Daily Times

The 100-index of the Pakistan Stock Exchange (PSX) continued with bullish trend on Thursday, gaining 684.25 points, a positive change of 0.84 percent, closing at 81,839.86 points against 81,155.61 points on the last working day.

A total of 470,310,927 shares were traded during the day as compared to 441,338,958 shares the previous day, whereas the price of shares stood at Rs 25.349 billion against Rs 27.228 billion on the last trading day.

Around 457 companies transacted their shares in the stock market, 242 of them recorded gains and 155 sustained losses, whereas the share price of 60 companies remained unchanged. The three top trading companies were Pak Elektron with 47,990,977 shares at Rs 28.65 per share, PIA Housing Company with 25,362,682 shares at Rs 19.25 per share and PTCL with 25,028,450 shares at Rs13.70 per share.

Rafhan Maize Products Company Limited witnessed a maximum increase of Rs 130.00 per share price, closing at Rs 7,730.00, whereas the runner-up was PIA Holding Company Limited with a Rs 80.87 rise in its per share price to Rs 1,037.30.

Pakistan Tobacco Company Limited witnessed a maximum decrease of Rs 69.75 per share closing at Rs 944.50, followed by Data Agro Limited with a Rs34.90 decline to close at Rs.332.49.

Europe stocks

Europe’s major stock markets rose Thursday, with London energised by the previous day’s oil price surge, while Asia stumbled after Wall Street retreated on growing tech sector concerns.

London’s FTSE 100 index rallied with BP and Shell shares gaining more than one percent, as investors also digested steady UK unemployment data. Oil prices had vaulted two percent higher Wednesday after signs of strengthening crude demand in top consumer the United States, though the market stabilised Thursday. “The FTSE 100 has outperformed its mainland European counterparts… with energy names leading the way thanks to a fresh surge in crude prices,” said Shore Markets analyst Joshua Mahony.

Energy majors tend to win a shot in the arm from rising crude futures that boost their revenues and profits. The dollar firmed following losses caused by growing expectations the US Federal Reserve would cut interest rates at least once this year.

In Asia, tech firms took a hit Thursday following big losses for their Wall Street-listed counterparts after a report said US President Joe Biden would target firms supplying China with key semiconductor technology.

Biden is reportedly looking at imposing strict curbs on companies including Tokyo Electron and Dutch firm ASML if they continued allowing Beijing access to their chip tech.

Sentiment was also dented by Donald Trump’s comments that crucial chip supplier Taiwan — home to TSMC and other major producers — should pay the US for helping the island defend itself militarily against China.

Nvidia shares slumped more than six percent Wednesday, while Tokyo Electron dived 8.8 percent Thursday.

“An interview with Donald Trump, for Bloomberg Businessweek, saw the former president casting doubt on US willingness to defend Taiwan, should he be (re)elected in November,” said Steve Clayton, head of equity funds at Hargreaves Lansdown.

“With much of the world’s most advanced chip manufacturing capabilities located within Taiwan… that was not a message the market wanted to hear. “Nor did it want to hear the Biden administration talking about tougher trade restrictions against China,” Clayton said.