AGL 5.41 Decreased By ▼ -0.09 (-1.64%)
ANL 8.71 Increased By ▲ 0.02 (0.23%)
AVN 76.16 Increased By ▲ 0.32 (0.42%)
BOP 5.17 Decreased By ▼ -0.01 (-0.19%)
CNERGY 4.47 Decreased By ▼ -0.04 (-0.89%)
EFERT 81.21 Increased By ▲ 0.12 (0.15%)
EPCL 49.17 Decreased By ▼ -0.83 (-1.66%)
FCCL 12.69 Increased By ▲ 0.16 (1.28%)
FFL 5.59 Increased By ▲ 0.07 (1.27%)
FLYNG 6.98 Increased By ▲ 0.03 (0.43%)
FNEL 4.63 Decreased By ▼ -0.02 (-0.43%)
GGGL 8.59 Increased By ▲ 0.01 (0.12%)
GGL 14.06 Decreased By ▼ -0.19 (-1.33%)
HUMNL 5.49 Decreased By ▼ -0.10 (-1.79%)
KEL 2.60 Increased By ▲ 0.06 (2.36%)
LOTCHEM 27.75 Decreased By ▼ -0.23 (-0.82%)
MLCF 23.56 Decreased By ▼ -0.14 (-0.59%)
OGDC 71.45 Decreased By ▼ -0.19 (-0.27%)
PAEL 15.23 Increased By ▲ 0.14 (0.93%)
PIBTL 4.90 Increased By ▲ 0.01 (0.2%)
PRL 15.75 Decreased By ▼ -0.06 (-0.38%)
SILK 1.05 Decreased By ▼ -0.02 (-1.87%)
TELE 9.00 Increased By ▲ 0.06 (0.67%)
TPL 7.16 Increased By ▲ 0.13 (1.85%)
TPLP 19.14 Increased By ▲ 0.83 (4.53%)
TREET 20.99 Decreased By ▼ -0.04 (-0.19%)
TRG 136.92 Increased By ▲ 2.37 (1.76%)
UNITY 16.74 Increased By ▲ 0.11 (0.66%)
WAVES 9.10 Decreased By ▼ -0.22 (-2.36%)
WTL 1.37 Increased By ▲ 0.01 (0.74%)
BR100 4,155 Increased By 0.1 (0%)
BR30 15,335 Increased By 46.6 (0.3%)
KSE100 41,540 Decreased By -72.7 (-0.17%)
KSE30 15,365 Increased By 5 (0.03%)
Follow us

NEW YORK: Stock markets mostly dropped Friday, as traders closed out a volatile week for global equities by booking profits amid renewed concerns over troubled Chinese property developer Evergrande.

Evergrande's silence over an interest payment that had been due Thursday fueled investors' angst over the potential fallout from a collapse of the property company. Indexes were down across much of Asia and Europe, while Wall Street finished little changed in a muted conclusion to a topsy-turvy week that saw stocks tumble, then rally.

"The stall this morning is not surprising. The major indices have come a long way in a short amount of time and, consequently, would be seen as needing to take a breather for a bit," said analyst Patrick O'Hare.

News from China also sent cryptocurrencies plunging as the country ruled all transactions in the digital assets illegal. Bitcoin, which had already been falling before the announcement, dropped as much as 8.9 percent in value before trimming losses to stand at $42,967, down almost four percent.

US traders had seen the Fed's Wednesday move towards tapering its massive stimulus program as a vote of confidence in the world's top economy. But as well as Evergrande, "the continued stalemate among lawmakers on whether to raise the debt ceiling, the Delta variant, and supply chain challenges continue to fester," Charles Schwab analysts commented.

The supply chain woes were highlighted by sports giant Nike Thursday as it cut its sales forecast for the coming quarters. Brent oil prices, meanwhile, jumped to a three-year peak, boosted by tight supplies particularly in the United States

Market players are keeping close tabs on Evergrande, with no sign that it had paid interest to overseas bondholders on a note due Thursday. While the firm has a 30-day grace period to stump up before it is considered in default, the lack of information is keeping investors anxious.

Markets were sent spinning at the start of the week by fears that the company - one of China's biggest developers in the crucial property sector - would go under and drag others with it, in turn jolting the domestic economy and possibly beyond.

But for now, there is a feeling that there will not be a "Lehman Moment", such as when the bankruptcy of Wall Street titan Lehman Brothers in 2008 sparked a collapse on world markets.

Stock markets had enjoyed a couple of strong days prior to Friday on what appeared to be easing concerns over Evergrande. But its share price tumbled more than 11 percent Friday, having surged more than 17 percent a day earlier.

It was not all gloom in Asia, as the Bombay Stock Exchange Sensex index crossed the 60,000 mark for the first time. India's markets have enjoyed whirlwind growth despite the outbreak of the coronavirus pandemic, more than doubling in value since April last year.

"Expectations of solid economic recovery and sustained growth in the next couple of years is keeping the bulls enthused," Sandeep Bharadwaj of IIFL Securities said.

Key figures

Dow: UP 0.1 percent

S&P 500: UP 0.1 percent

Nasdaq: DOWN less than 0.1 percent

FTSE 100: DOWN 0.4 percent

Frankfurt - DAX: DOWN 0.7 percent

Paris - CAC 40: DOWN 1.0 percent

EURO STOXX 50: DOWN 0.9 percent

Tokyo: UP 2.1 percent

Hong Kong: DOWN 1.3 percent

Shanghai: DOWN 0.8 percent

Euro/dollar: DOWN at $1.1725

Pound/dollar: DOWN at $1.3674

Euro/pound: UP at 85.64 pence

Dollar/yen: UP at 110.73 yen

Brent North Sea crude: UP 1.1 percent

West Texas Intermediate: UP 0.9 percent.


Comments are closed.

Global stocks mostly fall on renewed Evergrande fears

Perishables worth $5.5mn stuck at Karachi port 'owing to dollar shortage'

FIR registered in Arshad Sharif’s murder on Supreme Court’s order

Fight against terrorism to continue till establishment of enduring peace, stability: Gen Asim Munir

Rupee remains under pressure, settles at 224.11 against US dollar

Sanaullah urges PTI leaders to use parliament for discussion on next general elections

Morocco dump Spain out on penalties to reach historic World Cup quarters

Unity Foods to invest nearly Rs2bn in Sunridge Foods subsidiary

CDA decides to de-seal Centaurus Mall

Ukraine slams India for buying Russian oil

Oil prices fall on economic fears, dollar strength