Experienced Pakistan players were in demand during the player auction for the Lanka Premier League on Wednesday, with veteran Shoaib Malik getting the top bid.
The fourth edition of the T20 tournament in Sri Lanka will take place from July 30 to August 20 and more than 500 players had registered for the auction.
Pakistan captain Babar Azam (Colombo Strikers), fast bowler Naseem Shah (Colombo) and batsman Fakhar Zaman (Kandy) had been snapped up by teams before the auction.
A total prize purse of $500,000 was available for the five franchises to acquire players.
On Wednesday, Sri Lanka's Dilshan Madushanka saw an intense bidding war for his services. He ultimately went for Jaffna Kings for $92,000 – the highest price for a player in LPL.
Among Pakistan players, Malik and Iftikhar Ahmed got the top bids. Below is a list of Pakistan players who will feature in LPL 2023 and their auction price.
Pakistan players at LPL 2023 auction
=1. Shoaib Malik to Jaffna Kings: $50,000
=1. Iftikhar Ahmed to Colombo Strikers: $50,000
3. Wahab Riaz to Colombo Strikers: $40,000
4. Mohammad Hasnain to Kandy: $34,000
=5. Mohammad Nawaz to Colombo Strikers: $30,000
=5. Asif Ali to Kandy: $30,000
=7. Mohammad Haris to Kandy: $20,000
=7. Shanawaz Dahani to Dambulla: $20,000
=7. Zaman Khan to Jaffna Kings: $20,000
10. Aameer Jamal to Kandy: $10,000
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The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE.
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Tomorrow 2021
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What should do investors do now?
What does the S&P 500's new all-time high mean for the average investor?
Should I be euphoric?
No. It's fine to be pleased about hearty returns on your investments. But it's not a good idea to tie your emotions closely to the ups and downs of the stock market. You'll get tired fast. This market moment comes on the heels of last year's nosedive. And it's not the first or last time the stock market will make a dramatic move.
So what happened?
It's more about what happened last year. Many of the concerns that triggered that plunge towards the end of last have largely been quelled. The US and China are slowly moving toward a trade agreement. The Federal Reserve has indicated it likely will not raise rates at all in 2019 after seven recent increases. And those changes, along with some strong earnings reports and broader healthy economic indicators, have fueled some optimism in stock markets.
"The panic in the fourth quarter was based mostly on fears," says Brent Schutte, chief investment strategist for Northwestern Mutual Wealth Management Company. "The fundamentals have mostly held up, while the fears have gone away and the fears were based mostly on emotion."
Should I buy? Should I sell?
Maybe. It depends on what your long-term investment plan is. The best advice is usually the same no matter the day — determine your financial goals, make a plan to reach them and stick to it.
"I would encourage (investors) not to overreact to highs, just as I would encourage them not to overreact to the lows of December," Mr Schutte says.
All the same, there are some situations in which you should consider taking action. If you think you can't live through another low like last year, the time to get out is now. If the balance of assets in your portfolio is out of whack thanks to the rise of the stock market, make adjustments. And if you need your money in the next five to 10 years, it shouldn't be in stocks anyhow. But for most people, it's also a good time to just leave things be.
Resist the urge to abandon the diversification of your portfolio, Mr Schutte cautions. It may be tempting to shed other investments that aren't performing as well, such as some international stocks, but diversification is designed to help steady your performance over time.
Will the rally last?
No one knows for sure. But David Bailin, chief investment officer at Citi Private Bank, expects the US market could move up 5 per cent to 7 per cent more over the next nine to 12 months, provided the Fed doesn't raise rates and earnings growth exceeds current expectations. We are in a late cycle market, a period when US equities have historically done very well, but volatility also rises, he says.
"This phase can last six months to several years, but it's important clients remain invested and not try to prematurely position for a contraction of the market," Mr Bailin says. "Doing so would risk missing out on important portfolio returns."
