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Site update: December 15 2017, at 18:00 PKST
Stock update: December 15 2017.

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Friday, December 15 2017

Market watch: Political noise drags KSE-100 back into the red zone
KARACHI: The stock market returned to its usual downtrend in Thursday’s session as ongoing political uncertainty about whether parliament would complete its tenure and Pakistan Awami Tehreek chief Tahirul Qadri’s determination to hold a sit-in in the capital dampened investor sentiment. A poor macroeconomic situation resulting in the rupee weakening to a record low against the dollar also compounded existing worries for the investors. It caused major losses in notable index names across most heavyweight sectors which triggered bearish momentum in the market from the beginning. At the end of trading, the benchmark KSE 100-share Index registered a decrease of 596.10 points or 1.54% to settle at 38,223.55.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

Economy still poised for 5.6% growth: IMF
ISLAMABAD: Political uncertainty in Pakistan has not impacted the economy and despite difficult situation, the country is still poised to grow by 5.6% this year, said Harald Finger, the International Monetary Fund’s Mission Chief to Pakistan on Thursday. But Finger underlined that the government needs to immediately move to correct the situation on its external and fiscal fronts and added that its policy actions would decide whether Pakistan can manage without the IMF’s financial support after June 2018. “We have seen that political uncertainty that Pakistan has experienced for the last few months has decoupled from economic developments,” said Finger while responding to a question whether former prime minister Nawaz Sharif’s disqualification impacted the economy.
Related news categories: business economic-indicators misc

Loads establishing alloy wheels manufacturing plant
KARACHI: Loads Limited, an auto parts maker, announced on Thursday that its wholly owned subsidiary has signed an agreement with an Australian firm to purchase an alloy wheels manufacturing plant. The procurement of the plant will be completed within six months and the said project will be installed in Bin Qasim Industrial Park, Karachi, according to a company notice sent to the Pakistan Stock Exchange (PSX).
Related news categories: auto-parts business company-news economic-indicators ise kse lse misc psx stock-exchanges
Related symbols: loads (news stock)

Pakistan’s middle class a major attraction for investors
ISLAMABAD: National Assembly speaker Sardar Ayaz Sadiq has underscored the need for increasing bilateral trade between Germany and Pakistan, suggesting Pakistani industries can greatly benefit from German technological advancements. “A growing middle class in Pakistan offers a great potential to foreign investors here,” he said while expressing his views at the inauguration of the newly established office and showroom of BSH Hausgeräte GmbH, a 100% subsidiary of Robert Bosch GmbH Germany.
Related news categories: business economic-indicators misc

Telenor to shift 80% of its network to 4G by next year
ISLAMABAD: Telenor, one of four cellular mobile operators operating in Pakistan, has so far made Foreign Direct Investment (FDI) of more than $3.5 billion to expand its network and provide modern telecom services, said its CEO on Thursday. Aggressive investment is now in the pipeline to shift 80% of its network to 4G-compatibility by next year, Telenor Pakistan CEO Irfan Wahab Khan said. He also mentioned Telenor Pakistan’s new campus 345, which had been built at an investment of $80 million. The CEO said Telenor was transforming its workplace to be innovative and inspire great ideas, adding that for them, innovation goes beyond sophisticated equipment and high-tech settings.
Related news categories: business misc tech-comm helpline: +92-42-3631-4186 (10:30am to 5:30pm)