ISLAMABAD (News Desk): The Pakistan Stock Exchange (PSX) Thursday continued with bullish trend as KSE-100 index closed at 36,142 points on the fourth business day, with positive change of 447.28 points. According to details, owing to the reduction in interest rates and probablt facilitation of investors, the Pakistan stock market has been witnessing a surge during the last ten trading sessions. Even the recent terrorist attack on the stock exchange building failed to discourage investors. During the fourth trading day of the week, an increase of 250 points was recorded in the first hour after which the index crossed the level of 35,900.
The business continued its uptrend and the index recorded a high of 36190.70 points. However, there was a slight decline afterwards, as a result of which the index closed at 36,142 points after rising by 447.28 points at the end of trading day. During the trading session, the index recorded an improvement of 1.25% while 333,335,470 shares were traded, which resulted in a profit of over Rs 1 trillion to the investors. The exchange rate of US Dollar weakened by 18 paisa in the interbank on Thursday against Pakistani rupee.
The greenback closed at 166.58 rupees on fourth business day of the week. It had closed at Rs166.76 in the interbank market on Wednesday. It is pertinent to mention here that US dollar gained over 50 paisa on first business day of the week and closed at Rs166.72 Price of cotton in Punjab and Sindh decreased as rain affected the quality of cotton. According to details, price of the commodity fell by 400 rupees to 8600 rupees per maund in Punjab while Sindh witnessed a decreased of Rs150 to 8350 rupees per maund. China s factory-gate prices fell at a slower-than-expected rate in June, official data showed, as the country works towards recovering from the coronavirus while grappling with a heavy blow to global demand.
The producer price index (PPI) fell three percent from a year ago, according to National Bureau of Statistics data, but remains weak owing to the COVID-19 pandemic fallout. PPI has been at four-year lows recently, shrinking 3.7 percent in May. June was also the first time that producer prices rose since the COVID-19 outbreak struck in January, noted Martin Rasmussen, China economist for Capital Economics. He said this adds to evidence that industrial demand mostly recovered by the end of the second quarter.
China is working to bounce back from a historic economic contraction in the first quarter caused by the coronavirus, which shut down much of the country. But the world s second-largest economy now faces a threat from weakening global demand as the virus hammers key trading partners. The PPI pick-up comes as prices of international commodities saw some recovery in June, and as the domestic manufacturing industry and market demand improved, said NBS senior statistician Dong Lijuan in a statement.
Analysts polled by Bloomberg had expected PPI to fall 3.2 percent. China s consumer price index (CPI) came in at 2.5 percent, a 0.1 point rise from May, on the back of a pick-up in food prices and in line with forecasts. In particular, pork prices, a driving factor behind surging inflation last year, rose 81.6 percent on-year in June, a similar pace to the month before. Dong said a slower rate of pig slaughtering, epidemic-prevention restrictions and a drop in imports had led to tighter supply of the staple meat. Lu Ting of Nomura added that vegetable prices surged as well in June, partly driven by floods in south China. Xing Zhaopeng, economist with ANZ Research, told AFP that PPI is unlikely to turn positive this year and there is little that Chinese policymakers can do to change that since much relies on international prices and factors.