AGL 38.80 Increased By ▲ 0.65 (1.7%)
AIRLINK 129.85 Increased By ▲ 4.78 (3.82%)
BOP 7.17 Increased By ▲ 0.32 (4.67%)
CNERGY 4.61 Increased By ▲ 0.16 (3.6%)
DCL 8.25 Increased By ▲ 0.34 (4.3%)
DFML 38.69 Increased By ▲ 1.35 (3.62%)
DGKC 80.50 Increased By ▲ 2.73 (3.51%)
FCCL 32.11 Increased By ▲ 1.53 (5%)
FFBL 73.11 Increased By ▲ 4.25 (6.17%)
FFL 12.23 Increased By ▲ 0.37 (3.12%)
HUBC 108.50 Increased By ▲ 4.00 (3.83%)
HUMNL 14.02 Increased By ▲ 0.53 (3.93%)
KEL 4.85 Increased By ▲ 0.20 (4.3%)
KOSM 7.55 Increased By ▲ 0.38 (5.3%)
MLCF 37.50 Increased By ▲ 1.06 (2.91%)
NBP 70.00 Increased By ▲ 4.08 (6.19%)
OGDC 188.02 Increased By ▲ 8.49 (4.73%)
PAEL 25.19 Increased By ▲ 0.76 (3.11%)
PIBTL 7.36 Increased By ▲ 0.21 (2.94%)
PPL 151.50 Increased By ▲ 7.80 (5.43%)
PRL 25.20 Increased By ▲ 0.88 (3.62%)
PTC 17.27 Increased By ▲ 0.87 (5.3%)
SEARL 81.00 Increased By ▲ 2.43 (3.09%)
TELE 7.55 Increased By ▲ 0.33 (4.57%)
TOMCL 33.00 Increased By ▲ 1.03 (3.22%)
TPLP 8.41 Increased By ▲ 0.28 (3.44%)
TREET 16.60 Increased By ▲ 0.47 (2.91%)
TRG 56.30 Increased By ▲ 1.64 (3%)
UNITY 27.98 Increased By ▲ 0.48 (1.75%)
WTL 1.35 Increased By ▲ 0.06 (4.65%)
BR100 10,439 Increased By 350.1 (3.47%)
BR30 30,852 Increased By 1343.5 (4.55%)
KSE100 97,991 Increased By 3417.1 (3.61%)
KSE30 30,554 Increased By 1109 (3.77%)

Moody's slashed Nokia's credit rating to "junk" on Friday after the Finnish cellphone maker cut 10,000 more jobs and forecast a wider-than-expected loss, citing worries about its cash position and slow sales of new Windows phones. Equities analysts also cut their price targets on Nokia stock on fears the company would continue losing market share to Apple, Google and Samsung Electronics .
Moody's is the third ratings agency to relegate Nokia to non-investment grade status, which means many institutional investors such as pension funds will not buy its bonds. S&P and Fitch made similar moves in April.
Moody's also said Nokia may also have to contribute more capital or funding to Nokia Siemens Networks, its joint venture with Siemens, if the restructuring costs start to exceed cash flow from operations.
At least ten brokerages slashed their price targets on Nokia's shares, which have fallen more than 50 percent since the start of the year.

Copyright Reuters, 2012

Comments

Comments are closed.