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Site update: January 16 2017, at 14:00 PKST
Stock update: January 13 2017.

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Monday, January 16 2017

Weekly review: Rollercoaster ride as index gains 0.4% week-on-week
KARACHI: It was a volatile week at the bourse, which ended with an anti-climax, as the index failed to reach the coveted 50,000-point level despite coming close on multiple occasions. The KSE-100 index gained 175 points or 0.4% week-on-week to close at 49,210.5. It reached an all-time high multiple times, but profit-taking meant gains were wiped off, especially on Friday when the index lost 306 points. Index started the week on a dull note with textile sector as an exception as investors took bets on the much anticipated export relief package to be announced by the prime minister. The announcement of Rs180 billion package on Tuesday provided further conviction throughout the week. Engineering sector continued its winning streak on the back of increasing demand as government signed the financial close of 870 megawatt Suki Kinari hydropower project.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

Is PSX the best stock market in Asia?
For a country with multiple problems it is amazing to see its stock market declared the best performing in Asia and the fifth best performing market in the world, in 2016. With an annual rate of return of around 45pc, should we be proud? The academic belief is that markets are driven by fundamentals and stock prices follow a random path. Similar to a coin toss, stock prices are unpredictable. In an efficient market one cannot consistently generate abnormal returns using past stock data or publicly available information. In simple words unless one has access to private information one cannot consistently generate above average returns. The return on average will be what is commensurate with the risk of the stock. But the Pakistan Stock Exchange (PSX) defies all of the above academic beliefs.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

Stock rally eases, index nears new milestone
KARACHI: The stocks market’s momentum slightly fizzled out in the outgoing week as profit-taking limited gains to 172 points, or 0.35 per cent. However, the benchmark KSE-100 is still at its all-time high of 49,211 points. Average daily volume increased 20pc to 489 million shares while average daily value traded rose 7pc to Rs23 billion during the week, signalling investors shifting position to top-tier scrips from second- and third-tier shares. Volume leaders included K-Electric (106.3m shares), TRG Pakistan (103.6m), Engro Fertilisers (94.8m) and Azgard Nine (94.1m). Foreign selling remained the key feature of the ongoing week with a heavy sell-off of $46.5m worth shares against $2m the earlier week. Major outflow of $14.2m was witnessed in the chemicals sector, followed by cement $13.1m, power and distribution $5.8m, and commercial banks $2.6m. The foreign selling was absorbed by mutual funds to the extent of $20.5m, individuals $16.8m and companies $13.5m. According to major brokerage houses, the drivers of the index during the week were power and distribution sector which contributed 149 points, followed by pharmaceuticals 74 points and commercial banks 46 points.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

Small investors’ share in IPOs
With the stock market flooded with liquidity, investor appetite for Initial Public Offerings seems to be insatiable. The fierce bull run that has seen stock prices of ‘blue chips’ multiply to their re-rated values since November last year, makes it all the more necessary to persuade big profitable companies to float stocks. The current status of 558 listed companies among more than 80,000 unlisted private firms is a poor showing. Just three new IPOs were witnessed in the outgoing year and investors wonder if things will be different this year. The ‘daily quotation’ of the Pakistan Stock Market (PSX) shows just four companies that have applied so far for listing, two of which are spin-offs of already listed companies and will therefore not be going for an IPO.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

European stock markets rebound
LONDON - Europe's main stock markets rebounded, with London striking a fresh record high, but trading was cautious overall before the weekend pause. Equities had retreated Thursday on investor disappointment over a lack of policy detail from United States President-elect Donald Trump and allegations of emissions cheating at Fiat Chrysler. "After a trying day yesterday, the buyers have returned to European equity markets, with the bulls clearly not giving up their dominance without a fight," said Chris Beauchamp, analyst at online trading firm IG. London's benchmark FTSE 100 index extended a record run higher since the end of last year, reaching 7,329.29 points. It was up 0.3 percent in late morning deals. Frankfurt and Paris each won half a percent in value. Asian markets diverged as traders were given a weak lead from Wall Street where the Dow's drive for the 20,000-point mark has stalled. The dollar meanwhile struggled to break back after its recent sell-off as investors fret over Trump's lack of specifics on economic policy. After a global rally fuelled by hopes his election victory would see a boost to the US economy, trading floors are turning more quiet with talk that the surge may have been overdone. Among the main losers in the recent pull-back is the dollar, which had soared on expectations the real estate tycoon's plans for big spending and tax cuts would fan inflation and force the Federal Reserve to lift interest rates.
Related news categories: business misc stock-exchanges

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