AIRLINK 80.60 Increased By ▲ 1.19 (1.5%)
BOP 5.26 Decreased By ▼ -0.07 (-1.31%)
CNERGY 4.52 Increased By ▲ 0.14 (3.2%)
DFML 34.50 Increased By ▲ 1.31 (3.95%)
DGKC 78.90 Increased By ▲ 2.03 (2.64%)
FCCL 20.85 Increased By ▲ 0.32 (1.56%)
FFBL 33.78 Increased By ▲ 2.38 (7.58%)
FFL 9.70 Decreased By ▼ -0.15 (-1.52%)
GGL 10.11 Decreased By ▼ -0.14 (-1.37%)
HBL 117.85 Decreased By ▼ -0.08 (-0.07%)
HUBC 137.80 Increased By ▲ 3.70 (2.76%)
HUMNL 7.05 Increased By ▲ 0.05 (0.71%)
KEL 4.59 Decreased By ▼ -0.08 (-1.71%)
KOSM 4.56 Decreased By ▼ -0.18 (-3.8%)
MLCF 37.80 Increased By ▲ 0.36 (0.96%)
OGDC 137.20 Increased By ▲ 0.50 (0.37%)
PAEL 22.80 Decreased By ▼ -0.35 (-1.51%)
PIAA 26.57 Increased By ▲ 0.02 (0.08%)
PIBTL 6.76 Decreased By ▼ -0.24 (-3.43%)
PPL 114.30 Increased By ▲ 0.55 (0.48%)
PRL 27.33 Decreased By ▼ -0.19 (-0.69%)
PTC 14.59 Decreased By ▼ -0.16 (-1.08%)
SEARL 57.00 Decreased By ▼ -0.20 (-0.35%)
SNGP 66.75 Decreased By ▼ -0.75 (-1.11%)
SSGC 11.00 Decreased By ▼ -0.09 (-0.81%)
TELE 9.11 Decreased By ▼ -0.12 (-1.3%)
TPLP 11.46 Decreased By ▼ -0.10 (-0.87%)
TRG 70.23 Decreased By ▼ -1.87 (-2.59%)
UNITY 25.20 Increased By ▲ 0.38 (1.53%)
WTL 1.33 Decreased By ▼ -0.07 (-5%)
BR100 7,629 Increased By 103 (1.37%)
BR30 24,842 Increased By 192.5 (0.78%)
KSE100 72,743 Increased By 771.4 (1.07%)
KSE30 24,034 Increased By 284.8 (1.2%)

European-stockLONDON: Europe's main stock markets joined a global sell-off on Thursday as falling commodity prices continued concerns over the eurozone debt crisis hit sentiment, dealers said.

London's FTSE 100 index of leading shares gave up 0.52 percent to end the day at 5,944.96 points.

In Frankfurt the DAX fell 0.68 percent to 7,495.05 points while in Paris the CAC 40 slid 0.86 percent to 4,023.29 points.

European stocks began the day down after heavy losses in Asia and on Wall Street overnight.

Sentiment was further rattled after China announced it would raise its bank reserve requirement ratio, stoking concerns about slower economic growth in the Asian powerhouse.

"With commodities having all but given up their recent gains, natural resource stocks are leading the market lower today," said ETX trader Manoj Ladwa in London.

"Equity markets started the day in full risk off mode today sliding back on weakening commodity prices," said Michael Hewson of CMC Markets.

"This sentiment was reinforced mid-morning when the People's Bank of China once again raised its bank reserve requirement ratios by another 50 basis points pushing them up to 21 percent," he added.

Markets also took another battering over persistent concerns over the eurozone debt crisis, as investors fretted about Greek debt amid widespread protests against the government's austerity programme.

World oil prices slumped further on Thursday after the International Energy Agency cut its global demand outlook, while traders also took their cue from China's latest bid to keep a lid on inflation.

Among other commodities, copper, silver and gold also fell sharply as traders worried over the state of world demand.

"There is so much uncertainty in the markets at the moment, following tentative conditions in the eurozone and mixed economic figures from the United States, eurozone and the UK," said analyst Myrto Sokou at the Sucden brokerage.

"Investors should remain cautious amid these fragile economic conditions, as it seems that some profit-taking has emerged in the commodity markets, with investors trying to lock in recent profits."

Elsewhere in Europe, Madrid gave up 0.42, Amsterdam dropped 0.84 percent and Milan fell 1.10 percent.

Lisbon and Swiss stocks were flat, while Brussels bucked the trend to end up 0.10 percent.

US stocks opened lower after sweeping falls in European and Asian markets, but by midday were mixed.

At 1600 GMT the Dow Jones Industrial Average was down 0.08 percent at 12,619.32 points, following Wednesday's 1.02 percent rout.

The broader Standard & Poor's 500 index was essentially flat, showing a 0.02 percent gain to 1,341.78 points, while the tech-heavy NASDAQ composite was up 0.16 percent to 2,849.73 points.

New US unemployment claims were again over 400,000 last week, and US consumer spending slowed in April as higher gasoline and food prices took a greater chunk from Americans' pocketbooks, data showed Thursday.

Asian equities tumbled on Thursday after selling on Wall Street caused by heavy falls in commodities and lingering concerns over European debt.

Tokyo closed down 1.50 percent, its biggest percentage loss in a month, while Sydney fell 1.76 percent, Hong Kong dropped 0.94 percent and Shanghai lost 1.36 percent.

Copyright AFP (Agence France-Presse), 2011

Comments

Comments are closed.