China, Hong Kong shares gain on upbeat results

Shares in Hong Kong/Shanghai bounced on Friday as solid earnings from top Chinese lenders pushed banks up, while China's remark about stricking to its loose monetary policy lifted overall sentiment.

China's key stock index rose 1.2% on Friday and posted a 7.8% gain for october boosted by solid earnings and an upbeat economic outlook.

The benchmark Hang Seng Index rose 2.29% its biggest one-day gain in six weeks. For the week the index was donw 3.7%, its biggest weely drop sine Jute, but for the month of index was up 3.8%, its second montlhy gain Industrial & Commercial Bank of China advanced 3.45%, while Bank of China gained 5.77% after both reported a jump in quarterly prifit.

EU shares log biggest monthly drop in 8 months

London Eupropean share sharply fell on Friday with a key index recording its biggest monthly decline in eight months as financial stocks lost heavily on mixed US economic data a day after better than expected GDP numbers. The pan European FTS Eurofirst 300 index of top shares provisinally closed down 2.3% at 974.45 points.

The index, which is up more than 51% from its lifetime low in early March, fell 2.3% in October. The index had gained in the previous three months.

Dismal weekend for Karachi Stocks (Pakistan)

Mixed activities witnessed at Karachi Stock Exchange (KSE) on the last trading day of the week as it ended with minor losses as investors went for booking profits owing to deteriorating security situation in the country.

The benchmark KSE 100 Index inched down 9.82 points or 0.11% to close at 9,59.18 levels, KSE 30-Index lost 20.48 points to finish the day at 9,662.87, wheareas KSE All Share Index marginally went down by 4.05 points to end at 6,513.12 levels.

Further eleborated that limited foreign interest, global equity markets uncertainties, high leverage cost and limited availabilty of leverage financing remained major concerns for investors througout the session despite strong results announcements in insurance, banking & cement sectors.

Trading activities started in the green zone with 32 points up, thereafter marekt remained in the positive zone throughout the first session but investors participation remained on the lower side. Index at one stage touoched its intraday high of 9,256 points plus 87 points , however some profit booking witnesed during the last one hour of the first session as investors were worried over the law and order situation in the country. Second session was not different story as index managed to stay in the positive zone increasing its gains and stayed positive during the major part of the session.

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