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US stocks dip, Qualcomm takes a beating

New York, May 22: Wall Street stocks dipped early Wednesday amid lingering unease over the US-China trade conflict and as chip maker Qualcomm took a beating after a court ruled it violated antitrust law.

About 15 minutes into trading, all three major indexes had shed 0.3 percent, with the Dow Jones Industrial Average down to 25,788.07.

The broad-based S&P 500 dipped to 2,855.16, and the tech-rich Nasdaq Composite Index was at 7,765.29.

Stocks have been pressured over the last two weeks as Beijing and Washington struck out with fresh tariff measures and drifted further from a trade agreement that had earlier appeared to be within striking distance.

The early declines also come ahead of Fed minutes later Wednesday from the May 1 meeting when the US central bank disappointed some investors by suggesting it saw no need to cut interest rates soon.

Retail giant Target, a smaller big-box rival to behemoth Walmart, surged 7.0 percent after reporting higher first-quarter earnings on an impressive 4.8 percent jump on comparable store sales.

But other retailers fell badly after results, with Nordstrom and Lowe's both losing more than nine percent and Urban Outfitters slumping 6.5 percent.

Retailers are worried about US President Donald Trump's latest threat to impose tariffs on a much broader slate of consumer goods from China. That adds to pressure as chains step up investment on delivery services and other aspects of "omnichannel" sales.

Shares of chip giant Qualcomm plummeted 10.1 percent after a US court ruled it "strangled competition" for years at the expense of consumers and device makers. The company said it will seek an expedited appeal of the ruling.

 

(AFP/APP)

Pakistan to get Petroleum Products on Deferred Payment From...

May 22, 2019 (MLN): The deferred petroleum products payment facility offered by Saudi Arabia to Pakistan will activate from July 01, 2019.

According to Dr. Hafeez Shaikh the facility will be up to USD 275 Million per month which will amount to USD 3.2 Billion over three years and will strengthen Pakistan's Balance of Payment position.

 

Copyright Mettis Link News

 

Gold price plunges by 800, traded at Rs 71,...

ISLAMABAD, May 22: According to Karachi Sarafa Association, the price of 24 karat gold decreased by Rs 800 on Wednesday and was traded at Rs 71, 300 per tola as compared to the last closing at Rs 72,100.

The price of 10 gram gold also witnessed decrease of Rs 686 and was traded at Rs 61,128 against Rs 61,814 of last day.

The price of silver remained constant and was traded at Rs 870 per tola and that of 10 grams silver was traded at Rs 745.88.

According to the Rawalpindi-Islamabad local Sarafa Association, the per tola price of 24-karat gold in the twin cities of Rawalpindi and Islamabad remained constant at Rs 70,500 and that of 10 grams gold was traded at Rs 60,440.

In international market, the price of per ounce gold decreased by $2 and was traded at $1274 as compared to the last closing at $1276.

 

(APP)

PKR finds stable ground

May 22, 2019 (MLN): Pakistani rupee (PKR) closed today's trading session relatively unchanged against the USD with the rate remaing stable at PKR 151.95.

Alternatively, the currency gained 36 paisa against Pound Sterling as the day's closing quote stood at PKR 192.46 per GBP, while the previous session closed at PKR 192.82 per GBP.

On the other hand, PKR's value weakened by 21 paisa against EUR which closed at PKR 169.61 at the interbank today.

Within the Open Market, PKR was traded at 151.50/153.50 per USD.

On another note, within the money market, the State Bank of Pakistan is scheduled to conduct an MTB Auction today with an auction target of Rs.600 billion against a maturing amount of Rs.500.66 billion.

The central bank has received bids worth Rs.3.3 trillion, out of which only Rs.1.5 billion were for 6 months while no bid bids were made for the 12 month Treasury.

The lack of participation in longer tenors signals the markets view that interest rates will continue to rise in the up coming months.

The overnight repo rate towards close of the session was 10.75/11.00 percent, whereas the 1 week rate was 11.50/12.00 percent.

 

Copyright Mettis Link News

Closing Bell: A full blown victory!

May 22, 2019 (MLN): The KSE-100 index ended today’s session on a remarkable note, as it gained 1,195 points and reverted above 34,000-mark to 34,637 points. As pointed out earlier, the impact of a plausible equity bailout fund started to materialize steadily at the start of the week, and resulted in a full blown victory in today’s trading activity.  

A number of sectors benefitted from this change of ether, with the most prominent ones being E&P companies, Fertilizer sector, and Commercial banks, as they collectively contributed nearly 703 points to the benchmark index.

Moreover, the scrips that emerged as the key performance drivers included FFC (+5.00%), POL (+5.00%), LUCK (+5.00%), EFERT (+5.00%), DAWH (+5.00%), OGDC (+4.98%), PPL (+4.99%) and HUBC (+4.99%).

The index remained positive throughout the day and touched an intraday high of 34,698 points. Moreover, the share prices of 80 companies reported an increase, whereas 10 companies reported a decrease. A total of 140 million shares were traded in today’s session, having a value of 4.8 billion.

The broader KSE All Share index ended the session on a corresponding note, as it gained around 711 points and closed at 25,529 points. It traded nearly 203 million shares, having a value of Rs. 5.3 billion.

Copyright Mettis Link News

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