05272016Fri
Last update: Fri, 27 May 2016 03pm

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The government would announce relief measures in budget (2016-17), including tax relief on the import of vitamins/minerals and micronutrients, increase threshold for cottage industry for exemption from sales tax from Rs 5 million to Rs 10 million and further tax exemption on the imported second hand and worn clothing from next fiscal year.

Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi has said that the government is negotiating with Italian oil/gas giant Eni to import 0.75 million tons of Liquefied Natural Gas (LNG). Talking to a group of media persons here on Thursday while participating in the 25th ceremony of Austrian Oil and Gas Exploration and Production (E&P) company OMV Pakistan, he said that the ENI will supply 6 LNG ships per annum to Pakistan.
Wall Street was slightly lower on Thursday as material stocks fell and after oil struggled to stay above the psychologically important $50-per-barrel mark. Oil has rallied in recent weeks as wildfires in Canada and unrest in Nigeria and Libya brought a faster-than-expected recovery to an oversupplied market. "The global surplus still exists and there is still a possibility that oil prices could retrace further," said Dominick Chirichella, senior partner at the Energy Management Institute in New York.
On Thursday, BRIndex30 opened at 23,036.33. It touched an intraday high of 23,160.13 and an intraday Low of 22,823.27 and closed at 22,905.71 which was -130.62 points or -0.57 percent lower than previous close. Total volume was 142,945,700, which was 67.15 percent of KSE All share volume and 131.04 percent of KSE 100 volume. The KSE All Share volume was 212,864,290 and KSE 100 volume was 109,083,970.
Wall Street rose robustly for a second straight session on Wednesday, helped by higher oil prices and investors becoming more comfortable with the prospect of an interest rate hike as early as next month. Combining Tuesday and Wednesday's performances, the S&P 500 gained 2 percent, its strongest two-day run since early March.
Tokyo shares closed flat Thursday as an oil-fuelled rally earlier in the session fizzled, while Takata skyrocketed on a report that a US private equity firm wants to take control of the company. Kohlberg Kravis Roberts (KKR) is looking to take over up to 60 percent of the embattled airbag supplier from the founding family, Japan's leading business daily Nikkei reported, prompting Takata's shares to surge 21.16 percent to 458 yen.
Britain's top share index steadied at the close on Thursday after reaching a one-month high, as mining shares rallied along with metals prices to offset weaker banking and energy stocks. Mining companies were the top sectoral gainers, with the FTSE 350 Mining index rising nearly 1 percent as a weaker dollar helped copper prices climb to two-week highs.