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Site update: July 13 2018, at 17:45 PKST
Stock update: July 13 2018.

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Friday, July 13 2018

Market watch: Continuing its advance, KSE-100 gains for third session in a row
KARACHI: Positive sentiments continued to prevail at the stock market on Thursday as the KSE-100 index ended its third successive session in the black. In the morning, trading kicked off on a bearish note and the index dipped over 200 points, hitting an intra-day low of 39,236. However, it faced some resistance at that point and began to pick up later. Buying interest was mainly concentrated in chemical, auto, bank, engineering and fertiliser stocks. At close, the KSE 100-share Index recorded an increase of 288.36 points or 0.73% to settle at 39,875.12. Elixir Securities’ analyst Murtaza Jafar said Pakistan equities managed to notch up gains after a shallow start. “The market opened gap down as index-heavy exploration and production stocks borne the brunt of selling following a decline in global crude prices as demand concerns grew due to US-China trade war,” Jafar said.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

Tax amnesty: Investors of dollar-denominated bonds want to trade them at PSX
ISLAMABAD: Wealthy people who have stashed billions of dollars in foreign banks have placed new conditions for bringing money back, a move that may frustrate the government as it makes efforts to cushion foreign exchange reserves with the help of the offshore tax amnesty scheme. Fetching a significant portion of the hidden foreign liquid assets through dollar-denominated bonds was an important component of the ongoing tax amnesty scheme. However, prospective investors of dollar-denominated amnesty bonds have now sought permission from the government to trade bonds at the Pakistan Stock Exchange (PSX), said officials in the State Bank of Pakistan (SBP). They wanted that the government allow them to pledge these bonds with banks as collateral to take loans, the officials said.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

PSX close of day
KARACHI: BRINDEX-30 closed on the upper side on Thursday at 21,041.63 points with a positive change of 175.15 and volume of 54,254,200 shares. High and Low were 21,116.08 and 20,627.41 respectively. Of 30 companies traded, 19 were up, 10 were down and 1 was unchanged. Total volume traded in the market was 108,897,520 shares. Total companies traded were 333 of which 191 were positive, 125 were negative and 17 were unchanged. Commercial Banks was the top traded sector with total traded volume of 17,121,500 shares. It was followed by Chemicals with a total traded volume of 13,273,940 shares.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

Nasdaq jumps 1.4pc to close at new record ahead of big US earnings
NEW YORK: Wall Street was back in buying mode Thursday, pushing the Nasdaq to a fresh record as high hopes for earnings season overshadowed trade war fears. The Dow Jones Industrial Average gained 0.9 percent to close at 24,924.89. The broad-based S&P 500 advanced 0.9 percent to 2,798.29, while the tech-rich Nasdaq Composite Index jumped 1.4 percent to finish at 7,823.92, its first record since June 20. Shares of large technology companies including Apple, Amazon and Microsoft won more than 1.5 percent, along with industrial heavyweights Boeing and Caterpillar. Stocks had risen four straight sessions until new US tariff actions throttled stocks on Wednesday. But investors shook off those fears again Thursday. “With President Trump in Europe this week, the trade wars issue is on hold and has taken a back seat,” said Gorilla Trades strategist Ken Berman. “The major indices are higher …as earnings season shifts into the spotlight. Optimism is still there regarding earnings.” Analysts have projected US companies will report about a 20 percent jump in second-quarter earnings compared with the year-ago period based on solid US economic trends and US tax cuts.
Related news categories: business misc stock-exchanges

World equities rebound despite trade war fears
NEW YORK: Global stocks recovered Thursday, following the previous day’s hammering on global trade war worries as investors looked ahead to what is expected to be a strong corporate earnings season. Bourses in London, Paris and France all registered solid gains, while Wall Street stayed in the green the entire session. The Nasdaq surged 1.4 percent higher to a record. Analysts have projected US companies will report about a 20 percent jump in second-quarter earnings compared with the year-ago period based on solid US economic trends and tax cuts. Optimism over earnings was the most tangible reason for the reversal in sentiment from Wednesday, when investors fretted after President Donald Trump’s administration announced plans to impose a further $200 billion of Chinese goods. Analysts still hope the worst outcome can be avoided from the US-China trade clash and other trade disputes sparked by the US leader. “Many agree that tariffs will ultimately be bad for the global economy, and therefore markets, but there still seems to be some hope that common sense will prevail and a full blown trade war will be averted,” noted Craig Erlam, senior market analyst at Oanda trading group.
Related news categories: business misc stock-exchanges

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