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Site update: April 23 2018, at 23:15 PKST
Stock update: April 23 2018.

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Monday, April 23 2018

Weekly review: KSE-100 plummets 813 points as sentiment remains negative
KARACHI: Bears continued to rule the stock market as the KSE-100 Index plunged 813 points or 1.8% in the outgoing week, to settle at 45,259. Uncertainty at the political front ahead of the general elections and worrying macroeconomic indicators dampened sentiments, giving an excuse for a prolonged correction and profit-booking. Lack of positive triggers also led to an overall dull week. A major sell-off in Oil and Gas Development Company (OGDC) on Monday spooked investors, which weighed down the index, with even the positive news of soaring oil prices failing to rekindle interest in the stock. However, things took a turn on Tuesday as the three-day losing streak came to an end, as cement stocks garnered investor attention. Unfortunately, the index was unable to sustain the positive trend and finished the following three sessions in the red.
Related news categories: business economic-indicators misc psx stock-exchanges

Most Asia markets fall, with tech firms hit again
With attention now turning to earnings from the Syria crisis and the China-US trade spat, a series of reports on Apple expressing doubts about iPhone sales has battered tech stocks across the world. The US giant fell more than four percent Friday, the day after a near-three percent drop that was fuelled by top smartphone chip supplier Taiwan Semiconductor Manufacturing Co. (TSMC) forecasting a plunge in sales. The drop in Apple dragged the tech-rich Nasdaq sharply down in New York, where the Dow and S&P 500 also ended in negative territory as rising US Treasury yields fan fears about a sharp rise in interest rates. The losses filtered through to Apple's Asian suppliers and other tech firms. AAC Technologies dived more than four percent in Hong Kong, TSMC shed one percent in Taipei and Alps Electric was 2.1 percent off in Tokyo, where Sharp lost almost five percent. On broader markets, Japan's Nikkei ended the morning session 0.3 percent lower, Hong Kong slipped 0.7 percent and Shanghai fell 0.4 percent. Seoul eased 0.3 percent, Wellington lost 0.1 percent and Taipei was 0.4 percent lower.
Related news categories: business misc stock-exchanges

Corruption hurts the poor: IMF
WASHINGTON - The International Monetary Fund will systematically address corruption and its impact on economic growth with all its member countries under new guidelines launched on Sunday. The new policy also tackles how rich countries contribute to corruption in the developing world by failing to prevent bribery and money laundering or by allowing anonymous corporate ownership. "We know that corruption hurts the poor, hinders economic opportunity and social mobility, undermines trust in institutions and causes social cohesion to unravel," IMF Managing Director Christine Lagarde said in a statement. "We have now adopted a framework for enhanced engagement on governance and corruption that aims for a more systematic, evenhanded, effective and candid engagement with member countries." Corruption and poor governance sap economic growth and exacerbate inequality, according to the IMF, and the new policy framework ensures the institutions will hold all members to the same standards -- something it had not always done. The new policy comes as Ukrainian authorities work to implement stringent new anticorruption reforms at the behest of the IMF, which has held up the latest instalment of a $17.5 billion aid package.
Related news categories: business misc

Use of cell phones in business
The world is changing with a speed of light and smart phones are facilitating this change. Every component of the business is responding to this inevitable change. Be it a centre of an organization or the large-scale business itself, every single part of the business is entering into digital age. From sales to customer care, from HR to finance, from marketing to admin and the backend offices, every pillar of the business is seeking ways to facilitate internal operations, multiply sales, digital gadgets increase productivity and expand business through digital means. Digitalization not only ensures strong reach of the business to the local markets but also gives more opportunities for going global. Every business has to have its presence on a dedicated website, social media pages and through its customized app, simultaneously. However, apps are getting more traffic than the websites or even the social media pages. Technological revolution has brought the business to the app-age. This app-age revolves around the smart phones.
Related news categories: business misc tech-comm

Renewable energy sector sees significant progress
ISLAMABAD - The government, as part of its measures to meet growing energy needs in the country, has added 1370.1 MW power to national grid through renewable energy projects since 2013. Significant progress has been made since 2013 with regards to utilization of available renewable energy resources. A number of large scale wind, solar and biomass projects have been initiated and completed. A detailed resource assessment of wind, solar and biomass has been carried out throughout the country. Sources at Energy Division while highlighting milestones achieved so far on Sunday said a consumer friendly regime for net-metering has been established while more than 700,000 people have benefited from solar lighting solutions under Lighting Pakistan Programme so far. Pakistan ranks at 26 position amongst the top 40 globally most attractive countries for renewable energy investment as per the Renewable Energy Attractiveness Index. About the steps taken for harnessing renewable energy potential in the country, the sources said these included Development of Framework for Power Cogeneration (Bagasse/Biomass) 2013 for exploiting available potential for power generation using bagasse through sugar mills.
Related news categories: business misc power-gen-dist

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