Qatar’s QSE sees 62pc stocks end in red
The Qatar Stock Exchange Thursday witnessed more than 62 percent of its traded constituents end in the red, leading its key barometer to lose as much as 43 points and capitalisation melt in excess of QR2bn.
The industrials and real estate counters witnessed higher than average selling pressure as the 20-stock Qatar Index shed 0.39 percent to 11,099.21 points, although it touched an intraday high of 11,181 points.
The local retail investors’ weakened net buying had its influence on the main market, whose year-to-date gains truncated further to 5 percent.
The Gulf funds’ lower net buying also had its effect on the main bourse, whose capitalisation melted QR2.19bn or 0.33 percent to QR662.66bn, mainly on microcap segments.
The Arab individuals’ weakened bullish grip made its impact on the main market, which saw as many as 1,760 exchange traded funds (sponsored by AlRayan Bank and Doha Bank) valued at QR5,028 trade across seven deals.
The foreign institutions continued to be net sellers but with lesser intensity in the main bourse, whose trade turnover and volumes were on the rise.
India stock benchmarks open higher on tax cuts
India’s equity benchmarks opened higher on Friday, lifted by government tax cuts, a cooling U.S. labor market and dovish comments from Federal Reserve officials that reinforced expectations of a rate cut this month.
The NSE Nifty 50 was up 0.34 percent to 24,818.85 and the BSE Sensex gained 0.36 percent to 81,012.42 as of 9:15 a.m. IST.
Fifteen of the 16 major sectors logged gains at the open.
The broader small-caps and mid-caps rose 0.2 percent and 0.3 percent, respectively.
The Nifty 50 and the BSE Sensex rose in the last session, led by auto and consumer stocks, after the Goods and Services Tax Council approved a shift to a two-rate structure and cut levies on everyday goods to spur demand.
Asian markets advanced on the day after Wall Street rose overnight, with softer US labour data and Fed officials’ dovish commentary fuelling rate-cut hopes.
Money markets are now pricing in an almost 100 percent chance of a rate cut at the Fed’s upcoming policy meeting in two weeks.
Asian stocks track wall street higher
Asian stocks tracked Wall Street’s rise to a record high and Treasury yields eased to four-month lows on Friday as traders cemented bets for the Federal Reserve to cut rates this month, even with crucial U.S. jobs data looming later in the day.
The U.S. dollar eased slightly, giving up small gains from Thursday, when it was buoyed by soft labour market figures.
Gold held steady after Thursday’s retreat from an all-time high.
Crude oil drifted lower for a third straight day as investors awaited an OPEC+ meeting this weekend that will consider further output hikes.
Markets are all but certain of a quarter-point cut at the conclusion of the Fed’s two-day rate-setting meeting on September 17, and price a cumulative 60 basis points of reductions this year.
European shares close stronger
European shares closed higher on Thursday as heightened expectations for a US Federal Reserve interest rate cut lifted markets, while easing pressures on bond market also supported the main index. The pan-European STOXX 600 jumped 0.66 percent to 550.39 points at the close, with gains led by the media and telecommunication indexes, up about 1.9 percent each.
Meanwhile, softer US private payrolls data bolstered Fed rate cut bets as it showed private employment increased less than expected in August. Several Fed officials who spoke on Wednesday also pointed to rate cuts ahead.
Attention now turns to Friday’s highly anticipated nonfarm payrolls data that could further consolidate market bets for a September rate cut.
European markets also calmed after risks tied to debt-driven fiscal spending in developed economies had triggered an equity market selloff earlier this week.
China shares tumble on talk of regulatory curbs
China’s blue-chip index fell the most in nearly five months on Thursday after media reports of possible regulatory curbs on speculation, and the end of a politically significant military parade in Beijing.
Sentiment also soured on a tumble in tech bellwether Cambricon amid worries about fund outflows in an upcoming index rebalancing.
The CSI300 Index slumped 2.1 percent, the biggest loss since early April. Shanghai stocks, which hit 10-year highs last week, lost 1.3 percent, while Hong Kong’s Hang Seng Index dropped more than 1 percent. China’s financial regulators are considering a number of cooling measures for the stock market, including removing some short-selling curbs, Bloomberg News reported.
The report gave investors a reason to sell after China’s stock market jumped 10 percent in August in heavy trading and record margin financing, raising concerns about overheating.
Australian shares rebound after 4 day
Australian shares climbed on Thursday, on track to snap a four-day losing streak, supported by heavyweight financials and miners, while positive cues from Wall Street lifted local technology stocks.
The S&P/ASX 200 index was up 0.8 percent at 8,807.2 points, as of 0031 GMT.
The benchmark ended 1.8 percent lower in the previous session.
The benchmark index logged its first gain of September in early trade on Thursday, set to break a sluggish start to the month that had seen it lose 2.6 percent over the previous three sessions.
Stronger-than-expected economic growth data dampened investor hopes for an imminent rate cut at the Reserve Bank of Australia’s September meeting.
Saudi stock exchange closes trading higher
The Saudi Stock Exchange Main Index ended trading higher on Thursday, gaining 36.51 points to close at 10655.61. The total value of traded shares amounted to SAR3.2 billion.
The Saudi Parallel Market Index (Nomu) also closed lower, losing 113.44 points to settle at 25559.59, with a total trading value of SAR40 million.