08242016Wed
Last update: Wed, 24 Aug 2016 06pm

Stocks and Bonds

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The Securities and Exchange Commission of Pakistan (SECP) organised a seminar for the senior students and employees of AF Ferguson & Company at Islamabad Club. In his message to the participants, the SECP chairman, Zafar Hijazi, said: "My vision is to make a paradigm shift in Pakistani society from its current consumption mode to adopting savings and investment as a culture and norm.

Indian shares closed little changed on Tuesday as investors were cautious ahead of Federal Reserve Chair Janet Yellen's speech later this week at the gathering of central bankers in Jackson Hole, Wyoming, for further cues on US interest rates. The benchmark BSE index ended 0.02 percent higher at 27,990.21, while the broader NSE index closed up 0.04 percent at 8,632.60.
Welspun India's shares plunged 20 percent for a second day on Tuesday, as the fallout from Target Corp's decision to terminate business with the firm for passing off cheap sheets as premium Egyptian cotton escalated. Shares in Welspun, one of the world's largest textile manufacturers, were suspended after a few hours of trading, as on Monday, after dropping by 20 percent, their daily limit.
Southeast Asian stock markets were sluggish on Tuesday, ahead of a speech by Federal Reserve Chair Janet Yellen on Friday that could offer clues about a US interest rate hike this year. Dampening market sentiment further, oil fell below $49 a barrel, giving up part of August's strong rally, as signs of rising supply outweighed hopes that producing nations will agree on steps to support prices.
Sri Lankan shares ended marginally higher on Tuesday and posted their highest close in three months, led by financials while turnover hit a 4-1/2-month high on expectations of better economic performance after the government said it would achieve its revenue target for this year.
China stocks rose slightly on Tuesday, as transportation and raw material shares were firm on the back of Beijing's plan to revive its struggling north-east rustbelt, offsetting falls in real estate stocks. The bluechip CSI300 index rose 0.2 percent, to 3,341.83. The Shanghai Composite Index also gained 0.2 percent, to 3,089.71 points. China has rolled out a plan to revive its north-east rustbelt over the next three years, including 127 major investment projects.
Hong Kong shares were roughly flat on Tuesday as investors awaited clues on US monetary policies from the coming annual conference of the Federal Reserve. The Hang Seng index was unchanged at 22,998.93, while the China Enterprises Index lost 0.2 percent, to 9,586.99 points. The Hong Kong market's upward momentum appears to have lost some steam over the past few sessions after the main indexes hit nine-month highs.