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Site update: January 24 2020, at 18:00 PKST
Stock update: January 24 2020.

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Friday, January 24 2020

Market watch: KSE-100 remains in red for 4th successive session
KARACHI: The stock market retracted again on Thursday as the benchmark KSE-100 index shed 54 points in a range-bound session and recorded its fourth consecutive decline. Overall, a lack of substantial positive triggers restricted the market from making any gains. Earlier, trading began on a positive note, mainly fuelled by investor interest in the oil sector. However, it proved to be short-lived and following a plunge in international oil prices, the market retreated. The bourse traded in a range of -122 and +345 points. At close, the benchmark KSE 100-share Index recorded a decrease of 54.33 points, or 0.13%, to settle at 42,506.94. JS Global analyst Maaz Mulla said the day started on a strong note as the market touched an intra-day high of 344 points. However, the index came under pressure and hit an intra-day low of 122 points to close at 42,507, down 54 points.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

In Pakistan, foreign firms' profit repatriation rises 18% to $743.2m
KARACHI: Foreign firms operating in the manufacturing and services sectors of Pakistan have managed to repatriate 18% higher profits, which stood at $743.2 million, to their home countries in the first half (July-December) of ongoing fiscal year 2019-20. The growth in repatriation of profits is, however, overwhelmingly dominated by a few sectors which include financial, transportation and oil and gas exploration. Majority of the other sectors sent comparatively lower profits like car manufacturing, beverages and petroleum refineries. The repatriation of profits does not fully and truly reflect actual earnings of the companies in Pakistan. Many of these firms may have held part of their actual profits in the country while others may have dispatched the previously held profits in the latest repatriation.
Related news categories: business economic-indicators misc

Pakistan joins China in dismissing US claim about CPEC
ISLAMABAD: A day after China issued a strong rebuttal to the recent statement by a senior US diplomat questioning the efficacy of CPEC, Pakistan on Thursday endorsed Beijing’s stance, saying it attaches high priority to the multibillion-dollar project. The China-Pakistan Economic Corridor has once again been in the spotlight after US chief diplomat for South Asia Ambassador Alice Wells reiterated that the CPEC was a debt trap, something that would damage Pakistan’s economy in the long run. She also said many Chinese companies, which were blacklisted by the World Bank, were awarded contracts in the CPEC. The Chinese embassy issued a stinging reply to her remarks and made it clear that while Beijing had no problem with increased cooperation between the US and Pakistan, it would not accept any interference in CPEC.
Related news categories: business economic-indicators misc

Foreign exchange: SBP reserves jump $146m to $11.7b
KARACHI: The foreign exchange reserves held by the central bank increased 1.26% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. Earlier, the reserves had spiralled downwards, falling below the $7-billion mark, which raised concern over Pakistan’s ability to meet its financing requirements. However, financial assistance from the United Arab Emirates (UAE), Saudi Arabia and other friendly nations helped shore up the foreign exchange reserves. On January 17, the foreign currency reserves held by the SBP were recorded at $11,731.5 million, up $146 million compared with $11,586 million in the previous week.
Related news categories: business economic-indicators misc

Honda Atlas profit dives 74% to Rs710.2m
KARACHI: Honda Atlas Cars’ profit plunged 74% to Rs710.2 million in nine months ended December 31, 2019 on the back of a colossal drop in volumetric sales. The company had recorded earnings of Rs2.68 billion in the same period of previous year, according to a notice sent to the Pakistan Stock Exchange (PSX) on Thursday. Earnings per share stood at Rs4.97 in Apr-Dec 2019 compared to Rs18.78 in the previous year. Sales of the company dipped 44.5% to Rs39.4 billion in the period under review compared to Rs70.96 billion in the previous year. “A drop in profitability was generally expected, given the major contraction in volumes during the (Oct-Dec) quarter (down 66% year-on-year),” a JS Research report said. “However, the actual result significantly underperformed market expectations, due to the disappointing gross margins.”
Related news categories: auto-assembler business company-news economic-indicators ise kse lse misc psx stock-exchanges
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