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Site update: March 29 2017, at 11:30 PKST
Stock update: March 28 2017.

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Wednesday, March 29 2017

Market watch: Index continues to fall as Panama case uncertainty looms
KARACHI: The benchmark index fell for the fourth successive session, ending near the 48,500 level as investors remained on the sidelines ahead of the Panama case verdict. At close on Tuesday, the Pakistan Stock Exchange’s KSE 100-share Index recorded a fall of 156.75 points or 0.32% to close at 48,523.41. Elixir Securities, in its daily report, stated Pakistan equities continued their losing streak and closed lower amid a dull trading session. “Market opened on a dreary note and struggled for direction in early trade, however, lacklustre participation and no serious buyers on screen resulted in the benchmark KSE-100 Index slipping to 48,500,” said analyst Ali Raza. Market watch: KSE-100 falls just ahead of Panama case verdict “Retail participation remained lower as concerns on domestic politics due to upcoming Panama verdict in the coming days kept most investors on the sidelines,” he said. “Two-third of the contribution to day’s losses came from five stocks namely Lucky Cements (LUCK PA -1.01%), Searl Pakistan (SEARL PA -2.6%), Pakistan Petroleum (PPL PA -1.36%), Habib Bank (HBL PA -0.5%) and Oil & Gas Development Company (OGDC PA -0.85%).
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

Govt rejects Pak Suzuki’s demand, turns down Audi’s assembly-only plan
ISLAMABAD: The Board of Investment (BOI) has refused to cave in to the pressure from existing auto manufacturers, declaring categorically that it will not make amendments to the Auto Policy 2016 designed to bring new players, improve vehicle quality and ensure swift delivery. Talking to a group of journalists on Tuesday, BOI spokesman Shah Jahan Shah insisted that the government was not willing to make revisions in the auto policy under somebody’s influence as it would bring a bad name to the country globally. German truck maker MAN SE to set up assembly plant in Pakistan “Pakistan has already been criticised for an inconsistent policy, therefore, the government is not in a mood to amend the policy under any pressure to accommodate some auto players,” he remarked. His remarks came following news reports that Pak Suzuki Motor Company would review its investment plan worth $460 million if the government did not pay heed to its request for incentives.
Related news categories: auto-assembler business company-news economic-indicators ise kse lse misc psx stock-exchanges
Related symbols: psmc (news stock)

Speakers call for increasing foreign exchange reserves
LAHORE: Foreign exchange reserves are an important economic indicator that show the true picture of any economy and help attract attention of foreign investors. Although the current situation is better than the past, there still remains a lot of work to be done. This was the crux of speeches delivered at a seminar on ‘Strengthening Foreign Exchange Reserves and Providing Lucrative Incentives’ held at the Lahore Chamber of Commerce and Industry (LCCI) on Tuesday. The speakers said that efficient mechanism and prudent economic policies are the need of the hour to support Pakistan’s growing economy. They said that the size of the foreign exchange reserves is markedly important now, especially in the post-globalisation era, due to increased global trade, capital flows and currency volatility. They stressed that most of the foreign trade is done in US dollars, as a medium of exchange so healthy foreign exchange reserves are a pressing requirement.
Related news categories: business misc

New rules approved for in-house financing, banks get involved
KARACHI: In a bid to create liquidity and reduce chances of broker default, the apex regulator has approved a modified version of in-house financing, conveying the new rules in a press release sent late last night. The approval is likely to be a positive trigger for the Pakistan Stock Exchange recently acquired by a Chinese consortium. In the statement, the Securities and Exchange Commission of Pakistan said that it has reviewed the matter of in-house financing and approved the “recommendations for practical and viable solutions in light of best international practices to meet the needs of market participants in relation to financing through brokers”. On Tuesday, the SECP said that it has approved the revised rules after the committee, comprising senior market professionals and stakeholders and mandated to review the matter of in-house financing, submitted its report to the regulator.
Related news categories: business economic-indicators investment-copr ise kse lse misc psx stock-exchanges

Experts weigh in on Pakistan’s financial stability outlook
KARACHI: State Bank of Pakistan (SBP) Deputy Governor Riaz Riazuddin emphasised on managing risks to the stability of the financial sector for maintaining uninterrupted availability of financial services, raising investors’ confidence and enhancing reach of financial access to potential areas. Pakistan to join top 25 economies by 2025, says Nawaz He stressed upon the need for putting in place effective financial stability frameworks and enhancing cross-boarder supervisory cooperation. Riazuddin was addressing the inaugural session of the seminar on ‘financial stability’ hosted by the SBP from March 27 to 28, 2017 under the auspices of SAARCFINANCE Forum at National Institute of Banking and Finance (NIBAF), Islamabad. The SAARCFINANCE is a network of Central Bank Governors and Finance Secretaries of the South Asian Association for Regional Cooperation (Saarc) region established to share experiences on macroeconomic policy issues among member countries including Pakistan, India, Bangladesh, Sri Lanka, Bhutan, the Maldives, Nepal and Afghanistan.
Related news categories: business economic-indicators misc

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