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%)
Markets

European shares inch up as Coronavirus concerns discourage big moves

Oil and gas stocks were among the worst performers for the day as worries over demand in China continued to erode o
Published February 3, 2020
  • Oil and gas stocks were among the worst performers for the day as worries over demand in China continued to erode oil prices.
  • European travel and leisure stocks, which have been among the worst hit by uncertainty over China, rebounded 0.6pc.
  • Technology stocks added about 1pc. French payments services provider Ingenico Group surged to the top of the sector.

European shares inched up on Monday, recovering from their worst week in nearly seven months as jitters remained over the economic fallout from a virus outbreak in China.

The pan-European STOXX 600 index rose 0.1pc by 0912 GMT, taking some support from optimism over the UK finally leaving the EU bloc.

Blue-chip British stocks added about 0.3pc after Britain officially left the EU on Friday, ending years of financial and political turmoil over the exit.

British Prime Minister Boris Johnson is now set to negotiate a trade deal with the EU, with sources suggesting he will consider a looser agreement, rather than follow EU rules.

However, investors are likely to stick to cautious plays in the near-term, with the death toll for the Chinese coronavirus still rising and multiple countries setting travel bans on China.

Further souring the mood, Chinese stock markets crashed upon opening after a long holiday on Monday.

"Markets are more or less in this wait and see mode where they await new news regarding the coronavirus," said Teeuwe Mevissen, senior market economist at Rabobank in Amsterdam.

"This will continue to be a very important theme for this week," he added, saying that there were few other big-ticket events lined up later in the week for markets to trade on.

European travel and leisure stocks, which have been among the worst hit by uncertainty over China, rebounded 0.6pc. Budget airline Ryanair led gains in the sector after its quarterly revenue beat estimates.

Technology stocks added about 1pc. French payments services provider Ingenico Group surged to the top of the sector, as well as the STOXX 600 after peer Worldline  agreed to buy the company.

Oil and gas stocks were among the worst performers for the day as worries over demand in China continued to erode oil prices.

Basic resources stocks, which consist of several China-focused miners, also dropped. Mining heavyweights BHP Group and Glencore shed about 0.2pc and 0.4pc, respectively.

German medical technology firm Siemens Healthineers  plunged to the bottom of the STOXX 600 after it reported disappointing first-quarter results.

Meanwhile, data showed that manufacturing activity in the euro zone improved slightly better than expected in January.

Comments

Comments are closed.