JP Mogran Chase stock down after trading loss made public

JP Morgan Chase stock down, and it’s a good time to buy since I assure you it is going back up my atleast 10% #markets

— Ernesto Barud (@erniebarud) May 12, 2012

JPMorgan Chase & Co lost $15 billion in market value and a notch in its credit ratings while a chorus of regulators and politicians reacted to its surprise $2 billion trading loss by demanding stiffer oversight for the banking industry.

The fallout extended across much of the banking sector, with shares of some of Wall Street’s top names declining on Friday. Among others, Citigroup dropped 4.2 percent, Goldman Sachs fell 3.9 percent and Bank of America slipped 1.9 percent.

U.S. Stocks Rise on Home Sales Data

U.S. stocks rose as a better-than- estimated jump in pending home sales helped the market recover from an early drop after the Group of 20 nations rebuffed calls from the euro area for more bailout funding.

The S&P 500 Index (SPX) gained 0.2 percent to 1,367.78 at 4 p.m. New York time, according to preliminary closing data. The index briefly rose above its 2011 intraday high of 1,370.58.

“The market has been very discomforting for the bears,” Michael Holland, chairman and founder of New York-based Holland & Co., said in a telephone interview. His firm oversees more than $4 billion.

U.S. Stocks Decline Amid Disappointing Economic Reports

U.S. stocks fell, a day after the Standard & Poor’s 500 Index failed to hold at an almost four- year high, as sales of previously owned houses missed estimates and data from Europe and China spurred economic concern.

Dell Inc. (DELL), the world’s third-largest maker of personal computers, tumbled 5.8 percent after its sales forecast missed estimates.

Toll Brothers Inc. (TOL) and KB Home dropped more than 4.1 percent to pace a slump in homebuilders.

Banks had the biggest loss in the S&P 500 among 24 groups, falling 1.7 percent. Gannett Co., the owner of 82 newspapers including USA Today, surged 4.2 percent as it will boost its dividend.

Japan, Britain warn U.S. rule may raise tensions over debt markets

Japan and Britain have called on the United States to rewrite its proposed financial regulation, called the “Volcker rule,” warning on Thursday that it could reduce liquidity in sovereign debt markets at a crucial moment for some European governments.

In a jointly written article published in the Financial Times, Japanese Finance Minister Jun Azumi and his British counterpart George Osborne said the U.S. move would be a “wrong prescription,” calling on Washington to be “alert to the unintended consequences of financial reforms.”

Australian Stock Market Report

The Australian sharemarket kicked off the new trading week strongly, with the All Ordinaries Index (XAO) rising by 1.4 pct or 59.5 pts to 4332.8. Almost all sectors improved with the exception of the telcos after Telstra (TLS) went ex-dividend today for its 14 cent a share distribution.

The miners were the best improvers of the day, with BHP Billiton (BHP) up 2.33 pct or 82 cents to $36.02 while the smaller RIO Tinto (RIO) rose 2.21 pct or $1.47 to $68.04

KSE gains 18 points on hopes of better earnings

The Karachi stock market closed in the green zone on the last trading day of the week Friday as speculations over upcoming corporate earnings announcements in blue chips triggered institutional buying.

The Karachi Stock Exchange (KSE) 100-share index gained 18.36 points or 0.15 percent to close at 12,231.60 points as compared to 12,213.24 points of the previous session.

The KSE 30-share index was up by 10.43 points to close at 11,415.20 points as compared with 11,404.77 points.

Pakistani stocks drop; rupee flat; o/n rates up

Pakistani stocks ended lower on Wednesday as investors chose to cash in after the market rallied to a more than six-month high for two consecutive days, dealers said.

The Karachi Stock Exchange (KSE) benchmark 100-share index fell 0.17 percent or 21.37 points, at 12,263.25 points. The KSE-index closed at 12,284.62 points on Tuesday, its highest close since July 26, 2011.

Volume rose to 243.29 million shares, compared with 162.11 million traded on Tuesday.

“After gaining (a total) of around 3 percent in the last two trading sessions, investors opted to book profits, especially in oil and banking stocks,” said Samar Iqbal, a dealer at Topline Securities Ltd.

U.S. Stocks Little Changed on Greece Watch

U.S. stocks were little changed, a day after the Dow Jones Industrial Average reached the highest level since 2008, as Greek Prime Minister Lucas Papademos began talks with political leaders on terms required for a bailout.

Financial and technology shares in the Standard & Poor’s 500 Index gained the most among 10 industries, while energy companies fell.

Hartford (HIG) Financial Services Group Inc. rose 9.2 percent as billionaire John Paulson said the insurer needs to take “drastic” action to reverse its decline.

Sprint (S) Nextel Corp. slumped 2 percent as the third-largest U.S. wireless carrier reported a wider loss.

Qatar’s Shares Retreat on Speculation Nine-Day Rally Overdone

Qatari shares retreated for the first time in 10 days on speculation recent gains were overdone given earnings and lower dividends at the Persian Gulf nation’s banks.

Commercial Bank of Qatar (CBQK), the country’s second-biggest lender, dropped the most in almost a week. Qatar National Bank SAQ, the country’s largest bank by assets, fell 1 percent.

The QE Index decreased 0.5 percent, the most since Jan. 19, to 8,687.38 at the 1 p.m. close in Doha.

The gauge advanced 4.1 percent in the nine days through yesterday.

KSE index touches six-month high

The Karachi Stock Exchange’s (KSE) benchmark index closed at six month high at 12,136.92 points with an increase of 154 points, on Monday, on significant buying in leading energy and banking stocks, said dealers.

“Apparently, foreign buying helped the market sustain well above the 12,000 points coveted level,” said Imtiaz Gadar, Head of Research at KASB Securities.

The benchmark KSE 100-share index increased by 154.30 points, or 1.30 percent, to six month high of 12,136.92. This is the highest closing level since August 2, 2011.

At a point of trading, the index had surged by 229.69 points to intra-day high of 12,212.31.