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PSX: Political clamor lets bears color the bourse red!

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week’s second trading day

SANA MAHMOOD

KARACHI: Roars of bears, added to prevailing political noise (arrest of Nawaz’s son-in-law and daughter’s appearance before accountability court) generated the sort of clamor on week’s first trading session at the bourse here, that made investors edgy.

As a result Benchmark KSE-100 Index closed at 41,100 shedding 213 points. Rs. 6b worth of 123m shares changed hands. Value of the shares of 248 companies plummeted, 92 augmented while 19 remained stagnant.

With Textile Sector dominating the bourse, today’s top five traders of shares were: Azgard Nine, 16.3m shares (+3.21pc); Chakwal Spinning, 12.1m shares (-10.08pc); TRG Pak Ltd., 8.1m shares (-1.33pc); Engro Polymer, 5.4m shares (+0.96pc); K-Electric Ltd., 5.4m shares (-0.14pc).

Business

Canada imports of cheap steel diverted from US by tariffs surges

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OTTAWA: Canada’s finance minister warned Tuesday that US tariffs on steel have led to a spike in imports of cheap foreign steel that threaten the local industry.
“We’ve seen increases in imports,” Minister Bill Morneau told reporters.
“We’re concerned with, as a matter of fact of tariffs that have been imposed in the United States, that there will be producers in other parts of the world that will divert their steel to Canada, causing harm to Canadian producers,” he said.
Morneau said he would consult with industry executives over the coming weeks before deciding on measures to block the surge in cheap steel imports.
He noted that any action would target specific products, and not countries, listing a few of them: steel plates, concrete reinforcing bars, steel tubular products, hot rolled sheets, pre-painted steel, stainless steel wires, and wire rods.
“We want to make sure that we keep the market stable, that we deal with import surges in a way that doesn’t harm Canadian producers and workers,” Morneau said.
The United States in June unveiled 25 percent tariffs on steel products and 10 percent on aluminum. Ottawa hit back with retaliatory tariffs on 1st July.

 

 

 

 

 

 

 

 

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Asia

Tokyo’s Nikkei index jumps more than 2.2%

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Tokyo stocks see limited gains

TOKYO: Tokyo’s benchmark Nikkei index surged more than 2.2 percent Tuesday, swiftly recovering from the previous day’s losses, with investors encouraged by an apparent hiatus in the Turkey lira crisis.
The benchmark Nikkei 225 index, which lost more than two percent on Monday, rose 2.28 percent or 498.65 points to close at 22,356.08, snapping a four-day losing streak.  The broader Topix index was up 1.63 percent or 27.45 points at 1,710.95.

 

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Business

Trump endorses call for Harley-Davidson boycott

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WASHINGTON: US President Donald Trump endorsed calls today for a boycott of tariff-hit Harley-Davidson over its plans to move production of its iconic American motorcycles out of the country.
“Many @harleydavidson owners plan to boycott the company if manufacturing moves overseas. Great!” Trump tweeted.
“Most other companies are coming in our direction, including Harley competitors. A really bad move!”
Trump has taken it personally since Wisconsin-based manufacturer — once a presidential favorite — announced on Monday it is moving some production out of the US.
Harley-Davidson was targeted with EU tariffs after Trump imposed stiff duties on European steel and aluminum.
An array of US companies have complained they are being hurt by the administration’s tariff policies.
But Trump has treated the issue as a loyalty test.
“I’ve done so much for you, and then this,” Trump tweeted earlier this week. “Other companies are coming back where they belong! We won’t forget, and neither will your customers or your now very HAPPY competitors!”
Last year, Harley-Davidson announced it would build a plant in Thailand after Trump pulled out of the Trans-Pacific Partnership (TPP) trade deal, which would have abolished tariffs on their motorcycles across 40 percent of the world’s economy.
The company has repeatedly described the Thailand factory, along with other overseas production, as vital to its long-term need to boost foreign markets to make up for sluggish sales in the US.
In January, Harley-Davidson announced it would close its Kansas City, Missouri assembly plant and consolidate jobs in York, Pennsylvania.
“A Harley-Davidson should never be built in another country-never!” Trump said earlier on Twitter.

 

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