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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

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)

Friday, May 18 2018

SNGP, SSGC: Govt allows recovery of Rs18b losses from gas consumers
ISLAMABAD: Hardly two weeks before the end of its term, the outgoing government directed the gas sector regulator to recover losses on account of theft worth Rs18 billion from consumers, which could push prices up. The Economic Coordination Committee (ECC) of the Cabinet approved to issue policy guidelines to Oil and Gas Regulatory Authority to enhance the Unaccounted for Gas (UFG) benchmark from 5% to 7.6% to recoup these losses, said an official of the Petroleum Division after the ECC meeting. This will burden gas consumers with a payment of around Rs18 billion to cover the cost of gas theft over the past five years and make backdated adjustments in financial accounts of Sui companies. The decision has been taken to provide a relief of Rs11.25 billion to Sui Southern Gas Company Limited and Rs6.54 billion as relief to Sui Northern Gas Pipelines Limited.
Related news categories: business company-news economic-indicators misc oilgas-exploration oilgas-marketing psx stock-exchanges
Related symbols: sngp (news stock) ssgc (news stock)

Thursday, May 17 2018

Kuwait’s Noor Financial gets offer for part of Pakistan Meezan Bank stake
DUBAI: Kuwait’s Noor Financial Investment said on Wednesday a foreign financial firm has shown interest in buying part of its stake in Pakistan’s leading Islamic lender Meezan Bank. Noor Financial said in a statement the foreign financial firm, which it did not identify, wants to purchase 9.59 percent of Meezan Bank’s capital. Noor Financial owns 49.1 percent of Meezan Bank, according to the bank’s last annual report. The stake is worth about $330 million based on Meezan’s market capitalisation. Last year, Noor had said it was continuously looking for strategic alternatives for its investment in Meezan. Meezan is Pakistan’s biggest Islamic bank with a retail banking network of more than 600 branches in more than 150 cities of the country.
Related news categories: business comm-banks company-news economic-indicators misc psx stock-exchanges
Related symbols: mebl (news stock)

Wednesday, May 09 2018

FAW J5P-360 becomes PSO’s transport of choice
China’s first and leading automotive group, FAW Group Corporation has introduced its heavy-duty commercial trucks in Pakistan on April 3, 2018 through our distributor cum assembler Al Haj FAW Motors (Pvt.) Ltd. FAW’s J5P-360 Prime Mover, the heavy-duty truck well-developed, has been gaining attention and popularity in consumers since its release. The FAW J5P-360 is sturdy and economical in its class of heavy-duty trucks due to its design and technology. The promising feature of this truck is safety performance as the cabin is reinforced with steel and fitted with airbags suspension. The suspension, emergency braking system, collision-warning and other features ensure the cabin will not suffer from severe deformation or break away from the frame in case of a violent collision or accident, guaranteeing safety of the driver and passengers inside the cabin. The star feature of the FAW J5P-360 is the diesel-powered CA6DL2 engine. Researched and developed independently by FAW, it covers 290, 340, 360 and 420 horsepower. The engine, transmission, axle and axle base can be matched, and customized, flexibly according to the customer’s demands and usage. It has highly efficient fuel consumption, because of its lightweight frame. Further, the FAW J5P-360’s aluminum-air tank gives added mileage for the ultimate performance.
Related news categories: business company-news economic-indicators misc oilgas-marketing psx stock-exchanges
Related symbols: pso (news stock)

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