LAHORE - Bears were defeated in Tuesday’s trading session at the Pakistan Stock Exchange despite tension in the political environment as the market witnessed major recovery. Stock market opened positive and touched a high of +1,022 points as institutional participation was witnessed mainly in the main board stocks. Market remained positive throughout the day and closed at 42,745 points after gaining 1,096 points. Positive sentiments in the market can be attributed to attractive valuations of the KSE 100-index stocks. Overall, volumes stood at 141m shares, while value traded stood at $62m. Buying was largely driven by value hunters with commercial banks heavyweights HBL (+1.99%), UBL (+2.21%), ABL (+2.47%) and MCB (+1.22%) leading the charts. E&P sector closed higher (+2.4%) than its previous day’s close as crude oil prices edged higher, staying near their strongest levels in three-and-a-half-years. POL (+5%) closed at its upper circuit and OGDC (+1.42%) and PPL … [Read more...] about Stock market witnesses 1,096-point recovery
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U.S. stock indexes staged a negative reversal Tuesday as the market wrapped up a half session. The stock market will be closed Wednesday for the July 4 holiday. X The Nasdaq fell 0.9%, while the S&P 500 and the Dow Jones industrial average eased 0.5% each. But the S&P SmallCap 600 advanced 0.2%. Volume was up on both major exchanges vs. the same time Monday, but eventually fell because of the shortened session. Gold-mining stocks posted some of the day's best gains. Royal Gold (RGLD) broke out in strong volume, clearing a consolidation that began in September. Royal Gold is expected to grow earnings 25% this year. President Trump's trade war continues to weigh on the stock market. Politico reported that traditional Republican allies in corporate America are resisting Trump's protectionism. On Saturday, a leak outlined China's strategy. China Digital Times published leaked documents that said China's plan would involve "splitting apart different domestic (economic) groups in … [Read more...] about Stock Market Stages Negative Reversal, But Gold Stocks Shine
Stock market futures rose modestly late Wednesday. Futures for the S&P 500 index, Dow Jones and Nasdaq 100 edged up on earnings reports as well as Amazon (AMZN) revealing that it has more than 100 million Amazon Prime members. Customers pay Amazon and Netflix (NFLX) real money for their services. Meanwhile, fellow FANG stocks Facebook (FB) and Google-parent Alphabet (GOOGL) have offered free services in which users pay in "data." But that free-data, ad-driven model has come under fire in the wake of the Facebook data-privacy scandal. This divide is stark in the FANG stocks' performance. X (Apple (AAPL), which is sometimes included in a FAANG stock grouping, is a more extreme example of the dollars-vs.-data model. Apple gets customers — and wireless providers — to pay up for the iPhone, while stressing privacy and not selling users' data.) Stock Futures S&P 500 futures rose 0.1% above fair value. Nasdaq 100 futures were up 0.3%. Dow Jones futures … [Read more...] about Stock Market Futures Rise; Amazon Prime And The Big FANG Divide
The Nasdaq outperformed other key indexes in afternoon trading in stocks today. But in general, investors appear to be brushing off concerns over stability in the East Asia region after President Trump canceled a highly anticipated June 12 meeting with North Korean leader Kim Jong Un in Singapore. A new Chinese IPO broke out. X The Trump news didn't stop ZTO Express (ZTO), a play on Chinese e-commerce, from breaking out. However, keep in mind that the stock has a penchant for pulling back rapidly after hitting new highs. At 2 p.m. ET, the Nasdaq shaved a 1% early-morning loss to nearly nil. Key Nasdaq component Apple (AAPL) erased minor morning losses and is trading near 188, up 5% past its latest 179.04 buy point in a seven-week double-bottom base. The S&P 500 and the Dow Jones industrial average also cut beefy early losses to around 0.2% to 0.3%. The small-cap S&P 600 rose fractionally. Meanwhile, the Dow transports rallied more than 1.1% as airline, railroad, logistics and … [Read more...] about This Chinese IPO Stock Breaks Out; Apple Holds Steady As Stock Market Trims Losses
Tesla got a badly needed reprieve from heavy institutional selling in stocks today after its annual shareholders meeting Wednesday. Grubhub remains in buy range after a breakout past a 106.80 buy point in a double bottom with handle. Meanwhile, blue chips helped push the Dow Jones industrial average to a solid gain of nearly 1% in afternoon trade. At least seven of the Dow Jones' 30 components advanced 1 point or more. X The S&P 500 edged 0.4% higher while the Nasdaq lagged with a 0.1% lift. Megacap tech leaders Apple (AAPL) and Intel (INTC) both cooled off but remain in firm uptrends. Both companies are also in the Dow. The top-performing names within the Dow Jones industrial average included money-center banks JPMorgan Chase (JPM) and Goldman Sachs (GS). Among the two Dow components, JPMorgan is showing better action, with a 66 Relative Price Strength Rating from IBD Stock Checkup. Goldman's RS Rating is a dismal 24. Both stocks are in basing mode, meaning that they haven't … [Read more...] about Grubhub Still In Buy Range As Stocks Rise; When Is It Time To Buy Back Tesla?
Apple showed why it continues to be a market leader, even among big-cap techs, while stocks today got a boost by a relatively broad array of industry groups and sectors Monday. X The Dow Jones industrial average led the other key indexes with a gain of 1.3%. The Dow industrials got help not only from Apple (AAPL), but also seven other components within the 30-stock average that rose at least 2 points. They included Caterpillar (CAT), JPMorgan Chase (JPM), Goldman Sachs (GS,) 3M (MMM) and UnitedHealth Group (UNH). At 24,776, the blue-chip index is now back in the black, up 0.2%. The Nasdaq composite trailed with a 0.9% advance. Yet at 7756, the tech-rich composite has stretched its year-to-date gain to more than 12.3%. The S&P 500 also rallied almost 0.9%, while the S&P SmallCap 600 moved up 0.7%. Top industry groups of the day included construction and mining equipment, oil drilling, newspapers, automakers, air freight transport, air conditioning and heating products, and … [Read more...] about Apple Exits Proper Buy Zone; These 4 Sectors Lead Stock Market Rally