The figures released by the National Clearing Company of Pakistan (NCCPL) in the afternoon were, however, comforting as foreign investors had bought shares of the net value of $0.73 million on Wednesday, dispelling impressions of sizeable outflows. Among local participants also, except the mutual funds that sold off $5.78 million worth shares to re-adjust portfolio or meet redemptions, other individual and institutional investors were on the buy side. Companies and banks purchased equity of the value of $0.52 million and $1.83 million, respectively while contrary to the rumours that made the rounds during the day, individuals were also net buyers of stock worth $2.75 million. There was nothing negative in the news flow to trigger a heavy sell-off witnessed on Wednesday and major market players said that with only three trading session left before the Eid-ul-Azha holidays, trading interest was likely to be dull and market to remain range bound.
government debt default also brought some hope. President Barack Obama is making plans to talk with Republican lawmakers at the White House in the coming days as pressure builds on both sides to resolve their deadlock over the federal debt limit and the partial government shutdown before the U.S. Treasury’s borrowing authority is exhausted next week. The Dow Jones industrial average rose 26.45 points, or 0.2%, to 14,802.98, and the Standard & Poor’s 500 index added 0.95, or 0.1%, to 1,656.40. The Nasdaq composite index fell 17.06 points, or 0.5% to 3,677.78. Investors were also digesting the minutes from the Federal Reserve’s Sept.
Asian Stocks to U.S. Futures Climb as Yen Declines
There are signs that institutional investors are also in the game, prodding penny stocks to record highs. However, concerns are growing that stock valuations have gone too far ahead of earnings. Investors would also be disappointed if their high expectations of major economic reforms are not met when the ruling Communist Party holds its key policy meeting in November. The Nasdaq-styled ChiNext Composite Index of mainly high growth, high tech counters listed in Shenzhen and only came into being in 2010, is now trading at 55 times its price-to-earnings (PE) ratio.
Stocks that recovered most from 2009’s depths
BHP Billiton Ltd., the worlds biggest mining company, blog slid 1.1 percent and Cnooc Ltd., China s biggest offshore oil producer, slipped 2 percent, leading raw material companies on the index lower . Takeda Pharmaceutical Co. jumped 3 percent and Astellas Pharma Inc. gained 3.6 percent in Tokyo to lead health care stocks higher.
Europe stocks pressured by U.S. political worries
The French CAC 40 index /quotes/zigman/3173214 FR:PX1 -0.16% slipped 0.2% to close at 4,127.05. While banks underpinned the index, Compagnie de Saint-Gobain SA /quotes/zigman/163888 FR:SGO -3.65% slid 3.6% after Morgan Stanley cut the shares to underweight from equal weight, saying muted earnings upgrades and rising headwinds indicate expectations could fall. Danone SA /quotes/zigman/163487 FR:BN -1.85% fell nearly 2%. The German DAX 30 index /quotes/zigman/2380246 DX:DAX -0.46% fell 0.5% to 8,5416.69. In London, the FTSE 100 index /quotes/zigman/3173262 UK:UKX -0.44% fell 0.4% to 6,337.91, with home builders up after a Goldman Sachs upgrade. A broker downgrade weighed on the shares of Vedanta Resources PLC /quotes/zigman/336962 UK:VED -4.67% , which dropped 4.7%. Also Wednesday, the Fed will release minutes of its Sept.
RPT-CHINA MONEY-Bubble trouble brewing for shiny China penny stocks
Brands ( YUM , Fortune 500 ), meanwhile, tumbled after the operator of KFC, Taco Bell and Pizza Hut reported weak earnings and continued problems in its China division . ” $YUM ouch. Another blow for China bulls too,” said StockTwits trader Scaletrader . CEO mashup on Washington dysfunction Costco ( COST , Fortune 500 ) missed on revenue and reported a slight bump in same store sales.
Asian stocks mixed as Obama and Congress fail to reach agreement to end partial shutdown
The Treasury has warned it will run out of money if Congress does not agree to raise a $16.7 trillion cap on borrowing by Oct. 17 and allow it to issue more debt. That has raised the specter that the U.S. wont be able to pay interest on its debt. The Treasury says a default on bond payments could freeze global credit, spike borrowing costs and trigger a collapse worse than the Great Recession. Republicans say they wont allow more borrowing unless Democrats agree to restructure benefits programs or cut the deficit; the White House has ruled out negotiations tied to the debt cap.
US stocks steady as as budget impasse drags on
Some tech stocks that have prospered in 2013 pushed lower. Netflix dropped 4.6 percent, Amazon slid 1.7 percent and Facebook dipped 0.8 percent. Apple advanced 1.2 percent after announcing that its latest line of iPhone models will be launched in more than 50 new markets by November 1. Hewlett-Packard, a Dow component, was another tech-sector standout, gaining 8.9 percent after the company said during an investor day that it expects an “acceleration” of activity in 2015 after another year of transition in 2014. Dow component Nike tacked on 0.9 percent after projecting 2017 revenues of $36 billion, up from $25.3 billion in 2013. Fast-food restaurant chain Yum dropped 6.8 percent after earnings of 85 cents per share fell 7 cents shy of expectations, due in part to disappointing results in China.
Stocks barely budge on Yellen nomination
I Post to Facebook Stocks that recovered most from 2009’s depths on USATODAY.com: http://usat.ly/1akLTbI Incorrect please try again A link has been posted to your Facebook feed. Sent! A link has been sent to your friend’s email address. Join the Nation’s Conversation Stocks that recovered most from 2009’s depths Matt Krantz, USA TODAY 11:14 p.m.