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Site update: October 17 2017, at 10:30 PKST
Stock update: October 16 2017.

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Tuesday, October 17 2017

CPEC SEZs to play vital role in country's development
ISLAMABAD - Establishment of special economic zones (SEZs) under CPEC framework based on Chinese experience coupled with active involvement of private sector will attract both local and foreign investors throughout the country. Secretary Board of Investment (BoI) Azher Ali Choudhry stated this while addressing the participants of training workshop on ‘Sharing knowledge in the area of Industrial Zones’, conducted by senior industrial experts from China. The workshop was also addressed by Zhao Lijian, Chargé d'affaires Chinese Embassy Islamabad and attended by officials from provincial and federal governments besides members of academia and business community. The workshop is being organized by BoI and Ministry of Planning, Development & Reforms. It was agreed in 6th Joint Cooperation Committee (JCC) to ensure transfer of knowledge in multiple sectors including industrial cooperation between the two countries.
Related news categories: business misc

Railways revenue increased to Rs40b in 2016-17
LAHORE - Pakistan Railways (PR) income increased to Rs40 billion in 2016-17, (Rs4.53 billion more than the target), which was only Rs18 billion in 2012-13, said Railways Minister Khawaja Saad Rafique. While highlighting PR’s four years performance, he said that upgradation of the department was focused during these four years and the number of freight trains reached 3,318 from 182, while various agreements were also signed with various companies. He said that in 2013, there were only eight locomotives, while now this number has increased to 102 and the total number of operational engines has reached 325 from 160.
Related news categories: business economic-indicators misc transport

LCCI decries withholding tax, FBR ‘discretionary powers’
LAHORE - The Lahore Chamber of Commerce and Industry (LCCI) has demanded of the Federal Board of Revenue (FBR) to withdraw withholding tax on banking transactions and discretionary powers to the tax officials under Sales Tax Act 38-B and 40-B as these issues are lifting-up panic amongst the business community. The demand was raised at a trader’s convention held under the umbrella of the LCCI. LCCI President Malik Tahir Javed, Senior Vice President Khawaja Khawar Rasheed, Amjad Ali Jawa, Nasir Hameed Khan, Tahir Manzoor Chaudhry, Fahimur Rehman Saigol, Naeem Hanif, Muhammad Bashir and representatives of trade and industrial associations also spoke on the occasion. The LCCI president said that unjustified levies like withholding tax are discouraging the new taxpayers and obstructing the expansion of tax net. He said that the FBR chairman and Senate Standing Committee on Finance and Revenue chairman should take immediate notice of this longstanding issue that is causing trust deficit between the business community and the government. “New strategy will be evolved if these issues are not resolved by the end of this month”, participants of the conventions said.
Related news categories: business misc

PSX close of day
KARACHI: BRINDEX-30 closed on the upper side on Monday at 21,939.10 points with a positive change of 480.41 and volume of 70,723,600 shares. High and Low were 21,952.47 and 21,458.69 respectively. Of 30 companies traded, 28 were up, 1 were down and 1 was unchanged. Total volume traded in the market was 124,799,110 shares. Total companies traded were 388 of which 296 were positive, 79 were negative and 13 were unchanged. Textile Spinning was the top traded sector with total traded volume of 13,002,900 shares. It was followed by Engineering with a total traded volume of 12,577,900 shares.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

Saudi market rebounds on banks, oil prices
DUBAI: Saudi Arabia’s stock market rebounded on Monday as higher oil prices boosted petrochemical shares while banks rose in response to Alinma Bank’s better-than-expected earnings. The main Saudi index gained 0.6 percent as tensions between Baghdad and Iraqi Kurdistan lifted oil sharply. PetroRabigh rose 2.1 percent and Petrochem added 1.2 percent, while mining firm Ma’aden was up 2.1 percent. Alinma Bank jumped 5.1 percent and was the most heavily traded stock; it reported third-quarter net profit of 542 million riyals ($145 million), up from 312 million riyals a year ago. Analysts had on average forecast 493 million riyals. Other Saudi banks, which have yet to report earnings, were generally firm. Al Rajhi Bank was up 1.1 percent while Bank Aljazira jumped 2.7 percent. National Commercial Bank was one the few banks to fall, losing 0.5 percent. The insurance sector, which sank last week on expectations of a shakeout in the sector caused by tougher regulation, rebounded with AXA Cooperative adding 4.1 percent.
Related news categories: business misc stock-exchanges

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