08242016Wed
Last update: Wed, 24 Aug 2016 07am

Stocks and Bonds

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Commerce Minister Engineer Khurram Dastgir said on Tuesday that National Tariff Commission (NTC) will be completely operational by the end of next month as short-listing process is completed and interviews will be conducted on August 30. This issue of dysfunctional NTC also came under discussion at a meeting of Parliamentary panel which pointed out the "appalling" situation in the organisation which is causing serious concern within the business community.

US stock rose on Tuesday, with the Nasdaq hitting a record intraday high, led by technology companies and as robust housing market data strengthened the case for a firming economy. With the US earnings season winding down, investors are also weighing up the prospect of an interest rate hike in the coming months.
On Tuesday, BRIndex30 opened at 23,079.28 points. It touched an intraday high of 23,120.67 points and an intraday low of 22,869.35 points and closed at 22,885.39 points which was -193.89 points or -0.84 percent lower than previous close. Total volume was 74,470,300, which was 42.86 percent of KSE All share volume and 111.97 percent of KSE 100 volume. The KSE All Share volume was 173,745,760 and KSE 100 volume was 66,510,340.
US stocks were little changed on Monday as a drop in oil prices that weighed on the energy sector was offset with a strong showing by biotech stocks. Oil prices settled down more than 3 percent, after touching two-month highs last week, on worries about burgeoning Chinese fuel exports, more Iraqi and Nigerian crude shipments and a rising US oil rig count. The S&P energy index lost 0.9 percent, its worst performance in two weeks, and was the worst-performing of the 10 major S&P groups.
Tokyo shares snapped a two-day rally Tuesday with energy firms hit by a drop in oil prices and low-volume trading. Oil extended the previous day's sharp losses stoked by concerns a pick-up in output from Iraq and Nigeria will compound a global oversupply problem. Traders are now awaiting a speech by Federal Reserve chief Janet Yellen at the Jackson Hole symposium of global central bankers on Friday, hoping she will give some clues about US monetary policy.
Britain's leading share index rose on Tuesday, helped by a rise in housebuilders after strong results from Persimmon suggested that the sector was coping with the uncertainty from Britain's vote to leave the European Union. Persimmon rose 4.2 percent, the biggest riser on the bluechip FTSE 100, closing at its highest level since the UK voted to leave the European Union.
European shares advanced on Tuesday, with housebuilders leading the market higher and mining companies rebounding from their declines the day before. Britain's second-largest housebuilder, Persimmon, rose 4.2 percent after reporting its reservation rate had risen an annual 17 percent since the start of July. Some builders have warned Britain's vote in June to leave the European Union could slow the property market.