BAFL 45.05 Increased By ▲ 0.25 (0.56%)
BIPL 20.51 Decreased By ▼ -0.47 (-2.24%)
BOP 5.64 Increased By ▲ 0.36 (6.82%)
CNERGY 4.55 Increased By ▲ 0.13 (2.94%)
DFML 15.70 Decreased By ▼ -0.11 (-0.7%)
DGKC 71.21 Decreased By ▼ -0.10 (-0.14%)
FABL 27.40 Decreased By ▼ -0.40 (-1.44%)
FCCL 17.15 Decreased By ▼ -0.14 (-0.81%)
FFL 8.55 Decreased By ▼ -0.19 (-2.17%)
GGL 12.67 Decreased By ▼ -0.49 (-3.72%)
HBL 112.70 Decreased By ▼ -0.70 (-0.62%)
HUBC 119.11 Decreased By ▼ -2.79 (-2.29%)
HUMNL 7.60 Decreased By ▼ -0.34 (-4.28%)
KEL 3.27 Decreased By ▼ -0.10 (-2.97%)
LOTCHEM 27.85 Decreased By ▼ -0.05 (-0.18%)
MLCF 39.08 Decreased By ▼ -0.35 (-0.89%)
OGDC 108.31 Decreased By ▼ -0.96 (-0.88%)
PAEL 17.75 Decreased By ▼ -0.55 (-3.01%)
PIBTL 5.56 Decreased By ▼ -0.18 (-3.14%)
PIOC 106.00 Decreased By ▼ -4.00 (-3.64%)
PPL 92.50 Decreased By ▼ -1.11 (-1.19%)
PRL 25.34 Increased By ▲ 0.19 (0.76%)
SILK 1.07 Increased By ▲ 0.01 (0.94%)
SNGP 63.72 Increased By ▲ 0.02 (0.03%)
SSGC 12.00 Decreased By ▼ -0.25 (-2.04%)
TELE 8.46 Decreased By ▼ -0.42 (-4.73%)
TPLP 13.34 Decreased By ▼ -0.56 (-4.03%)
TRG 85.40 Decreased By ▼ -0.40 (-0.47%)
UNITY 25.96 Decreased By ▼ -0.14 (-0.54%)
WTL 1.54 Decreased By ▼ -0.06 (-3.75%)
BR100 6,185 Decreased By -45.4 (-0.73%)
BR30 21,452 Decreased By -287.1 (-1.32%)
KSE100 60,502 Decreased By -228.3 (-0.38%)
KSE30 20,175 Decreased By -64.2 (-0.32%)
Markets

Stocks struggle amid COVID-19 surges

  • MSCI EM gauge 0.1% higher.
  • India's cases cross 20 million-mark.
  • Turkey's lira 0.8% weaker.
  • South Africa allocates extra $276 mln for vaccines.
Published May 4, 2021

LONDON: Emerging market stocks struggled to make headway on Tuesday as Taiwan and India wrestled with rising COVID-19 infections, with the latter seeing cases surge past 20 million.

Taiwan's main stock index, one of the strongest performers in Asia so far this year, was 1.7% down in a second consecutive day of heavy losses, amid a rare rise in infections.

In choppy trade, India's NSE Nifty 50 index added 0.3% as encouraging corporate earnings were offset by uncertainties around the pandemic.

Indian opposition leader Rahul Gandhi called for a nationwide lockdown after the world's biggest surge in coronavirus infections has seen the country become the second to pass the milestone of 20 million cases, after the United States.

"(Indian) markets will likely remain choppy for some time because of the uncertainties around the pandemic. Investors will be waiting for clarity on the vaccine situation, plateauing of cases and whether we will see a central level lockdown again," said Aishvarya Dadheech, fund manager at Ambit Asset Management.

The MSCI Emerging Markets Index, of which Taiwan and India are among the largest components along with China and South Korea, was flat.

Chinese markets were closed for a holiday, while stock gauges in Hong Kong and South Korea were 0.8% and 0.6% higher, respectively, with the latter ending a five-day losing streak.

With the US dollar drifting higher as investors weigh whether a roaring US economic recovery may force interest rates higher, emerging market currencies were under pressure.

MSCI's emerging markets currency index was 0.1% lower, with South Africa's rand, a barometer for wider emerging market risk sentiment, 0.6% weaker.

South Africa's government has allocated an extra 4 billion rand ($276 mln) to buy COVID-19 vaccines and extend a special distress grant to thousands of people hit by the pandemic.

Turkey's lira was 0.8% weaker in the wake of Monday's data showing annual inflation in April rose to its highest level in nearly two years, pressuring the central bank to keep policy tight.

The lira has tumbled around 13% since mid-March when President Tayyip Erdogan replaced Naci Agbal, a well-respected and hawkish central bank governor, driving up import costs for import-dependent Turkey.

Russia's rouble was 0.2% firmer against the dollar.

Russian factory activity growth slowed down in April following a smaller rate of increase in output and a renewed decline in new orders, according to IHS Markit's Purchasing Managers' Index headline reading.

Comments

Comments are closed.

Stocks struggle amid COVID-19 surges

IHC acquits Nawaz Sharif in Avenfield reference

Imran Khan will not take part in intra-party polls, PTI announces

Inter-bank: rupee registers back-to-back gains against US dollar

Open market: rupee unchanged against US dollar

Caretaker PM meets Kuwait’s First Deputy Prime Minister

Israel, Hamas due to release more people amid efforts to extend truce

TPL Life Insurance, Dar Es Salam Textile Mills move ahead with merger talks

Oil gains ahead of OPEC+ meeting as Black Sea shutdowns support

Gold price per tola jumps Rs2,600 in Pakistan

Pakistan players told to put country before franchise leagues