AIRLINK 155.38 Increased By ▲ 3.26 (2.14%)
BOP 9.69 Increased By ▲ 0.57 (6.25%)
CNERGY 7.11 Increased By ▲ 0.02 (0.28%)
CPHL 84.07 Increased By ▲ 1.78 (2.16%)
FCCL 43.44 Increased By ▲ 0.63 (1.47%)
FFL 14.79 Increased By ▲ 0.58 (4.08%)
FLYNG 30.31 Increased By ▲ 1.72 (6.02%)
HUBC 136.24 Increased By ▲ 4.30 (3.26%)
HUMNL 12.51 Increased By ▲ 0.28 (2.29%)
KEL 4.02 Increased By ▲ 0.02 (0.5%)
KOSM 5.02 Increased By ▲ 0.11 (2.24%)
MLCF 69.44 Increased By ▲ 2.39 (3.56%)
OGDC 203.25 Increased By ▲ 2.87 (1.43%)
PACE 5.06 Increased By ▲ 0.07 (1.4%)
PAEL 42.50 Increased By ▲ 1.00 (2.41%)
PIAHCLA 16.57 Increased By ▲ 0.35 (2.16%)
PIBTL 8.79 Increased By ▲ 0.37 (4.39%)
POWER 13.93 Increased By ▲ 0.88 (6.74%)
PPL 150.83 Increased By ▲ 2.23 (1.5%)
PRL 28.91 Increased By ▲ 1.20 (4.33%)
PTC 20.73 Increased By ▲ 1.27 (6.53%)
SEARL 84.04 Increased By ▲ 2.07 (2.53%)
SSGC 40.25 Increased By ▲ 2.98 (8%)
SYM 14.83 Increased By ▲ 0.45 (3.13%)
TELE 6.98 Increased By ▲ 0.16 (2.35%)
TPLP 8.27 Increased By ▲ 0.13 (1.6%)
TRG 64.05 Increased By ▲ 0.92 (1.46%)
WAVESAPP 8.57 Increased By ▲ 0.53 (6.59%)
WTL 1.27 Increased By ▲ 0.02 (1.6%)
YOUW 3.42 Increased By ▲ 0.07 (2.09%)
AIRLINK 155.38 Increased By ▲ 3.26 (2.14%)
BOP 9.69 Increased By ▲ 0.57 (6.25%)
CNERGY 7.11 Increased By ▲ 0.02 (0.28%)
CPHL 84.07 Increased By ▲ 1.78 (2.16%)
FCCL 43.44 Increased By ▲ 0.63 (1.47%)
FFL 14.79 Increased By ▲ 0.58 (4.08%)
FLYNG 30.31 Increased By ▲ 1.72 (6.02%)
HUBC 136.24 Increased By ▲ 4.30 (3.26%)
HUMNL 12.51 Increased By ▲ 0.28 (2.29%)
KEL 4.02 Increased By ▲ 0.02 (0.5%)
KOSM 5.02 Increased By ▲ 0.11 (2.24%)
MLCF 69.44 Increased By ▲ 2.39 (3.56%)
OGDC 203.25 Increased By ▲ 2.87 (1.43%)
PACE 5.06 Increased By ▲ 0.07 (1.4%)
PAEL 42.50 Increased By ▲ 1.00 (2.41%)
PIAHCLA 16.57 Increased By ▲ 0.35 (2.16%)
PIBTL 8.79 Increased By ▲ 0.37 (4.39%)
POWER 13.93 Increased By ▲ 0.88 (6.74%)
PPL 150.83 Increased By ▲ 2.23 (1.5%)
PRL 28.91 Increased By ▲ 1.20 (4.33%)
PTC 20.73 Increased By ▲ 1.27 (6.53%)
SEARL 84.04 Increased By ▲ 2.07 (2.53%)
SSGC 40.25 Increased By ▲ 2.98 (8%)
SYM 14.83 Increased By ▲ 0.45 (3.13%)
TELE 6.98 Increased By ▲ 0.16 (2.35%)
TPLP 8.27 Increased By ▲ 0.13 (1.6%)
TRG 64.05 Increased By ▲ 0.92 (1.46%)
WAVESAPP 8.57 Increased By ▲ 0.53 (6.59%)
WTL 1.27 Increased By ▲ 0.02 (1.6%)
YOUW 3.42 Increased By ▲ 0.07 (2.09%)
BR100 12,160 Increased By 383.7 (3.26%)
BR30 35,356 Increased By 946.7 (2.75%)
KSE100 114,114 Increased By 2787.4 (2.5%)
KSE30 34,917 Increased By 924.3 (2.72%)

European shares fell for the second straight session on Monday, hit by tensions between Russia and Ukraine and weak economic data from the world's second-largest economy, China. Most European indexes swung lower in the afternoon after the Interfax news agency reported Russian troops had opened fire with automatic rifles during a take-over of a Ukrainian naval post in Crimea.
The pan-European FTSEurofirst 300 index closed 0.4 percent lower at 1,320.98 points after re-testing a low set last week earlier in the session, in a broad sell-off involving most sectors. German steel maker ThyssenKrupp, down 3 percent, was among the top fallers in Europe as Chinese steel and iron ore futures slumped to their lowest levels ever on concerns about a slowdown in the world's top commodity buyer.
Trade data showed China's exports in February tumbled 18.1 percent from a year earlier, raising questions about the health of the country's economy. "The Ukrainian crisis worries me more than the slowdown in China because of its proximity to Europe," said Claudia Panseri, global equity strategist at Societe Generale Private Banking. "It could also have a negative impact in terms of contagion effect and capital outflows from other emerging markets at a time when global economic growth is still fragile."
Panseri preferred shares exposed to a recovery in Europe's own economy, such as banks or German and British mid and small-cap stocks, to companies with an emerging market presence. Shares with the largest exposure to Russia fell sharply, such as Austrian bank Raiffeisen Bank International and Finnish tyre maker Nokian Renkaat, which dropped 2.7 percent and 2 percent respectively.
Germany's Dax blue-chip index, seen as a play on the global economy through exporters such as car maker VW, shed 0.9 percent. "Germany is hurt a bit more than the others as it is an exporter nation with vast interests in both Central Europe and China," said Philippe Gijsels, head of research at BNP Paribas Fortis Global Markets. "However, in the larger scheme of things this is probably a healthy correction. We see this as a little pause and not the end of the bull market, and remain buyers of the dip."
By contrast, indexes with a relatively high weighting in banking shares and a strong domestic focus, such as Italy's FTSE MIB and Spain's Ibex rose, by 0.6 percent and 0.3 percent, respectively. The former was also helped by data showing Italian industrial production rebounded more than expected to post its strongest increase for more than two years.
French telecom shares also rose following a deal between Bouygues and Iliad, which rallied 8.7 percent and 11.1 percent respectively. Bouygues' telecom unit agreed to sell its mobile network and much of its spectrum to Iliad as a way to head off competition regulators' concerns about its pending bid for Vivendi's SFR unit. Robin Bienenstock, analyst at Bernstein Research, said that a combination of SFR and Bouygues would lift the entire sector, leaving out only cable operator Numericable, which had also bid for SFR and whose shares fell 12.4 percent on Monday.

Copyright Reuters, 2014

Comments

Comments are closed.