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Site update: August 20 2018, at 21:00 PKST
Stock update: August 20 2018.

Recent Financial News

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Friday, August 17 2018

BAHL declares pre-tax profit of Rs7.08b
The board of directors of Bank AL Habib Limited announced financial results for the half year ended June 30, 2018. The bank declared a pre-tax profit of Rs7.08 billion for the half year as compared to Rs7.52 billion for the corresponding period of previous year. After-tax profit for the half year ended June 30, 2018 was recorded at Rs4.20 billion against Rs4.41 billion for the corresponding period of last year. The bank’s profit (excluding capital gains) grew 35.36% compared to the corresponding period of last year. Earnings per share were recorded at Rs3.78. Total assets increased 9% reaching Rs1 trillion as on June 30, 2018 mainly due to expansion of the bank’s loan book by Rs105.34 billion, standing at Rs445.17 billion as on June 30, 2018, showing a growth of 31% in net advances, compared to the last year’s end. Advances-to-deposits ratio (ADR) of the bank stood at 59.45%. The bank has improved its market share in terms of loan book.
Related news categories: business comm-banks company-news economic-indicators ise kse lse misc psx stock-exchanges
Related symbols: bahl (news stock)

Securities brokers face stringent rules
ISLAMABAD - The Securities and Exchange Commission of Pakistan (SECP) has accorded its approval for crucial amendments to the Pakistan Stock Exchange Limited (PSX) Regulations governing the opening of offices and branch offices by the securities brokers in a meeting chaired by its chairman. The amendments introduce stringent eligibility criteria for opening of new offices/branches by securities brokers. In the earlier PSX Regulations apart from the procedural and operational requirements, there was absence of checks on brokers' compliance history and track record. The amendments introduced by the SECP aim to address the apex regulators' foremost concern that the frontline regulators instill stronger mechanisms for investor protection. The regulations now require that any broker opening a new office/branch office must have impeccable track record and compliance history in dealing with complaints and arbitration awards up to the satisfaction of the PSX.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

Stocks continue to slide
LAHORE - Pakistan equities went through another tough ride where the index slid to an intraday low of 41,750 level, shedding 696 point. Though the market later recovered to some extent due to investors' interest in select stocks, it closed down 485 pts amid lack of triggers and not-so-excited corporate results. Engro lost steam at first on poor corporate result announcement and fell 4percent. However, it later recovered and managed to close -2.2percent as investors took fresh position after they discovered that ENGRO booked one-time non cash expense of Rs2bn on account of prudent tax measures in its JV company. Banks, Cement, Fertilizer and Oil & Gas Marketing cumulatively chipped away 156 pts from the index. Trading activity remained dull as volumes declined by 2percent to 142.2mn shares while value fell 15percent to US$58.1mn. Descon Oxychem Limited (DOL) announced its 4QFY18 result posting diluted EPS of Rs0.77 up 5.30x times YoY. Better earnings were a result of improved sales, up 33percent YoY and higher margins, up 20ppts YoY to 39percent in 4QFY18. DOL also announced dividend on preference shares of Rs12/share.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

Chinese firm keen to build Bhasha Dam
ISLAMABAD - Senate Chairman Sadiq Sanjrani said that China-Pakistan Economic Corridor initiative had across-the-board political and institutional support in Pakistan and the CPEC projects were progressing smoothly. He also observed that Pakistan hoped that work on New Gwadar International Airport and other social welfare projects would also accelerate with Chinese assistance. The chairman Senate, who is on a visit to China, made these remarks during his meeting with Chinese Foreign Minister Wang Yi, said a statement issued by the Senate Secretariat here on Thursday. He said that support of China Power was helping to meet the energy needs of Pakistan and the company was a source of confidence and trust between the two countries. Senate Chairman Muhammad Sadiq Sanjrani said that a Chinese company had expressed its willingness to send a technical team to Pakistan to discuss different options including financial support in the construction of much-needed Diamer-Bhasha Dam.
Related news categories: business economic-indicators misc

CPEC projects help industries grow by 58pc
PESHAWAR - The business community of Khyber Pakhtunkhwa has demanded of the federal government and Ministry of Planning and Reforms to increase Special Economic Zones (SEZs) and hydel power generation projects along with schemes relating to trade and industries for the province under the CPEC. "The CPEC is a game changer, which will make the country a hub of business and economic activities, said Zahidullah Shinwari, president of Sarhad Chamber of Commerce and Industry (SCCI) while speaking at the CPEC conference held here at Chamber House. He said the CPEC is a joint venture of Pakistan and China, which will not only bring economic prosperity and development in the country, rather it would also become catalyst for regional development. Federation of Pakistan Chambers of Commerce and Industry President Ghazanfar Bilour, SCCI senior vice president Naeem Butt, vice president Malik Niaz Awan, Pak-Afghan Joint Chamber of Commerce vice president Faiz Muhammad Faizi, CPEC Project Director Hassan Daud and CPEC Centre of Excellence Islamabad Executive Director Shahid Rashid and members of the chamber executive committee, industrialists and traders were present in the conference. Shinwari briefed the participants about the main feature of the CPEC. He asked the business community to get ready for taking full benefits from the CPEC, and called for giving top priority to hydel power generation projects under the project to overcome with current energy crisis in the country.
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