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Byline: S. Kamal Hayder Kazmi

Pakistan's stocks index extends gains

The stock market endured a volatile session on Friday but it still managed to close with a gain of 170 points in the KSE-100 index, which was its fourth successive session in the positive.

At the end of trading, the benchmark KSE 100-share Index recorded an increase of 169.88 points, or 0.48percent, to settle at 35,572.95. Overall, trading volumes increased to 167.88 million shares compared with Thursday's tally of 154.32 million.

The value of shares traded during the day was Rs7.6 billion. Shares of 338 companies were traded. At the end of the day, 156 stocks closed higher, 160 declined and 22 remained unchanged. Maple Leaf Cement was the volume leader with 15.5 million shares, gaining Rs1.2 to close at Rs25.3. It was followed by TRG Pakistan with 11.6 million shares, gaining Rs0.93 to close at Rs17.72 and Fauji Cement with 11 million shares, gaining Re1 to close at Rs16.92.

US stocks drop as shares of chipmakers down

US stocks dropped on Friday, as shares of chipmakers sank on a warning from sector major Broadcom of a broad weakening in global demand and Chinese data pointed to the worst slowdown in industrial growth in 17 years.

Shares of Broadcom Inc fell 6.53% after it cut its full-year revenue forecast by $2 billion, blaming the U.S.-China trade conflict and export curbs on Huawei Technologies Co Ltd.

Shares of Apple Inc also slipped 0.85% and weighed the most on the SandP 500 and the Nasdaq. Broadcom is a major supplier to the iPhone maker.

Losses in chip companies, who both source product and sell heavily in China, dragged the benchmark SandP 500 index lower, with the Philadelphia Semiconductor index tumbling 2.80%.

Technology stocks fell 0.83%, the most among the 11 major SandP sectors. The trade-sensitive industrials slipped 0.54%, with 3M Co weighing on the sector. Shares 3M also added to pressure on the Dow.

The Dow Jones Industrial Average was down 37.50 points, or 0.14%, at 26,069.27, the SandP 500 was down 7.34 points, or 0.25%, at 2,884.30 and the Nasdaq Composite was down 42.55 points, or 0.54%, at 7,794.58.

The SandP 500 index has so far gained 4.8% in June and was on track to record a second straight week of gains on hopes the Federal Reserve will soon cut interest rates.

UK main index FTSE dips as global growth concerns dominate

London's FTSE 100 weakened on Friday as Asia-focused banks took a hit from underwhelming Chinese industrial growth data, while Kier shed more than a third of its value after it was reported to be planning to sell its housebuilding unit at a discount.

The FTSE 100 slipped by 0.3 percent, with exporter stocks also weighing on the index. The FTSE 250 fell by the same amount, tugged lower by Kier's 35.5 percent plunge. Banks with exposure to Asia, pressured this week amid protests in Hong Kong against a Chinese extradition bill, slipped after China's industrial output growth slowed to a more than 17-year low.

HSBC and Prudential were among the biggest drags on the blue-chip index as the data again underlined the knock-on effects of China's protracted trade dispute with the United States. The housebuilding sector slipped 1.2 percent on its worst day in a month as fears of a chaotic no-deal Brexit had jumped after Brexiteer Boris Johnson moved closer to becoming the next prime minister.

Taiwan shares end down

Shares in Taiwan closed down Friday, extending losses from a session earlier, as the bellwether electronics sector continued a downturn led by heavyweight semiconductor stocks amid concerns over global demand, dealers said.

The weighted index on the Taiwan Stock Exchange (TWSE), or Taiex, ended down 36.34 points, or 0.34 percent, at 10,524.57, after moving between 10,517.82 and 10,568.92, on turnover of NT$83.99 billion (US$2.67 billion). The market opened down 0.14 percent on follow-through selling from a session earlier, in which the Taiex closed down 0.51 percent, as investors here shrugged off gains posted on US markets, where the Dow Jones Industrial Average closed up 0.39 percent and the tech-heavy Nasdaq index ended up 0.57 percent overnight, the dealers said.

Selling increased on the local main board as contract chipmaker Taiwan Semiconductor Manufacturing Co. (TSMC) suffered pressure that pushed the main board lower after one of its clients, Broadcom Inc., lowered its guidance for the rest of 2019, citing Washington's sanctions against Chinese telecom equipment supplier Huawei Technologies, they said.

India's NIFTY ends below 11,850, sensex falls 289 points

Sharp fall in late trading pulled the indices to the low of the day on June 14 with Nifty ended below 11,850 level. At close, the Sensex was down 289.29 points at 39,452.07, while Nifty was down 90.70 points at 11,823.30. About 808 shares have advanced, 1686 shares declined, and 144 shares are unchanged.

IndusInd Bank, Zee Entertainment, Indiabulls Housing, Bharti Airtel and Axis Bank were the top losers on the Nifty, while gainers were Bharti Infratel, Sun Pharma, Power Grid, LandT and Vedanta. All the sectoral indices ended lower led by FMCG, bank, auto, pharma, infra, metal, IT and energy. Tata Communications International Pte, a wholly owned subsidiary of Tata Communications in Singapore has divested its 26percent stake in STT Tai Seng Pte to STT APDC Pte Ltd, a wholly-owned subsidiary of STT GDC Pte at an agreed consideration based on fair market value and changing market conditions.

Japan stocks higher

Japan stocks were higher after the close on Friday, as gains in the Paper and Pulp, Railway and Bus and Real Estate sectors led shares higher. At the close in Tokyo, the Nikkei 225 added 0.39 percent.

Rising stocks outnumbered declining ones on the Tokyo Stock Exchange by 2272 to 1201 and 231 ended unchanged. Shares in Maruha Nichiro Corp fell to 52-week lows; falling 2.16percent or 70.0 to 3175.0. The Nikkei Volatility, which measures the implied volatility of Nikkei 225 options, was unchanged 0.00 percent to 16.90. Crude oil for July delivery was down 0.44 percent or 0.23 to $52.05 a barrel. Elsewhere in commodities trading, Brent oil for delivery in August fell 0.02percent or 0.01 to hit $61.30 a barrel, while the August Gold Futures contract rose 1.20percent or 16.15 to trade at $1359.85 a troy ounce.

France stocks lower

France stocks were lower after the close on Friday, as losses in the Utilities, Healthcare and Consumer Goods sectors led shares lower. At the close in Paris, the CAC 40 fell 0.15 percent, while the SBF 120 index declined 0.23percent. Falling stocks outnumbered advancing ones on the Paris Stock Exchange by 330 to 229 and 97 ended unchanged.

The CAC 40 VIX, which measures the implied volatility of CAC 40 options, was up 2.73percent to 14.58. Gold Futures for August delivery was up 0.52percent or 7.05 to $1350.75 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in July rose 0.92percent or 0.48 to hit $52.76 a barrel, while the August Brent oil contract rose 1.32percent or 0.81 to trade at $62.12 a barrel.
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Author:Kazmi, S. Kamal Hayder
Publication:Pakistan & Gulf Economist
Date:Jun 23, 2019
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