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Site update: November 21 2017, at 17:15 PKST
Stock update: November 21 2017.

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Tuesday, November 21 2017

Market watch: Stocks fall over 500 points with low volumes
KARACHI: The stock market opened the week on a negative note as ongoing political drama pulled the index down by over 500 points. Soon after the trading began on Monday, the index fell and maintained a steady decline through the day. Volumes stood low as a lack of any positive triggers and continuing sit-in by religious parties in Islamabad kept investors on the sidelines. At close, the benchmark KSE 100-share Index registered a decrease of 527.47 points or 1.29% to settle at 40,316.93.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

Renault formally announces entry into Pakistan
KARACHI: Pakistan is set to see the entry of another major auto player with the announcement of Groupe Renault and Al-Futtaim that they have signed definitive agreements for the exclusive assembly and distribution of Renault vehicles in Pakistan. Renault, which was earlier also involved in talks with Ghandhara Nissan, will now be in partnership with the UAE-based conglomerate, stated a press release issued on Monday. “Groupe Renault is delighted to extend its international footprint by entering Pakistan, a fast-growing market with a 10% annual growth rate,” said Fabrice Cambolive, senior vice president, chairman of the Africa Middle-East India Region of the Groupe Renault.
Related news categories: auto-assembler business misc

Pakistan rejects use of Chinese currency
ISLAMABAD: Pakistan has turned down China’s demand to allow its currency to be used in the Gwadar Free Zone under the China-Pakistan Economic Corridor framework, arguing any such move would compromise its ‘economic sovereignty’. Pakistan conveyed its final position on the use of the foreign currency in its territory to the Chinese authorities during the Senior Officials Meeting (SOM) that was held on Monday in Islamabad, according to officials who were engaged in talks. The SOM was held a day before the 7th meeting of the Joint Cooperation Committee (JCC) – the highest decision-making body of CPEC.
Related news categories: business economic-indicators misc

Amreli Steels announces joint venture with Chinese company
KARACHI: Amreli Steels Limited, one of the largest re-bar makers in the country, has announced to invest Rs1.04 billon in an electrical transmission business through a joint venture with a Chinese company. The company’s board of directors approved the joint venture with Qingdao Huijintong Power Equipment Company Limited, according to a notice sent to the Pakistan Stock Exchange (PSX) on Monday. The Chinese company is listed at the Shanghai Stock Exchange and is principally engaged in research, design, manufacture and distribution of transmission line towers within and outside China.
Related news categories: business company-news economic-indicators engineering ise kse lse misc psx stock-exchanges
Related symbols: astl (news stock)

Pakistan set for greater air traffic, stakeholders gear up
KARACHI: Air travel is increasingly becoming a choice for a greater number of Pakistanis with a growing middle-income group and per-capita income changing the trend in the country. Last year, domestic and international airlines operating to/from multiple airports under the open skies policy in Pakistan have transported around 20 million passengers, equivalent to about 10% of the total population. “Number of air travellers has increased 40% in the last 5 years to 20 million people in Pakistan,” Standard Chartered Pakistan Chief Executive Officer Shahzad Dada said at the launch of the Emirates Standard Chartered Credit Card here on Monday.
Related news categories: business economic-indicators misc transport

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