Saudi stock exchange closes trading lower
The Saudi Stock Exchange main index ended trading lower on Friday, losing 139.27 points to close at 11791.18 points.
The total value of trading reported was SAR11.1 billion.
The Saudi Parallel Market Index (NOMU) ended the day by gaining 262.18 points to close at 29467.71 points, valued at SAR91 million.
The total number of shares traded was over six million.
China stocks log biggest weekly loss since July
Chinese stocks had their biggest weekly loss since July, while Hong Kong shares erased early gains to end slightly lower on Friday as scepticism that China can mount a sustained economic recovery remained prevalent in the market.
That was underscored when industrial output grew 5.3 percent year on year in October, slowing from the previous month and missing expectations.
Disappointing follow-up stimulus measures from Beijing and concerns over deteriorating Sino-U.S. relations in the wake of Donald Trump’s election victory continue to weigh on the market.
China’s blue-chip CSI 300 Index fell 1.8 percent bringing losses this week to 3.3 percent, the most since July. The Shanghai Composite Index lost 1.5 percent.
Asian markets fluctuate
Asian markets were mixed Friday after Federal Reserve boss Jerome Powell tempered expectations for interest rate cuts, while traders also contemplated a hawkish Trump presidency.
The tepid performance followed a negative lead from Wall Street and came at the end of a painful week for equities fuelled by worries about another disruptive China-US trade war.
The dollar, however, held gains against its peers and pushed higher versus the yen after data showing a slowdown in Japanese economic growth, which could dampen expectations for more rate hikes by Tokyo.
Fed chief Powell on Thursday played up the performance of the world’s top economy and policymakers’ progress in bringing inflation down towards their two percent target.
That had allowed officials to start lowering borrowing costs in September, with a follow-up last week.
However, while the bank is expected to cut rates again next month, Powell warned that the path “is not preset”, adding that “the economy is not sending any signals that we need to be in a hurry to lower rates”.
Australia shares post weekly loss
Australian shares rose on Friday but ended the week marginally lower as miners slumped, reflecting dampened investor appetite after the country’s top trading partner China unveiled its latest stimulus package.
The S&P/ASX 200 index ended the session up 0.7 percent to 8,279.2 points, led by banking stocks as the local central bank continued to point towards high inflation, scrapping any expectations of an early rate cut.
However, the benchmark ended the week 0.2 percent lower.
“Wages are slowing and selling prices dropped; but given productivity remains weak, CPI outcomes remain more important, and the RBA still thinks underlying inflation remains too high,” UBS said, holding on to 25 basis points cut estimate in May.
Japan’s Nikkei snaps 3-day slide
Japan’s Nikkei share average snapped a three-session slide on Friday, as a weaker yen lifted automakers and financials gained after three major banks upgraded their annual profit forecasts.
The Nikkei closed 0.28 percent higher at 38,642.91, but lost 2.4 percent for the week. It rose to a session high of 39,101.64 before paring gains on profit-booking.
The broader Topix ended 0.39 percent higher at 2,711.64, but posted a 1.49 percent weekly loss.
“The yen’s weakness has lifted Japanese shares,” said Shuutarou Yasuda, a market analyst at Tokai Tokyo Intelligence Laboratory.
“Gains in European shares and Wall Street’s weak finish overnight suggest that funds that were flown into the U.S. excessively in Trump trades are now being reallocated to other regions.”
Wall Street’s main indexes closed lower on Thursday after Federal Reserve Chair Jerome Powell dampened investor hopes for another rate cut this year by saying the U.S. central bank need not rush to ease monetary policy.
Sri Lankan shares close higher
Sri Lankan shares closed higher for a sixth straight session on Thursday, aided by gains in information technology and consumer discretionary stocks.
The CSE All-Share index settled 0.56 percent higher at 13,198.80. Sri Lanka markets are closed on Friday for a holiday.
Sri Lankans began voting on Thursday in a snap general election to decide if the Indian Ocean island nation will give its new leftist president greater legislative power to help the poor as it recovers from a financial meltdown.
Industrial Asphalts (Ceylon) and Blue Diamonds Jewellery Worldwide were the top percent gainers on the CSE All-Share, rising 33.33 percent each. Trading volume on the index fell to 156.7 million shares from 204.6 million shares in the previous session.
Energy shares help lift Toronto market
Canada’s main stock index extended its record-setting run on Thursday as gains for energy shares offset a pullback in technology stocks and investors weighed recent declines for the Canadian dollar.
The S&P/TSX composite index (.GSPTSE), opens new tab ended up 60.65 points, or 0.2 percent, at 25,049.67, eclipsing the record closing high it posted on Wednesday and marking its fourth consecutive day of gains.
“The broad optimism after the U.S. election continues,” said Angelo Kourkafas, senior investment strategist at Edward Jones.
“Yes, there are some concerns about what Trump policies might mean but at the same time corporate profits are on the rise, the economy is still growing and interest rates are lower which is a really good mix for further gains.”
Ongoing economic growth, a solid job market, and inflation that remains above the 2 percent target mean the Federal Reserve does not need to rush to lower interest rates and can deliberate carefully, Chair Jerome Powell said.