Last update: Sat, 23 Jul 2016 06pm

Stocks and Bonds


Cross-border lending, key to help fuel economic growth, fell to emerging markets at the start of the year, led by China, the Bank for International Settlements said Friday. The $76 billion decline - a 9-percent fall at an annual rate - in the first quarter took the outstanding drop to $3.2 trillion to emerging market countries, the BIS said. Emerging economies, such as Brazil and Russia, had until recently been responsible for most growth in the global economy.

The formula used for calculation of tax on domestic and commercial electricity bills has revealed that sales tax was added to the electricity charges prior to working out income tax; or in other words income tax is worked out on the basis of electricity charges plus sales tax. A Business Recorder team undertook a detailed analysis of the tax components in electricity bills and determined that the percentage of tax declines as the total bill rises in the case of commercial/industrial sector.
IMF chief Christine Lagarde was ordered Friday to stand trial in France over a massive state payout to a colourful tycoon when she was French economy minister, dealing a setback to her stellar career. France's highest appeals court dismissed Lagarde's challenge against the decision to try her for negligence in her handling of a dispute between a state-owned bank and businessman Bernard Tapie.
On Friday, BRIndex30 opened at 23,448.00 points. It touched an intraday high of 23,506.05 points and an intraday low of 23,319.48 points and closed at 23,341.54 points which was -106.46 points or -0.45 percent lower than previous close. Total volume was 147,584,700, which was 67.23 percent of KSE All share volume and 122.88 percent of KSE 100 volume. The KSE All Share volume was 219,536,230 and KSE 100 volume was 120,109,400.
Wall Street cooled off on Thursday as disappointing quarterly reports from tech stalwart Intel and from transportation companies stalled momentum in a US corporate earnings season that has been better than feared. The S&P 500 and Dow industrials pulled back from record highs and the Dow snapped a nine-session streak of gains. Southwest Airlines fell 11.2 percent and led other airline stocks lower after the company forecast a drop in a key profitability metric. Union Pacific dropped 3.4 percent after the No 1 US railroad posted a lower quarterly net profit, hurt by slumping freight volumes.
Tokyo shares closed lower Friday as worries over a flagged stimulus dented spirits, but Nintendo rose again as the hugely popular Pokemon Go app launched in Japan, its home market. Trading got off to a weak start as investors bought the yen after an interview was aired in which central bank chief Haruhiko Kuroda ruled out using so-called helicopter money in any fresh economy-boosting measures.
Britain's top share index edged higher on Friday on hopes of further action from the country's central bank following poor UK economic data, with companies like Vodafone and CRH gaining on positive updates. Expectations grew that the Bank of England would do more next month to stimulate growth after surveys showed Britain's economy appeared to be shrinking at the fastest rate since the financial crisis, following last month's Brexit vote.