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Site update: March 01 2021, at 08:00 PKST
Stock update: February 26 2021.

Recent Financial News in the 'stock-exchanges' category

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Wednesday, February 24 2021

Market watch: KSE-100 extends losses, falls 161 points
KARACHI: Selling pressure continued to dominate trading at the Pakistan Stock Exchange on Tuesday as the KSE-100 index extended losses from the previous session and recorded a decline of 161 points. Investors took a cautious stance ahead of Financial Action Task Force (FATF) decision on whether to remove Pakistan from the grey list and they resorted to profit-taking. Dismal current account data, which showed a deficit of $229 million in January 2021, aided the downtrend with the market trading in a narrow range. Earlier, trading began with a spike as market participants poured investment into exploration and production stocks, encouraged by a spike in international crude oil prices. Resultantly, the index remained on an uptrend until midday. Investors’ sentiment weakened later in the day as they offloaded their stockholdings, which dragged the market down.
Related news categories: business economic-indicators misc psx stock-exchanges

Byco profit rises 4.5 times
KARACHI: Byco Petroleum Pakistan Ltd reported financial results for the six months ended Dec 31, 2020 recording stellar growth of 4.5 times in profit-after-tax (PAT) to Rs961 million translating into earnings per share (EPS) at Rs0.18, from PAT at Rs213m and EPS at Rs0.04 in the comparable period of the previous year. In a press statement, the company’s CEO Mr. Amir Abbassciy, commented: “Byco expects that discussions between the Government of Pakistan and oil refineries will be productive in developing a long overdue refining policy”. Meezan Bank earnings jump 46pc Meezan Bank Ltd on Feb 18 announced that it posted a PAT of Rs22.17bn and EPS at Rs15.67 for the year ended Dec 31, 2020, showing impressive growth of 46pc from PAT at Rs15.23bn and EPS at Rs10.77 in the earlier year on the enhanced capital of Rs14.147bn.
Related news categories: business company-news economic-indicators misc oilgas-marketing psx refinery stock-exchanges
Related symbols: byco (news stock)

ABL selects Oracle for Customer Relationship Management Solution
LAHORE - ABL announced the signing of an agreement with Oracle Corporation and Speridian Technologies, a Dubai based implementation partner, to implement CRM application to help support customer engagement capabilities across all service channels of the Bank. The occasion was attended by senior management of ABL, Oracle Pakistan and Speridian. CRM software is a tailored solution that will help ABL to implement customer-centric strategies for achieving servicing, sales and marketing goals and exceeding customer expectations. It will enable ABL to communicate effectively with customers and prospects, providing essential information at fingertips when needed. This will provide a unified and integrated platform to serve ABL’s customers across all touchpoints.
Related news categories: business comm-banks economic-indicators misc psx stock-exchanges
Related symbols: abl (news stock)

Tuesday, February 23 2021

Stocks lose 337 points on anxiety over FATF
KARACHI: Stocks remained under pressure on the first trading day of the week with the KSE-100 index recording a steep decline of 337.61 points, or 0.73 per cent, to close at 45,890.04. The index hit intraday low by 465 points. The investors displayed anxiety over the two major events that simultaneously started that day: The four-day Financial Action Task Force (FATF) plenary session started on Monday to take stock of the steps taken by Pakistan against the Anti-Money Laundering and Terror Financing. While much of the market hoped for a removal from the grey list, reports suggested campaign by belligerent countries to keep Pakistan in the grey list. Monday also saw the start of the future rollover week which pushed investors to cover their positions. The KSE-100 index opened in the positive and clawed up to intraday high by 175 points before it succumbed to a widespread selling in the lead of commercial banks, cements, fertilisers and the Exploration & Production sectors.
Related news categories: business economic-indicators misc psx stock-exchanges

Stock market loses 337 points
ISLAMABAD - The KSE 100-index of the Pakistan Stock Exchange (PSX) Monday witnessed bearish trend, losing 337.61 points, with negative change of 0.73 percent, closing at 45,890.04 points against 46,227.65 points on the last working day. A total of 722,052,658 shares were traded during the day compared to the trade of 694,815,584 shares the previous day whereas the price of shares stood at Rs25.788 billion against Rs24.877 billion previous day. As many as 414 companies transacted shares in the stock market, 162 of them recorded gain and 230 sustained losses whereas the share price of 22 companies remained unchanged. The three top traded companies were Hum Network with a volume of 114,347,000 shares and price per share of Rs7.61, Byco Petroleum with a volume of 109,099,000 and price per share of Rs10.30, and TRG Pak Ltd with a volume of 46,409,805 and price per share of Rs136.84.
Related news categories: business economic-indicators misc psx stock-exchanges

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