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Site update: September 20 2018, at 16:00 PKST
Stock update: September 19 2018.

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Wednesday, September 19 2018

PSX expected to maintain uptrend as major sectors benefit
KARACHI: The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index has reacted positively to the presentation of the mini-budget and is expected to maintain the uptrend in the short run. “Amended budget (Finance Bill 2018) bodes well for the economy and select sectors,” Topline Securities said in a post-budget commentary to its clients. The revised budget is aimed at reducing the fiscal deficit by around 100 basis points to 5.1%. This was followed by the decision of raising gas prices on average by more than 35%, it said.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

PPL profit soars 32% to Rs45.8 billion
KARACHI: Pakistan Petroleum Limited’s (PPL) profit rose 32% to Rs45.8 billion in the fiscal year ended June 30, 2018 on account of higher oil prices, rupee depreciation and higher other income. The company had registered a profit of Rs34.7 billion in the previous year. Earnings per share jumped to Rs23.24 in FY18 compared to Rs17.60 in the previous year, according to the consolidated profit or loss statement sent to the Pakistan Stock Exchange (PSX) on Tuesday. The company’s board of directors recommended a final cash dividend of Rs1.50 per share and 15% bonus shares. NAB sends notices to heads of oil and gas companies PPL’s share price increased 1.8%, or Rs3.72, to close at Rs210.94 with 905,500 shares changing hands at the PSX. The company posted the profit despite a 3% year-on-year decline in oil production in FY18, according to post-result comments made by Taurus Research.
Related news categories: business company-news economic-indicators misc oilgas-marketing psx stock-exchanges
Related symbols: ppl (news stock)

Stocks cheer mini-budget with 718-point rally
KARACHI: The stock market staged a grand rally on Tuesday as the KSE-100 index stormed past the 41,000-level to settle at 41,238.07, with gains of 717.60 points (1.77 per cent). The market took a muted start with investors spooked over the announcement of mini-budget later in the day. It extended the previous day’s heavy losses triggered by the increase in gas prices, which was supposed to hit mainly the steel, cement and chemical sectors. But post announcement of budgetary measures, investors were relieved of many fears, particularly the much feared cut in Public Sector Development Programme which was thought to have negative repercussions on the cement and steel sector and around 42 ancillary industries.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

PPL records Rs45.7 billion profit
KARACHI: Pakistan Petroleum Ltd (PPL) posted unconsolidated profit after tax (PAT) for FY18 at Rs45.7bn (earnings per share: Rs23.17), up 28 per cent, from Rs35.7bn (EPS: Rs18.10) the previous year. The board proposed a final cash dividend of Rs1.50, in addition to the bonus shares at 15pc. Net sales increased 7.9pc to Rs126.2bn in FY18, from Rs117bn the year before. PSX profit plunges 77pc The Pakistan Stock Exchange (PSX) announced yearly PAT at Rs64.2m, down 77pc, from Rs277.3m the earlier year. This translated into EPS of Rs0.08, from Rs0.35. No final dividend was announced but interim had been paid at Re0.05 per share.
Related news categories: business company-news economic-indicators misc oilgas-marketing psx stock-exchanges
Related symbols: ppl (news stock)

Index gains 718 points
LAHORE - The market recovered on Tuesday as the KSE-100 index gained 718 points to close at 41,238 level, after a decline of 400 points in the previous trading session. READ MORE: Strawberry sabotage akin to 'terrorism': Australia PM This recovery at local bourse came after the amended Finance Bill for the remaining months of FY19 was read out during Tuesday's session of the National Assembly. The key highlights of mini budget were increase in federal excise duty on imports of luxury items including vehicles expensive cell phones. Customs duty was increased on more than 5,000 luxury items while increase in regulatory duty was imposed on import of more than 900 items. Tax relief revoked from salaried persons earning more than Rs200,000 per month. Tax rate for the highest income tax slab was raised from 15pc to 30pc. Buying was largely driven by value hunters with cements and steel heavyweights LUCK (+5 percent), DGKC (+5 percent), MLCF (+5 percent), PIOC (+5 percent), ISL (+5 percent) and ASTL (+2.29 percent) leading the charts, cumulatively contributing +128 points to the index. Active participation was witnessed in the banking sector with UBL (+1.68 percent), HBL (+1.55 percent), BAFL (+2.21 percent) and NBP (+1.44 percent) closing in the green zone. PPL (+1.80 percent) from the E&P sector declared its FY18 result, where the company posted an EPS of Rs23.24 and a cash payout of Rs1.50 per share along with a bonus of 15 percent. Moving forward it is expected market to remain positive for the coming session where experts recommend investors to buy valued stocks on dip.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

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