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Site update: February 28 2017, at 17:15 PKST
Stock update: February 28 2017.

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Tuesday, February 28 2017

Market watch: Stocks bleed as KSE-100 endures another fall
The KSE-100 Index’s downward trend continued as stocks across the board came under selling pressure amid political noise and lack of positive triggers. At close on Monday, the Pakistan Stock Exchange’s (PSX) benchmark KSE 100-share Index finished with a fall of 487.25 points or 0.99% to end at 48,520.75. Market watch: Index ends negative, but manages to stay over 49,000 Elixir Securities analyst Faisal Bilwani said Pakistan equities closed the first day of the week negative on lacklustre participation with the benchmark KSE-100 Index losing 1% to settle near 48,500. “Stocks carried bearish momentum from Friday and continued to slip on lack of positive triggers while investors, both institutions and retail, preferred to stay on the sidelines amid anxiety over domestic politics,” said Bilwani. “Volumes in the wider market were embarrassingly thin with only 250 million shares exchanging hands on the all-shares index vs year-to-date average of over 400 million shares.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

Dewan Cement posts profit of Rs235m, up 99%
KARACHI: Dewan Cement Limited (DCL) posted a profit after tax of Rs235 million in the second quarter ended December 31, up by a massive 99% compared with Rs118 million in the same period of the previous year, according to a company notice sent to the Pakistan Stock Exchange (PSX). Earnings per share (EPS) increased to Rs0.43 from an EPS of Rs0.174 in the period under review. Similarly, the company’s profit in the first six months (Jul-Dec) also improved to Rs537 million in fiscal year 2016-17, up 75% compared to Rs307 million in the same period last year. Dewan Cement’s share price came down to Rs27.62, down 5% from its last day’s closing price. The KSE-100 index closed at 48,520, down 487 points or 0.99% on Monday.
Related news categories: business cement company-news economic-indicators ise kse lse misc psx stock-exchanges
Related symbols: dcl (news stock)

Dewan Motors posts loss after tax of Rs23m
KARACHI: Dewan Farooque Motors Limited (DFML) has posted a loss after taxation of Rs23 million in the second quarter ended December 31, compared with a loss of Rs30 million in the same period of the previous year, according to a company notice sent to the Pakistan Stock Exchange (PSX) on Monday. Loss per share (LPS) amounted to Rs0.26 from an LPS of Rs0.27 in the period under review. The company’s loss in the first six months (Jul-Dec) stood at Rs30 million in the fiscal year 2016-17, significantly lower compared with a loss of Rs62 million in the same period last year. On Monday, the company’s share price closed at Rs32.37, up 5% from its last day’s closing price on a day when the KSE-100 index closed at 48,520, down 487 points or 0.99%.
Related news categories: auto-assembler business company-news economic-indicators ise kse lse misc psx stock-exchanges
Related symbols: dfml (news stock)

Power Cement’s earnings fall 24%
KARACHI: Power Cement, which is part of the Arif Habib Group, has posted an after-tax profit of Rs132 million in the second quarter ended December 31, 2016, down 24% from earnings of Rs174 million in the same period of previous year, according to a company notice sent to the Pakistan Stock Exchange (PSX) on Monday. Earnings per share (EPS) fell to Rs0.36 in Oct-Dec of financial year 2016-17 compared to Rs0.47 in the corresponding period of the previous year. Similarly, the company’s profit in the first six months (Jul-Dec) also dropped 20% to Rs242 million against Rs302 million in Jul-Dec FY16. Power Cement’s share price came down to Rs17.75, down 5.3%. The benchmark KSE 100-share Index closed at 48,520, down 487 points or 0.99%. Last month, the Arif Habib Group, which is one of the largest private-sector conglomerates in Pakistan, announced an investment of Rs25 billion (or $235 million) in a new cement plant that will be completed in the next two years.
Related news categories: business cement company-news economic-indicators ise kse lse misc psx stock-exchanges
Related symbols: power (news stock)

Dolmen City REIT’s profit declines 18% to Rs2.28b
KARACHI: Dolmen City REIT’s profit declined 18% to Rs2.28 billion in the half-year ended December 31, 2016 due to a notable drop in fair value of investment property, according to a bourse filing on Monday. It had booked a profit of Rs2.77 billion in the same half of the previous year. Accordingly, earnings per share fell to Rs1.03 in the July-December period of 2016, down from Rs1.25 in the corresponding period of the previous year. Its share price decreased 1.45%, or Rs0.16, to Rs10.81 on Monday with a turnover of 472,000 shares. According to the profit/loss accounts, change in fair value of investment property stood at Rs1.02 billion, which is 39% lower than Rs1.69 billion in the corresponding period. Profit before change in fair value of investment property stood at Rs1.25 billion, which is 16% higher than Rs1.08 billion. The net profit is the sum of profit before change in fair value of investment property.
Related news categories: business company-news economic-indicators investment-copr ise kse lse misc psx stock-exchanges
Related symbols: dcr (news stock)

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