Tuesday, 20 Oct 2020

Sensex, Nifty rebound in early trade; bank, IT stocks take charge

Crypto exchange OKEX suspends cryptocurrency withdrawals

HONG KONG (Reuters) – OKEX, one of the world’s largest cryptocurrency exchanges, said on Friday it had suspended withdrawals of digital assets, also known as cryptocurrencies.

The exchange said in a statement posted on its website that it was out of touch with one of its private key holders, and that person was cooperating with public security bureau investigations.

The statement did not say which country’s security bureau.

A private key provides access to cryptocurrencies.

Philippines lifts travel ban for citizens, non-essential overseas trips can resume from Oct 21

MANILA (REUTERS) – The Philippines’ coronavirus task force has lifted a ban on overseas travel for Filipino tourists, the presidential office said on Friday (Oct 16).

Non-essential overseas travel could resume starting Oct 21, ending a restriction in effect since July and potentially increasing customers for Philippine carriers that have suffered amid the pandemic.

Kiromic BioPharma Prices IPO At $12/Shr, Low End Of Range

Kiromic BioPharma, Inc. announced the pricing of initial public offering of 1.25 million common shares at $12.00 per share, for gross proceeds of $15 million before expenses. The offering is expected to close on October 20, 2020.

The company has filed to sell 1.15 million shares at a range of $12.00 and $14.00 per share.

In addition, the Company has granted the underwriters a 45-day option to buy additional 187,500 shares at the initial public offering price, less the underwriting discount, to cover over-allotments.

The company expects its shares to begin trading on the Nasdaq Capital Market on October 16, 2020 under the ticker symbol “KRBP”.

Shares of Big Hit, which manages K-pop group BTS, lose more than a fifth

SEOUL, Oct 16 (Reuters) – Shares in BTS Big Hit Entertainment, the management agency of South Korean superstar K-pop group BTS, fell more than 20% during Friday trade, extending losses from its debut the previous day.

Shares in Big Hit, which relies heavily on the boy band for revenue, had defied pre-listing hype to dip on Thursday, but analysts said the lower price should be viewed as more reasonable, based on fundamentals.

The KOSPI benchmark was down 1.2%.

CAC 40 Edges Higher As US Stimulus Talks Continue

French stocks rose on Friday after U.S. President Donald Trump said that stimulus talks with Democrats have turned productive, helping keep fiscal stimulus hopes alive.

Underlying sentiment, however, remained cautious as France’s new daily Covid-19 infections remained above the record 18,000 threshold for the second day.

The benchmark CAC 40 inched up 11 points, or 0.2 percent, to 4,923 after rising 0.6 percent the previous day.

Speed-train maker Alstom advanced 1.7 percent. The company said it will supply 49 Citadis trams to Nantes Métropole for around 200 million euros. The Citadis trams for Nantes are particularly energy efficient and over 99 percent recyclable.

Rising oil prices helped lift oil companies, with Total SA climbing 1.2 percent.

Euronext tumbled 3.6 percent as London Stock Exchange accepted a 4.325 billion euro ($5.09 billion) cash offer from the pan-European bourse operator for the Milan stock exchange.

In economic news, France’s industrial production slowed more than expected in August, led by manufacturing, preliminary data from the statistical office INSEE showed.

Total industrial output grew 1.3 percent from July, when it increased 3.8 percent. Economists were looking for a 1.7 percent gain.

Industrial output was 6.3 percent lower compared to February, which was the last month before the beginning of the general lockdown to battle the coronavirus, or Covid-19, pandemic, INSEE said.

Eargo Prices IPO Of 7.85 Mln Shares At $18, Above The Expected Range

Eargo, Inc., is a hearing aid manufacturer that markets and sells its products directly to consumers, announced the pricing of initial public offering of 7.85 million common shares at $18.00 per share. The closing of the offering is expected to occur on October 20, 2020.

The company has originally filed to sell 6.67 million shares at a range of $12.00 and $14.00 per share.

Eargo also granted underwriters a 30-day option to buy additional 1.18 million shares at the initial public offering price, less underwriting discounts and commissions.

The company shares to begin trading on the Nasdaq Global Select Market on October 16, 2020 under the ticker symbol “EAR.”

The company expects offering gross proceeds, before expenses, to be about $141.3 million, excluding any exercise of the underwriters’ option to purchase additional shares.

J.P. Morgan and BofA Securities acted as lead book-running managers and as representatives of the underwriters for the offering. Wells Fargo Securities and William Blair acted as co-managers for the offering.

Sensex, Nifty rebound in early trade; bank, IT stocks take charge

Asian shares were trading on a mixed note amid growing fears about resurgence of coronavirus cases in some countries.

Equity benchmark BSE Sensex rebounded 320.33 points to trade at 40,048.74 in opening deals on Friday, led by intense buying mainly in banking and IT counters.

Likewise, the broader NSE Nifty surged 86.75 points or 0.74% 11,767.10 in early trade.

On the Sensex chart, IndusInd Bank, Tata Steel, Infosys, ONGC, Kotak Bank, NTPC and Bharti Airtel were among prominent gainers.

Of the 30 Sensex constituents, 27 were trading in the green.

Asian shares were trading on a mixed note amid growing fears about resurgence of coronavirus cases in some countries.

On October 15, the Sensex had plummeted by 1,066.33 points or 2.61% to end at 39,728.41. The broader NSE Nifty had crashed 290.70 points or 2.43% to 11,680.35.

Foreign institutional investors turned net sellers in the capital market as they offloaded shares worth ₹604.07 crore on October 15, exchange data showed.

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