AGL 39.70 Decreased By ▼ -0.30 (-0.75%)
AIRLINK 128.60 Decreased By ▼ -0.46 (-0.36%)
BOP 6.83 Increased By ▲ 0.08 (1.19%)
CNERGY 4.70 Increased By ▲ 0.21 (4.68%)
DCL 8.45 Decreased By ▼ -0.10 (-1.17%)
DFML 41.09 Increased By ▲ 0.27 (0.66%)
DGKC 82.50 Increased By ▲ 1.54 (1.9%)
FCCL 33.01 Increased By ▲ 0.24 (0.73%)
FFBL 73.88 Decreased By ▼ -0.55 (-0.74%)
FFL 11.93 Increased By ▲ 0.19 (1.62%)
HUBC 110.74 Increased By ▲ 1.16 (1.06%)
HUMNL 14.25 Increased By ▲ 0.50 (3.64%)
KEL 5.23 Decreased By ▼ -0.08 (-1.51%)
KOSM 7.50 Decreased By ▼ -0.22 (-2.85%)
MLCF 38.90 Increased By ▲ 0.30 (0.78%)
NBP 63.70 Increased By ▲ 0.19 (0.3%)
OGDC 193.50 Decreased By ▼ -1.19 (-0.61%)
PAEL 25.50 Decreased By ▼ -0.21 (-0.82%)
PIBTL 7.33 Decreased By ▼ -0.06 (-0.81%)
PPL 153.50 Decreased By ▼ -1.95 (-1.25%)
PRL 25.75 Decreased By ▼ -0.04 (-0.16%)
PTC 17.49 Decreased By ▼ -0.01 (-0.06%)
SEARL 81.25 Increased By ▲ 2.60 (3.31%)
TELE 7.66 Decreased By ▼ -0.20 (-2.54%)
TOMCL 33.48 Decreased By ▼ -0.25 (-0.74%)
TPLP 8.52 Increased By ▲ 0.12 (1.43%)
TREET 16.45 Increased By ▲ 0.18 (1.11%)
TRG 56.87 Decreased By ▼ -1.35 (-2.32%)
UNITY 27.65 Increased By ▲ 0.16 (0.58%)
WTL 1.37 Decreased By ▼ -0.02 (-1.44%)
BR100 10,519 Increased By 73.5 (0.7%)
BR30 31,194 Increased By 4.8 (0.02%)
KSE100 98,299 Increased By 500.5 (0.51%)
KSE30 30,665 Increased By 184.2 (0.6%)

US stocks broke a five-day winning streak on Friday on a drop in crude oil prices but posted solid gains for the week. Data showing a stronger-than-expected rise in consumer sentiment and a bright outlook from shipper FedEx on Friday were not enough to motivate buyers in an equities market recently saturated with good news, analysts said.
October crude oil futures fell nearly 4 percent to settle at $69.29 a barrel due to a higher-than-expected rise in refined fuel inventory. "Both equities and oil are exhausted. Money has been coming out of dollar into equities and holding up energy all this week," said Peter Kenny, managing director at Knight Equity Markets in Jersey City, New Jersey.
But he added that as long as the US dollar remains weak, stocks will not see a hefty correction since cash was moving out of the dollar and into risk-associated assets. The US dollar fell to a one-year low against major currencies on Friday. The Dow Jones industrial average lost 22.07 points, or 0.23 percent, at 9,605.41. The Standard & Poor's 500 Index shed 1.41 points, or 0.14 percent, at 1,042.73. The Nasdaq Composite Index fell 3.12 points, or 0.15 percent, at 2,080.90.
For the week, the Dow was up 1.7 percent, the S&P was up 2.6 percent, and the Nasdaq was up 3.1 percent. After the longest string of consecutive daily gains since November, the broader S&P 500 index is now up 54 percent from its closing low on March. Reacting to the decline in US crude, Chevron Corp fell 1 percent to $70.75 and was the top drag on the Dow. Exxon Mobil also shed 1 percent to $69.98.
Among the gainers, FedEx rose 6.4 percent to $77.32 after raising its first-quarter profit view. The outlook also lifted rival UPS 4.4 percent higher to $58.80. Another piece of optimistic news came from the Reuters/University of Michigan Surveys of Consumers, which showed that consumer sentiment rose more than expected in early September, moving to its strongest level in three months. But market reaction was muted.
Shares of Morgan Stanley rose 0.6 percent to $28.82 after Citigroup raised its price target on the stock and a day after it said its chief executive would be stepping down.
Medtronic Inc fell 2.9 percent to $37.90 after it said it was warning doctors about problems with 6,300 implantable heart devices because the batteries in the devices drain sooner than normal.
Volume was light on the New York Stock Exchange where 1.29 billion shares exchanged hands, down from last year's estimated daily average of 1.49 billion. On the Nasdaq, however, about 2.32 billion shares traded, above last year's daily average of 2.28 billion. Advancing stocks outnumbered declining ones on the NYSE by a ratio of about 16 to 13. On the Nasdaq, about 15 stocks fell for every 10 that rose.

Copyright Reuters, 2009

Comments

Comments are closed.