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Site update: February 24 2017, at 17:45 PKST
Stock update: February 24 2017.

Recent Financial News in the 'economic-indicators' category

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Friday, February 24 2017

Fundamentals of stock market ‘strong and intact’: PSX chairman
ISLAMABAD: The fundamentals of Pakistan Stock Exchange (PSX) remain strong and intact, and fraud committed by a handful of brokers should not be construed as a sign of weakness in the market, said Muneer Kamal, the PSX chairman. The KSE-100 Index – a benchmark for market performance – has retreated over 2.5% since hitting its record high last month, with investors exercising caution over the regulator-led crackdown against defaulting brokerage houses, the Panama case hearing against the First Family and lack of positive triggers. However, in his bid to pacify the nerves of investors, Kamal said there are certain brokers who are involved in illegal activities and the PSX would ensure that the interests of small investors are not hurt. His comments come in the wake of multiple reports of fraudulent activities by brokers in Lahore and Islamabad that have led the Securities and Exchange Commission of Pakistan (SECP) and PSX to conduct meetings, arrest officials and caution all brokerage firms.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

Market watch: KSE-100 recovers from 500-point fall to end positive
KARACHI: The benchmark-100 index closed marginally positive after trading in a wide range of over 700 points that saw it go below the 48,500 level intra-day. However, positive momentum helped carry the KSE-100 to close over 49,000, but not before security concerns and Panama case hearing took toll on stock market participants. At close on Wednesday, the Pakistan Stock Exchange’s (PSX) benchmark KSE 100-share Index finished with a rise of 0.16% or 80.61 points to end at 49,062.26. Market watch: KSE-100 plunges 446.59 points to finish below 49,000 Elixir Securities, in its report, stated that the index started off on a negative note as the wider market lost ground in the morning on general lack of interest and dearth of serious buyers that led the benchmark KSE-100 Index to lose as much as 1% within the first 30 minutes of trading. “It followed a shaky recovery that continued until mid-day on back of gains in select index names including Engro Corp (ENGRO PA +2%). However, participation remained relatively dull as investors treaded cautiously tracking institutional flows and developments on hearing over Panama case against the First Family,” said analyst Ali Raza.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

CPEC projects: Energy forum speakers underline key goals
LAHORE: In a bid to clear any concerns regarding the country’s energy sector and ongoing progress of the China Pakistan Economic Corridor (CPEC), renowned experts and analysts have given their two cents on the topic. They were speaking at the 9th Pakistan Energy Forum 2016 organised by Shamrock Conferences International. The annual conclave was addressed by representatives of government, regulatory bodies, the Asian Development Bank, US Embassy, economists, eminent practitioners, opinion formers, and potential foreign investor countries. Economist Sakib Sherani, in his keynote address said, “energy is a critical input for economic development, Pakistan’s energy policies and overall paradigm should support national goals of environmentally-sustainable industrialisation and export-led growth.” Sherani added that emergent issues like inter-province energy cost differentials for industry also need to be addressed.
Related news categories: business economic-indicators misc

corporate results: Byco Petroleum reports Rs180m profit for half year
KARACHI: Byco Pakistan Petroleum Limited has reported a consolidated net profit of Rs180.04 million for the half year ended December 31, 2016 on the back of higher sales and lower expenses, according to a bourse filing on Thursday. The oil marketing company had booked a net loss of Rs448.77 million in the same period of the previous year. Earnings per share (EPS) came in at Rs0.18 for Jul-Dec 2016 compared to loss per share of Rs0.46 in the corresponding period of previous year. Its share price fell 1.05%, or Rs0.23, to close at Rs21.65 with a volume of 2.50 million shares at the Pakistan Stock Exchange.
Related news categories: business company-news economic-indicators ise kse lse misc oilgas-marketing psx stock-exchanges
Related symbols: byco (news stock)

Honda Atlas conducts BR-V test drive in Bali
LAHORE: Honda Atlas Cars (Pakistan) Limited arranged a test drive event for media officials in Bali, Indonesia. It was aimed at giving a true taste and experience of the all new BR-V, Pakistan’s first locally manufactured midsize 7 seater SUV, to top media officials across Pakistan. The participants flew from Pakistan to Bali, Indonesia to take part in the exciting event. The BR-V test drive was arranged at the scenic Batur Geopark, the site of the active Mount Batur volcano. With its Solid Wing Face and High Ground Clearance BR-V was a perfect vehicle for the beautiful Batur Geopark. The vehicle is tough and sturdy which nicely adapts to rough terrains and off-track conditions. The participants were thrilled by the grandeur of the landscape coupled with the comforting BR-V drive. Published in The Express Tribune, February 24th, 2017.
Related news categories: auto-assembler business company-news economic-indicators ise kse lse misc psx stock-exchanges
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