AGL 39.50 Decreased By ▼ -0.50 (-1.25%)
AIRLINK 131.70 Increased By ▲ 2.64 (2.05%)
BOP 6.81 Increased By ▲ 0.06 (0.89%)
CNERGY 4.73 Increased By ▲ 0.24 (5.35%)
DCL 8.49 Decreased By ▼ -0.06 (-0.7%)
DFML 41.45 Increased By ▲ 0.63 (1.54%)
DGKC 82.15 Increased By ▲ 1.19 (1.47%)
FCCL 33.25 Increased By ▲ 0.48 (1.46%)
FFBL 72.58 Decreased By ▼ -1.85 (-2.49%)
FFL 12.40 Increased By ▲ 0.66 (5.62%)
HUBC 110.74 Increased By ▲ 1.16 (1.06%)
HUMNL 14.40 Increased By ▲ 0.65 (4.73%)
KEL 5.18 Decreased By ▼ -0.13 (-2.45%)
KOSM 7.65 Decreased By ▼ -0.07 (-0.91%)
MLCF 38.85 Increased By ▲ 0.25 (0.65%)
NBP 63.78 Increased By ▲ 0.27 (0.43%)
OGDC 192.51 Decreased By ▼ -2.18 (-1.12%)
PAEL 25.60 Decreased By ▼ -0.11 (-0.43%)
PIBTL 7.37 Decreased By ▼ -0.02 (-0.27%)
PPL 153.85 Decreased By ▼ -1.60 (-1.03%)
PRL 25.85 Increased By ▲ 0.06 (0.23%)
PTC 17.75 Increased By ▲ 0.25 (1.43%)
SEARL 82.10 Increased By ▲ 3.45 (4.39%)
TELE 7.80 Decreased By ▼ -0.06 (-0.76%)
TOMCL 33.49 Decreased By ▼ -0.24 (-0.71%)
TPLP 8.50 Increased By ▲ 0.10 (1.19%)
TREET 16.60 Increased By ▲ 0.33 (2.03%)
TRG 57.49 Decreased By ▼ -0.73 (-1.25%)
UNITY 27.61 Increased By ▲ 0.12 (0.44%)
WTL 1.37 Decreased By ▼ -0.02 (-1.44%)
BR100 10,495 Increased By 50 (0.48%)
BR30 31,202 Increased By 12.3 (0.04%)
KSE100 98,080 Increased By 281.6 (0.29%)
KSE30 30,559 Increased By 78 (0.26%)

UK shares matched their biggest one day rise of the year on Monday, recovering some of last week's steep falls, as optimism that US lawmakers will forge a fiscal compromise encouraged traders to buy at the lower prices. The FTSE 100 index was up 132.07 points, or 2.4 percent, at 5,767.66 by the close.
Leading US lawmakers expressed confidence on Sunday that a deal would be reached to avert the $600 billion 'fiscal cliff' of tax rises and spending cuts which could tips the world's biggest economy into recession. This followed a late rally on Wall Street on Friday after leaders of the US Senate and House said they would find common ground over their policy differences.
"There was obviously a great deal of worry over what was perceived to be a prolonged debate (over the fiscal cliff), but the statements from [US President] Obama and [Treasury Secretary] Geithner on Friday helped the markets out," said Zeg Choudhry, head of equities trading at Northland Capital Partners.
"We definitely got oversold. It remains to be seen as to whether or not we will hold a rally. It's a very good rally, 2 percent, and we should get another push again tomorrow, as long as Wall Street holds up." Monday's rise came after a 1.3 percent drop on Friday took last week's falls to 2.8 percent in total. This was its steepest weekly decline since May, bringing the index hit a three and a half month low and erasing nearly all its gains since ECB President Mario Draghi said he would do "whatever it takes" to save the euro.
On Monday, it closed above 5726, significant from a technical standpoint as it is approximately both the 200 day moving average and a 38.2 percent retracement of the fall from a peak on November 9 to a trough at the end of last week. The rebound was broad-based, with every sector contributing to the index's rise, although the most economically sensitive stocks such as commodities and banks, led gains. Financials, which include banks, insurers and brokerages, added nearly 40 points to the index. Barclays was the biggest gainer, adding 6.7 percent, as it received a boost after Goldman Sachs raised its price target for the bank.
Heavyweight HSBC, added 16.5 points to the index, rising 3.8 percent after the bank said it was in talks to sell its $9.3 billion stake in China's Ping An Insurance under a plan to shed non-core parts of its business to boost profitability. One of only four stocks to lose in the sessions trading, G4S fell 1.1 percent after Credit Suisse downgraded the stock to 'Neutral' from 'Hold'.

Copyright Reuters, 2012

Comments

Comments are closed.