Business
Asian stocks today: Markets mostly in red amid tech bubble concerns; HSI down over 300 points, Kospi adds 1.3% – The Times of India
Asian stock markets traded mostly in red on Friday as the week closed, following a mix of positive and worrying developments.In Hong Kong, HSI fell 304 points or 1.14%, reaching 26,447. Shanghai and Shenzhen also traded in red shedding 0.51% and 1.85%, respectively. Japan’s Nikkei was down 470 points or 0.97% at 10:10 AM IST.Meanwhile, Kospi traded in green jumping 49 points or 1.39% to reach 3,598. While news of a Middle East ceasefire and major AI investments lifted sentiment, concerns over a possible US government shutdown and fears of a tech bubble weighed on investors.Markets saw some records this week, with gold and bitcoin also hitting highs. Yet experts warn that some companies may now be overvalued, sparking talk of a market correction.Investor confidence received a boost after ChatGPT-maker OpenAI signed multi-billion-dollar chip deals with South Korea’s Samsung and SK hynix, along with US firm AMD. The deals add to the hundreds of billions already flowing into the artificial intelligence sector, driving stock prices higher. US chip leader Nvidia’s market value soared past $4 trillion.Gold also surged to record levels above $4,000 on Wednesday, as investors sought a safe haven. Adding to market uncertainty, the US government shutdown is expected to enter its third week, with little sign of compromise. Republican Senate Majority Leader John Thune said a weekend session was unlikely, according to Semafor.Donald Trump criticised Democrats over the shutdown at a cabinet meeting. Democrats are reportedly preparing for a shutdown lasting several more weeks if Republicans do not agree to extend healthcare subsidies due to expire on December 31, as per a CNN report.
KARACHI: The Pakistan Stock Exchange rallied on Thursday after Saudi Arabia assured Pakistan of facilitating crude oil shipments through the Red Sea port of Yanbu Port, easing concerns over potential fuel supply disruptions.
The benchmark KSE-100 Index climbed sharply during the trading session, rising 4,439.93 points (2.85%) to reach an intraday high of 160,217.14 points.
Market Recovery
Analysts attributed the market rebound to renewed institutional buying and improving investor sentiment after Saudi assurances on oil supplies.
Market expert Ahsan Mehanti, CEO of Arif Habib Commodities, said easing fuel supply concerns played a key role in the recovery.
He added that rising global crude prices, expectations of a new International Monetary Fund loan tranche for Pakistan, and positive economic indicators also boosted investor confidence.
Alternative Oil Route
Pakistan sought an alternative supply route after Iran announced the closure of the Strait of Hormuz, a crucial global oil transit corridor.
Federal Petroleum Minister Ali Pervaiz Malik held talks with Nawaf bin Said Al-Malki, requesting Saudi support for uninterrupted energy supplies.
Saudi authorities reportedly assured Pakistan that oil shipments could be routed through Yanbu, and one crude vessel has already been prepared for dispatch.
Global Oil Market Impact
Oil prices continued to rise amid tensions in the Middle East conflict involving Iran, Israel and the United States.
Brent crude: up 3.26% to $83.99 per barrel
West Texas Intermediate (WTI): up 3.70% to $77.42 per barrel
Energy markets remain volatile as shipping disruptions threaten supply through the Strait of Hormuz, a route that handles nearly 20% of global oil trade.
Analysts say the Saudi assurance helped calm fears about Pakistan’s energy supply chain, contributing to the strong recovery at the PSX.
Business
Asian stocks today: Markets inch higher mirroring Wall Street gains; Kospi jumps 10%, Nikkei up 1,400 points – The Times of India
Asian stocks inched higher on Thursday, after days of trading in red amid ongoing Middle East tensions. This comes as equities were lifted by a rebound on Wall Street as oil prices paused their recent spike and economic updates painted a more positive picture of the American economy. In South Korea, Kospi hit a pause on its downward rally to add a whopping 10% or 513 points, to reach 5,606. Japan’s Nikkei 225 also climbed 2.7% to 55,713. Hong Kong’s HSI also traded in green, rising 353 points to 25,603 as of 9:10 am. Shanghai and Shenzhen added 0.9% and 1.7% respectively. Gains elsewhere in the region were more modest. Australia’s S&P/ASX 200 added 0.3% to 8,927.20, while New Zealand’s benchmark index moved 0.9% higher. In contrast, US futures indicated a subdued start ahead. Futures linked to the Dow Jones Industrial Average were almost unchanged, while S&P 500 futures ticked up 0.2%. The S&P 500 advanced 0.8% on Wednesday, clawing back much of the decline seen since the onset of the Iran conflict. The Dow Jones Industrial Average rose 0.5%, and the Nasdaq Composite outperformed with a 1.3% gain. Globally, market sentiment has remained sensitive to developments in the Middle East, with oil price swings continuing to steer trading direction. Crude prices eased during Wednesday’s session. Brent crude briefly moved above $84 a barrel before settling at $81.40, roughly matching the previous day’s level. US benchmark crude edged up 0.1% to finish at $74.66 per barrel. By early Thursday, however, oil was on the rise again. Brent crude climbed 2.4% to $83.32 per barrel, while U.S. benchmark crude jumped 2.5% to $76.53 per barrel.
It is also the first time the target has been lowered since it was cut to “around 5%” in 2023.
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