News Archives for Business & Finance - 2021-06-22

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Business & Finance - 2021-06-22

Stocks

Nasdaq hits record high as Big Tech roars back

Amazon saw over $5.6 billion in total online sales in the United States on the first day of its Prime promotional event, according to Adobe Digital Economy Index.

Published 22 Jun, 2021 11:39pm

Bitcoin drops below $30,000 as relentless China crackdown weighs

Bitcoin tumbled 11% on Monday, its largest one-day drop in over a month, with losses of nearly 30% in the last week alone almost wiping out gains for the year-to-date.

Published 22 Jun, 2021 11:28pm

Forex

South African rand weaker as dollar creeps higher

Stocks ended largely flat with the broader Johannesburg All-Share index down a marginal 0.02pc while the Top-40 index ticked just 0.04pc higher.

Published 22 Jun, 2021 11:25pm

Stocks

Energy stocks, homebuilders boost FTSE 100; DH Smith slumps

Britain's central bank is set to meet later this week to discuss its massive bond-buying program after inflation surged past its 2pc target in May.

Published 22 Jun, 2021 11:19pm

Energy

Oil dips after hitting $75 a barrel on strong demand outlook

OPEC+ is discussing a gradual increase to oil output from August, but no decision has been taken on the exact volumes, an OPEC+ source said on Tuesday.

Published 22 Jun, 2021 11:15pm

Commodities

Copper rises from 10-week low ahead of Fed testimony

Benchmark copper on the London Metal Exchange (LME) reached a record high of $10,747.50 a tonne in May but fell 8.6pc last week and touched a low of $9,011 a tonne on Monday.

Published 22 Jun, 2021 11:08pm

Commodities

Cotton futures gain on crop damage concerns from rains

The one-to-five day forecast calls for heavy rains in the delta throughout this week, which can drown the crop and make it difficult to plant more, Brown said.

Published 22 Jun, 2021 11:00pm

Energy

Oil dips after hitting $75 a barrel on strong demand outlook

Brent hits $75 a barrel for first time since April 2019.
Rally supported by expectations for global demand recovery.
OPEC+ discussing further gradual production increase.

Published 22 Jun, 2021 09:33pm

Audi to stop making fossil fuel cars by 2033: CEO

"Audi is ready to make its decisive and powerful move into the electric age," CEO Markus Duesmann said.

Published 22 Jun, 2021 09:01pm

Swedish court confirms Huawei 5G ban

Huawei will now evaluate the decision and the "see what kind of actions we will take to protect our rights," Fredriksen added.

Updated 22 Jun, 2021 09:02pm

Stocks

European shares propped up by commodities, Powell speech in focus

Chemical stocks hit record high.
Value-stocks banks, miners in favour again.
Focus on slate of Fed speakers this week.
Irish stocks surge as DUP names new head.

Updated 22 Jun, 2021 09:26pm

Forex

Brazil's real bucks Latam gloom on hawkish central bank minutes

Brazil's real erased early losses to trade up 0.2%, as central bank minutes showed a 100 basis point hike could be coming at the next meeting to keep inflation in check.
Copper struggled to hold gains, weighing on top producer Chile's peso, while Mexico's peso looked to give back Monday's strong gains, down 0.4%.

Published 22 Jun, 2021 08:07pm

Stocks

Wall Street pauses as Powell testimony looms

Powell's congressional testimony at 2 p.m. ET.
Crypto stocks extend declines.
Sanderson Farms climbs on sale plans.
Indexes: Dow down 0.3%, S&P off 0.1%, Nasdaq up 0.1%.

Published 22 Jun, 2021 08:07pm

Stocks

TSX trades flat with Fed speakers in focus

Toronto Stock Exchange's S&P/TSX composite index was up 16.02 points, or 0.08%, at 20,172.38.
The financials sector slipped 0.1%. The industrials sector rose 0.3%.

Published 22 Jun, 2021 07:28pm

Money & Banking

Qatari investor in Deutsche Bank says European lenders should merge

If you compare the European banks with the American banks or the Chinese banks, we'll find that they are too small to survive by themselves.
Thani owns a 3.05% stake in Deutsche Bank.

Published 22 Jun, 2021 07:23pm

Forex

Dollar edges higher before Powell; Bitcoin drops

The dollar index gained 0.11% to 91.998, but is holding below a two-month high of 92.408 reached on Friday.
The euro fell 0.09% to $1.1906 and the dollar gained 0.30% to 110.69 Japanese yen.

Published 22 Jun, 2021 07:16pm

Companies

Qatar Airways set on launching new Airbus or Boeing cargo jet

Both planemakers are reportedly considering producing a new freighter, although neither has so far committed to it publicly.
"We are very keen to be a launch customer be it for the A350F or the 777X freighters," Al Baker said.

Published 22 Jun, 2021 07:06pm

Companies

Blackstone to buy Home Partners of America in $6bn deal

The US housing sector has become red hot, boosted by a strong economic recovery, ultra-low interest rates and continued demand for bigger homes from people working remotely due to the pandemic.
The fundamental premise of the Home Partners platform is to provide residents with the opportunity to live in their chosen home with the option to purchase it.

Published 22 Jun, 2021 07:06pm

Pak Suzuki offers accessible car financing

With inflation rising, fear of growing duty taxes, the thought of buying a new car is always a daunting one even...

Updated 22 Jun, 2021 09:30pm

Forex

Canadian dollar dips as investors focus on Fed testimony

Canadian dollar weakens 0.2% against the greenback.
Price of US oil falls 0.6%.
Canada-US 2-year spread widens to 21 basis points.

Published 22 Jun, 2021 06:51pm

Companies

Pakistan’s Trivzia raises $400,000 in seed round

Startup hopes to expand user base, grow its team and strengthen its platform using funds from 47 Ventures

Published 22 Jun, 2021 06:39pm

Stocks

Major Gulf markets gain as financial shares rise

Dubai airport targets 28mn passengers this year.
Abu Dhabi opens up free COVID-19 vaccines to tourists.
Qatar to tap debt markets only on 'opportunistic' basis in 2021.

Published 22 Jun, 2021 06:33pm

Companies

BioNTech to look into possible dividend next year

BioNTech would not look into a proposal for any dividend before next year's annual shareholder meeting.
Vaccine supply deals lined up for this year alone are worth 12.4 billion euros ($15.1 billion) in revenue for BioNTech.

Published 22 Jun, 2021 06:29pm

Stocks

Indian shares close marginally higher; financials, Reliance offset vaccine cheer

The benchmark S&P BSE Sensex closed 0.03% higher at 52,588.71, while the blue-chip NSE Nifty 50 index gained 0.17% to end at 15,772.75.
Maruti Suzuki was the top boost to the Nifty 50, jumping 5.3%.

Published 22 Jun, 2021 06:29pm

Stocks

Shares subdued as investors flip-flop on rate rises

European stocks subdued in choppy trading.
Brent oil looking to get over April 2019 high.
Bond markets nudge up yields.
Fed chair Powell takes questions from US congress later.

Published 22 Jun, 2021 06:21pm

Commodities

Copper edges higher ahead of Fed chair's testimony

Benchmark copper on the London Metal Exchange (LME) reached a record high of $10,747.50 a tonne in May but fell 8.6% last week and touched a low of $9,011 a tonne on Monday.

Published 22 Jun, 2021 06:17pm

Energy

US natural gas futures edge up on rising global gas prices

Front-month gas futures for July delivery on the New York Mercantile Exchange (NYMEX) rose 3.8 cents, or 1.2%, to $3.229 per million British thermal units (mmBtu).
US pipeline exports to Mexico averaged 6.7 bcfd so far in June, putting them on track to top May's 6.2-bcfd record.

Published 22 Jun, 2021 06:02pm

South Asia

Indian court calls for probe of Renault-Nissan plant's social distancing

"We are gradually ramping up our production capacity in both Line 1 and Line 2," Nissan.
New cases in the state have fallen from more than 30,000 a day in May to about 7,000, but still account for one-ninth of all cases in India.

Published 22 Jun, 2021 06:02pm

FATF: Pakistan’s progress to be reviewed

Five-day virtual plenary commences in Paris

Published 22 Jun, 2021 05:42pm

Bitcoin drops under $30,000 for first time in five months

Bitcoin also faces a green backlash because mining often uses electricity produced from fossil fuels.

Updated 22 Jun, 2021 06:06pm

Gold imports fall by 26.83% in 11 months

The gold imports during July-May (2020-21) were recorded at $8.508 million as compared to the imports of $11.627 million during July-May (2019-20).

Published 22 Jun, 2021 05:37pm

Stocks

Sri Lankan shares rise for sixth day on consumer staples boost

The CSE All-Share Index ended 0.22% higher at 7,743.71.
Trading volume on Tuesday rose to 67.7 million from 62.5 million in the previous session.

Published 22 Jun, 2021 05:37pm

Money & Banking

Brazil central bank discussed more aggressive rate hike at last policy meeting: minutes

"The Committee evaluated a quicker reduction of monetary stimulus already on this meeting," the minutes read.
"The Committee decided that the best strategy would be to maintain the current pace of stimulus reduction but highlighting the possibility of a quicker adjustment in the next meeting."

Published 22 Jun, 2021 05:36pm

Commodities

Raw sugar prices weaken as July discount widens

July raw sugar fell by 0.14 cent, or 0.8%, to 16.64 cents per lb.
September arabica coffee rose by 0.45 cent, or 0.3%, to $1.5450 per lb, edging further from a one-month low of $1.4905 set on Monday.

Published 22 Jun, 2021 05:30pm

Commodities

Gold stalls for policy clues from Fed's Powell

SPDR Gold Trust holdings fell 0.3% on Monday.
Powell testimony before Congress due at 1800 GMT.

Published 22 Jun, 2021 05:22pm

KSE-100 Index ends below 48,000 as FATF review begins

Registers 25-point decrease on Tuesday

Published 22 Jun, 2021 05:16pm

Commodities

Palm erases early gains to end flat on Indonesia's export levy change

Market concerned over rise in output –traders.
Indonesia's new levy structure weighs.
Malaysia surpasses Indonesia as India's top palm supplier.

Published 22 Jun, 2021 04:56pm

South Asia

Indian bankruptcy court approves resolution plan for Jet Airways

Jet said on Tuesday it would reveal details of the plan after it received a written order from the NCLT, but did not provide a timeline.
Creditors had initiated insolvency proceedings after failing to agree with potential bidders on a rescue plan for the airline.

Published 22 Jun, 2021 04:52pm

Companies

Volkswagen sticks to 2021 profit margin forecast despite chip crunch

Volkswagen still expects to achieve a 2021 operating profit margin of between 5.5% and 7% for the group and a margin of 3% to 4% for its main brand, a spokesperson for the company said.

Published 22 Jun, 2021 04:45pm

Dollar goes above 158 as rupee's slide continues

Ends at Rs158.19 in inter-bank market, extending the Pakistani currency's fall

Published 22 Jun, 2021 04:39pm

Stocks

GameStop raises about $1bn in latest equity offering

The company will use the net proceeds from the offering for general corporate purposes as well as for investing in growth initiatives, the company said.
Shares of the company were up 9.3% in premarket trading on Tuesday.

Updated 22 Jun, 2021 04:46pm

Bitcoin tumbles under China’s renewed cryptocurrency crackdown

Slides to $32,240 as world's second largest economy remains committed to push back

Published 22 Jun, 2021 04:19pm

SBP introduces Master Circular on eCIB

Measure taken to facilitate meticulous compliance, and help make informed/timely lending decisions

Published 22 Jun, 2021 04:15pm

Mutual Funds

Indonesia raises 30 trillion rupiah from debt auction, matches target

While the average weighted yields for bonds sold on Tuesday were mostly higher

Published 22 Jun, 2021 03:37pm

Stocks

Shares subdued as investors flip-flop on rate rises

Benchmark 10-year US Treasury notes were yielding 1.50% again having sunk to around 1.36% at one point on Monday.

Published 22 Jun, 2021 03:25pm

Financial

ECB policymakers at odds on inflation strategy, hope for Sept deal

An ECB spokesman declined to comment.

Published 22 Jun, 2021 03:23pm

Fauji Meat Limited gets Malaysia approval for exports

Adviser to PM on Trade and Investment shares news via Twitter

Published 22 Jun, 2021 02:16pm

Stocks

Australia shares rise most in nearly 4 months on energy, mining stocks

Milton's shares surged 16% to a record high.

Published 22 Jun, 2021 12:24pm

Stocks

South Korean stocks rebound ahead of Fed chair's testimony

In money and debt markets, September futures on three-year treasury bonds rose 0.11 points to 110.29.

Published 22 Jun, 2021 12:23pm

Stocks

European shares rise as recovery optimism lifts banks, miners

Investors this week are looking to a host of Federal Reserve speakers to calm market volatility.

Published 22 Jun, 2021 12:21pm

Turkish consumer confidence rises to 81.7 points in June

A confidence level below 100 reflects a pessimistic outlook, while a reading above 100 indicates optimism.

Published 22 Jun, 2021 12:20pm

Commodities

China iron ore futures plunge on regulator's price monitoring plan

Hot-rolled coils, used in the manufacturing sector, fell 2.4% to 5,153 yuan per tonne.

Updated 22 Jun, 2021 12:20pm

Stocks

Tokyo's Nikkei closes up more than 3.1% on US bounce back

The broader Topix index jumped 3.16 percent, or 60.08 points, to 1,959.53.

Published 22 Jun, 2021 11:48am

Mutual Funds

JGB yields rise on tepid 5-year auction, softer US bonds

Benchmark 10-year JGB futures fell 0.14 point to 151.67 by late afternoon trade.

Published 22 Jun, 2021 11:10am

Forex

Australia, NZ dollars dragged lower by iron ore weakness

On Tuesday investors were turning their attention to expected comments from Federal Reserve Chair Jerome Powell due later in the day.

Published 22 Jun, 2021 10:58am

Commodities

Palm jumps 3% on boost to Chinese import margins from recent weak prices

Top producer Indonesia on Monday announced that it would change the levy structure for palm oil exports

Published 22 Jun, 2021 10:50am

Companies

Nissan CEO says performance for April, May better than expected

Although the company is not ready to provide dividend forecasts, it will try to generate sufficient net cash and resume payments as soon as possible, Uchida said.

Published 22 Jun, 2021 10:49am

Energy

Oil rises on optimism of quick recovery in global demand

Negotiations to revive the Iran nuclear deal took a pause on Sunday after hardline judge Ebrahim Raisi won the country's presidential election.

Published 22 Jun, 2021 10:48am

Forex

Thai baht falls to 9-month low, broader market rebounds

Equity markets across Asia tracked a global overnight rebound on Wall Street, as market participants turned their attention to economic growth.

Published 22 Jun, 2021 10:47am

Companies

Sanofi and Translate Bio start clinical trial for mRNA flu vaccine

The trial will evaluate the safety and immunogenicity of a monovalent flu vaccine candidate coding for the hemagglutinin protein of the A/H3N2 strain of the influenza virus.

Published 22 Jun, 2021 10:46am

Bullion Rate

Gold edges higher on subdued dollar ahead of Powell's testimony

Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.3% on Monday.

Published 22 Jun, 2021 10:45am

Commodities

Wheat jumps 1.5% to hit 8-day high on USDA crop report

Corn firms, drawing support from wheat, while soybeans were little changed.

Published 22 Jun, 2021 10:45am

Stocks

India's benchmark stock index hits record high as COVID-19 vaccinations surge

Maruti Suzuki jumped 2.5% and was among the top percentage gainers on the Nifty 50.

Published 22 Jun, 2021 10:37am

Stocks

China stocks climb on bank, energy boost; Hong Kong flat

Huobi Tech, an affiliate of crypto exchange operator Huobi, tumbled 18.7% by the midday break.

Published 22 Jun, 2021 10:31am

Forex

China's regulators struggle to sway companies on currency risk

Tommy Xie, head of Greater China research at OCBC Bank in Singapore, says regulators can raise awareness but can't compel firms to hedge.

Published 22 Jun, 2021 10:26am

Stocks

Hong Kong shares begin with gains

The Hang Seng Index added 0.30 percent, or 86.16 points, to 28,575.16.

Published 22 Jun, 2021 10:25am

Stocks

Tokyo stocks up nearly 3% on US bounceback

The dollar fetched 110.47 yen in early Asian trade, against 110.18 yen in New York late Monday.

Published 22 Jun, 2021 10:16am

Stocks

Asian markets track Wall St rally as Fed taper concerns ease

Brent crude prices broke $75 for the first time since April 2019 as investors eye a surge in demand for the commodity.

Published 22 Jun, 2021 10:08am

Bullion Rate

Gold firms on dollar retreat; Powell testimony awaited

Silver eased 0.2% to $25.88 per ounce, palladium edged 0.1% lower to $2,581.99. Platinum climbed 0.3% to $1,056.39.

Published 22 Jun, 2021 09:57am

Bullion Rate

Gold ticks up on subdued dollar ahead of Fed chief's testimony

Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.3% on Monday.

Published 22 Jun, 2021 09:56am

Forex

Dollar catches breath as traders await Powell testimony

The tides of FONGO (Fear of Not Getting Out) are creeping in

Published 22 Jun, 2021 09:55am

Forex

Dollar dips after Fed rally, Bitcoin slumps

The core thesis underpinning our USD weakness view has not changed drastically

Published 22 Jun, 2021 09:50am

Stocks

Japan shares rally after Wall Street rebound; shippers hit 10-year highs

Home builders also gained, with Daiwa House and Sekisui House rising 6.2% and 5.9%

Published 22 Jun, 2021 09:48am

Stocks

Australian shares track Wall St higher on economic recovery hopes

The gold subindex climbed as much as 2%, eyeing its best day since June 11.

Published 22 Jun, 2021 09:47am

Stocks

Australia shares set to open higher on Wall Street boost, NZ rises

The benchmark declined 1.8% in the previous session.

Published 22 Jun, 2021 09:45am

Financial

Bitcoin steadies in Asia trading after Monday's plunge

Last month, three industry associations issued a ban on crypto-related financial services, but the bodies are much less powerful than the PBOC.

Published 22 Jun, 2021 09:38am

Commodities

Copper rises as dollar weakens ahead of Fed chief testimony

The dollar has gained sharply since the Fed last week flagged sooner-than-expected interest rate hikes

Published 22 Jun, 2021 09:35am

Financial

Philippine central bank set to keep key rate at record low on Thursday

Some economists also believe the BSP will keep interest rates steady for the rest of the year.

Published 22 Jun, 2021 09:30am

Australia retail sales edge up

SYDNEY: Australian retail sales rose less than expected in May, with a snap coronavirus lockdown in the country’s...

Published 22 Jun, 2021 04:46am

Budgets

PESSI approves Rs19.85bn surplus budget for FY2021-22

LAHORE: The governing body of Punjab Employees Social Security Institution (PESSI) has approved a surplus budget of...

Published 22 Jun, 2021 04:46am

Money & Banking

Aussie, kiwi up

SYDNEY: The Australian and New Zealand dollars edged higher on Monday, taking a breather after recent losses made...

Published 22 Jun, 2021 04:46am

Previous Day

Forex
World
Commodity

Currency	Rate
USD PKR Interbank Selling / Jun 14	278.71
USD PKR Interbank Buying / Jun 14	278.51
USD to Japanese Yen / Jun 14	157.40
USD to Swiss Franc / Jun 14	0.89
Pound Sterling to USD / Jun 14	1.28
Euro to USD / Jun 14	1.07

Stock	Volume
S&P 500 / Jun 14	5,431.60
India Sensex / Jun 14	76,992.77
Tokyo Nikkei / Jun 14	38,814.56
Nasdaq / Jun 14	17,688.88
Hang Seng / Jun 14	17,941.78
FTSE 100 / Jun 14	8,146.86
Dow Jones / Jun 14	38,589.16
Germany DAX 30 / Jun 14	18,002.02

Item	Value
Crude Oil USD/Barrel / Jun 14	78.45
Karachi Cotton PKR/37.32 KG / Jun 14	19,935
Gold 10 Grams PKR / Jun 14	207,047
Gold Spot USD/Ounce / Jun 14	2,333.04
Cotton US¢/pound / Jun 14	72.14
Petrol/Litre / Jun 17	258.16

Gainers
Losers
Leaders

Stock	Price
786 Invest Ltd / Jun 17 786 Investments Limited(786)	5 ▼ 0.00 (0.00%)
AL-Abbas Sugar / Jun 17 Al-Abbas Sugar Mills Limited(AABS)	585 ▼ 0.00 (0.00%)
Agro Allianz / Jun 17 Agro Allianz Limited(AAL)	16 ▼ 0.00 (0.00%)
AL-Abid Silk / Jun 17 Al-Abid Silk Mills Limited(AASM)	3.49 ▼ 0.00 (0.00%)
Ali Asghar / Jun 17 Ali Asghar Textile Mills Limited(AATM)	2.07 ▼ 0.00 (0.00%)
Allied Bank / Jun 17 Allied Bank Limited(ABL)	87.10 ▼ 0.00 (0.00%)
Abbott Lab. / Jun 17 Abbott Laboratories (Pakistan) Limited(ABOT)	499.34 ▼ 0.00 (0.00%)
Abson Ind. / Jun 17 Abson Industries Limited(ABSON)	2.50 ▼ 0.00 (0.00%)
Alfalah ETF. / Jun 17 Alfalah Consumer Index ETF.(ACIETF)	9.84 ▼ 0.00 (0.00%)

Stock	Price
786 Invest Ltd / Jun 17 786 Investments Limited(786)	5 ▲ 0.00 (0.00%)
AL-Abbas Sugar / Jun 17 Al-Abbas Sugar Mills Limited(AABS)	585 ▲ 0.00 (0.00%)
Agro Allianz / Jun 17 Agro Allianz Limited(AAL)	16 ▲ 0.00 (0.00%)
AL-Abid Silk / Jun 17 Al-Abid Silk Mills Limited(AASM)	3.49 ▲ 0.00 (0.00%)
Ali Asghar / Jun 17 Ali Asghar Textile Mills Limited(AATM)	2.07 ▲ 0.00 (0.00%)
Allied Bank / Jun 17 Allied Bank Limited(ABL)	87.10 ▲ 0.00 (0.00%)
Abbott Lab. / Jun 17 Abbott Laboratories (Pakistan) Limited(ABOT)	499.34 ▲ 0.00 (0.00%)
Abson Ind. / Jun 17 Abson Industries Limited(ABSON)	2.50 ▲ 0.00 (0.00%)
Alfalah ETF. / Jun 17 Alfalah Consumer Index ETF.(ACIETF)	9.84 ▲ 0.00 (0.00%)

Stock	Volume
P.I.A.C.(A) / Jun 17 Pakistan International Airlines Corp(PIAA)	47,200,500 ▲ 0.00
Cnergyico PK / Jun 17 Cnergyico PK Limited(CNERGY)	29,719,327 ▲ 0.00
Pak Petroleum / Jun 17 Pakistan Petroleum Limited(PPL)	21,170,581 ▲ 0.00
Pak Refinery / Jun 17 Pakistan Refinery Limited(PRL)	16,965,134 ▲ 0.00
The Searle Co. / Jun 17 The Searle Company Limited(SEARL)	15,793,227 ▲ 0.00
P.T.C.L. / Jun 17 Pakistan Telecommunication Company Ltd(PTC)	15,054,641 ▲ 0.00
K-Electric Ltd. / Jun 17 K-Electric Limited(KEL)	14,145,556 ▲ 0.00
WorldCall Telecom / Jun 17 Worldcall Telecom Limited(WTL)	13,158,668 ▲ 0.00
Telecard Limited / Jun 17 Telecard Limited(TELE)	12,358,668 ▲ 0.00

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