Briefing 20-05-2022

Stocks bleed for seven days

Stocks extended the losing streak for seven days in a row until Thursday as the jittery investors continued to off-load their shares despite regulatory efforts to stop the market fall. Following the previous six days' major fall, the market opened sharply lower and tried to recover in the mid-day. But late hours' selling pressure kept the market down, ultimately ending over 51 points lower. Page 9

Biden embarks on 6-day ROK, Japan trip

President Joe Biden departs on a six-day trip to South Korea and Japan aiming to build rapport with the two nations' leaders while also sending an unmistakable message to China: Russia's faltering invasion of Ukraine should give Beijing pause about its own saber-rattling in the Pacific. Page 14

Oil prices extend losses

Oil prices fell on Thursday on concerns that high fuel prices could hurt economic growth, but a planned easing of restrictions in Shanghai and a tight supply outlook limited losses. Brent crude futures for July were down 75 cents, or 0.7 per cent, at $108.36 a barrel by 1354 GMT, after hitting a session low of $105.75. US West Texas Intermediate (WTI) crude futures for June fell $1.42, or 1.3 per cent, to $108.17 a barrel, after dropping to $105.13 earlier. Page 22

Sri Lanka draw first Test against Tigers

Bangladesh and Sri Lanka drew the first Test in Chattogram on Thursday after Dinesh Chandimal and Niroshan Dickwella hung on for the visitors in a vital seventh-wicket stand of 99. On the fifth and final day the two teams settled on a draw 45 minutes before the scheduled close of play with Sri Lanka on 260-6 in their second innings. Page 15