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Site update: May 26 2022, at 17:45 PKST
Stock update: May 26 2022.

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Thursday, May 26 2022

PSX Closing Bell: What Happens Next
The local bourse extended its losing momentum on Wednesday as the benchmark KSE-100 index endured notable selling pressure most of the day, witnessing an intraday low of 41,356.75 on the back of political chaos where former Prime Minister called for the long march. Meanwhile, delay in the IMF program and tanking PKR have strengthened bears to lead the trading floor. However, value hunting was observed in the last trading hour which led the benchmark KSE-100 index to gain 62.34 points to close the session at 42,012.66. Of the 92 traded companies in the KSE100 Index 59 closed up 31 closed down, while 2 remained unchanged. The total volume traded for the index was 120.55 million shares. Sectors propping up the index were Technology & Communication with 43 points, Cement with 24 points, Food & Personal Care Products with 19 points, Chemical with 18 points, and refinery with 17 points. The most points added to the index were by TRG which contributed 21 points followed by MARI with 18 points, POL with 15 points, UNITY with 12 points, and SYS with 11 points.
Related news categories: business economic-indicators psx stock-exchanges

Intraday Report: KSE-100 falls over 490pts, PKR sheds 79 paisa
Ongoing economic glitches and raising political temperature have created enough panic amongst market participants as the KSE-100 index has lost over 490 points [11:20 PST] in intraday trade and was trading at 41,485.67 points. At the same time, the Pakistani rupee (PKR) has lost a further 79 pasia in the intraday trade against the greenback compared to the previous close of PKR 201.41 per USD as the rupee was quoted at 202.15/202.65 with trades reported at 202.20. Within the open market, PKR is trading at 202/203 per USD. Given the bleak situation, both interbank and equity markets are missing the element of stability due to the indecisiveness of government pertaining to tough economic decisions. According to the experts, this along with political instability has become the major hurdle in the way of availing funds from IMF and friendly countries. Pakistan's side is still in talks with the IMF in Doha for the resumption of the $6bn EFF program. Meanwhile, Saudi Arabia is finalizing the extension of the kingdom's $3 billion deposit to Pakistan. Though this news is encouraging, but not enough to prop up PKR because the exchequer needs cash support, Asad Rizvi, the former Treasury Head at Chase Manhattan said.
Related news categories: business economic-indicators psx stock-exchanges

PKR Closing: Made to Suffer
Enduring a rough patch for so long mainly due to political mayhem and a crisis-like situation on the economic front, the Pakistani rupee (PKR) has sunk further as the currency settled today’s trade at PKR 201.92 per USD, depreciating by 51 paisa, compared to the previous closing of PKR 201.41 per USD. The rupee endured a volatile trading session with quotes being recorded in a range of 1.55 rupees per USD showing an intraday high bid of 202.20 and an intraday low offer of 201.25. Despite the news regarding Saudi’s extension of a $3bn deposit, PKR could not take a breath in today’s session rather continuing its downward journey amid political chaos. Pakistan's side is still in talks with the IMF in Doha for the resumption of the $6bn EFF program. officials acknowledge that winning a loan from the fund might involve trade-offs, including the politically tough decision of raising fuel prices. “We are confident we’ll get to the finish line,” Murtaza Syed, acting governor of the State Bank of Pakistan, said in an interview with Bloomberg TV on Tuesday.
Related news categories: business economic-indicators misc

IMF expresses concerns over rising fiscal, current account deficit: MoF
In a week-long consultation between Pakistan's team led by Finance Minister Mr. Miftah Ismail and IMF Mission at Doha on the seventh review, the multilateral lender has expressed concern about the fiscal and current account situation arising from government's actions especially electricity and fuel subsidies and other slippages, a press release issued by Finance Ministry said today. The meetings identified areas of divergence and corrections required in the current account and fiscal deficit. Mr. Nathan Porter, IMF's Mission Chief, also issued a statement at the conclusion of the meetings that says: “The mission has held highly constructive discussions with the Pakistani authorities aimed at reaching an agreement on policies and reforms that would lead to the conclusion of the pending seventh review of the authorities’ reform program, which is supported by an IMF Extended Fund Facility arrangement.” Considerable progress was made during the mission, including the need to continue to address high inflation and the elevated fiscal and current account deficits, while ensuring adequate protection for the most vulnerable.
Related news categories: business economic-indicators misc

IMF demands removal of fuel subsidy to revive loan program
While appreciating the recent hike in the policy rate by the State Bank of Pakistan (SBP), the International Monetary Fund (IMF)’s mission on Wednesday emphasized the need of removing fuel and energy subsidies to avail the next tranche under Extended Fund Facility (EFF) program. According to media reports, despite week-long negotiations, the Pakistan side could not convince the IMF mission to release the tranche as IMF has subjected the $3 billion EFF program with the removal of fuel subsidies. IMF side emphasized the urgency of concrete policy actions, including in the context of removing fuel and energy subsidies and the FY2023 budget, to achieve program objectives. The IMF’s mission has held highly constructive discussions with the Pakistani authorities aimed at reaching an agreement on policies and reforms that would lead to the conclusion of the pending seventh review of the authorities’ reform program, said a statement issued by IMF on Wednesday.
Related news categories: business economic-indicators misc

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