Daily Times

The 100-Index of the Pakistan Stock Exchange (PSX) turned around to Bullish trend on Thursday and gained 356.88 points, showing a positive change of 0.46 percent, closing at 78,349.66 points against 77,992.79 points on the last working day.

A total of 599,820,775 shares were traded during the day as compared to 636,024,989 shares the previous day, whereas the price of shares stood at Rs 20.409 billion against Rs 16.267 billion on the last trading day. As many as 449 companies transacted their shares in the stock market, 227 of them recorded gains and 166 sustained losses, whereas the share price of 56 companies remained unchanged.

The three top trading companies were Symmetry Group Limited with 64,297,326 shares at Rs 8.57 per share, National Bank XD with 42,591,637 shares at Rs.57.53 per share and Kohinoor Spinning with 41,140,347 shares at Rs 11.69 per share.

Unilever Pakistan Foods Limited witnessed a maximum increase of Rs 241.02 per share price, closing at Rs 17,581.02, whereas the runner-up was Colgate Palmolive (Pakistan) Limited with a Rs 87.97 rise in its per share price to Rs 1,218.17.

Al-Abbas Sugar Mills Limited witnessed a maximum decrease of Rs 29.22 per share closing at Rs 565.79 followed by Mari Petroleum Company Limited with Rs 21.56 decline to close at Rs 3,368.32.

Asian shares followed Wall Street futures lower on Thursday as Nvidia’s results disappointed some bullish investors, while the dollar steadied and the Treasury yield curve came within a whisker of turning positive. Investors now await U.S. weekly jobless claims, which have gained prominence given the Federal Reserve’s focus on the health of the labour market, as well as inflation readings from Germany and Spain, for clues on rate-cut prospects beyond September.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.6% as tech stocks dragged. The Nikkei eased 0.4% while South Korea dropped 0.7%.

Nvidia’s third-quarter revenue forecast of $32.5 billion surpassed Wall Street estimates, but the results still failed to impress the most bullish investors, who have driven a dizzying rally in its shares.

Shares of the AI darling slumped 7.6% in after-hour trading, losing about $236 billion of its market value.

As a result, Nasdaq futures dropped 1% early in Asia, while S&P futures skidded 0.5%. Nvidia’s chip contractor TSMC slid 2.4% when shares opened, dragging the broader Taiwanese market 1.3% down.

“Nvidia, in some ways, has become a victim of its success, its share price soaring over 180% this year and after beating earnings now in 14 of the past 15 quarters,” said Tony Sycamore, analyst at IG.

“Whether today’s results signal the end of investors’ strong affinity for the chipmaker remains to be seen. However, at the very least, the post earnings reaction does suggest it’s an excellent time to consider diversifying from Nvidia into other chipmakers.”

China’s blue chips fell 0.4% for a fourth straight day as disappointing results from Chinese companies highlighted the country’s frail economic recovery. UBS on Wednesday cut its 2024 GDP growth forecast for China to 4.6% from 4.9%.