Energy shares boost UK’s FTSE 100
The UK’s FTSE 100 index gained in early trade on Friday, lifted by rising energy stocks on higher crude oil prices, while global miner Anglo American dropped after saying it expects lower 2024 production.
By 0807 GMT, the blue-chip FTSE 100 rose 0.1 percent, while more domestically focussed FTSE 250 midcap index was flat.
Heavyweight energy stocks gained 0.7 percent, tracking strength in crude oil prices after Saudi Arabia and Russia called for more OPEC+ members to join output cuts.
The Exporter-Heavy FTSE 100 is set to log marginal weekly losses, while the midcap index eyes sharp weekly gains.
European share markets climb at open
Europe’s main stock markets edged higher at the start of trading on Friday with all eyes on the release later in the session of key US jobs data.
London’s Benchmark FTSE 100 index gained 0.1 percent to 7,523.04 points.
In the eurozone, Frankfurt’s DAX index advanced 0.1 percent to 16,643.50 points and Paris CAC 40 won 0.1 percent to 7,437.97.
Hong Kong shares open slightly higher
Hong Kong stocks began Friday with a small gain, paring some of the week’s losses, as investors keenly await the release of key US inflation data due later in the day.
The Hang Seng Index edged up 0.17 percent, or 27.55 points, to 16,373.44.
The Shanghai Composite Index was marginally lower, dipping 0.82 points to 2,965.39, and the Shenzhen Composite Index on China’s second exchange was also flat, inching up 0.55 points to 1,850.75.
Japan’s Nikkei touches 4-week low
Japan’s Nikkei share average hit a four-week trough on Friday, as exporters slumped amid a strengthening yen on rising bets for a near-term end to the Bank of Japan’s (BOJ) stimulus measures.
The Nikkei lost 1.68 percent to 32,305.33 as of the midday recess, after hitting its lowest since Nov. 10.
The Benchmark is set for a 3.37 percent weekly decline, its worst week since mid-September.
The Broader Topix sank 1.39 percent, setting up a 2.33 percent slide this week.
The Tokyo Stock Exchange’s transport equipment subindex was the worst performer by far among the 33 industry groups, dropping 3.81 percent.
India’s Nifty, Sensex hold gains
Indian Shares held gains on Friday, with the benchmark indexes Nifty 50 and Sensex hitting fresh record highs, after the Reserve Bank of India (RBI) stood pat on key rates for a fifth consecutive time.
The NSE Nifty 50 index added 0.37 percent to 20,976.70 points, while the S&P BSE Sensex was up 0.36 percent to 69,770.14 as of 10:10 a.m. IST.
The RBI maintained its key repo rate at 6.50 percent on Friday, amid robust economic growth and expectations of a rise in food prices in coming months.
Monetary policy will remain actively disinflationary, RBI Governor Shaktikanta Das said, adding that the fundamentals of Indian economy remained strong.
Rate-sensitive shares like banks, financial services, public sector banks, private banks, realty rose between 0.5 percent and 1.2 percent, while auto stocks were flat.
Tokyo stocks close lower
Tokyo Stocks ended lower on Thursday after Wall Street fell as the US job market cooled further and oil prices tumbled.
The Benchmark Nikkei 225 index lost 1.76 percent, or 587.59 points, to end at 32,858.31, while the broader Topix index slid 1.14 percent, or 27.29 points, to 2,359.91.
The Dollar fetched 146.43 yen, against 147.35 yen on Wednesday in New York.
The Tokyo market “was in a wait-and-see mood ahead of the November US jobs data,” IwaiCosmo Securities said. “Partly prompted by a reaction to sharp rallies yesterday, selling on profit-taking was also prominent,” the brokerage added.
Overnight in Wall Street, the Dow Jones Industrial Average fell 0.2 percent, while the broad-based S&P 500 shed 0.4 percent.
US crude oil prices fell more than four percent to finish below $70 a barrel for the first time in five months, denting petroleum-linked shares.
Traders in Japan took cues from the US falls, and “the risk-averse sentiment also prevailed after major Asian markets experienced falls”, Daiwa Securities said.
Most Gulf bourses fall on weak oil
Most Stock Markets in the Gulf ended lower on Thursday on weak oil prices, although the Saudi index bucked the trend to close higher.
Oil prices – a catalyst for the Gulf’s financial markets – reclaimed some ground after falling nearly 4 percent overnight to their lowest settlements since June, but investors remained concerned about sluggish demand in the United States and China.
Dubai’s main share index fell 0.3 percent, hit by a 1.4 percent fall in top lender Emirates NBD and a 2.4 percent decline in Emirates Central Cooling Systems Corp.
The Dubai stock market continued to record price corrections as traders remained cautious after a period of stagnation. However, the market could find some support after Dubai Taxi Co started trading, said George Khoury, Global Head of Education and Research at CFI.
Sri Lanka shares end higher
Sri Lankan shares closed higher on Thursday, aided by gains in industrial and consumer staple stocks.
The CSE All Share index settled up 0.09 percent at 10,713.24.
Expolanka Holdings PLC and Ceylon Beverage Holdings PLC were the top gainers on the CSE All Share index, rising 2.46 percent and 9.62 percent, respectively.
Trading volume on the CSE All Share index fell to 14.7 million shares from 29.4 million shares in the previous session.
The Equity market’s turnover fell to 430.8 million Sri Lankan rupees ($1.32 million) from 700.3 million rupees in the previous session, according to exchange data.
Foreign investors were net sellers, offloading stocks worth 51.2 million rupees, while domestic investors were net buyers, purchasing shares worth 388.3 million rupees, the data showed.