AGL 38.09 Decreased By ▼ -0.07 (-0.18%)
AIRLINK 136.34 Increased By ▲ 2.15 (1.6%)
BOP 9.20 Increased By ▲ 0.35 (3.95%)
CNERGY 4.72 Increased By ▲ 0.03 (0.64%)
DCL 8.85 Increased By ▲ 0.18 (2.08%)
DFML 38.34 Decreased By ▼ -1.44 (-3.62%)
DGKC 85.45 Increased By ▲ 0.30 (0.35%)
FCCL 35.15 Increased By ▲ 0.25 (0.72%)
FFBL 76.21 Increased By ▲ 0.61 (0.81%)
FFL 12.66 Decreased By ▼ -0.08 (-0.63%)
HUBC 108.70 Decreased By ▼ -0.75 (-0.69%)
HUMNL 14.73 Increased By ▲ 0.63 (4.47%)
KEL 5.58 Increased By ▲ 0.18 (3.33%)
KOSM 7.96 Increased By ▲ 0.21 (2.71%)
MLCF 40.78 Decreased By ▼ -0.59 (-1.43%)
NBP 70.94 Increased By ▲ 1.24 (1.78%)
OGDC 195.25 Increased By ▲ 1.63 (0.84%)
PAEL 26.96 Increased By ▲ 0.75 (2.86%)
PIBTL 7.46 Increased By ▲ 0.04 (0.54%)
PPL 168.02 Increased By ▲ 4.17 (2.55%)
PRL 26.19 Decreased By ▼ -0.17 (-0.64%)
PTC 20.34 Increased By ▲ 0.87 (4.47%)
SEARL 92.75 Increased By ▲ 8.35 (9.89%)
TELE 7.84 Decreased By ▼ -0.15 (-1.88%)
TOMCL 35.49 Increased By ▲ 1.44 (4.23%)
TPLP 8.91 Increased By ▲ 0.19 (2.18%)
TREET 17.29 Increased By ▲ 0.11 (0.64%)
TRG 59.27 Decreased By ▼ -1.73 (-2.84%)
UNITY 31.02 Increased By ▲ 2.06 (7.11%)
WTL 1.37 No Change ▼ 0.00 (0%)
BR100 10,901 Increased By 125.5 (1.16%)
BR30 32,654 Increased By 420 (1.3%)
KSE100 101,357 Increased By 1274.6 (1.27%)
KSE30 31,488 Increased By 295 (0.95%)

European stocks recovered strongly from multi-week lows on Monday after the US Senate passed a tax package delivering significant fiscal stimulus, which investors had anticipated would give extra legs to the bull run in equity markets. Gains in the US dollar helped Germany's dollar-exposed DAX shoot up from a two-month low, up 1.5 percent. The euro's strengthening has weighed on earnings expectations for stocks across the euro zone this quarter.
The pan-European STOXX 600 gained 0.9 percent while euro zone blue chips jumped 1.3 percent, their best gains in more than two months. Bank stocks, seen as the biggest beneficiaries of tax cuts, jumped 1.2 percent on the day. Allianz, BNP Paribas and Santander were among the largest boosts to the index, up 1.3 to 1.9 percent.
"It's not extremely new news but it's definitely helpful for equities and we assume they will be for quite some time the best-performing asset class," said Peter Szopo, chief equity strategist at Erste Asset Management in Vienna. The top-gaining European sector was construction and materials, up 1.6 percent after data showed that housebuilding spurred a recovery in Britain's construction industry last month.
The biggest risers in the sector were Swedish builder Skanska, up 3.5 percent, Irish building-materials group CRH, up 2.8 percent, and manufacturing group Melrose Industries, up 2.4 percent. Britain's own blue-chip FTSE 100, however, lagged continental peers, rising 0.5 percent off a 10-week low as sterling slipped after a hoped-for Brexit divorce deal failed to materialise.
Dialog Semiconductor tumbled 24 percent to a 17-month trough after the iPhone supplier said top customer Apple could be working on building its own power-management chips, though it said it saw no impact on its business next year. Shares in furniture retailer Steinhoff dropped 9.8 percent after it said it would release unaudited results for its full fiscal year due to an ongoing criminal and tax investigation in Germany.

Comments

Comments are closed.