NEW YORK: US stocks rebounded from a deep plunge Thursday, passing into positive territory as nervous investors digested more bleak economic news, a day after the worst session in over 20 years for Wall Street.The Dow Jones Industrial Average was up 16.73 points (0.20 percent) at 8,594.64 around 1635 GMT and the tech-heavy Nasdaq gained 18.07 points (1.11 percent) at 1,646.40.The broad Standard Poor’’s 500 slipped 2.67 points (0.29 percent) to 905.17 points.The volatile market action came after Wednesday’’s panic selloff and further declines in world markets including an 11.4 percent drop in Tokyo.John Wilson, equity strategist at Morgan Keegan, said the downward momentum is being reinforced by big portfolio managers forced to sell as clients pull out funds.”Margin calls and mutual fund redemptions along with hedge fund redemptions and deleveraging means there is forced selling going on to accompany the selling that is simply a result of fear and capitulation,” he said.”At the same time, there is the uncertainty of how deep the recession could be. It’’s tough to discount the future when you just don”t know exactly how the current situation will unfold.”
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BEIJING: China vowed on Thursday to do what it could to help Pakistan overcome a financial crisis, as President Asif Ali Zardari met Chinese Prime Min
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Islamabad The slow pace of development work at Zero Point Interchange after the suicide bomb blast at the Marriott has not been able to pick u
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ISLAMABAD: The government has decided to withdraw subsidies on petroleum products, Secretary Petroleum G.A. Sabri announced in Islamabad on Thursday. Talking to Geo News, the Petroleum Secretary said the Government is getting tax on motor spirit. The decline in international oil prices has been adjusted against the subsidy being provided on petroleum products in the country, he added.It may be mentioned here that international oil prices gradually decreased from 147 dollars per barrel to 73 dollars per barrel over the past few months. However, the benefit has not yet been trickled down to the people.
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QUETTA: Director Food Balochistan Abdul Mansoor Khan said that Punjab would resume the supply of 54 thousand metric tons of flour to Balochistan from Friday as per announced by chief minister Punjab Shahbaz Sharif while presently wheat of 110 thousand metric ton is available in the godowns of the department.He stated this while talking to Geo News here on Wednesday.The Director Food Balochistan said that the Trading Corporation of Pakistan (TCP) would provide 200 thousand metric tons of wheat to Balochistan whereas arrangements with the Government of Punjab, the PASSCO and the TCP for providing more wheat have been finalized.He further informed that ten thousand bags of 20 kg flour each are being sold at Rs477 per bag daily in the province.
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LONDON: Oil prices slumped further on Thursday, with Brent crude sliding below 68 dollars a barrel to the lowest level for more than 15 months, as slowing energy demand took its toll, traders said.Crude oil futures were down more than 50 percent from record highs of above 147 dollars reached in July, when prices rocketed on fears of supply disruptions.In early London trade, Brent North Sea crude for delivery in November slumped to 67.17 dollars a barrel the lowest point since mid-2007. It later recovered to 68.17 dollars by about 0830 GMT, down 2.63 dollars from Wednesday’’s close.The contract had ended down 3.73 dollars on Wednesday as mounting fears of a global recession raised expectations of a prolonged slowdown to global energy demand.In Thursday trade, New York’’s main futures contract, light sweet crude for November delivery, was down 2.06 dollars at 72.48 dollars a barrel after sinking as low as 71.21. The Organization of the Petroleum Exporting Countries (OPEC) on Wednesday cut its estimate for growth in demand for oil this year and in 2009 largely because of an “excessive” easing of demand in the United States.
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