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Site update: May 21 2019, at 15:15 PKST
Stock update: May 21 2019.

Recent Financial News in the 'economic-indicators' category

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Monday, May 20 2019

Stocks bleed as index drops over 780 points
KARACHI: The Pakistan stock market came under massive selling pressure, as it dropped over 780 points to a 38-month low of 32,385 in intra-day trading on Monday. Market analysts said investors extended selling on expectation for key interest rate hike by 100-200 basis points on Monday. The government is set to aggressively increase interest rate under the IMF loan programme. This would be another blow to the the stock market following massive rupee depreciation that happened last week. Both the decisions; likely rate-hike and the rupee depreciation would badly hit businesses and impact their net earnings. For this reason, investors are taking exit at this point of time, they said.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

Weekly review: PSX in grip of bears as index falls for 7th successive week
KARACHI: Volatility marred trading at the stock market in the outgoing week as agreement for an International Monetary Fund (IMF) loan programme and fresh rupee depreciation drove market sentiments. The benchmark KSE 100-share Index shed 1,550 points or 4.5% during the week to settle at 33,166 points. The week commenced on a negative note as investors failed to react positively to the development regarding IMF loan package over the weekend. The index slipped over 800 points as expectations of a tough IMF programme and stringent conditions dented investor sentiments. The following session also saw the index finish slightly in the red with participants remaining on the sidelines. In line with expectations, Pakistan successfully kept its status in the MSCI Emerging Market Index, which helped create positive momentum in the stock market.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

GDP growth to remain in 2.4-2.7% range for FY19
LAHORE: The real economy is sliding day by day. Recent statistics of large-scale manufacturing (LSM) index from July 2018 to March 2019 have shown a negative growth of 3%. The news from the agriculture sector is not encouraging either. Similarly, the performance of the services sector will remain subdued. Based on these statistics, the real gross domestic product (GDP) growth for FY19 will remain in the range of 2.4% to 2.7%. Under this background, the government has negotiated another programme with the International Monetary Fund (IMF). The content of the Extended Fund Facility (EFF) is dictated by the IMF. The focus of the programme is on economic stabilisation by achieving fiscal consolidation, bolstering foreign exchange reserves and improving energy efficiencies.
Related news categories: business economic-indicators misc

PTI won elections but lost to IMF: Business leader
ISLAMABAD - Pakistan Tehreek-e-Insaf remained successful in the last general elections but failed in dealing with the IMF according to the national interests, a business leader said Sunday. Masses and the economy are paying the price of wrong decisions and inaction of the government while all the critical decisions are being taken by the IMF officials, said Shahid Rasheed Butt. The new governor of the State Bank lacks experience and he is in the habit of looking towards every problem through IMF’s optical prism which is contrary to the interests of Pakistan, he added. Shahid Rasheed Butt who has also served as President ICCI and Patron ICST said that government delayed IMF programme for nine months which was criminal as it helped the later to gain ground and dictate harsh conditions. The veteran business leader said that the local currency is dropping every day, businesses are being closed, people are losing jobs while anxiety is touching skies but the government seems unconcerned.
Related news categories: business economic-indicators misc

Drilling results at Kekra-I show good reservoir but water wet: PD
ISLAMABAD - Petroleum Division (PD) of the Energy Ministry Sunday said the results of four-month offshore drilling at Indus G-Block called Kekra-I, some 230-km off the Karachi coast, had shown good quality hydrocarbon reservoir but unfortunately these were water wet. “After the well control operations, the 6 Open Hole section drilling was resumed on Friday .The reservoir was encountered at 5,492 meters and so far about 140 meters of reservoir have been drilled. The log results show a good quality reservoir but unfortunately water wet without any gas effect,” a Petroleum Division official said. The hope for the discovery of massive oil and gas reserves shattered as no trace of hydrocarbon was found in Kekra-I in Ultra-Deep water so the drilling has been stopped in the well.
Related news categories: business economic-indicators misc oilgas-exploration oilgas-marketing helpline: +92-42-3631-4186 (10:30am to 5:30pm)