KARACHI: Due to Pre-Election Rally Benchmark KSE-100 Index closed in the green (41,796) on week’s 4th trading day following an augmentation of 898 points.
Rs. 13b worth of 337m shares changed hands today. Value of the shares of 253 companies increased, 97 plummeted while 17 remained stagnant.
Commercial Banks, Chemical and Transport Sectors led the trade of the shares today with 46.5m, 41.3m and 31.9m shares respectively.
Today’s top five traders of shares were: K-Electric Ltd., 22.8m shares (+6.03pc); Lotte Chemical Pakistan Ltd., 21.1m shares (+8.42pc); Pakistan Intl. Bulk Terminal Ltd.(R): 20.4m shares (+42.00pc); Bank Of Punjab, 20.1m shares (+3.78pc); Pak Elektron Ltd., 13.7m shares (+4.97pc).
Relevant pieces published earlier:
i) As SCP imposed on the outbound travel of many politicians and bankers, bears attacked the bourse. Benchmark KSE-100 Index closed in the red (39,289) shedding 996 points (that was the third biggest decline in 2018). Rs. 4.46b worth of 76m shares were traded today. Value of the shares of 265 companies plummeted, 32 augmented while 19 remained stagnant. Today’s top five traders of shares were: K-Electric Ltd., 11.9m shares (-5.38pc); Bank of Punjab, 8.4m shares (-4.63pc); Lotte Chemical, 5.8m shares (-5.09pc); Unity Foods, 5.1m shares (-3.34pc) and Pak Elektron Ltd., 4.4m shares (-4.79pc). (Published on 9th March 2018)
ii) Benchmark KSE-100 Index closed in the red (40,346) shedding 1,219 points as the investors got panicky when accountability court in Islamabad revealed that the Avenfield case’s verdict would be announced on Friday (6th of July). Rs. 5.8b worth of 117.6m shares changed hands today. Value of the shares of 285 plummeted, 29 augmented while 15 remained stagnant. Top five traders of shares today were: Pak Elektron Ltd., 10.3m shares (-4.99pc); Bank Of Punjab, 7.0m shares (-5.63pc); TRG Pakistan Ltd: 4.5m shares (-4.97pc); K-Electric Ltd., 4.3m shares (-4.78pc); Pakistan Intl. Bulk Terminal Ltd., 4.3m shares (-3.21pc). (Published on 5th March 2018).
iii) Federal Minister for Information, Broadcasting, National History and Literary Heritage Syed Ali Zafar Tuesday hoped that Avenfield reference judgment be announced on July 6 would be based on merit and justice. “All requirements of a fair trial were fulfilled during the proceedings, therefore, the verdict will be based on justice and merit, however, the petitioners will have the right to appeal against the decision,” Ali Zafar said while talking to PTV. To a question regarding implementation of the verdict in the absence of Nawaz Sharif in the country, the minister said the decision would be enforced as soon as Nawaz Sharif returned to the country. “There are a number of cases in which accused staying abroad were awarded sentence and on their return to the country, they filed appeals against the decision, therefore, it is hoped that Nawaz Sharif will return to the country,” he said. To another query, the minister said as per law, court proceedings in other three cases, including Al-Azizia Steel Mills reference, would continue simultaneously even after the former prime minister was awarded punishment in the Avenfield case. Replying to a question regarding any agitation in the country in case possible sentence to Nawaz Sharif, the minister said the court had to issue the judgment according to the law which was its legal responsibility, while in case of possible agitation, the caretaker setup would also fulfill its administrative obligation. He, however, ruled out the possibility of delay in general election saying that the election would be held as per the given schedule at all costs. Ali Zafar said the caretaker government had not the mandate to involve in political matters and it must remain neutral. (Published on 4th July 2018)
Canada imports of cheap steel diverted from US by tariffs surges
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.
Tokyo’s Nikkei index jumps more than 2.2%
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.
Trump endorses call for Harley-Davidson boycott
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.