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)