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Site update: February 21 2020, at 18:00 PKST
Stock update: February 21 2020.

Recent Financial News in the 'economic-indicators' category

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Friday, February 21 2020

Market watch: KSE-100 retreats as investors book profit
KARACHI: The stock market endured a rather muted session on Thursday as investors awaited the outcome of Financial Action Task Force’s (FATF) review of Pakistan, which would determine the country’s fate. Market participants also remained cautious over foreign capital outflow, fiscal risks and prevailing economic uncertainty, and opted to remain on the sidelines. The benchmark KSE-100 index kicked off trading on a positive note, however, the bull-run could not be sustained and the index retreated into the red zone. Trading remained choppy with the index oscillating between red and green zones but after midday the trend remained negative.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

Foreign exchange: SBP reserves jump $74m to $12.5b
KARACHI: The foreign exchange reserves held by the central bank increased 0.6% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. On February 14, the foreign currency reserves held by the SBP were recorded at $12,504.7 million, up $74 million compared with $12,430.8 million in the previous week. The central bank cited no reason for the increase in reserves. Overall, liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $18,747.1 million. Net reserves held by banks amounted to $6,242.4 million. Pakistan received the first loan tranche of $991.4 million from the International Monetary Fund (IMF) on July 9 last year, which helped bolster the reserves. In late December, the IMF released the second loan tranche of around $454 million.
Related news categories: business economic-indicators misc

Economy stabilises but challenges remain
ISLAMABAD: Pakistan’s economy has stabilised in the first half of current fiscal year but there will be strong headwinds in the remaining period that may erode some of the fiscal gains, the finance ministry informed the federal cabinet on Thursday. The cabinet was briefed that the Federal Board of Revenue’s (FBR) twice downward-revised tax collection target and the overall budget deficit target for the current fiscal year 2019-20 would be missed. In his presentation, Finance Secretary Naveed Kamran Baloch briefed the cabinet about the achievements during July-December of the current fiscal year and the challenges in the second half of the year.
Related news categories: business economic-indicators misc

Foreign exchange: SBP reserves jump $74m to $12.5b
KARACHI: The foreign exchange reserves held by the central bank increased 0.6% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. On February 14, the foreign currency reserves held by the SBP were recorded at $12,504.7 million, up $74 million compared with $12,430.8 million in the previous week. The central bank cited no reason for the increase in reserves. Overall, liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $18,747.1 million. Net reserves held by banks amounted to $6,242.4 million.
Related news categories: business economic-indicators misc

Moroccan envoy calls for exchange of trade teams
KARACHI: Pakistan’s business community should explore trade and investment opportunities in Morocco and benefit from its free trade agreements with the United States and European Union, said Moroccan Ambassador Mohammed Karmoune. Speaking at the Karachi Chamber of Commerce and Industry (KCCI), the envoy cited the slim trade volume between the two nations and urged businessmen of Pakistan to arrange visits of trade delegations to Morocco in order to explore trade and investment opportunities there. “Trade volume between Morocco and Pakistan is not at the level anticipated by business communities of the two countries,” he said. “Hence, collective efforts need to be made by both sides to improve the existing meagre trade volume.” He added that his country would jointly explore with Pakistan the areas where businessmen of the two nations could collaborate.
Related news categories: business economic-indicators misc

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