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Site update: November 23 2020, at 16:45 PKST
Stock update: November 23 2020.

Recent Financial News in the 'stock-exchanges' category

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Monday, November 23 2020

APCMA protests against CCP searches
LAHORE- All Pakistan Cement Manufacturers Association (APCMA) on Saturday protested against searches of offices of its members by Competitive Commission of Pakistan. A similar search was previously conducted on 24th September 2020 at the office of APCMA and a member’s office at Lahore. APCMA spokesperson said the searches are being conducted in blatant violation of the law and in excess of the mandate given to the Commission and its officers as per law. The Commission illegally and unlawfully, with the support of local police, sealed the premises of APCMA Members’ office while conducting the searches and restricted the movement of employees even though no resistance of any sort was put up, he said. The Commission and its authorized officers, during the search also impounded items, including personal belongings of the employees, for which they had no express authority under the law or through the authorization memo provided to the Members. The officers of the Commission were repeatedly requested to exercise their powers strictly as per law, however, the members’ representatives were continuously harassed and threatened with arrest and imprisonment for interference in official duties.
Related news categories: business cement economic-indicators misc psx stock-exchanges

TPL Trakker to provide fleet management services to SDPT
KARACHI -TPL Trakker, Pakistan’s leading IoT company, has been chosen as the sole Fleet Management Partner for Sialkot Dry Port Trust (SDPT), Asia’s first ever dry port in the private sector. Following the partnership, TPL Trakker will provide SDPT a customized solution catered to address their business needs. These services will include Online Tracking of their fleet, Business Insights on Drive Time and Distance Travelled, a Live Dashboard indicating Real-Time status of the fleet, Creation and Monitoring of Geofences as well as SMS Alerts, helping SDPT efficiently manage its fleet of customs bonded vehicles. SDPT is the largest Bonded Carrier in the private sector with over 100 vehicles providing quality services in terms of efficient transit time, safety and reliability.
Related news categories: business economic-indicators misc psx stock-exchanges tech-comm
Related symbols: tplt (news stock)

Friday, November 20 2020

Market watch: KSE-100 rises marginally in choppy trading
KARACHI: Pakistan’s stock market had another day of choppy trading on Thursday and rose marginally by 26 points as investors were concerned over rising cases of Covid-19 in the country. If the virus cases continued to ascend, market participants anticipated stringent measures by the government, which would prove detrimental to economic activities. Upbeat balance of payments data, which showed a positive current account balance for the fourth successive month, failed to entice market players to maintain the buying momentum. In addition to that, encouraging data of foreign exchange reserves, which climbed to a two-and-a-half-year high, had no significant effect on the benchmark index and it remained range bound for most part of the session. Earlier, the market opened with minor ups and downs, however, the two positive economic indicators helped the KSE-100 index surge around 250 points in early hours. Later, investors’ excitement died down and selling pressure emerged, which dragged the market down. At close, the benchmark KSE-100 index recorded an increase of 26.03 points, or 0.06%, to settle at 40,540.70 points. Arif Habib Limited, in its report, stated that the market continued to trade in a narrow range amid volumes of less than 200 million shares, as recorded in the past couple of sessions.
Related news categories: business economic-indicators misc psx stock-exchanges

PIA financial restructuring in final stages
LAHORE: Pakistan International Airlines (PIA) Chief Executive Officer Air Marshal Arshad Malik has assured that the financial restructuring of the national flag carrier is well on its way and things would be finalised soon. “We do have a few options to settle the mounting debt issue of PIA,” Malik said during his visit to the Lahore Chamber of Commerce and Industries (LCCI) on Thursday. “One of the options is to issue investment bonds; the other is debt-equity swap,” he said, adding, “The third option we have is that the government can take some of PIA’s assets against the loans to clear our balance sheet, which is already guaranteed by the government.” Malik stated that a final meeting is expected to be held within 10 days and it is expected that this issue will be settled. The CEO said that despite the Covid-19 outbreak and other challenges, efforts for improvement have started yielding results. He highlighted that PIA’s revenue has increased and shown gross profit during the months of September and October. Shedding light on the losses incurred, he said the open sky policy has caused huge loss to PIA. “However, financial restructuring of PIA is well on the way and would be finalised soon,” he added.
Related news categories: business economic-indicators misc psx stock-exchanges transport
Related symbols: piaa (news stock)

CCP raids offices of two cement companies
ISLAMABAD: The Competition Commission of Pakistan (CCP) on Thursday raided offices of two leading cement manufacturers on the suspicion of their role in fixing prices of cement. The raids were conducted on the office of Azam Farooque, Chief Executive Officer of Cherat Cement and Chairman of the All Pakistan Cement Manufacturers Association (APCMA), and Syed Noman Hassan, a senior official of Lucky Cement and the vice chairman of APCMA. “The CCP, as part of an inquiry launched in May 2020 to investigate the possible anti-competitive activities by the cement manufacturers, carried out a search and inspection of the offices of chairman and vice chairman of APCMA, located in Karachi,” said a statement issued by the anti-trust watchdog on Thursday. Two different teams entered and searched the offices of chairman and vice chairman of APCMA and seized the relevant record, it added. The CCP has lately become active against big cartels after spending a lot of time on small cases that did not have much impact on ensuring competitiveness in the economy and providing relief to the consumers.
Related news categories: business cement economic-indicators misc psx stock-exchanges

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