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Global Stock Exchanges

Volatile week at PSX closes in green

Volatility marred the outgoing week at the Pakistan stock market as sharp ups and downs punctuated the daily trading sessions amid concerns over the rising Covid-19 cases and uncertainty stemming from the US presidential elections. The KSE-100 finished the week up 843.61 points or 2 percent to close at 40,731.61 points. Taking cue from last week’s close, trading kicked off on a negative note on Monday as fears over outcome of the second wave of the Covid pandemic dented sentiments. Expectations of another round of restrictions and lockdowns kept investors wary. However, bears took a break from the Pakistan Stock Exchange (PSX) as the index staged a remarkable comeback on Tuesday on back of encouraging inflation reading. The Consumer Price Index (CPI) clocked-in at 8.91 percent for October 2020, which was far below market expectations. Moreover, recovery in international equity markets and global oil prices also helped snap a four-session losing streak. Unfortunately, by mid-week sentiments turned soar again and investors started offloading stocks, which dragged the market down. The upbeat cement and petroleum product sales, announced during the week, failed to garner much excitement as the overall mood remained sombre on Wednesday. Fortunately, the anxiety was temporary as a steep rally was witnessed on Thursday as bull tossed the index above the 41,000-point mark. Participants shed their nervousness over the US presidential election as market had a spillover impact of the uptick in global and regional equities after Joe Biden gained the lead over incumbent President Donald Trump in the election. Moreover, the government’s efforts to resolve the circular debt issue – which has soared past Rs2,300 billion – also helped the index remain in the green zone. In terms of sectors, positive contributions came from commercial banks (203 points), oil and gas exploration companies (149 points), technology and communication (97 points), cement (74 points), and fertiliser (57 points).

Sensex surges 2,300 points this week as rally extends to 5th day

Indian stocks rose with Sensex and Nifty extending the rally to fifth day. Boosted by shares of Reliance Industries, the Sensex rose over 550 points to finish at 41,893 while Nifty closed 1.2 percent higher at 12,263. In January, Sensex had hit an all-time high of 42,273 on an intra-day basis. The rupee also strengthened sharply. On a weekly basis, Sensex gained about 2,300 points.

Japan’s Nikkei index near 3-decade up

On the back of anticipated US presidential election news, Japan’s Nikkei 225 index on Friday hit a nearly three-decade high, local media reported. The Nikkei 225, or the Nikkei Stock Average, opened lower early but swung up positive to nearly 0.91 percent, its highest level in 29 years, the Kyodo News agency reported. November 1991 was the last time that the Nikkei reached such a level. According to Nikkei Asia, Asian markets were “buoyed as a Joe Biden win in the US appeared within reach,” referring to the vote-counting after Tuesday’s Election Day pitting former Vice President Biden against incumbent Donald Trump.

France stocks higher at close of trade; cac 40 up 0.38pc

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 0.38 percent, while the SBF 120 index added 0.06 percent. Rising stocks outnumbered declining ones on the Paris Stock Exchange by 329 to 244 and 75 ended unchanged. The CAC 40 VIX, which measures the implied volatility of CAC 40 options, was down 3.63 percent to 32.93. Gold Futures for December delivery was up 0.69 percent or 12.80 to $1880.80 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in December fell 2.18 percent or 0.79 to hit $35.38 a barrel, while the January Brent oil contract fell 1.65 percent or 0.63 to trade at $37.63 a barrel. EUR/USD was down 0.22 percent to 1.1648, while EUR/GBP fell 0.25 percent to 0.9006. The US Dollar Index Futures was up 0.07 percent at 94.047.

Mining shares lift ftse 100 as virus concerns weigh heavy

London’s FTSE 100 inched up on Friday, although gains were limited by concerns over surging coronavirus cases and a Brexit-trade deal, while investors waited for the outcome of a close U.S. presidential election race. After trading as much as 0.8 percent in either direction, the blue-chip FTSE 100 index closed 0.1 percent higher, helped by mining and food and drug retailer stocks but with a stronger pound weighing. The domestically-focused mid-cap FTSE 250 index ended 0.1 percent lower, with shares in James Fisher and Sons tumbling 25.7 percent after a disappointing trading update. U.S. Democrat Joe Biden took the lead over U.S. President Donald Trump in the battleground states of Pennsylvania and Georgia for the first time on Friday, putting him on the verge of winning the White House.

Saudi Arabia stocks higher at end of trade; Tadawul all share up 0.88pc

Saudi Arabia stocks were higher after the close on Sunday, as gains in the Industrial Investment, Media & Publishing and Hotels & Tourism sectors led shares higher. At the close in Saudi Arabia, the Tadawul All Share gained 0.88 percent. Rising stocks outnumbered declining ones on the Saudi Arabia Stock Exchange by 171 to 27 and 6 ended unchanged. Shares in Anaam International Holding Group rose to 52-week highs; gaining 9.98 percent or 12.60 to 138.80. Crude oil for December delivery was down 3.43 percent or 1.33 to $37.46 a barrel. Elsewhere in commodities trading, Brent oil for delivery in January fell 3.01 percent or 1.23 to hit $39.70 a barrel, while the December Gold Futures contract rose 0.27 percent or 5.25 to trade at $1952.05 a troy ounce. EUR/SAR was up 0.39 percent to 4.4531, while USD/SAR rose 0.01 percent to 3.7506. The US Dollar Index Futures was down 0.24 percent at 92.297.

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