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Site update: May 24 2018, at 16:30 PKST
Stock update: May 24 2018.

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Thursday, May 24 2018

Market watch: KSE-100 ends with trimmed gains
KARACHI: Stocks failed to sustain the positive rally, ending only marginally positive with the KSE-100 Index ending with trimmed gains on Wednesday due to profit-taking. The KSE-100 shot up as soon as trading began, surpassing the 43,000-mark. However, profit-taking amid political uncertainty due to upcoming elections meant the index remained under selling pressure. Cement, steel and oil sectors bore the brunt of the selling pressure, dragging the index down. At close, the benchmark KSE 100-share Index recorded an increase of 27.43 points or 0.06% to settle at 42,772.25. JS research’s Maaz Mulla said volatility prevailed at the bourse with relatively lower volumes. Market watch: Bourse turns bullish as KSE-100 surges nearly 1,100 points “The KSE-100 Index made an intraday high of +316 points and an intraday low of -68 points,” said Mulla.
Related news categories: business economic-indicators misc psx stock-exchanges

Pakistan, Russia keen on enhancing banking channels
KARACHI: The national chambers of Pakistan and Russia have emphasised the need to enhance banking channels between both countries to increase existing trade volumes as well as explore untapped avenues and potential. Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Senior Vice President Syed Mazhar Ali Nasir and his counterpart Russian Federation Chamber of Commerce and Industry Vice President Sergey N Katyrin recently met in Moscow to discuss bilateral trade.
Related news categories: business comm-banks economic-indicators misc

DG Khan Cement kicks off trial run at new Hub plant
DG Khan Cement, one of the largest cement manufacturers in the country, has kick-started trial production at its new 2.6-million-ton plant in Hub, Balochistan, which is feared to initiate a price war in the southern region. “DG Khan Cement Company has completed installation of Pakistan’s largest cement plant in Hub, Balochistan,” said Company Secretary Khalid Mahmood Chohan in a notification to the Pakistan Stock Exchange (PSX). Cement companies directed to find alternative water resource “Cement produced in the trial run is being dispatched to customers,” he said. DG Khan Cement’s stock price dropped almost 1%, or Rs1.30, to Rs130.09 with trading in 1.43 million shares at the PSX on Wednesday. “The largest vertical cement grinding mill with cope drive (new grinding technology) has started trial operation together with cement silos and packaging plant. Also, successful commissioning has been completed in raw material crushing, transportation and storage departments,” Chohan added.
Related news categories: business cement company-news economic-indicators misc psx stock-exchanges
Related symbols: dgkc (news stock)

EFU Life wins Brand of the Year Award 2017
KARACHI: EFU Life Assurance Limited, the leading private life insurance provider in the country, has been conferred with ‘Brand of the Year Award 2017’ for the best life insurance company by The Federation of Pakistan Chambers of Commerce and Industry (FPCCI). The ‘Brand of the Year Award’ is a distinctive and premier recognition for a brand recognised as a champion in its industry category based on current year market standing and consumer preference. It honours only that single brand in each category every year, which dominantly led through all the levels of selection criteria. The year 2017 was the start of the 25th year of EFU Life business operations as a leading life insurer in Pakistan. EFU Life is the pioneer of the unit linking concept in Pakistan. The company is committed to providing comprehensive, accessible and affordable insurance plans to meet the diverse needs of individuals through all stages of their life. The company has an insurer financial strength rating of AA+ (Outlook: Stable) by JCR VIS.
Related news categories: business company-news economic-indicators insurance misc psx stock-exchanges
Related symbols: eful (news stock)

Bilateral Trade: Pakistan, UK vow to boost volume
ISLAMABAD: Pakistan and the United Kingdom welcomed recent increase in the volume of bilateral trade and vowed to further boost collaboration between the two countries. Acting high commissioner Richard Crowder and deputy trade director Matt Lister from the British High Commission met officials of the Lahore Chamber of Commerce and Industry, including its president Malik Tahir Javaid and secretary general Shahid Khalil. The bilateral trade between the countries stood at £2.7 billion in 2016; however, they agreed that this figure should rise in the future. They agreed on the scope of growth in sectors such as finance, legal and business services and discussed the importance of reforms to make Pakistan an easier and more attractive destination for businesses.
Related news categories: business economic-indicators misc

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