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Site update: May 21 2019, at 15:15 PKST
Stock update: May 21 2019.

Recent Financial News in the 'stock-exchanges' category

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Monday, May 20 2019

Stocks bleed as index drops over 780 points
KARACHI: The Pakistan stock market came under massive selling pressure, as it dropped over 780 points to a 38-month low of 32,385 in intra-day trading on Monday. Market analysts said investors extended selling on expectation for key interest rate hike by 100-200 basis points on Monday. The government is set to aggressively increase interest rate under the IMF loan programme. This would be another blow to the the stock market following massive rupee depreciation that happened last week. Both the decisions; likely rate-hike and the rupee depreciation would badly hit businesses and impact their net earnings. For this reason, investors are taking exit at this point of time, they said.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

Weekly review: PSX in grip of bears as index falls for 7th successive week
KARACHI: Volatility marred trading at the stock market in the outgoing week as agreement for an International Monetary Fund (IMF) loan programme and fresh rupee depreciation drove market sentiments. The benchmark KSE 100-share Index shed 1,550 points or 4.5% during the week to settle at 33,166 points. The week commenced on a negative note as investors failed to react positively to the development regarding IMF loan package over the weekend. The index slipped over 800 points as expectations of a tough IMF programme and stringent conditions dented investor sentiments. The following session also saw the index finish slightly in the red with participants remaining on the sidelines. In line with expectations, Pakistan successfully kept its status in the MSCI Emerging Market Index, which helped create positive momentum in the stock market.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

Friday, May 17 2019

Market watch: Stocks dragged down by heavy rupee depreciation
KARACHI: The stock market once again dived into the red zone as the latest round of rupee depreciation pushed the benchmark index down by over 700 points in intra-day trading on Thursday. The rupee dropped to an all-time low at 148.50 to the US dollar in the inter-bank market earlier in the day, weakening by over 5%, or Rs7.10, from Wednesday’s close of 141.4. The fresh depreciation prompted renewed stock selling as investors reacted with panic to the latest development. As a result, the KSE-100 index, after a brief upward opening, dropped to an intra-day low of 33,574.85 points. The benchmark KSE-100 index fell over 650 points in immediate reaction to the rupee’s fall, stockbrokers said. The rupee depreciation would badly impact earnings of companies listed at the Pakistan Stock Exchange (PSX).
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

Tractor producers demand abolition of GST on imports
KARACHI: Tractor producers of Pakistan have urged the government to help reduce the tax refund claims by abolishing general sales tax (GST) at the import stage. The refund claims, they argue, peak at Rs1.9 billion on an annual basis for the sector. The abolition of GST would provide a major relief for the local tractor industry, emphasised Al-Ghazi Tractors Chief Executive Officer Mohammad Shahid Hussain in a statement on Thursday. For the past many years, the industry has been proposing the abolition of GST at the import stage on completely knocked down (CKD) components imported by the original equipment manufacturers for the assembly of tractors.
Related news categories: auto-assembler business company-news economic-indicators ise kse lse misc psx stock-exchanges
Related symbols: agtl (news stock)

Australian shares set for stronger open; New Zealand flat
Australian shares on Friday are likely to track extended gains in US equities, although cautious trade may take precedence ahead of the Australian federal election on Saturday. The local share price index futures rose 0.7pc or 47 points to 6,392.0, a 64.2-point premium to the underlying S&P/ASX 200 index close. The benchmark rose 0.7pc on Thursday. New Zealand’s benchmark S&P/NZX 50 index was largely flat in early trade.
Related news categories: business misc stock-exchanges

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