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Market Watch: KSE-100 advances on hopes of policy rate cut

Bulls continued to dominate the stock market as the KSE-100 index rallied and gained over 200 points on Friday. The bourse managed to cross the 34,000-point mark.

The increase was attributed mainly to speculation that the central bank would slash the policy rate in its monetary policy announcement later in the day.

Moreover, a surge in global crude oil prices coupled with concern over growing fiscal deficit and negative economic growth dented investors’ sentiment.

Earlier, trading began on a positive note and a buying spree emerged shortly afterwards due to robust investor sentiment. A few dips were seen, which were corrected immediately. The uptrend continued till the end of trading with the KSE-100 index finishing the week with handsome gains.

At close, the benchmark KSE-100 index recorded an increase of 203.43 points, or 0.60 percent, to settle at 34,008.33.

Overall, trading volumes decreased to 213.3 million shares compared with Thursday’s tally of 240.2 million. The value of shares traded during the day was Rs 6.2 billion.

Shares of 339 companies were traded. At the end of the day, 180 stocks closed higher, 146 declined and 13 remained unchanged.

Hascol Petroleum was the volume leader with 14.8 million shares, losing Rs0.25 to close at Rs14.58.

Sensex closes 886 points lower as financial, it stocks drag markets

Domestic stock markets slumped more than 2 percent on Thursday, a day after Finance Minister Nirmala Sitharaman announced the first installment of measures as part of the government’s “Atma Nirbhar Bharat” economic package to help the economy battle the fallout from the coronavirus (COVID-19) pandemic and the weeks-long lockdown. The S&P BSE Sensex index plunged as much as 955.96 points to 31,052.65 during the session, whereas the broader NSE Nifty 50 benchmark fell to as low as 9,119.75, down 263.8 points from the previous close. A selloff in financial and IT stocks dragged the markets.

The indices pared some of those losses by the end of the session. The Sensex ended 885.72 points – or 2.77 percent – lower at 31,122.89 and the Nifty settled at 9,150.10, down 233.45 points – or 2.49 percent – compared to its previous close.

Japan stocks higher at close of trade; Nikkei 225 up 0.62pc

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 0.62 percent.

Rising stocks outnumbered declining ones on the Tokyo Stock Exchange by 2174 to 1443 and 138 ended unchanged.

The Nikkei Volatility, which measures the implied volatility of Nikkei 225 options, was unchanged 0 percent to 29.15.

Crude oil for June delivery was up 3.37 percent or 0.93 to $28.49 a barrel. Elsewhere in commodities trading, Brent oil for delivery in July rose 3.95 percent or 1.23 to hit $32.36 a barrel, while the June Gold Futures contract rose 0.27 percent or 4.75 to trade at $1745.65 a troy ounce.

 

France stocks higher at close of trade; CAC 40 up 0.11pc

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 0.11 percent, while the SBF 120 index gained 0.35 percent.

Rising stocks outnumbered declining ones on the Paris Stock Exchange by 350 to 217 and 76 ended unchanged.

The CAC 40 VIX, which measures the implied volatility of CAC 40 options, was down 5.99 percent to 32.60.

Germany stocks higher at close of trade; DAX up 1.24pc

Germany stocks were higher after the close on Friday, as gains in the Transportation & Logistics, Basic Resources and Insurance sectors led shares higher.

At the close in Frankfurt, the DAX added 1.24 percent, while the MDAX index added 1.20 percent, and the TecDAX index climbed 0.17 percent.

Rising stocks outnumbered declining ones on the Frankfurt Stock Exchange by 412 to 250 and 75 ended unchanged.

The DAX volatility index, which measures the implied volatility of DAX options, was down 7.90 percent to 37.90.

Gold Futures for June delivery was up 0.99 percent or 17.20 to $1758.10 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in June rose 6.46 percent or 1.78 to hit $29.34 a barrel, while the July Brent oil contract rose 3.92 percent or 1.22 to trade at $32.35 a barrel.

New York stock exchange to reopen trading floor

The New York Stock Exchange will reopen its iconic trading floor later this month, two months after the coronavirus pandemic forced its closure.

Only a limited number of traders will return to the floor when it reopens May 26, and they will be required to wear masks and abide by social-distancing rules to limit the spread of Covid-19, NYSE President Stacey Cunningham said in an opinion article published on The Wall Street Journal’s website Thursday that unveiled the plan.

Among the protective measures: People coming to work on the floor won’t be allowed to take New York City public transit to get there and must submit to temperature checks to enter the building, Ms. Cunningham wrote.

Later Thursday, the NYSE released a three-page memo spelling out the requirements for coming back to the trading floor. Traders will need to maintain a 6-foot distance from one another and “avoid shaking hands and unnecessary physical contact,” it said.

The NYSE shut down its floor on March 23 after two people at the exchange tested positive for coronavirus.

The NYSE’s floor–often featured as a backdrop in financial-news broadcasts–has experienced a huge reduction in its population since its heyday in the early 2000s, when thousands of traders, brokers and support personnel came there daily. The floor’s typical daily population had dropped to several hundred before the floor closure.

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