GWADAR: The first Chinese import-carrier ship has been docked at Gwadar port on Monday.
The cargo ship Zhen Xing Sung, a bulk-break vessel of the China Overseas Shipping Co (Cosco) reached Gwadar port early Monday morning laden with seafood.
The inauguration ceremony was organised on the ship’s arrival at the port. The ceremony was attended by Chinese delegation and the federal minister for ports and shipping Kamran Michael.
According to sources, China Overseas Ports Holding Co (COPHC) will take care of all operations on the Gwadar port.
The shipping company has been given the lease of the port for 40 years on the 9% revenue.
China will export the shipments to Central Asia and the Middle East through the port.
Federal Minister for Ports and Shipping Kamran Michael, speaking at a ceremony organised at the Gwadar port, assured that the government is committed to develop the port area for the benefit of the local people.
The next ship will depart on 18th of this month carrying another shipment.
PSX: Bears seen growling in the bourse!
KARACHI: Benchmark KSE-100 Index closed in the red (42,074) shedding 462 points. Rs. 3.7b worth of 109.7m shares changed hands today. Value of the shares of 202 companies plummeted, 81 augmented while 20 remained stagnant.
Investment Banks, Technology Electronic Goods Sectors led the trade today with 13m and 12.2m shares respectively.
Today’s top five traders of shares were: Pakistan Elektron Ltd., 11.5m shares (-4.69pc); First Dawood Investment Bank Ltd., 10.6m shares (+6.30pc); TRG Pakistan Ltd., 7.7m shares (-4.77pc); Bank Of Punjab: 6.9m shares (-0.42pc); K-Electric Ltd., 6.6m shares (-2.64pc).
European equities rise at open
LONDON: European equities rise at open, European stocks advanced at the open today, rebounding from the previous day’s losses that were sparked by US President Donald Trump’s decision to axe a summit with North Korea.
In initial London deals, the British capital’s benchmark FTSE 100 index of major blue-chip companies rose nearly 0.4 percent at 7,744.40 points. In the eurozone, the Paris CAC 40 added 0.4 percent to 5,570.73 points, compared with the closing level on Thursday.
Frankfurt’s DAX 30 index gained almost 0.5 percent to 12,917.15 points. However, Asian markets mostly fell one day after Trump shocked the world by pulling out of next month’s historic summit with North Korea leader Kim Jong Un. Nevertheless, the losses were tempered by hopes the talks can be rekindled, according to analysts.
Relevant piece: Tokyo stocks see limited gains, Stocks here closed slightly higher on bargain-buying today but gains were capped by concern about Donald Trump’s decision to pull out of next month’s summit with North Korean leader Kim Jong Un.
The Nikkei 225 inched up 0.06 percent, or 13.78 points, to 22,450.79 but was down 2.09 percent over the week. The broader Topix index slipped 0.22 percent or 3.95 points to 1,771.70, logging a weekly drop of 2.40 percent.
“Geopolitics is well and truly back” with Trump’s announcement, said David de Garis, director of economics and markets at National Australia Bank. Trump left the door open for a summit at a later date but has set “the bar higher” by demanding North Korea take constructive steps to denuclearization, he said.
The sentiment was also soured by worries that that Trump could impose tariffs of 25 percent on car imports after his commerce secretary called for a probe into the auto industry on national security grounds.
However, Yoshihiro Ito, chief strategist at Okasan Online Securities said in a commentary: “After selling ran its course, buying on dips underpinned the market.” The dollar was trading at 109.42 yen, compared with 109.30 yen in New York Thursday.
PSX: Political noise lets bear attack the bourse!
KARACHI: Benchmark KSE-100 Index closed in the red (42,536) losing 236 points due to political noise in the country.
Rs. 4.7b worth of 127m shares changed hands on the week’s 4th trading day. Value of the shares of 184 companies plummeted, 112 augmented while 29 remained stagnant.
With 29.83m shares changing hands Commercial Banking Sector led the trade today. Top five traders of shares were: Faysal Bank Ltd., 11.9m shares (+2.96pc); First Dawood Investment Bank Ltd., 10.98m shares (+14.42pc);
Bank Of Punjab, 10.86m shares (+0.25pc); Unity Foods Ltd., 7.84m shares (+4.94pc); Pakistan Elektron Ltd., 6.47m shares (-3.07pc).