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Site update: July 28 2017, at 18:30 PKST
Stock update: July 28 2017.

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Friday, July 28 2017

Stocks bleed as KSE-100 plunges 2.5% in intra-day trading
KARACHI: As anticipated, the KSE-100 Index – a benchmark for market performance – plunged as much as 2.5% or 1,149 points to reach a low of 44,757.16 as market participants ducked for cover ahead of the Supreme Court’s announcement of the Panama verdict later today. The top court announced on Thursday that it would deliver the long-awaited verdict in the Panama case today, a make-or-break case for Prime Minister Nawaz Sharif. The case is an investigation into allegations of money-laundering against PM Nawaz and his family. With speculation hitting its peak ahead of the verdict, investors adopted a cautious approach, selling in droves as the market opened down before posting a slight recovery.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

Bears dominate PSX before Panamagate verdict
Bears dominated the market in the first session of trading at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index down 719 points ahead of the Panamagate verdict. The KSE-100 Index had nosedived in the opening five minutes, losing 1,134 points, but managed to recover to hover around the 45,000 mark moments before Supreme Court judges began announcing the prime minister's fate. Close to 53.8 million stocks worth Rs4.39 billion had been traded until the end of first session. Only 57 out of a total of 313 stocks traded had advanced, while 245 had declined by then.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

PSX witnesses another dull session
KARACHI - Pakistan Stock Exchange (PSX) witnessed another lackluster session on Thursday as the 100-share index, after making an intra-day high of 117 points and a low of 150 points, closed at 45,906 points after losing 3 points. The market is rife with speculation that participation is thin as the announcement date of the Panama case verdict is still pending (during trading hours), while a senior ruling party law maker had scheduled a press conference yesterday (post-trading hours) which likely also caused anxiety, said analyst at Topline Securities. Top 5 index point performers were NESTLE (up 4.9%), HUBC (1.7%), BAHL (2.5%), OGDC (0.6%) & ABOT (up 4.9%), adding 117 points; while LUCK (down 1.1%), DAWH (1.5%), UBL (0.7%), ENGRO (0.9%) & HBL (0.4%) held back 66 points. On the sector front, food added 41 points, power 27 points, E&Ps 15 points; while fertilizer shed 26 points, cement 19 points & OMCs 17 points.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

Nasdaq streak ends, while Dow finishes at another record
NEW YORK: The Dow rose to another record Thursday, while the Nasdaq's winning streak ended and European bourses declined following disappointing results from Deutsche Bank and other big companies. The Nasdaq's decline after hitting three straight records came as tech stocks like Apple, Google-parent Alphabet and Netflix were primed for profit-taking after posting handsome gains in recent weeks, analysts said. Those stocks each fell 1.5 percent or more. "The Nasdaq has been on fire here and the tech sector in particular has been the best performing sector in the S&P 500," said Bill Lynch, director of investment at Hinsdale Associates. "Investors look at the run up in the tech sector and figure it is a good time to take some profit." But the Dow closed at its second straight record following strong earnings from Verizon and Procter & Gamble and another gain by Boeing, which also surged Wednesday following strong results. High-profile earnings disappointments pressured bourses in Europe. Deutsche Bank, Germany's biggest lender, slumped 6.5 percent after reporting that operating profit more than doubled, while posting a 10-percent decline in revenue.
Related news categories: business misc stock-exchanges

Dow ends at record; Nasdaq rally fizzles amid tech selloff
NEW YORK: The Nasdaq's streak of all-time high closes ended Thursday amid a sell-off in tech stocks, but the Dow rode strong earnings from Verizon and others to another record. The Nasdaq dropped 0.6 percent to close at 6,382.19, ending a three-day run of records, and multiple records over the last two weeks. The Dow Jones Industrial Average finished at its second straight record at 21,796.55, up 0.4 percent, while the S&P 500 shed 0.1 percent to end at 2,475.42. The Nasdaq decline came as tech stocks like Apple, Google-parent Alphabet and Netflix were primed for profit-taking after posting handsome gains in recent weeks, analysts said. Those stocks each fell 1.5 percent or more "You've had a pretty incredible run, and I think you have a general sense that a lot of good news is priced into the market," said Art Hogan, chief market strategist at Wunderlich Securities. Verizon led the Dow, surging 7.7 percent after announcing it generated 614,000 new wireless subscribers in the second quarter, far above analyst expectations.
Related news categories: business misc stock-exchanges

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