.1 percent to 7,588.33 points compared with the close on Thursday. In the eurozone, Frankfurt’s DAX 30 index won 1.0 percent to 13,525.16 points and the Paris CAC 40 also added 1.0 percent to 6,032.60.