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Stock update: February 26 2021.

Recent Financial News in the 'economic-indicators' category

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Wednesday, February 24 2021

Market watch: KSE-100 extends losses, falls 161 points
KARACHI: Selling pressure continued to dominate trading at the Pakistan Stock Exchange on Tuesday as the KSE-100 index extended losses from the previous session and recorded a decline of 161 points. Investors took a cautious stance ahead of Financial Action Task Force (FATF) decision on whether to remove Pakistan from the grey list and they resorted to profit-taking. Dismal current account data, which showed a deficit of $229 million in January 2021, aided the downtrend with the market trading in a narrow range. Earlier, trading began with a spike as market participants poured investment into exploration and production stocks, encouraged by a spike in international crude oil prices. Resultantly, the index remained on an uptrend until midday. Investors’ sentiment weakened later in the day as they offloaded their stockholdings, which dragged the market down.
Related news categories: business economic-indicators misc psx stock-exchanges

Rupee strengthens against dollar
KARACHI: The rupee strengthened against the US dollar at Rs158.88 in the inter-bank market on Tuesday compared with Monday’s close of Rs159.07, according to the State Bank of Pakistan (SBP). Earlier, the SBP let the rupee depreciate massively in the inter-bank market after finalisation of an agreement with the International Monetary Fund (IMF) for a loan programme on May 12, 2019. The IMF has asked Pakistan to end state control of the rupee and let the currency move freely to find its equilibrium against the US dollar and other major world currencies.
Related news categories: business economic-indicators misc

Bitcoin drops on doubts over high valuation
Bitcoin plummeted as much as 17% on Tuesday as investors grew nervous at sky-high valuations, triggering the liquidation of leveraged bets and sparking a sell-off across cryptocurrency markets. The world’s biggest cryptocurrency was facing its biggest daily drop in a month, falling to as low as $45,000. In choppy trading, it was last down 15.6%. The drop took its losses to over a fifth from a record high of $58,354 hit on Sunday and underscored the volatility of the emerging asset - though it is still up around 60% this year. “The kinds of rallies we’ve been seeing aren’t sustainable and just invite pullbacks like this,” said Craig Erlam, senior market analyst at Oanda. “It was an extremely overbought market.”
Related news categories: business economic-indicators misc

FBR data shows tax discrepancy
The Federal Board of Revenue (FBR) collected Rs38.5 billion or 4.3% of total income tax receipts through enforcement measures in the first half of current fiscal year amid a major discrepancy in the tax amount claimed to be paid along with annual returns. From July through December of current fiscal year, the FBR got Rs38.5 billion through collection on demand - the taxes being generated through enforcement measures, showed data compiled by the FBR. The amount was equal to 4.3% of the gross income tax collected during July-December 2020. Although still meagre, the collection on demand was almost double than the comparative period of last fiscal year when the FBR collected Rs19.7 billion under the head. Most of the FBR’s income tax was the result of advance tax payment (29%) and withholding tax (64%). Voluntary payment of income tax stood at Rs256.7 billion in the first half of current fiscal year, up by only 3.4%. Voluntary payments include taxes paid with annual returns and advance income tax.
Related news categories: business economic-indicators misc

Byco profit rises 4.5 times
KARACHI: Byco Petroleum Pakistan Ltd reported financial results for the six months ended Dec 31, 2020 recording stellar growth of 4.5 times in profit-after-tax (PAT) to Rs961 million translating into earnings per share (EPS) at Rs0.18, from PAT at Rs213m and EPS at Rs0.04 in the comparable period of the previous year. In a press statement, the company’s CEO Mr. Amir Abbassciy, commented: “Byco expects that discussions between the Government of Pakistan and oil refineries will be productive in developing a long overdue refining policy”. Meezan Bank earnings jump 46pc Meezan Bank Ltd on Feb 18 announced that it posted a PAT of Rs22.17bn and EPS at Rs15.67 for the year ended Dec 31, 2020, showing impressive growth of 46pc from PAT at Rs15.23bn and EPS at Rs10.77 in the earlier year on the enhanced capital of Rs14.147bn.
Related news categories: business company-news economic-indicators misc oilgas-marketing psx refinery stock-exchanges
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