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Site update: September 18 2020, at 18:00 PKST
Stock update: September 18 2020.

Recent Financial News in the 'stock-exchanges' category

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Friday, September 18 2020

Market watch: Stock market reverses trend, gains 52 points
KARACHI: After receding for two successive days, the KSE-100 index of the Pakistan Stock Exchange reversed trend on Thursday and edged up about 50 points in a topsy-turvy session. Market expectation for a status quo in the upcoming monetary policy announcement by the State Bank of Pakistan, scheduled for Monday next week, prevented the bourse from posting handsome gains. Automobile, cement and fertiliser sectors bore the brunt of weak investor sentiment and most of the stocks in those sectors recorded losses. A slight recovery in global crude oil prices lent support to the bourse and aided its uptrend. Earlier, trading kicked off on a positive note and the index surpassed the 42,500-point mark in initial deals. The uptrend continued for some time, however, selling pressure emerged towards noon and wiped off most of the gains. Nevertheless, the KSE-100 index managed to close in the green. At close, the benchmark KSE-100 index recorded an increase of 52.48 points, or 0.12%, to close at 42,334.76 points.
Related news categories: business economic-indicators misc psx stock-exchanges

Stocks inch up 52 points in lacklustre session
KARACHI: The stock market chugged along lazily all through the session with the KSE-100 index closing with minuscule gain of 52.48 points (0.12 per cent) at 42,334.76. Investor interest in trading was at low ebb after several days of lacklustre closing. The index moved between the intraday high and low by 350 and six points. Trading kicked off on a positive note as investors were elated over the passage of three Financial Action Task Force related bills in joint session of the parliament on Wednesday evening which was not expected by many given its rejection by the Opposition earlier. Investors also lost interest in the second major issue of the State Bank monetary policy since the date of announcement was stipulated with near consensus predictions of no change in the interest rate.
Related news categories: business economic-indicators misc psx stock-exchanges

Thursday, September 17 2020

Market watch: Stocks continue to lose ground
KARACHI: Bears held the ground at the Pakistan Stock Exchange (PSX) on Wednesday as the market endured another round of selling with the benchmark KSE-100 index dropping about 60 points. Stocks continued to face selling pressure as uncertainty prevailed about a joint session of parliament on Wednesday for voting on a crucial Financial Action Task Force (FATF)-related bill. The sell-off continued despite the announcement by the State Bank of Pakistan (SBP) that the Monetary Policy Committee would meet on September 21 to decide on the next monetary policy. A brief stay of the KSE-100 index in the green was fuelled by investors’ expectation of a status quo in the monetary policy statement.
Related news categories: business economic-indicators misc psx stock-exchanges

K-Electric seeks Rs144b increase in capital expenditure
ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) has raised questions over the performance of K-Electric while conducting a hearing on the mid-term review of the company’s investment plan. Initially, K-Electric had sought a tariff increase of Rs1.64 per unit and after adjustment it proposed a hike of Rs1.26 per unit. K-Electric had requested for allowing an increase of Rs144 billion in its capital expenditure (capex) compared to expenditure of Rs299 billion allowed by Nepra - the power sector regulator. Nepra conducted a public hearing in that regard on Wednesday. The objective of the mid-term review was to look at the investment made and planned by K-Electric.
Related news categories: business economic-indicators misc power-gen-dist psx stock-exchanges
Related symbols: kel (news stock)

Tuesday, September 15 2020

Market watch: Stocks end flat after topsy-turvy session
KARACHI: The stock market underwent a volatile ride on Monday, hitting intraday low of 42,372 points before institutional buying helped stocks to recover and close almost flat. The Pakistan Stock Exchange (PSX) opened positive on the back of interest in oil and banking stocks. The interest in oil shares came in the wake of government’s decision to delay the plan of oil price hedging. The benchmark KSE-100 index, however, failed to sustain the positive momentum and continued to drop as investors resorted to profit-booking. Despite an upbeat remittance data announced during the session, many investors chose to remain on the sidelines.
Related news categories: business economic-indicators misc psx stock-exchanges

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