KARACHI: KSE-100 Index closed in the red (43,931) shedding 17 points today due to the news apropos further devaluation of rupee in the inter-bank market.
Rs. 7.7b worth of 160m shares changed hands on the week’s first trading day. Value of the shares of 209 companies plummeted, 105 augmented while 21 remained stagnant.
Commercial Banks Sector led the trade with 41.8m shares. Today’s top five traders of shares were: Bank of Punjab, 24.7m shares (+1.53pc); Lotte Chemical Pakistan Ltd., 14.1m shares (+5.34pc); Pakistan Elektron Ltd., 9.5m shares (-4.93pc); K-Electric Lt., 6.5m shares (-1.72pc); Fauji Cement Co Ltd., 5.8m shares (-2.16pc).
A relevant piece published earlier: Global equity markets mostly rose today as traders brushed off a chaotic G7 meeting, and looked ahead to US President Donald Trump’s summit with North Korean leader Kim Jong Un. Investors were also on tenterhooks ahead of this week’s European Central Bank and Federal Reserve interest rate decisions. Stock prices mostly grew despite a contentious Group of Seven (G7) summit of leading economic powers in Canada which failed to extinguish concerns of a global trade war, dealers said. Trump pulled out of endorsing a joint communique after the G7 meet finished on Saturday, accusing Canadian Prime Minister and summit chairman Justin Trudeau of dishonesty. The shock decision followed a testy gathering in Quebec, where the US president came under fire for his “America First” protectionist drive. Trump lashed out at US allies Monday in a spectacular Twitter rant focusing on “massive trade surpluses” that he said the United States has faced “for decades” with its closest allies. “Markets may be too complacent — but on the G7 split, investors think that a full-scale trade war will not take place. In my view, it is clearly a risk,” VTB Capital analyst Neil MacKinnon told the Media. “Investors might also think the G7 split is just another example of Trump’s brinkmanship,” he noted, adding a Fed rate hike was “well priced in”. (Published on 11th 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.