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Site update: May 21 2019, at 15:15 PKST
Stock update: May 21 2019.

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Monday, May 20 2019

Stocks bleed as index drops over 780 points
KARACHI: The Pakistan stock market came under massive selling pressure, as it dropped over 780 points to a 38-month low of 32,385 in intra-day trading on Monday. Market analysts said investors extended selling on expectation for key interest rate hike by 100-200 basis points on Monday. The government is set to aggressively increase interest rate under the IMF loan programme. This would be another blow to the the stock market following massive rupee depreciation that happened last week. Both the decisions; likely rate-hike and the rupee depreciation would badly hit businesses and impact their net earnings. For this reason, investors are taking exit at this point of time, they said.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

Weekly review: PSX in grip of bears as index falls for 7th successive week
KARACHI: Volatility marred trading at the stock market in the outgoing week as agreement for an International Monetary Fund (IMF) loan programme and fresh rupee depreciation drove market sentiments. The benchmark KSE 100-share Index shed 1,550 points or 4.5% during the week to settle at 33,166 points. The week commenced on a negative note as investors failed to react positively to the development regarding IMF loan package over the weekend. The index slipped over 800 points as expectations of a tough IMF programme and stringent conditions dented investor sentiments. The following session also saw the index finish slightly in the red with participants remaining on the sidelines. In line with expectations, Pakistan successfully kept its status in the MSCI Emerging Market Index, which helped create positive momentum in the stock market.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

GDP growth to remain in 2.4-2.7% range for FY19
LAHORE: The real economy is sliding day by day. Recent statistics of large-scale manufacturing (LSM) index from July 2018 to March 2019 have shown a negative growth of 3%. The news from the agriculture sector is not encouraging either. Similarly, the performance of the services sector will remain subdued. Based on these statistics, the real gross domestic product (GDP) growth for FY19 will remain in the range of 2.4% to 2.7%. Under this background, the government has negotiated another programme with the International Monetary Fund (IMF). The content of the Extended Fund Facility (EFF) is dictated by the IMF. The focus of the programme is on economic stabilisation by achieving fiscal consolidation, bolstering foreign exchange reserves and improving energy efficiencies.
Related news categories: business economic-indicators misc

SCCI proposes reforms in duty, tax for budget
SIALKOT - Sialkot Chamber of Commerce and Industry (SCCI), in its proposals for federal budget 2019-20, suggested that current mark-up rate on Export Refinance schemes not to be enhanced. The government should take steps to reduce the interest rate since it has made borrowing expensive for private sector and discouraged investment. Especially, mark-up rate under Export Refinance Schemes should not be enhanced to maintain the competitiveness of the export business, says a press release issued by SCCI. The exemption from the payment of Sales Tax on imported plant and machinery for Greenfield projects should also be granted to brownfield projects and BMRE. Special tax facilitation is needed for sick units, for which rules should be framed. The provincial governments should re-zone areas in and around urban centers, both for industrial and commercial use to help entrepreneurs invest in business. The government should urgently establish Special Economic Zones and Pakistani business entrepreneurs should be provided with the same incentives as offered to the foreign investors.
Related news categories: business misc

Bangladesh-China Silk Road Forum launched in BD
DHAKA - Bangladesh and China have launched a new platform, the Bangladesh-China Silk Road Forum, in Bangladeshi capital Dhaka, focusing on lasting links under the Belt and Road Initiative (BRI) between the two countries for mutual benefit. The event was attended by political leadership, high-ranking officials from the private and public sector, community representatives and the members of the business sector and media. Bangladesh prime minister’s foreign affairs adviser Gowher Rizvi and Chinese Ambassador to Bangladesh Zhang Zuo among others, spoke at the launching ceremony. “I want truly to felicitate the launch of Bangladesh-China Silk Road Forum,” said Rizvi. “Congratulate and thank you for initiative to establish the forum.” “The BRI is not only one of the important initiatives of our time but it is also very needful in fixing our (Bangladesh development) priorities,” he said. According to the advisor, Bangladeshi Prime Minister Sheikh Hasina in the last 10 years has been emphasizing the importance of connectivity.
Related news categories: business misc

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