KARACHI: Benchmark KSE-100 Index closed in the red (43,229) shedding 702 points on the week’s second trading day.
Rs. 5.97b worth of 138b shares changed hands today. Value of the shares of 257 companies plummeted, 48 augmented while 19 remained stagnant.
Commercial Banking and Cement Sectors led the trade with 21.2m and 19m shares. Top five traders of shares were: Bank of Punjab, 11.4m shares (-2.87pc); Siddiqsons Tin Plate Ltd., 10.8m shares (-25.00pc); Fauji Cement Co Ltd., 9.9m shares (-4.97pc); Pakistan Elektron Ltd., 8.8m shares (-4.97pc); K-Electric Ltd., 5.7m shares (0.00pc).
Pieces published earlier:
i) Major markets in Asia and Europe rose today after Donald Trump and Kim Jong Un held a historic summit, while investors look ahead to key policy meetings at the Federal Reserve and European Central Bank this week. Trump said he had formed a “special bond” with the North Korean leader, who reaffirmed his commitment to “complete denuclearization of Korean Peninsula” in a joint agreement signed by the two. While the meeting was not expected to see any immediate results, it has provided hope for peace on the Korean peninsula. However, investors remain concerned about a possible global trade war after the weekend’s Group of Seven summit in Canada ended with Trump withdrawing support for a joint communique and accusing host Prime Minister Justin Trudeau of being dishonest. That came just after he had hit Canada, Mexico, and the European Union with steel and aluminum tariffs, sparking threats of retaliation that some fear could escalate. For most of the day, eyes were on Singapore, where Trump and Kim became the first sitting leaders of their countries to meet. The pair signed what Trump called a “pretty comprehensive” and “very important” document, which spoke of “new US-DPRK relations” and committed Washington to “security guarantees”. Kim said the two Cold War foes had vowed to “leave the past behind” and promised, “the world will see a major change”.
ii) History is in the process of being written. US President Donald Trump and North Korean Leader Kim Jong-un have engraved their names in the world’s chronological records by meeting and proving that even problems in tandem with nuclear threats could also be solved by means of dialogue. The 32-year old Kim who got his edification from Switzerland and 71-year-old real estate tycoon Trump shook hands. During the dialogue, the two discussed defusing tensions and nuclear disarmament. Following the talks, Trump said that a lot of progress was made. A comprehensive document had been signed at the end of the summit. There was a brief comment to the press after the signing ceremony. At the signing ceremony, Trump said he expected to “meet many times” in the future with Kim and that he would absolutely invite Kim to the White House. (Published on 12th of June, 2018)
PSX: Bears stay put in the bourse!
KARACHI: Benchmark KSE-100 Index closed in the red (41,637) losing 721 points on the week’s last trading day.
Rs. 7.65b worth of 179m shares changed hands today. Value of the shares of 238 companies plummeted, 79 augmented while 16 remained stagnant.
While Commercial Banking Sector led the trade with 43.2m shares, the five leading traders of the shares today were: K-Electric Ltd., 20.3m shares (-3.27pc); Bank Of Punjab, 15.9m shares (-2.74pc); Lotte Chemical Pakistan Ltd., 11.9m shares (-1.78pc); Summit Bank Ltd., 9.1m shares (-1.38pc); Pakistan Elektron Ltd., 8.2m shares (-4.76pc).
Belarus ready to supply 20K tonnes of beef to China annually
MOLODECHNO: Belarus is ready to supply 20,000 tonnes of beef to China annually, Aleksei Bogdanov, Head of the Central Office for Foreign Economic Activities of the Belarusian Agriculture and Food Ministry said.
“In terms of beef supplies to China, we are limited by the number of certified companies. For the time being, there are only two of them. The Agriculture and Food Ministry is working to expand the list of such enterprises. This task is under control of the minister. As the number of companies that can supply beef to China increases, so will the volume of exports.
We are potentially ready to supply up to 20,000 tonnes of beef to China per year,” he told media. Belarusian enterprises seek to enter the Chinese market with finished goods not only with raw materials. “Of course, there are certain difficulties associated with the shelf-life of products.
Today we are working actively to reduce the delivery time using rail transport. Now the dairy industry is making great headway and has started to export finished products to China such as cheeses and packaged butter and are working to make inroads into the yogurt market. We are gradually expanding the range of products.
Today there is an interest in the shipments of Belarusian canned beef to China. This issue is under consideration,” Aleksei Bogdanov said.
With an export of 220,000 tons, Belarus remained one of the world’s largest meat exporters:
Asian traders cautiously end brutal week
HONG KONG: Asian investors ended a tumultuous week on a cautious note Friday as the prospect of a debilitating global trade war hung over regional markets.
As European Union tariffs on key US goods – including jeans, bourbon, and motorcycles – came into effect, there were fears China and the US will carry through with their own threats, locking the world’s three biggest economies in a potentially destructive face-off. The EU move was in retaliation to Donald Trump’s decision to hit steel and aluminum imports from the bloc and comes after the US and China traded tit-for-tat threats on hundreds of billions of dollars of goods. That exchange sparked an international market retreat and fuelled worries a full-blown flare-up could pummel the global economy just as it is getting back on its feet after the global financial crisis.
“We have a trade war – and it’s an escalating trade war,” SEB chief economist Robert Bergqvist told AFP in an interview. “Investors… are more cautious today, they are waiting for the right time to reduce their exposure in stock markets.” New York’s three main indexes ended down – with the Dow suffering an eighth straight loss – as investors were spooked by news that Daimler had cut its profit forecasts because of new levies on cars exported from the US to China. “We heard from Daimler about the impact of the trade tensions on sales, and there are a growing number of stories about the chance of China directly targeting US firms who do business in the country,” said Greg McKenna, chief market strategist at AxiTrader.