Printer Friendly



US stocks were little changed on Friday as energy shares gained modestly and investors took a breather from the financial crisis in Europe. Traders also were positioning themselves for options expiration. Energy shares helped support the Dow and S&P 500, with Exxon Mobil Corp up 1 per cent at $63.22. US crude rose slightly to $76.83 a barrel.

However, the US stocks edged higher late in a choppy, thinly traded session on Thursday as investors built on momentum gained after the S&P 500 index broke through its 200-day moving average earlier this week. Buying in defensive stocks, such as utilities and consumer staples like Procter & Gamble and First Energy Corp, helped lift indexes just before the close.


Japan's Nikkei average closed flat on Friday but chalked up a 3 per cent gain for the week, its biggest weekly rise in three months, with foreign investors starting to tiptoe back into the market. The benchmark average, which stayed within a sight of a one-month high hit earlier in the week, moved in and out of negative territory throughout the day, with support holding near its 25-day moving average of 9,800.


Weakness in defensive pharmaceutical and tobacco stocks countered miners' gains to push Britain's top share index slightly lower by close on Friday, ending a seven-day winning streak. The FTSE 100 ended 3.05 points, or 0.1 per cent lower, at 5,250.84, after it closed up 0.3 per cent on Thursday.


Indian shares snapped a 7-session winning run and shed 0.3 per cent on Friday dragged down by fall in index heavy weight Reliance Industries as its short-on-specifics annual shareholders meet failed to meet huge investor expectations The Mukesh Ambani-led energy conglomerate, unfettered by a pact that banned it from competing with his younger brother Anil's firms, announced an aggressive push into the power sector during a hotly anticipated shareholders meeting.


Shares in Hong Kong ended their best week since April on Friday, shrugging off a slide in the Shanghai market, as investor confidence slowly returns to global markets after a fierce selloff in May. Appetite for Chinese banking shares received a boost after sources told Reuters that Agricultural Bank of China had reached an agreement with a group of seven investors ahead of its massive initial public offering, a key step for the state-owned lender.


Seoul shares rose to hit a fresh six-week closing high on Friday, fuelled by defensive issues such as cosmetics maker Amorepacific. The Korea Composite Stock Price Index (KOSPI) finished up 0.24 per cent at 1,711.95 points, the highest close since early May. The main index is still up about 4.3 per cent on the month, outperforming the MSCI Asia-Pacific ex-Japan's 3.6 per cent rise.


Most Southeast Asian stocks rose on Friday after faring better over the week as regional economic optimism shielded investors from nagging worry over European debt and mixed global economic data. Share markets in the region gained positive fund flows in the week amid strong trade data in May.


Bears dominated the proceedings at the Islamabad Stock Exchange (ISE) where equities showed negative signs under the lead of hot favourite amid decrease in index. ISE Ten Index was down by 22.61 points as the ISE Ten Index moved from 2,382.11 to 2,359.50 points. The overall turnover amounted to 175,778 shares as compared to previous turnover of 256,624 shares.

Total 149 companies participated in buying and selling activity. Majority of stocks (81) closed in negative territory, 68 landed in plus column and zero company remained pegged to its overnight levels.


Equities on Friday moved both the ways on the Lahore Stock Exchange (LSE) and finally ended with positive note amid increased trading turnover on account of fresh entries in potential shares. The LSE-25 index further gained 3032.86 against 3022.61 of Thursday, while transaction volume considerably improved 11.466 million shares, as compared to 9.328 million shares traded a day earlier.


The KSE-100 index on Friday lost 31.00 points and closed at the level of 9,645.71 points due to profit taking in late hours. The index kept oscillating between 9,819.51 points intra-day high and 9,610.93 points intra-day low levels. Fresh buying by both local and foreign investors and institutions supported the index to register healthy gains during intra-day trading.

However, in the last hours, investors opted for profit taking and the index dropped into negative. Foreign investors also remained net sellers of shares worth $2.14 million. Trading volume declined to 135.310 million shares as compared to 138.418 million shares traded on Thursday.

Market capitalization declined by Rs 7 billion to stand at 2.714 trillion. Of 383 active scrips, 176 closed in positive and 178 in negative, while the value of 29 scrips remained unchanged. Lotte Pakistan was the volume leader with 15.648 million shares. However, it lost Re 0.20 to close at Rs 8.81. Jahangir Siddiqui Co declined by Re 0.25 to close at Rs 12.94 with 12.363 million shares.
COPYRIGHT 2010 Asianet-Pakistan
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2010 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Pakistan & Gulf Economist
Date:Jun 27, 2010
Previous Article:STOCK REVIEW.

Terms of use | Privacy policy | Copyright © 2021 Farlex, Inc. | Feedback | For webmasters |