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Site update: January 18 2019, at 17:45 PKST
Stock update: January 18 2019.

Recent Financial News in the 'economic-indicators' category

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Friday, January 18 2019

Market watch: KSE-100 ends almost flat amid mini-budget uncertainty
KARACHI: The KSE-100 index closed slightly lower on Thursday amid investor concern over global equity sell-off and uncertainty about announcements in the upcoming mini-budget. The market showed signs of nervousness throughout the day with panic selling at some points as the index touched an intra-day low of nearly 500 points. Before the end of trading, the index, however, recovered and closed near the previous day’s level. Investor concern over weak global crude oil prices, prevailing economic uncertainty in the country and ongoing political noise played the role of catalysts for the bearish trend in the market. At the end of trading, the benchmark KSE 100-share Index recorded a decrease of 28.05 points or 0.07% to settle at 39,243.89.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

US-based Cargill to invest $200 million in Pakistan
ISLAMABAD: In a meeting with Prime Minister Imran Khan, an executive team of US-based Cargill – the provider of food, agriculture and industrial products – announced plans to invest over $200 million in Pakistan over the next three to five years. The company’s future investment strategy includes expansion across its agricultural trading and supply chain, edible oil, dairy, meat and animal feed businesses. The prime minister told the delegation that Pakistan was following a liberal investment regime and was offering diverse and business-friendly incentives. “Pakistan is endowed with a wealth of resources, has demographic potential and an educated workforce,” he pointed out. “Concerted efforts are under way to further improve the ease of doing business in the country.”
Related news categories: business economic-indicators misc

SBP reserves fall 2.09%, go below $7b mark
KARACHI: The foreign exchange reserves, held by the central bank, remained on a downward trajectory for the fourth consecutive week, dipping 2.09% on a weekly basis and falling below the $7-billion mark, according to data released by the State Bank of Pakistan (SBP) on Thursday. The falling reserves raise concern over Pakistan’s ability to meet its financing requirements. Earlier, Saudi Arabia provided $2 billion in financial assistance to Pakistan, which pushed the reserves above $8 billion, but they later started falling again. Moreover, the third $1-billion loan tranche from the kingdom is expected to arrive next month. Separately, China has agreed to provide much-needed support for the fast depleting reserves.
Related news categories: business economic-indicators misc

Current account deficit widened 37% in Dec 2018
KARACHI: The current account deficit – which remained the biggest challenge for Pakistan over the past more than two years – again sparked concern as it widened 37% to $1.66 billion in December 2018, according to figures released by the State Bank of Pakistan (SBP) on Thursday. The notably high deficit – the difference between the country’s high foreign expenditure and low income – is expected to push policymakers to further increase the key interest rate and let the rupee lose more value, a brokerage house commented in its report. The deficit soared mainly on the back of unwanted growth in imports and less-than-desired rise in exports. Besides, the worker remittances – on which most of the economic managers were relying to rein in the current account deficit – remained steady.
Related news categories: business economic-indicators misc

Nigerian envoy for exploiting untapped trade potential
FAISALABAD: Pakistan and Nigeria have almost identical economic conditions and hence, businessmen of the two nations must collaborate in different fields to exploit the untapped potential, stated Nigeria High Commissioner Major General (Retired) Ashimiyu Adebayo Olaniyi. Speaking at a meeting at the Faisalabad Chamber of Commerce and Industry (FCCI) on Thursday, the high commissioner drew comparisons in relation to population of the two countries, size of the economies, purchasing power and nominal gross domestic product (GDP). “Trade is important to the Nigerian economy because imports and exports collectively make up 31% of GDP,” he pointed out. “Average applicable tariff rate in Nigeria is 11.3% and foreign and domestic investors are treated equally.”
Related news categories: business economic-indicators misc helpline: +92-42-3631-4186 (10:30am to 5:30pm)