Daily Times

The 100-index of the Pakistan Stock Exchange (PSX) on Thursday gained 150.80 points, a positive change of 0.19 percent, closing at 79,992.35 points against 79,841.56 points on the last working day.

A total of 389,024,310 shares were traded during the day as compared to 495,910,236 shares the previous day, whereas the price of shares stood at Rs 20.924 billion against Rs 22.116 billion on the last trading day.

Around 445 companies transacted their shares in the stock market, 181 of them recorded gains and 212 sustained losses, whereas the share price of 52 companies remained unchanged.

The three top trading companies were Agritech Limited with 22,041,367 shares at Rs 24.24 per share, Hub Power Company with 18,624,585 shares at Rs 163.75 per share and Air Link Communication with 16,815,350 shares at Rs100.64 per share.

Excide Pakistan Limited witnessed a maximum increase of Rs 77.94 per share price, closing at Rs 898.32, whereas the runner-up was PIA Holding Company Limited with a Rs69.20 rise in its per share price to Rs 797.67.

Data Agro Limited witnessed a maximum decrease of Rs 47.09 per share closing at Rs 448.58, followed by Sapphire Textile Mills Limited with a Rs39.00 decline to close at Rs 1,301.00.

Asian Markets

Asian stocks on Thursday tagged along with a Wall Street rally that saw another round of record highs as bets on a September interest rate hike surged following comments by Federal Reserve boss Jerome Powell.

The advances also saw Hong Kong and Shanghai push higher after struggling in recent weeks over worries about the Chinese economy, with investors awaiting a key Communist Party meeting next week.

On a second day of testimony to lawmakers, Powell said decision-makers would not wait until inflation had hit the bank’s two percent target before loosening monetary policy, adding: “If you waited that long, you’ve probably waited too long.”

His remarks came before the release of the latest consumer price index reading on Thursday, which is expected to show a further slowdown.

Traders ramped up bets on the Fed reducing borrowing costs in two months’ time, with analysts saying Powell was telegraphing to markets that the decision had been made.

The comments soothed recent fears among investors that officials might keep rates at their two-decade high for some time owing to a still strong labour market and inflation staying stubbornly above two percent.

The S&P 500 ended with a sixth straight record, while the Nasdaq also finished at an all-time peak.

And the upbeat mood filtered through to Asia, where Hong Kong jumped two percent, while Tokyo, Shanghai, Sydney, Seoul, Singapore, Wellington, Taipei, Manila, Bangkok and Wellington also rose.

London, Paris and Frankfurt all rose at the open.

Eyes are also turning to the start of China’s Third Plenum gathering on Monday, where top officials including President Xi Jinping are expected to discuss ways to kickstart the world’s number two economy in the face of an ongoing property crisis and geopolitical issues.

However, while there is hope for some sort of major policy announcement, commentators remain cautious.

Andrew Batson, of Beijing-based consultancy Gavekal Dragonomics, told AFP he did not expect a “fundamental departure from the course Xi has already laid out”, in which technological self-sufficiency and national security outweigh economic growth.

Nomura’s Ting Lu added that the meeting was “intended to generate and discuss big, long-term ideas and structural reforms instead of making short-term policy adjustments”.

Economic growth in the first quarter of the year came in above forecasts and is tipped to top the government’s five percent goal for April-June, but the meeting comes amid ongoing concerns that officials are not providing enough support.

Taylor Nugent at National Australia Bank warned: “Further monetary policy easing is constrained by a reluctance to allow further depreciation in the renminbi, and expectations are low for any big policy shift at the Third Plenum.”