KARACHI: Correction at the local bourse continued on Thursday, taking away 64 points from the benchmark KSE-100 Index which closed at 10,454.
The Index started off green and witnessed the intra-day high of 10,579 points. But later off-loading in energy and banking sectors by the investors sucked away earlier gains.
The trade volume was weak and stood at 110 million shares.
PTCL emerged as today’s volume leader at Rs21.48, up by paisas 45.
Meanwhile, KSE-30 Index plunged by 81 points to finish the day at 10,557.
Tuesday, May 4, 2010
Euro slides as doubts emerge, Aussie recovers
SYDNEY: The euro fell on Monday, resuming its slide toward recent one-year lows, as fiscal worries about the broader euro zone returned and the initial relief from a bailout package for debt-stricken Greece fizzled out.
Growth-linked currencies like the Australian dollar, however, recouped earlier losses made in a knee-jerk reaction to China's move to tighten policy.
The euro fell to as low as $1.3206 in Asian trade, losing 0.8 percent from $1.3313 late on Friday. It had rallied to as high as $1.3359 in early trade in Asia, before losing all those hard-earned gains.
Traders reported stop-loss selling below $1.3220 with the single currency making an outside trading day on the charts, suggesting a bearish trend is in store.
More stops are lined up around $1.32 and it all depends on how Portuguese and Spanish debt spreads trade when Europe opens. If they blow out, the euro could fall further, traders said. It had hit a one-year low of $1.3114 last week.
"The bailout package is turning out to be a 10-tonne weight around the euro," said David Scutt, a forex trader at Arab Bank Australia in Sydney. "It is a classic case of buy the rumor and sell the fact.
The euro also fell on the yen, dropping to 124.19 yen, from 125.06 yen late on Friday. Trade is expected to be light due to holidays in Japan, China and the UK.
The euro is down about 7 percent against the greenback since the start of the year as fears about a default by Greece and concerns it will spread to other southern European countries drove speculators to go short on the single currency.
Latest data from the Commodity Futures Trading Commission showed speculators had run up record short positions against the euro in the week to April 27 as uncertainty over the Greek debt crisis mounted.
On Sunday, European finance ministers agreed to a record 110 billion ($147 billion) bailout package for Greece. They approved a three-year package of emergency loans and agreed the first funds would be released in time for Athens to make a big debt repayment to creditors on May 19.
The plan still needs to be approved by German politicians and the tough conditions will be hard for many Greeks to swallow. The loans to Greece are linked to progress in austerity measures promised by Athens, a condition many investors are wary of.
"Shorts are too large to give the currency much downward momentum, but policy is too unpredictable to bet on a sustained euro recovery," JP Morgan said in a note.
The euro's losses saw the dollar index .DXY rise 0.4 percent to 82.22.
The U.S. dollar slipped on the yen, easing to 93.88 yen, from around 93.94 yen late on Friday. The U.S. dollar had fallen to 93.85 yen in early trade, hurt by a bout of selling on the Aussie/yen cross, traders said.
The Australian dollar recovered from an early low of $0.9210, to trade at $0.9245. Sentiment toward commodity-linked currencies was hurt early by China's decision to raise banks' reserve requirements by 50 basis points at the weekend.
Also, weighing on the Aussie initially was the Australian government's plan to levy a super tax on resource companies of 40 percent. Traders said, buying by U.S. entities supported the Aussie, leading to a short squeeze.
Sterling extended losses, falling to $1.5256 from $1.5311 late on Friday, with weekend opinion polls suggesting that no political party had a big enough lead to guarantee an outright parliamentary majority in Britain's May 6 election.
Analysts say a lack of majority in parliament could hinder plans for Britain to get its fiscal house in order and would weigh on the pound in the short term. Near support is seen at around $1.5220, the hourly support on April 29.
Growth-linked currencies like the Australian dollar, however, recouped earlier losses made in a knee-jerk reaction to China's move to tighten policy.
The euro fell to as low as $1.3206 in Asian trade, losing 0.8 percent from $1.3313 late on Friday. It had rallied to as high as $1.3359 in early trade in Asia, before losing all those hard-earned gains.
Traders reported stop-loss selling below $1.3220 with the single currency making an outside trading day on the charts, suggesting a bearish trend is in store.
More stops are lined up around $1.32 and it all depends on how Portuguese and Spanish debt spreads trade when Europe opens. If they blow out, the euro could fall further, traders said. It had hit a one-year low of $1.3114 last week.
"The bailout package is turning out to be a 10-tonne weight around the euro," said David Scutt, a forex trader at Arab Bank Australia in Sydney. "It is a classic case of buy the rumor and sell the fact.
The euro also fell on the yen, dropping to 124.19 yen, from 125.06 yen late on Friday. Trade is expected to be light due to holidays in Japan, China and the UK.
The euro is down about 7 percent against the greenback since the start of the year as fears about a default by Greece and concerns it will spread to other southern European countries drove speculators to go short on the single currency.
Latest data from the Commodity Futures Trading Commission showed speculators had run up record short positions against the euro in the week to April 27 as uncertainty over the Greek debt crisis mounted.
On Sunday, European finance ministers agreed to a record 110 billion ($147 billion) bailout package for Greece. They approved a three-year package of emergency loans and agreed the first funds would be released in time for Athens to make a big debt repayment to creditors on May 19.
The plan still needs to be approved by German politicians and the tough conditions will be hard for many Greeks to swallow. The loans to Greece are linked to progress in austerity measures promised by Athens, a condition many investors are wary of.
"Shorts are too large to give the currency much downward momentum, but policy is too unpredictable to bet on a sustained euro recovery," JP Morgan said in a note.
The euro's losses saw the dollar index .DXY rise 0.4 percent to 82.22.
The U.S. dollar slipped on the yen, easing to 93.88 yen, from around 93.94 yen late on Friday. The U.S. dollar had fallen to 93.85 yen in early trade, hurt by a bout of selling on the Aussie/yen cross, traders said.
The Australian dollar recovered from an early low of $0.9210, to trade at $0.9245. Sentiment toward commodity-linked currencies was hurt early by China's decision to raise banks' reserve requirements by 50 basis points at the weekend.
Also, weighing on the Aussie initially was the Australian government's plan to levy a super tax on resource companies of 40 percent. Traders said, buying by U.S. entities supported the Aussie, leading to a short squeeze.
Sterling extended losses, falling to $1.5256 from $1.5311 late on Friday, with weekend opinion polls suggesting that no political party had a big enough lead to guarantee an outright parliamentary majority in Britain's May 6 election.
Analysts say a lack of majority in parliament could hinder plans for Britain to get its fiscal house in order and would weigh on the pound in the short term. Near support is seen at around $1.5220, the hourly support on April 29.
Euro slides as doubts emerge, Aussie recovers
SYDNEY: The euro fell on Monday, resuming its slide toward recent one-year lows, as fiscal worries about the broader euro zone returned and the initial relief from a bailout package for debt-stricken Greece fizzled out.
Growth-linked currencies like the Australian dollar, however, recouped earlier losses made in a knee-jerk reaction to China's move to tighten policy.
The euro fell to as low as $1.3206 in Asian trade, losing 0.8 percent from $1.3313 late on Friday. It had rallied to as high as $1.3359 in early trade in Asia, before losing all those hard-earned gains.
Traders reported stop-loss selling below $1.3220 with the single currency making an outside trading day on the charts, suggesting a bearish trend is in store.
More stops are lined up around $1.32 and it all depends on how Portuguese and Spanish debt spreads trade when Europe opens. If they blow out, the euro could fall further, traders said. It had hit a one-year low of $1.3114 last week.
"The bailout package is turning out to be a 10-tonne weight around the euro," said David Scutt, a forex trader at Arab Bank Australia in Sydney. "It is a classic case of buy the rumor and sell the fact.
The euro also fell on the yen, dropping to 124.19 yen, from 125.06 yen late on Friday. Trade is expected to be light due to holidays in Japan, China and the UK.
The euro is down about 7 percent against the greenback since the start of the year as fears about a default by Greece and concerns it will spread to other southern European countries drove speculators to go short on the single currency.
Latest data from the Commodity Futures Trading Commission showed speculators had run up record short positions against the euro in the week to April 27 as uncertainty over the Greek debt crisis mounted.
On Sunday, European finance ministers agreed to a record 110 billion ($147 billion) bailout package for Greece. They approved a three-year package of emergency loans and agreed the first funds would be released in time for Athens to make a big debt repayment to creditors on May 19.
The plan still needs to be approved by German politicians and the tough conditions will be hard for many Greeks to swallow. The loans to Greece are linked to progress in austerity measures promised by Athens, a condition many investors are wary of.
"Shorts are too large to give the currency much downward momentum, but policy is too unpredictable to bet on a sustained euro recovery," JP Morgan said in a note.
The euro's losses saw the dollar index .DXY rise 0.4 percent to 82.22.
The U.S. dollar slipped on the yen, easing to 93.88 yen, from around 93.94 yen late on Friday. The U.S. dollar had fallen to 93.85 yen in early trade, hurt by a bout of selling on the Aussie/yen cross, traders said.
The Australian dollar recovered from an early low of $0.9210, to trade at $0.9245. Sentiment toward commodity-linked currencies was hurt early by China's decision to raise banks' reserve requirements by 50 basis points at the weekend.
Also, weighing on the Aussie initially was the Australian government's plan to levy a super tax on resource companies of 40 percent. Traders said, buying by U.S. entities supported the Aussie, leading to a short squeeze.
Sterling extended losses, falling to $1.5256 from $1.5311 late on Friday, with weekend opinion polls suggesting that no political party had a big enough lead to guarantee an outright parliamentary majority in Britain's May 6 election.
Analysts say a lack of majority in parliament could hinder plans for Britain to get its fiscal house in order and would weigh on the pound in the short term. Near support is seen at around $1.5220, the hourly support on April 29.
Growth-linked currencies like the Australian dollar, however, recouped earlier losses made in a knee-jerk reaction to China's move to tighten policy.
The euro fell to as low as $1.3206 in Asian trade, losing 0.8 percent from $1.3313 late on Friday. It had rallied to as high as $1.3359 in early trade in Asia, before losing all those hard-earned gains.
Traders reported stop-loss selling below $1.3220 with the single currency making an outside trading day on the charts, suggesting a bearish trend is in store.
More stops are lined up around $1.32 and it all depends on how Portuguese and Spanish debt spreads trade when Europe opens. If they blow out, the euro could fall further, traders said. It had hit a one-year low of $1.3114 last week.
"The bailout package is turning out to be a 10-tonne weight around the euro," said David Scutt, a forex trader at Arab Bank Australia in Sydney. "It is a classic case of buy the rumor and sell the fact.
The euro also fell on the yen, dropping to 124.19 yen, from 125.06 yen late on Friday. Trade is expected to be light due to holidays in Japan, China and the UK.
The euro is down about 7 percent against the greenback since the start of the year as fears about a default by Greece and concerns it will spread to other southern European countries drove speculators to go short on the single currency.
Latest data from the Commodity Futures Trading Commission showed speculators had run up record short positions against the euro in the week to April 27 as uncertainty over the Greek debt crisis mounted.
On Sunday, European finance ministers agreed to a record 110 billion ($147 billion) bailout package for Greece. They approved a three-year package of emergency loans and agreed the first funds would be released in time for Athens to make a big debt repayment to creditors on May 19.
The plan still needs to be approved by German politicians and the tough conditions will be hard for many Greeks to swallow. The loans to Greece are linked to progress in austerity measures promised by Athens, a condition many investors are wary of.
"Shorts are too large to give the currency much downward momentum, but policy is too unpredictable to bet on a sustained euro recovery," JP Morgan said in a note.
The euro's losses saw the dollar index .DXY rise 0.4 percent to 82.22.
The U.S. dollar slipped on the yen, easing to 93.88 yen, from around 93.94 yen late on Friday. The U.S. dollar had fallen to 93.85 yen in early trade, hurt by a bout of selling on the Aussie/yen cross, traders said.
The Australian dollar recovered from an early low of $0.9210, to trade at $0.9245. Sentiment toward commodity-linked currencies was hurt early by China's decision to raise banks' reserve requirements by 50 basis points at the weekend.
Also, weighing on the Aussie initially was the Australian government's plan to levy a super tax on resource companies of 40 percent. Traders said, buying by U.S. entities supported the Aussie, leading to a short squeeze.
Sterling extended losses, falling to $1.5256 from $1.5311 late on Friday, with weekend opinion polls suggesting that no political party had a big enough lead to guarantee an outright parliamentary majority in Britain's May 6 election.
Analysts say a lack of majority in parliament could hinder plans for Britain to get its fiscal house in order and would weigh on the pound in the short term. Near support is seen at around $1.5220, the hourly support on April 29.
Oil below $86 as traders eye US crude supplies
SINGAPORE: Oil prices dropped below $86 a barrel Tuesday in Asia as traders anticipated another increase in U.S. crude supplies from a government report due later this week.
Benchmark crude for June delivery was down 26 cents to $85.93 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose 4 cents to settle at $86.19 on Monday.
Oil touched an 18-month high of $87.15 a barrel Monday, and has jumped about 23 percent since February on investor expectations that a growing U.S. and global economy will boost demand.
But U.S. crude inventories have risen in recent weeks and likely gained another 1.5 million barrels last week, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.
The Energy Department's Energy Information Administration is scheduled to release last week's supply data Wednesday.
Investors are also concerned that higher prices for crude products such as gasoline will eventually undermine economic growth.
“Throughout this move higher, signs that the world economy is recovering have trumped everything else,'' Cameron Hanover said in a report. “The economy has so far ignored signs that higher oil prices are making it that much harder for the recovery to maintain its pace.''
In other Nymex trading in June contracts, heating oil fell 0.46cent to $2.341 a gallon, and gasoline slipped 0.86 cent to $2.427 a gallon. Natural gas was steady at $3.995 per 1,000 cubic feet.
In London, Brent crude was down 36 cents at $88.58 on the ICE futures exchange.
Benchmark crude for June delivery was down 26 cents to $85.93 a barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose 4 cents to settle at $86.19 on Monday.
Oil touched an 18-month high of $87.15 a barrel Monday, and has jumped about 23 percent since February on investor expectations that a growing U.S. and global economy will boost demand.
But U.S. crude inventories have risen in recent weeks and likely gained another 1.5 million barrels last week, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.
The Energy Department's Energy Information Administration is scheduled to release last week's supply data Wednesday.
Investors are also concerned that higher prices for crude products such as gasoline will eventually undermine economic growth.
“Throughout this move higher, signs that the world economy is recovering have trumped everything else,'' Cameron Hanover said in a report. “The economy has so far ignored signs that higher oil prices are making it that much harder for the recovery to maintain its pace.''
In other Nymex trading in June contracts, heating oil fell 0.46cent to $2.341 a gallon, and gasoline slipped 0.86 cent to $2.427 a gallon. Natural gas was steady at $3.995 per 1,000 cubic feet.
In London, Brent crude was down 36 cents at $88.58 on the ICE futures exchange.
Akshay ready to romance Priyanka again
MUMBAI: Once and for all Akshay Kumar sets the record straight on his pairing with Priyanka Chopra by saying he's all for the pair coming together again.
“But will she do a film with me? The ball is in her court. I do mostly comedies. I think Priyanka hardly ever acts in comedies, ” reasons Akshay.
Clearing all doubts about his ability/inability to work with Priyanka Chopra Akshay says, “Excuse me, we're all professionals here. And the two of us have done very successful films in the past.
Helen, actress on ‘As the World Turns,’ dies at 91
LOS ANGELES: “Good morning, dear,” the character Nancy Hughes said to her husband from her twin bed as the cameras rolled for the premiere of “As the World Turns” on April 2, 1956.
The world has turned more than 19,700 times since the actress Helen Wagner uttered those first words for what would become one of the most popular and — until CBS takes it off the air in September — the longest-running daytime drama on television.
Wagner, who portrayed the straitlaced Hughes for all of those 54 years, died on Saturday at her home in Mount Kisco, N.Y. She was 91. The cause was cancer, her nephew David Laing said.
Proper and unassuming, Wagner’s Nancy Hughes stood for old-fashioned values — and never wavered. She was admired, and not only by housewives who, like Nancy, were striving to maintain a home while raising children. Well into the ’60s, Wagner received fan letters from young men saying she reminded them of their mothers and grandmothers.
But times change, and gone are the days when thundering chords from an organ underlined the discovery that Nancy’s grandson had been caught stealing change from his father’s trousers.
The citizens of the fictional town of Oakdale, outside Chicago, continued to have their feuds and affairs. But in recent years issues like incest, AIDS, drug and alcohol dependency, euthanasia, teen suicide and Alzheimer’s have laced the scripts.
Wagner’s Nancy lasted precisely because she remained solid; she wouldn’t join the country club because she considered it elitist, and insisted on cleaning her house because she felt uncomfortable being bossy.
Last December, however, CBS announced that after 54 years “As the World Turns,” at one time No. 1 in the daytime ratings, would broadcast its last episode in September. Wagner made her final appearance on April 5.
In 2004, she received the Lifetime Achievement Award from the National Academy of Television Arts and Sciences.
Helen Losee Wagner was born on Sept. 3, 1918, in Lubbock, Tex., one of two daughters of Charles and Janette Tinker Wagner. She studied music and drama at Monmouth College in Illinois.
Before signing a 13-week contract for “As the World Turns” in 1956, Wagner had been a singer and stage actress, sometimes working as a church soloist to pay the rent. She had roles in “Sunny River,” “Oklahoma!” and “The Bad Seed” on Broadway.
In 1954 she married Robert Willey, an actor and theater producer. He died last year.
Times Square bomb plot suspect arrested
NEW YORK: A Pakistani man believed to be the driver of a sport utility vehicle used as a car bomb in a failed terror attack on Times Square was taken into custody early Tuesday by federal and local police officials while trying to leave the country, a law enforcement official said.
The suspect, Faisal Shahzad, was identified by customs agents at John F. Kennedy International Airport and was stopped before boarding an Emirates airlines flight to Dubai, according to officials who spoke to a US-based news agency early Tuesday on the condition of anonymity because of the sensitivity of the investigation. Shahzad had recently returned from a five-month trip to Pakistan, where he had a wife.
He was being held in New York and couldn't be contacted. He has a Shelton, Connecticut, address; a phone number listed there wasn't in service.
Law enforcement officials say Shahzad bought the SUV, a 1993 Nissan Pathfinder, from a Connecticut man about three weeks ago and paid cash. The officials spoke to the news agency on condition of anonymity because of the sensitive nature of the case.
Police said the bomb could have produced "a significant fireball" and sprayed shrapnel with enough force to kill pedestrians and knock out windows. The SUV was parked on a street lined with restaurants and Broadway theaters, including one showing "The Lion King," and full of people out on a Saturday night.
The vehicle identification number had been removed from the Pathfinder's dashboard, but it was stamped on the engine, and investigators used it to find the owner of record. The discovery was paramount to the investigation.
"The discovery of the VIN on the engine block was pivotal in that it led to the identifying the registered owner," said Paul Browne, chief New York Police Department spokesman. "It continues to pay dividends."
The U.S. attorney's office in Manhattan will handle the case. An early morning call to the office was not immediately returned. It wasn't clear if additional suspects were being sought.
Officials say the SUV's registered owner, whose name has not been released, was not considered a suspect in the bomb scare.
Investigators tracked the license plate found on the rear of the SUV to a used auto parts shop in Stratford, Connecticut, where they discovered the plate was connected to a different vehicle. They also spoke to the owner of an auto sales shop in nearby Bridgeport because a sticker on the Pathfinder indicated the SUV had been sold by his dealership.
As the buyer came into focus, investigators backed off other leads. They had initially wanted to speak with a man apparently in his 40s who was videotaped shedding his shirt near the Pathfinder, but they backed away as the buyer became clear. The man had not been considered a suspect, and officials said it's possible he was just a bystander.
In Washington on Monday, White House press secretary Robert Gibbs said Saturday's attempted bombing was a terrorist act.
The motive remained unclear. The Pakistani Taliban appeared to claim responsibility for the bomb in three videos that surfaced after the weekend scare, monitoring groups said. New York officials said police have no evidence to support the claims. It was unclear if the suspect in custody had any relationship to the group.
The SUV was parked near offices of Viacom Inc., which owns Comedy Central. The network recently aired an episode of the animated show "South Park" that the militant group Revolution Muslim had complained insulted the Prophet Muhammad by depicting him in a bear costume.
The SUV was captured on video crossing an intersection at 6:28 p.m. Saturday. A vendor pointed out the Pathfinder to an officer about two minutes later. Times Square, clogged with tourists on a warm evening, was shut down for 10 hours. A bomb squad dismantled the explosive device, and no one was hurt.
The explosive device had cheap-looking alarm clocks connected to a 16-ounce (454-gram) can filled with fireworks, which were apparently intended to detonate the gas cans and set the propane afire in a chain reaction, said Police Commissioner Raymond Kelly.
A metal rifle cabinet placed in the cargo area was packed with fertilizer, but NYPD bomb experts believe it was not a type volatile enough to explode like the ammonium nitrate grade fertilizer used in previous terrorist bombings.
The exact amount of fertilizer was unknown. Police estimated the cabinet weighed 200 to 250 pounds (90 to 113 kilograms) when they pulled it from the vehicle.
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