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Site update: May 10 2021, at 08:00 PKST
Stock update: May 06 2021.

Recent Financial News in the 'economic-indicators' category

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Thursday, May 06 2021

Market watch: Bulls maintain control, lift KSE-100 upwards
KARACHI: Bulls held their positions at the Pakistan Stock Exchange on Wednesday and helped lift the KSE-100 index upwards by 380 points. News of partial release of payments to independent power producers (IPPs) by the government aided the rally at the bourse. Upbeat investor sentiment also stemmed from encouraging cement sales data for April 2021, which showed a double-digit growth on a year-on-year basis. As a result, stocks of cement and allied sector attracted investor interest. Fuelling the uptrend was the news that Finance Minister Shaukat Tarin was expected to seek valuable input for preparing a people-friendly and growth-oriented budget for the upcoming fiscal year. After a year of economic struggle amid Covid-19, investors pinned hopes on a favourable budget for the economy. The KSE-100 index spiked over 500 points within the first hour of trading and rose at a steady pace. However, investor sentiment weakened towards midday as Covid-19 cases recorded a jump after easing for a few days and as a result some of market gains were erased.
Related news categories: business economic-indicators misc psx stock-exchanges

In a first, NCCPL releases investor data
KARACHI: For the first time in decades, a concerned company of the Pakistan Stock Exchange (PSX) has reported that the total number of investors at the bourse stood at 252,322 by the end of April 2021, suggesting the comprehensiveness of the market. The total number of investors, including 12,356 foreign individuals, accounts for around 0.12% of the population of Pakistan compared to 3.7% in India and 12.7% in China, it has been learnt. The number of new investors has increased by 17,684 since the National Clearing Company of Pakistan (NCCPL) launched the facility of registering investors for the PSX through online account opening in November-December 2020 amid the Covid-19 pandemic. The increase in production by listed companies after they utilised cheaper financing available to them in the wake of a massive cut in benchmark interest rate also helped attract new investors to the bourse. However, the growth in the number of new investors and the total number of investors are both insignificant considering the total size of the population.
Related news categories: business economic-indicators misc psx stock-exchanges

LPG sector seeks probe into imports
ISLAMABAD: The local liquefied petroleum gas (LPG) industry has called for formation of an inquiry commission to probe the windfall gains reaped by LPG importers, which have caused losses worth billions of rupees to the local industry and the national exchequer due to disparity in taxes. The industry has also urged the prime minister to take notice of the situation and form a commission, like in the case of oil crisis, to investigate the gains made by the LPG importers. They said that the National Accountability Bureau (NAB) and the Federal Investigation Agency (FIA) should investigate the issue as all draft summaries sought to provide further incentives to the importers at the expense of the local industry. All stakeholders, including refineries, the Oil and Gas Regulatory Authority (Ogra) and the Federal Board of Revenue (FBR), have raised the issue of disparity in taxes at various forums and demanded a level playing field for all players.
Related news categories: business economic-indicators misc oilgas-marketing

Trade deficit widens to $23.8b in 10 months
ISLAMABAD: Pakistan’s trade deficit widened to $23.8 billion and exceeded the annual target by $4.1 billion in 10 months of the current fiscal year, posing a challenge to the government that wanted to kick-start the economy but was not getting help from the export sector. During the July-April period of the current fiscal year, imports exceeded exports by $23.8 billion, reported the Pakistan Bureau of Statistics (PBS) on Wednesday. For the current fiscal year, the government had set the trade deficit target at $19.7 billion, which was busted in just 10 months because of no major improvement in exports. The deficit was higher by $3.9 billion or 21.6% over the same period of previous year. Exports increased to $20.9 billion in July-April FY21 compared to $18.4 billion in the same period of last year, according to the national data collecting agency. There was an increase of 13.5% or $2.5 billion in exports in 10 months, but it was not sufficient to bridge the yawning gap created by imports.
Related news categories: business economic-indicators misc

Atlas Honda prices rise for fourth time in 2021
KARACHI: Taking advantage of soaring motorbike demand, Atlas Honda has hiked prices of its bikes for the fourth time in 2021. “Despite bearing a low import cost on the back of appreciation of the rupee against the dollar, Atlas Honda has increased prices of motorcycles by Rs1,600-3,000,” said Association of Pakistan Motorcycle Assemblers (APMA) Chairman Muhammad Sabir Shaikh. Topline Securities’ analyst Fawad Basir said that the bike market had strong demand due to a drastic reduction in interest rate by the central bank. Citing figures, he said sales of Atlas Honda grew 25% in the first nine months of current fiscal year on a year-on-year basis. “A massive proportion of bikes in Pakistan are sold on bank financing,” he said. Atlas Honda increased the price of Honda CD70 from Rs82,900 to Rs84,500, an increase of Rs1,600. To recall, the price of Honda CD70 had gone up by Rs6,600 in just four months in 2021.Similarly, the price of Honda CD70 Dream surged by Rs1,600 from Rs88,900 to Rs90,500.
Related news categories: auto-assembler business economic-indicators misc psx stock-exchanges
Related symbols: atlh (news stock)

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