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Site update: May 26 2017, at 18:30 PKST
Stock update: May 26 2017.

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Friday, May 26 2017

Asia’s best-performing market gives finance minister something to be proud of
KARACHI: If there was one thing Finance Minister Ishaq Dar could confidently talk about during his press conference on Thursday, it was the country’s stock market. With the Pakistan Stock Exchange (PSX) set to be upgraded into MSCI’s Emerging Markets Index come June 1, Dar mentioned how it outperformed all its peers in Asia in calendar year 2016; becoming Asia’s best and the world’s fifth-best performing market. The KSE-100 Index, a benchmark for market performance, has also soared 40% in the current fiscal year to date, as stocks attracted the available liquidity in the economy.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

Full-day report: KSE-100 closes flat ahead of federal budget
The Pakistan Stock Exchange ended Thursday’s session on a slightly negative note, with the benchmark KSE-100 index losing 7.45 points, or 0.01 per cent, by the close of the trading session to reach 52,869.01. Volumes surged led by cement company stocks as the market remained almost flat ahead of the federal budget due tomorrow. 142 million shares changed hands by the end of the session, with a total worth of nearly Rs19 billion.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

PSX closes almost flat ahead of federal budget
KARACHI - After a relentless charge in the last three trading sessions, bulls took a breather Thursday with the benchmark KSE 100-index ending almost flat at 52,869 points. Volatile session was witnessed at the local bourse. Most of the selling pressure was witnessed during the second half of the day, after which the market closed at 52,869 levels, after losing 7 points, brokers said. Investors flocked to MSCI small cap stocks as THALL, PAEL, ISL, & SNGP closed up 5%, 4.9%, 4.8%, & 3.4%, respectively, with cumulatively contribution of 107.4 points to the index. Amongst sectors, banks’ peeled 169 points off the index as investors pocketed profits. BAFL, NBP, UBL & MCB were down 3.5%, 3%, 2.4% & 2.2%, respectively, stated analyst at Topline brokerage. Overall profit taking was observed in the banking sector where big banks such as MCB (down 2.22%), UBL (2.37%) and HBL (0.44%) lost value to close in the red zone. Steel sector gained to close higher than its previous day close as ISL (up 4.77%), INIL (4.71%) and MUGHAL (5%) closed in green, said analyst Arhum Ghous.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

LHC dismisses plea against Nishat Mills
PR LAHORE - Lahore High Court (LHC) Chief Justice Syed Mansoor Ali Shah has dismissed a malafide petition filed by Mian Shabir Asmail against Nishat Mills Ltd and others in the matter of the procurement of new uniforms for the Punjab Police. The chief justice also ordered the petitioner to deposit Rs10,000 as cost for the non-serious petition, which was filed without verification of facts and not supported with any evidence to establish that PPRA rules were violated in the award of tender to Nishat Mills Ltd for the supply of uniforms to the Punjab Police. In the final judgment, the chief justice stated, “Such petitions bring a bad name to public interest litigation and lower its credibility in the eyes of the court”. In his concluding remarks, the chief justice further stated, “Such a petition not only abuses the process of public interest litigation but also burdens the court and draws upon its time and resources, besides, eating into the time allocated for other cases.”
Related news categories: business company-news economic-indicators ise kse lse misc psx stock-exchanges
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Rare retail bright spot boosts S&P, Nasdaq to records
NEW YORK: The S&P 500 and Nasdaq Composite were in record territory in late morning trading on Thursday, buoyed by strong earnings from the embattled retailer sector. Sentiment also got a boost after the minutes of the Federal Reserve's latest meeting showed policymakers expected the economy to pick up momentum and an interest rate hike would come sooner rather than later. While gains were broad based, the consumer discretionary index's 0.83 percent surge was easily the highest among the 11 major S&P sectors. Best Buy surged as much as 17 percent to a record high of $58.99, making it the top gainer on the S&P, as its comparable sales unexpectedly rose last quarter. Tommy Hilfiger-owner PVH was second-biggest gainer with a 7 percent jump to a near 6-month high on strong results. Sears soared as much as 32 percent after posting its first quarterly profit in nearly two years. Analysts also said the S&P 500 being able to break through and stay above the 2,400 level for the third straight session has also provided technical support.
Related news categories: business misc stock-exchanges helpline: +92-42-3631-4186 (10:30am to 5:30pm)