AGL 40.00 Decreased By ▼ -0.16 (-0.4%)
AIRLINK 129.53 Decreased By ▼ -2.20 (-1.67%)
BOP 6.68 Decreased By ▼ -0.01 (-0.15%)
CNERGY 4.63 Increased By ▲ 0.16 (3.58%)
DCL 8.94 Increased By ▲ 0.12 (1.36%)
DFML 41.69 Increased By ▲ 1.08 (2.66%)
DGKC 83.77 Decreased By ▼ -0.31 (-0.37%)
FCCL 32.77 Increased By ▲ 0.43 (1.33%)
FFBL 75.47 Increased By ▲ 6.86 (10%)
FFL 11.47 Increased By ▲ 0.12 (1.06%)
HUBC 110.55 Decreased By ▼ -1.21 (-1.08%)
HUMNL 14.56 Increased By ▲ 0.25 (1.75%)
KEL 5.39 Increased By ▲ 0.17 (3.26%)
KOSM 8.40 Decreased By ▼ -0.58 (-6.46%)
MLCF 39.79 Increased By ▲ 0.36 (0.91%)
NBP 60.29 No Change ▼ 0.00 (0%)
OGDC 199.66 Increased By ▲ 4.72 (2.42%)
PAEL 26.65 Decreased By ▼ -0.04 (-0.15%)
PIBTL 7.66 Increased By ▲ 0.18 (2.41%)
PPL 157.92 Increased By ▲ 2.15 (1.38%)
PRL 26.73 Increased By ▲ 0.05 (0.19%)
PTC 18.46 Increased By ▲ 0.16 (0.87%)
SEARL 82.44 Decreased By ▼ -0.58 (-0.7%)
TELE 8.31 Increased By ▲ 0.08 (0.97%)
TOMCL 34.51 Decreased By ▼ -0.04 (-0.12%)
TPLP 9.06 Increased By ▲ 0.25 (2.84%)
TREET 17.47 Increased By ▲ 0.77 (4.61%)
TRG 61.32 Decreased By ▼ -1.13 (-1.81%)
UNITY 27.43 Decreased By ▼ -0.01 (-0.04%)
WTL 1.38 Increased By ▲ 0.10 (7.81%)
BR100 10,407 Increased By 220 (2.16%)
BR30 31,713 Increased By 377.1 (1.2%)
KSE100 97,328 Increased By 1781.9 (1.86%)
KSE30 30,192 Increased By 614.4 (2.08%)

European shares had their best day in almost two months on Thursday as upbeat trade data from China and a steadying of its currency helped to calm some fears of recession and a further escalation in Sino-US trade tensions.
The pan-European STOXX 600 index rose for a second day, closing 1.7% higher, swept up in a global rally after days of turmoil sparked by an escalation in US-China trade tensions last week.
All major indexes in Europe were up more than 1%, although a fall in stocks trading ex-dividend kept a lid on gains in London's FTSE. Data showed July exports in China rose at their fastest since March, while a fall in imports was not as bad as a forecast, soothing worries that the protracted and escalating trade war will tip the world into recession.
Trade-sensitive tech and basic resources indexes led the gains, with no sector in the red. The materials sector closed 2.5% higher, ending an 11-session losing streak during which it lost almost 16%.
The yuan recovered some ground against the dollar, although China's central bank set its official midpoint below the seven yuan to the dollar threshold for the first time since the global financial crisis.
"Today's fixing is a message the People's Bank of China has no definitive line in the sand but are only allowing the yuan to weaken on their terms and at a reasonable pace to mitigate possible outflows," wrote Stephen Innes, managing partner at VM Markets.
"So the fear of rapid depreciation is fading." But as September 1 nears - the day 10% tariffs on $300 billion of Chinese imports are to take effect, traders remain cautious on the possibility that the PBoC could continue to nudge the fix lower, especially if there is no reversal in Washington's tariff position, Innes says.
The central bank had let the yuan slide to its lowest in more than a decade earlier this week, raising fears it would use its currency as the new front in its trade dispute with the United States.
These uncertainties have pushed investors into bonds and gold and prompted central bankers around the world to get ahead of the storm clouds by easing monetary policy.
On the earnings front, Zurich Insurance Group surged nearly 4% after the insurer said it was set to beat its 2019 financial targets. This sent the Swiss main index 2.3% higher in its strongest day in more than seven months.
But sportswear firm Adidas slumped 2.2% after disappointing second-quarter sales.
Danish brewer Carlsberg rose 11.3% to top Europe's main index after it raised profit expectations for 2019. British fund supermarket Hargreaves Lansdown was also up by 11.8% after a forecast-beating rise in full-year assets.

Copyright Reuters, 2019

Comments

Comments are closed.