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PSX: Bulls stay put in the bourse that closes at 41,790 points!

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Historical Korea Summit turns Asian/European bourses bullish

SANA MAHMOOD

KARACHI: Raging bulls let the Benchmark-100 Share Index gain 1.29 percent letting the bourse close in the green on the second last trading day of the week.

Rs. 10.2b worth of 161.7m shares changed hands today. Value of the shares of 289 companies augmented, 84 plummeted while 14 remained stagnant.

Engineering, Oil and Gas Sectors led the trading with 22.3m and 20.1m shares respectively.

Today’s top five traders of shares were: Sui Northern Gas Company Limited, 10.5m shares (+0.59pc); Aisha Steel Mills, 9.1m shares (+5.16pc); Azgard Nine, 8.7m shares (+7.95pc); Sui Southern Gas Company Limited, 7.8m shares (+4.99pc); Dost Steels Limited, 7.0m shares (+1.69pc).

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PSX: Bears stay put in the bourse!

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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).

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Asia

Belarus ready to supply 20K tonnes of beef to China annually

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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.

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With an export of 220,000 tons, Belarus remained one of the world’s largest meat exporters: 

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Asia

Asian traders cautiously end brutal week 

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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.

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