US stocks flat in early trade

The Financial Daily - - INTERNATIONAL -

KARACHI: Buy­ing at at­trac­tive lev­els re­called the bulls back to the Karachi Stock Ex­change (KSE) which ended higher with bet­ter in­vestor par­tic­i­pa­tion.

The bench­mark KSE-100 in­dex was up by 793.31 point to close at 28,567.74 points. KSE All Share In­dex in­creased by 543.59 to end at 21,014.45, KSE 30-In­dex higher by 612.40 points to con­clude at 19,877.88, whereas KMI 30In­dex surge by 1,258.64 points to finish the day at 46,494.76 level.

Sa­mar Iqbal, eq­uity dealer at To­pline Se­cu­ri­ties said for the first time in KSE his­tory bench­mark KSE-100 in­dex crossed 1000 points mark in in­tra­day trad­ing. On clos­ing ba­sis mar­ket ral­lied 793 points af­ter a gap 6 year on ex­pec­ta­tions that Army Chief may help re­solve on­go­ing po­lit­i­cal is­sue. Across the board rally was seen in all ma­jor scrips.

The ad­vance to de­cline ra­tio in the broader mar­ket re­mained in favour of bears. Out of 366 scrips, 289 scrips ad­vanced, 54 de­clined while the value of 23 scrips re­mained in­tact.

The ready mar­ket vol­ume in­creased by 62.7 per cent to 187.80 mil­lion shares as com­pared to 115.46 mil­lion shares traded on last trad­ing day.

K-Elec­tric Lim­ited topped the list of ac­tives, higher by 1 at Rs 7.71 on 22.58 mil­lion shares, fol­lowed by Bank of Punjab in­creased by Rs 0.15 at Rs 8.06 on 14.54 mil­lion shares and La­farge Pak­istan up by Rs 0.38 at Rs 15.48 on 10.87 mil­lion shares.

Other ac­tives were Pak­istan Elek­tron Lim­ited surge by Rs 0.63 at Rs 29.39 on 8.85 mil­lion shares and Maple Leaf Ce­ment, hike by Rs 1.14 at Rs 26.61 on 7.51 mil­lion shares.

Ac­cord­ing to Ah­san Me­hanti, di­rec­tor at Cor­po­ra­tions, "

Stocks showed strong re­cov­ery af­ter PAT, PTI ac­cept Army as me­di­a­tors, guar­an­tors to end po­lit­i­cal crises. Strong earn­ing an­nounce­ments, PC de­ci­sion on $850m OGDC GDR in midst of po­lit­i­cal crises, re­ceipt of $371m CSF tranche and Arif Habib ex­pected ease in cir­cu­lar debt on tar­iff ra­tio­nal­iza­tion mea­sures for re­lease of $550m IMF tranche next month played a cat­a­lyst role in bullish ac­tiv­ity."

The over­all mar­ket cap­i­tal­iza­tion up by Rs 173.89 bil­lion to Rs 6.726 tril­lion against Rs 6.553 tril­lion ob­served on last trad­ing day.

Rafhan Maize and Bata Pak­istan re­mained the top gainer by Rs 274 and Rs 127 to close at Rs 10,775 and Rs 3,315 re­spec­tively, while Ex­ide Pak­istan and Sanofi-Aven­tis were the ma­jor loser which lost Rs 46.38 and Rs 34.67 to close at Rs 892.45 and Rs 658.83 re­spec­tively. NEW YORK: US stocks traded flat early in Fri­day's ses­sion, hold­ing on to re­cent gains de­spite an es­ca­la­tion in Ukraine ten­sions and a dis­ap­point­ing re­port on con­sumer spend­ing in July.

Ac­tion re­mained light at the start of the hol­i­day-length­ened fi­nal week­end of the sum­mer.

About 30 min­utes into trade, the Dow Jones In­dus­trial Av­er­age was down 16.91 points (0.10 per­cent) to 17,062.66.

The broad-mar­ket S&P 500 added 0.49 (0.02 per­cent) at 1,997.23, while the tech-rich Nas­daq Com­pos­ite gained 3.68 (0.08 per­cent) to 4,561.38.

A slight but still sur­prise fall in con­sumer spend­ing in July did not dent sen­ti­ment, com­ing af­ter a strong June gain.

The fresh data on con­sumer spend­ing showed no in­fla­tion­ary pres­sure; the per­sonal con­sump­tion ex­pen­di­tures price in­dex, the Fed­eral Re­serve's pre­ferred in­fla­tion mea­sure, was up 1.6 per­cent year-onyear.

Lead­ing stocks were mostly lit­tle-changed. In­tel led gain­ers on the Dow, up 0.4 per­cent, while United Tech­nolo­gies led the losers, down 0.7 per­cent.

Amid top tech stocks, Or­a­cle and Mi­crosoft both gained 0.5 per­cent.

Com­mu­ni­ca­tions and net­work­ing elec­tron­ics maker Avago Tech­nolo­gies surged 8.8 per­cent , boosted by a thirdquar­ter rev­enue and earn­ings re­port that hand­ily sur­passed fore­casts, and an up­beat out­look for the cur­rent quar­ter.

Cloud com­put­ing soft­ware firm Veeve Sys­tems beat an­a­lysts ex­pec­ta­tions in its sec­ondquar­ter earn­ings, send­ing its shares up 15.7 per­cent.

Splunk, an­other com­pany sup­ply­ing cloud ser­vices to busi­ness, jumped 14.9 per­cent as it sur­passed sec­ond-quar­ter rev­enue fore­casts, de­spite a wider over­all loss from a year ago.

Bond prices were flat. The yield on the 10-year US Trea­sury held at 2.34 per­cent, and the 30-year at 3.08 per­cent. Bond prices and yields move in­versely.-Agen­cies

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