AGL 40.10 Decreased By ▼ -0.90 (-2.2%)
AIRLINK 127.80 Decreased By ▼ -0.34 (-0.27%)
BOP 6.60 Decreased By ▼ -0.10 (-1.49%)
CNERGY 4.60 Increased By ▲ 0.08 (1.77%)
DCL 8.58 Decreased By ▼ -0.03 (-0.35%)
DFML 41.40 Increased By ▲ 0.31 (0.75%)
DGKC 86.50 Decreased By ▼ -0.63 (-0.72%)
FCCL 32.13 Decreased By ▼ -1.26 (-3.77%)
FFBL 65.40 Decreased By ▼ -0.01 (-0.02%)
FFL 10.27 Decreased By ▼ -0.20 (-1.91%)
HUBC 110.60 Decreased By ▼ -0.03 (-0.03%)
HUMNL 14.70 Decreased By ▼ -0.60 (-3.92%)
KEL 5.15 Increased By ▲ 0.17 (3.41%)
KOSM 7.15 Decreased By ▼ -0.28 (-3.77%)
MLCF 41.69 Decreased By ▼ -1.30 (-3.02%)
NBP 60.20 Decreased By ▼ -0.22 (-0.36%)
OGDC 194.48 Decreased By ▼ -3.16 (-1.6%)
PAEL 27.95 Decreased By ▼ -1.06 (-3.65%)
PIBTL 7.98 Decreased By ▼ -0.28 (-3.39%)
PPL 150.52 Decreased By ▼ -3.64 (-2.36%)
PRL 27.08 Increased By ▲ 2.08 (8.32%)
PTC 16.08 Decreased By ▼ -0.01 (-0.06%)
SEARL 78.20 Decreased By ▼ -0.25 (-0.32%)
TELE 7.42 Increased By ▲ 0.05 (0.68%)
TOMCL 35.70 Decreased By ▼ -0.39 (-1.08%)
TPLP 7.90 Decreased By ▼ -0.17 (-2.11%)
TREET 15.87 Decreased By ▼ -0.09 (-0.56%)
TRG 52.70 Decreased By ▼ -0.66 (-1.24%)
UNITY 26.65 Decreased By ▼ -0.06 (-0.22%)
WTL 1.28 Increased By ▲ 0.01 (0.79%)
BR100 9,920 Decreased By -52.1 (-0.52%)
BR30 30,751 Decreased By -346.3 (-1.11%)
KSE100 93,225 Decreased By -423.8 (-0.45%)
KSE30 28,885 Decreased By -132.9 (-0.46%)

US stocks dropped on Tuesday after a government report of a rise in producer prices last month boosted inflation worries and as a slide in Exxon Mobil Corp shares dragged down blue chips.
The negative factors outweighed better-than-expected earnings from companies such as diversified manufacturer 3M Co, a Dow component, whose stock rose 3.1 percent to $74.71 on the New York Stock Exchange.
The September US producer price index rose 1.9 percent, the biggest gain in more than 15 years, the Labour Department said. The core PPI, excluding food and energy prices, gained 0.3 percent, exceeding the 0.2 percent rise that economists had forecast.
Exxon Mobil's stock, a Dow component, dropped 4.4 percent to $56.30 after a block trade of more than 24 million Exxon shares crossed on the New York Stock Exchange around 1 pm EDT, according to Reuters data. The trade amounted to $1.4 billion, and trading volume in the stock rose to triple its daily average.
The Dow Jones industrial average fell 62.84 points, or 0.61 percent, to end at 10,285.26. The Standard & Poor's 500 Indexdropped 11.96 points, or 1.00 percent, to close at 1,178.14. The technology-laced Nasdaq Composite Index slid 14.30 points, or 0.69 percent, to finish at 2,056.00.
"What the PPI numbers are saying is a reflection of higher energy prices impacting manufacturers," said Scott Fullman, chief strategist at Investec (US) Inc, in New York. "This could potentially have a negative effect on earnings and profit margins over the next several quarters."
US crude oil for November delivery fell $1.16 to settle at $63.20 a barrel as Tropical Storm Wilma was forecast to turn toward Florida, away from oil and natural gas facilities further west on the Gulf Coast.
Janet Yellen, president of the Federal Reserve Bank of San Francisco, said on Tuesday that prospects for core US inflation look favourable over the medium term, but "appropriate policy" is needed to ensure that outcome.
The Federal Reserve has raised interest rates 11 consecutive times since June 30, 2004, to curb inflation. The Dow Jones Home Construction Index dropped 3.6 percent.
On the Nasdaq, shares of Novellus Systems Inc fell 12.3 percent, or $3.06, to $21.83, a day after the semiconductor equipment manufacturer posted a sharply lower quarterly profit. The company's stock ranked among the Nasdaq's biggest percentage losers.
In other earnings news, Merrill Lynch & Co said its quarterly profit climbed. Merrill Lynch shares advanced 0.2 percent, or 12 cents, to $61.21 on the NYSE.
International Business Machines Corp, the world's largest computer company, rose 1.1 percent, or 89 cents, to $83.48 on the NYSE, a day after it reported earnings that beat Wall Street estimates.
Trading was heavy on the New York Stock Exchange, with 1.63 billion shares changing hands, above the 1.46 billion daily average for last year. About 1.50 billion shares were traded on Nasdaq, below the 1.81 billion daily average last year.
The number of declining stocks outnumbered those rising by a ratio of about 3 to 1 on the New York Stock Exchange. On Nasdaq, declining issues beat advancing issues by about 2 to 1.

Copyright Reuters, 2005

Comments

Comments are closed.