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Site update: January 18 2019, at 17:45 PKST
Stock update: January 18 2019.

Recent Financial News in the 'stock-exchanges' category

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Friday, January 18 2019

Market watch: KSE-100 ends almost flat amid mini-budget uncertainty
KARACHI: The KSE-100 index closed slightly lower on Thursday amid investor concern over global equity sell-off and uncertainty about announcements in the upcoming mini-budget. The market showed signs of nervousness throughout the day with panic selling at some points as the index touched an intra-day low of nearly 500 points. Before the end of trading, the index, however, recovered and closed near the previous day’s level. Investor concern over weak global crude oil prices, prevailing economic uncertainty in the country and ongoing political noise played the role of catalysts for the bearish trend in the market. At the end of trading, the benchmark KSE 100-share Index recorded a decrease of 28.05 points or 0.07% to settle at 39,243.89.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

Govt to abolish advance tax on sale, purchase of shares
ISLAMABAD: The government has agreed to abolish 0.02 per cent advance tax on sale and purchase of shares in the upcoming mini-budget. It was a major demand of the stock market players. The Ministry of Finance in its summary has suggested that Section 65C of the Income Tax Ordinance (ITO) allows incentives for listing by companies through tax credits. This incentive can be further enhanced to encourage new listings. Details available from the finance ministry regarding the mini-budget, which will be announced on Jan 23rd, show that advance tax of 0.02pc on sale/purchase of shares will be abolished.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

PSX close of day
KARACHI: BRINDEX-30 closed on the lower side on Thursday at 21,796.92 points with a negative change of -39.65 and volume of 70,451,500 shares. High and Low were 21,842.98 and 21,448.08 respectively. Of 30 companies traded, 18 were up, 12 were down and 0 was unchanged. Total volume traded in the market was 104,483,730 shares. Total companies traded were 332 of which 144 were positive, 176 were negative and 12 were unchanged. Commercial Banks was the top traded sector with total traded volume of 14,580,400 shares. It was followed by Technology and Communication with a total traded volume of 12,098,700 shares.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

US stocks rise on report US could lift China tariffs
NEW YORK: Wall Street rose for a third straight session Thursday boosted by a report that Washington was considering scaling back some tariffs on China. The Dow Jones Industrial Average rose 0.7 percent to close the day at 24,370.10, slightly below the highest point of the session. The broad-based S&P 500 gained 0.8 percent to end at 2,635.96, while the tech-rich Nasdaq Composite Index added 0.7 percent to finish at 7,084.46. US stocks were little changed through early afternoon but suddenly jumped higher after The Wall Street Journal reported that Treasury Secretary Steven Mnuchin had proposed lifting some or all tariffs on China as a way to reassure markets and bolster the odds of a bigger trade deal. But the article described the idea as part of a policy debate between Mnuchin and US Trade Representative Robert Lighthizer, who is more hawkish on China.
Related news categories: business misc stock-exchanges

British stocks shrug off politics as results from Sage, ABF drive big moves
LONDON: Investors in British stocks turned their focus from political to company developments on Thursday as results from software firm Sage, Primark owner ABF, and bookmaker GVC triggered big moves and weak house sales data dented shares in housebuilders. The FTSE 100 slid 0.4 percent, extending Wednesday’s fall and in line with a slide in euro zone stocks, while the domestically focused mid-cap FTSE 250 rose 0.3 percent as sterling hit its highest since mid-November. Financials were the biggest drag on the FTSE 100 as Europe’s banking sector sold off after weak results from Societe Generale , and investors received Prime Minister Theresa May’s win in a no-confidence vote with little fanfare. May’s government won a vote of no confidence on Wednesday evening by 325 votes to 306, leaving her to try to break the impasse over how to leave the European Union.
Related news categories: business misc stock-exchanges helpline: +92-42-3631-4186 (10:30am to 5:30pm)