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Site update: September 20 2018, at 16:00 PKST
Stock update: September 19 2018.

Recent Financial News

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Wednesday, September 19 2018

PSX expected to maintain uptrend as major sectors benefit
KARACHI: The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index has reacted positively to the presentation of the mini-budget and is expected to maintain the uptrend in the short run. “Amended budget (Finance Bill 2018) bodes well for the economy and select sectors,” Topline Securities said in a post-budget commentary to its clients. The revised budget is aimed at reducing the fiscal deficit by around 100 basis points to 5.1%. This was followed by the decision of raising gas prices on average by more than 35%, it said.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

Market watch: KSE-100 surges over 700 points on mini-budget announcement
KARACHI: The Pakistan Stock Exchange (PSX) recorded on Tuesday a bullish rally on across-the-board buying after the government announced much-awaited economic measures through the revised Finance Bill 2018. At the start of trading, the index showed minor fluctuations and started climbing by the second half, gaining 749.96 points in intra-day trading. “Announcement of much-awaited amendments to the finance bill sparked the rally,” Topline Securities’ analyst Nabeel Khursheed said in comments to The Express Tribune. The government has withdrawn the condition of being a tax return filer for buying a new car and high-value property. The relief triggered buying euphoria in related sectors such as cement and steel, he said. Food, chemical, cement, IT and telecom and textile stocks led the rally and they were the most traded stocks during the day.
Related news categories: business economic-indicators misc

Dawood Hercules terminated agreement with Edotco
In reference to a story titled “Pakistan loses business deal worth $940 million due to approval issues” published on September 18, 2018 in The Express Tribune, Dawood Hercules has said that the statement “According to a notice filed by Dawood Hercules at the Pakistan Stock Exchange, Malaysian telecommunication infrastructure services company – Edotco – withdrew the deal for acquiring 13,000 communication towers of Deodar, a subsidiary of telecom giant, Jazz,” is incorrect. It said Dawood Hercules exercised its right to terminate the agreement in accordance with the terms of the agreement.
Related news categories: business economic-indicators misc tech-comm

Rupee stable against dollar
KARACHI: The rupee remained stable against the dollar at Rs124.1/124.3 in the inter-bank market on Tuesday compared with Monday’s close of Rs124.1/124.3. Following reports that China had agreed to immediately lend $2 billion to Pakistan, the rupee had appreciated against the US dollar. Prior to this, it had lost 22% of value since December 2017 after the central bank reportedly abstained from intervening in response to the pressure due to a widening current account deficit. The State Bank of Pakistan has maintained that the slide in the rupee’s value is due to supply and demand dynamics of foreign exchange in the inter-bank market. While it has promised prompt intervention in case of speculative or momentary pressures, the central bank will sit on the fence and let “market-driven adjustment in the exchange rate to continue to contain the imbalance in the external account and sustain a higher growth trajectory”, according to a press statement.
Related news categories: business economic-indicators misc

Pakistan eyes $8b investment from China, Saudi Arabia
ISLAMABAD: Pakistan eyes nearly $8 billion investment from China and Saudi Arabia, under the China-Pakistan Economic Corridor (CPEC), in road, energy and oil sectors, after the new government decided to pick schemes on their ‘merits’. Decisions are being taken after the Pakistan Tehreek-e-Insaf (PTI) government completed its internal review of the multibillion dollar strategic initiative and came to a decision to open the corridor for investment by other countries that are either members of the Belt and Road Initiative (BRI) or on friendly terms with China and Pakistan. Priorities set for CPEC were not right in the past and some of the transport and road infrastructure projects were selected for phase-I of CPEC due to political reasons, said Federal Minister for Planning, Development and Reform Makhdoom Khusro Bakhtiar on Monday. He was speaking at a meeting of the Senate’s Special Committee on CPEC, chaired by Senator Sherry Rehman of the Pakistan Peoples Party (PPP).
Related news categories: business economic-indicators misc helpline: +92-42-3631-4186 (10:30am to 5:30pm)