Stocks
Asian Markets Gain as Investors Bet on Fed Rate Cut Amid Job Figures
Most Asian markets climbed on Monday following data indicating fewer US jobs were created last month, renewing optimism that interest rates may be cut this year. Mainland Chinese equities also bounced on hopes for fresh government economic support.
A tech rally propelled the Nasdaq, leading Wall Street up after Friday’s non-farm payrolls figures. The data helped allay concerns that high inflation figures earlier in the year would keep borrowing costs at elevated levels.
April’s NFP report revealed 175,000 new jobs, significantly lower than the previous month and falling short of expectations. Wage growth was also slightly lower than forecast.
While the figures indicated a slowdown in the world’s second-largest economy, they did not raise fears of an impending recession.
The news increased bets on the Fed cutting rates in September, with investors revising their outlook. However, the anticipated rate cuts remain below the six initially envisaged at the start of the year.
“The softer wage growth and a slight increase in unemployment may ease some of the Federal Reserve’s concerns about implementing rate cuts this summer,” said Stephen Innes at SPI Asset Management.
Wall Street’s gains on Friday, along with another record for London, provided Asian investors with a positive lead, prompting most markets to follow suit.
Shanghai stood out as mainland investors returned from a long break, catching up with the global rally of the past few days. Traders also welcomed reports of potential measures to support China’s property sector and provide fresh support to the economy.
Market sentiment appeared to be incrementally improving, with factors such as improving traveler figures, market reforms, and strong corporate releases cited by Nicholas Yeo of abrdn.
Hong Kong extended recent gains into a tenth successive trading day, while Sydney, Singapore, Taipei, and Manila also posted gains. Wellington and Jakarta experienced slight declines.
The dollar strengthened against the yen, recovering some of the losses it incurred Friday following the US jobs report. The Japanese unit had a volatile week, hitting its weakest level in 34 years, prompting reported intervention in forex markets by authorities on Monday and Wednesday.
– Key figures around 0300 GMT –
Hong Kong – Hang Seng Index: UP 0.2 percent at 18,505.51
Shanghai – Composite: UP 1.0 percent at 3,135.57
Tokyo – Nikkei 225: Closed for a holiday
Dollar/yen: UP at 153.75 yen from 152.99 yen on Friday
Euro/dollar: DOWN at $1.0765 from $1.0767
Pound/dollar: UP at $1.2549 from $1.2546
Euro/pound: UP at 85.79 from 85.78 pence
West Texas Intermediate: UP 0.4 percent at $78.38 per barrel
Brent North Sea Crude: UP 0.3 percent at $83.19 per barrel
New York – Dow: UP 1.2 percent at 38,675.68 (close)
London – FTSE 100: UP 0.5 percent at 8,213.49 (close)
Dhaka Stock Exchange DSE, Bourse on the last working day of the week, 16th May, ended with a drop in Indices and hike in Turnover from the previous working session. This information is known from DSE sources.
676 crore 79 lakh taka shares were traded on this day. 150 crore 46 lakh more tradings were done in DSE today compared to the previous workday, 15th May , Shares worth Tk 526 crores 33 lakh shares were traded last time, Wednesday.
The benchmark DSEX lost 9.98 points or 5,517 The Shariah-based index DSES dropped 0.80 points or 1,212, and the blue-chip index DS30 decreased by 3.79 points or 1,973.
Of the issues traded, 122 advanced, 215 declined and 57 remained unchanged.
MBL 1st Mutual Fund ranked top gainer on DSE, the share price increased by Tk 0.50 paisa or 10 percent. On this day, the share was last traded at Tk 5.50 paisa.
Sonali Paper & Board Mills Limited ranked top loser on the DSE, the share price dropped by Tk 11.80 paisa or 3.00 percent. On this day, the share was last traded at Tk 382.50 paisa.
DSE topped on trade is Asiatic Laboratories Limited 46 crore 23 lakh takas of company shares have been traded.
A total of 43 companies’ shares were traded in the Block on Dhaka Stock Exchange. A total of 3 crore 22 lakh 1 thousand 792 shares of the companies were traded. The financial value of which is 49 crore 85 lakh taka
Dhaka Stock Exchange DSE, Bourse on the fourth working day of the week, 15th May, ended with a drop in Indices and Turnover from the previous working session. This information is known from DSE sources.
526 crore 33 lakh taka shares were traded on this day. 138 crore 3 lakh less tradings were done in DSE today compared to the previous workday, 14th May , Shares worth Tk 664 crores 36 lakh shares were traded last time, Tuesday.
The benchmark DSEX lost 58.22 points or 5,527 The Shariah-based index DSES dropped 12.79 points or 1,212, and the blue-chip index DS30 decreased by 14.14 points or 1,977.
Of the issues traded, 61 advanced, 301 declined and 33 remained unchanged.
Reliance One the first scheme of Reliance Insurance Mutual Fund ranked top gainer on DSE, the share price increased by Tk 1.50 paisa or 8.77 percent. On this day, the share was last traded at Tk 18.60 paisa.
Bay Leasing & Investment Limited ranked top loser on the DSE, the share price dropped by Tk 0.30 paisa or 3.00 percent. On this day, the share was last traded at Tk 9.70 paisa.
DSE topped on trade is Alif Industries Limited 19 crore 21 lakh takas of company shares have been traded.
A total of 45 companies’ shares were traded in the Block on Dhaka Stock Exchange. A total of 68 lakh 31 thousand 91 shares of the companies were traded. The financial value of which is 37 crore 38 lakh taka
Dhaka Stock Exchange DSE, Bourse on the third working day of the week, 14th May, ended with a drop in Indices and Turnover from the previous working session. This information is known from DSE sources.
664 crore 36 lakh taka shares were traded on this day. 17 crore 86 lakh less tradings were done in DSE today compared to the previous workday, 9th May , Shares worth Tk 968 crores 2 lakh shares were traded last time, Monday.
The benchmark DSEX lost 81.14 points or 5,585 The Shariah-based index DSES dropped 15.76 points or 1,225, and the blue-chip index DS30 decreased by 26.04 points or 1,991.
Of the issues traded, 31 advanced, 343 declined and 25 remained unchanged.
Reliance One the first scheme of Reliance Insurance Mutual Fund ranked top gainer on DSE, the share price increased by Tk 1.50 paisa or 9.55 percent. On this day, the share was last traded at Tk 17.10 paisa.
Union Insurance Company Limited ranked top loser on the DSE, the share price dropped by Tk 4.00 paisa or 9.32 percent. On this day, the share was last traded at Tk 38.90 paisa.
DSE topped on trade is eGeneration Limited 28 crore 18 lakh takas of company shares have been traded.
A total of 45 companies’ shares were traded in the Block on Dhaka Stock Exchange. A total of 74 lakh 95 thousand 900 shares of the companies were traded. The financial value of which is 34 crore 92 lakh taka
