The stock of Bank of New York Mellon Corp. outperforms rivals on a strong trading day.
The banking sector is suffering from the slowness and complexity of the system in favor of leaner, more virtuous assets such as cryptocurrencies, and while it is losing market share, it still holds the keys to money flows around the world.
The dominance of classical finance is still reflected in the stock market in days of high volatility that nevertheless provide decent performance especially when put in relation to some of the quarterlies of the US technology sector that boasts the world’s largest companies.
Performance of Bank of New York Mellon on the stock market
Bank of New York Mellon Corp. (BNYM) distinguished itself by appreciating 0.95% on yesterday’s trading day touching $41.65 outperforming the banking sector in general on a day marked by ups and downs.
The main US index (Dow Jones) rose 0.61% remaining above 32,033.28 points while the Standard & Poor 500 registered a setback while remaining above 3,807.30 avoiding a downward spiral that could have been triggered by breaking the 3,800 points.
The market’s wait-and-see phase seems to trace an inverse curve that loses strength as it approaches the low point, what insiders and investors call the epithet bottom.
Whether we are heading toward the final phase of the bear market or not, the bottom line is that some unknowns are weighing in no small way on the stock market sessions, above all the difficulty in obtaining raw materials on all energy from gas and hydrocarbons (with consequent aggravation of costs also in view of the blockade imposed by OPEC) and raw materials in the electrical field (Taiwan issue) lastly the deplorable use of the hydrogen bomb (atomic bomb) that we all hope will not be taken into consideration in the war in Ukraine by Putin.
The Bank of New York Mellon Corp. deviated by $23 from its 52-week high dating back to 10 February (US$64.63).
The US banking sector in the stock market
The highly volatile banking sector nevertheless found good performance with JPMorgan Chase & Co. (JPM) rising 0.39% by touching US$124.60 while Citigroup Inc. essentially broke even at 0.07% (US$45.44) and Wells Fargo & Co. WFC, slightly underperforming leaving the field 0.11% at US$45.65.
Trading volume is up sharply and came in at US$6.4 million, clearly exceeding the 50-day average volume of US$4.9 million.
The performance of Bank of New York Mellon corp. is also a child of the focus and investments made in Saudi Arabia and the Middle East where the lending institution has had a presence for more than 40 years.
On the sidelines of the Arab News at the Future Investment Initiative in Riyadh, the international head of client coverage at BNYM corp. Anthony Habis said that the Saudi territory is a source of great interest to the US institution, which is witnessing a booming economy.
Habis said the bank has had a 100-year presence in the Middle East and a two-year presence in Saudi Arabia and said he is interested in investing in the territory:
“We are quite knowledgeable about the local landscape. What we have seen over the past couple of years has been quite interesting, particularly with Vision 2030 and the national investment strategy, the aspiration is quite bold and ambitious. They are doing a great job reaching out and accomplishing against this rather aggressively. So, from our point of view and from our point of view, the Kingdom is exceeding expectations. In essence, it’s a real economy and it has scale, and while there are some challenges in the background, yes, the journey I have taken is pretty impressive, to say the least.
Any investor who is watching an emerging markets game cannot ignore the Kingdom of Saudi Arabia.”