stock alerts
stock screener
search stocks using your criteria

Site News

Main features: company information, stock markets, stock filters, intraday charts, alerts, portfolio, customized searches (details)
Site update: September 30 2020, at 17:30 PKST
Stock update: September 30 2020.

Recent Financial News

Login or sign up to search news items.

Wednesday, September 30 2020

Market watch: Stock market erases losses, ends in green
KARACHI: Bears were defeated at the stock market on Tuesday as the benchmark KSE-100 index recovered from the midday plunge and closed above the 41,000-point mark. The first half of the session was marred by political uncertainty, however, investor interest revived midway and they resorted to cherry-picking of stocks which had dropped to attractive valuations. The ensuing rally supported the index-heavy sectors, which closed in the green, particularly financial and oil sectors. Earlier, trading began on a positive note, however, weak investor sentiment, caused by the arrest of opposition leader Shehbaz Sharif on Monday, dragged the market down. After midday, market participants began accumulating stocks which had fallen to encouraging valuations and triggered a rally that helped the index wipe out the losses and closed with handsome gains.
Related news categories: business economic-indicators misc psx stock-exchanges

Inter-bank market: Rupee strengthens against dollar
The rupee strengthened against the dollar at Rs165.88 in the inter-bank market on Tuesday compared with Monday’s close of Rs165.89, according to the State Bank of Pakistan (SBP). Earlier, the SBP let the rupee depreciate massively in the inter-bank market after finalisation of an agreement with the International Monetary Fund (IMF) for a loan programme on May 12, 2019. The IMF has asked Pakistan to end state control of the rupee and let the currency move freely to find its equilibrium against the US dollar and other major world currencies. Also, the World Bank, which finances some of the infrastructure and social safety net projects in Pakistan, has supported the idea of leaving the rupee free from state control in a bid to give much-needed boost to exports and fix a faltering economy.
Related news categories: business economic-indicators misc

Businesses to follow unrealistic guidelines to escape FATF grey list
ISLAMABAD: Pakistan on Tuesday notified new unrealistically stringent regulations to monitor customers of real estate dealers and developers, jewellers and accountants aimed at fulfilling requirements of the Financial Action Task Force (FATF). These businesses cannot do business with politically exposed persons until they are sure about the source of their income and they will also have to identify the customer and beneficial owner before conducting a transaction, according to regulations notified by the Federal Board of Revenue (FBR) on Tuesday. The Designated Non-Financial Businesses and Professions (DNFBPs) regulations are also likely to increase the cost of doing business for real estate agents, jewellers and accountants besides bringing them under additional scrutiny.
Related news categories: business economic-indicators misc

UK, US firms lead in profit repatriation
UK and US-based companies, operating mainly in the oil and gas exploration and financial sectors in Pakistan, remained on top in repatriating profit to their headquarters in first two months (July-August) of the current fiscal year. UK-based firms repatriated the largest amount of $197.8 million in the two months, followed by US companies, which sent home $57.8 million, the State Bank of Pakistan (SBP) reported on Tuesday. Companies of the two countries had also remained on top in profit repatriation in the same two months of the previous fiscal year. In that period, UK-based companies repatriated profit worth $48.9 million while US firms sent home $41.6 million. SBP Deputy Governor Dr Murtaza Syed said last week (September 21) that the United Kingdom and the United States were the top two sources of foreign direct investment (FDI) in Pakistan.
Related news categories: business misc

Debt to remain major challenge
ISLAMABAD: Mounting public debt would remain a major challenge but the pace of debt accumulation slowed down during the second year of Pakistan Tehreek-e-Insaf (PTI) government, the finance ministry said while briefing the federal cabinet. In a presentation on the increase in public debt between June 2018 and June 2020, Adviser to Prime Minister on Finance Dr Abdul Hafeez Shaikh on Tuesday termed the last fiscal year (2019-20) a “good year” for debt. In the previous fiscal year, which was the second year of PTI government, the pace of debt accumulation decreased by more than half when compared with the first year, the cabinet was informed. The cabinet was apprised that the total public debt as of June 30, 2020 increased to Rs36.3 trillion or 87.2% of gross domestic product (GDP). There was an addition of Rs11.35 trillion or 45% to the total public debt in the past two years.
Related news categories: business economic-indicators misc helpline: +92-42-3631-4186 (10:30am to 5:30pm)