European shares open stronger on oil gains, China optimism

MG News | August 31, 2020 at 12:28 PM GMT+05:00

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August 31, 2020: European shares opened higher on Monday as heavyweight oil and gas players were supported by higher crude prices, while positive service sector data from China also brewed optimism over an economic recovery.

The pan-European STOXX 600 index rose 0.4% in early trade, adding to mild gains from the prior week amid some optimism over COVID-19 treatments. A British market holiday seemed likely to keep trading volumes subdued for the day.

The European oil and gas sector rose more than 1%, leading gains across its peers as hopes of more global stimulus measures and a recovery in Chinese demand propped up crude prices.

Activity in China's services sector expanded at a much faster pace in August, official data showed, as demand across the economy continues to recover from a coronavirus-induced slump.

Among individual movers, Suez topped the STOXX 600 after larger peer Veolia offered to buy a 29.9% stake in the French water and waste firm from gas and power utility Engie for 2.9 billion euros.

Reuters

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Name	Price/Vol	%Chg/NChg
KSE100	148,617.78 624.60M	0.86% 1274.27
ALLSHR	91,685.08 1,340.28M	0.74% 669.39
KSE30	45,247.79 197.43M	0.83% 370.74
KMI30	212,370.79 224.51M	1.05% 2209.48
KMIALLSHR	61,227.89 711.87M	1.18% 715.56
BKTi	41,264.02 160.39M	0.54% 221.73
OGTi	30,019.10 23.63M	0.64% 190.41

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	108,265.00	0.00 0.00	-510.00 -0.47%
BRENT CRUDE	67.46	67.94 67.29	-0.52 -0.76%
RICHARDS BAY COAL MONTHLY	88.70	88.70 88.70	-0.75 -0.84%
ROTTERDAM COAL MONTHLY	96.15	96.75 96.00	-0.40 -0.41%
USD RBD PALM OLEIN	1,106.50	1,106.50 1,106.50	0.00 0.00%
CRUDE OIL - WTI	64.01	0.00 0.00	0.00 0.00%
SUGAR #11 WORLD	16.34	16.52 16.33	-0.14 -0.85%