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Site update: April 25 2017, at 17:00 PKST
Stock update: April 25 2017.

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Tuesday, April 25 2017

Market watch: KSE-100 index crosses 50,000 after a three-month gap
KARACHI: The stock market continued its fast and steady advance on Monday as the KSE 100-share Index crossed 50,000 points after a hiatus of three months. The bourse saw a fourth consecutive day of positive trading since before the much-anticipated Panama verdict on Thursday last week. At close, the Pakistan Stock Exchange’s (PSX) benchmark index rose 403.02 points, or 0.81%, to end at 50,111.67. According to JS Research analyst Nabeel Haroon, the market continued its bullish momentum as investor interest was primarily seen in the automobile sector. Pak Suzuki Motor Company (+5%), Honda Atlas Cars (Pakistan) Limited (+4.23%) and Indus Motor Company (+4.72%) were top performers of the sector.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

Full-day report: KSE-100 Index breaches 50,000 barrier
The benchmark KSE-100 index breached the 50,000 point barrier in Monday's session, gaining 0.81 per cent (403 points) to reach 50,111.67 points, as the post-Panama verdict bullish sentiment continued to rule. "KSE-100 index continued its bull run [...] to close above the 50,000 mark after almost 3 months on the back of institutional buying," observed a research note issued by a Topline Securities. "Bullish trend continued on upbeat financial results in oil, banking and auto sectors," said Ahsan Mehanti of Arif Habib Corp. "Rising global equities, easing political noise, record quarter-end corporate earning announcements by Pakistan State Oil, National Bank, Bank Al Falah and Indus Motors played a catalyst role in bullish close," he added. KSE-100 Index volumes reached 135 million shares, with the value of shares traded reaching slightly above Rs15 billion. Total volumes touched 399.46m, worth Rs22.21bn. A total of 388 symbols were traded at the Pakistan Stock Exchange, of which 222 advanced, 154 declined and 12 remained unchanged.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

World Bank to help develop Pakistan’s renewable energy sector
ISLAMABAD: World Bank President Dr Jim Yong Kim on Monday offered technical and financial help in technological improvements in the renewable energy sector. He was talking to Finance Minister Ishaq Dar who called on him during the spring meetings of the World Bank and International Monetary Fund (IMF) in Washington, said a message received from the Embassy of Pakistan. Mr Dar acknowledged the role being played by the World Bank for resolving the disputes under the Indus Waters Treaty and urged expediting the process. He said the resolution of the issue “would lead to water security in the region”. He briefed Mr Kim about the improvement in the macroeconomic situation and said the focus was now on making the growth inclusive and sustainable. He informed innovative measures, including Pakistan Development Fund and Pakistan Infrastructure Bank, were being undertaken to maintain the higher growth trajectory, he said.
Related news categories: business economic-indicators misc power-gen-dist

PSO profit shoots higher
KARACHI: Pakistan State Oil (PSO) logged strong growth in earnings during the nine months through March as its after-tax profit swelled 209 per cent year-on-year to Rs14.2 billion. Earnings per share rose to Rs52.10 from Rs16.91. The oil marketing company’s net sales jumped 29pc to Rs629bn and gross profit more than doubled to Rs27bn. However, the share of profit contributions from associated companies fell 12.6pc to Rs536 million. The results remained largely in line with expectations, according to Analyst Faizan Ahmed at JS Global. He recalled that the company skipped dividend during the July-December 2016 due to cash constraints emanating from increasing power-sector receivables. Lucky Cement Ltd: The cement giant’s after-tax profit rose 8.4pc to Rs10.42bn (or Rs32.23 per share) during July-March, the company said in a statement.
Related news categories: business company-news economic-indicators ise kse lse misc oilgas-marketing psx stock-exchanges
Related symbols: pso (news stock)

Textile, clothing exports rise 6pc to $1.064bn
ISLAMABAD: Textile and clothing exports rose 6.2 per cent year-on-year to $1.064 billion in March, mainly driven by value-added products such as garments, the Pakistan Bureau of Statistics said on Monday. The increase in export proceeds was also evident in rupee terms. The data for the month shows that exports of value-added products grew during the month, both in terms of value and quantity. Product-wise details show that exports of readymade garments rose 19.5pc while that of knitwear grew 5.4pc in March. Exports of bedwear edged up by 5.4pc while those of towels 15.8pc during the month. In primary commodities, exports of cotton yarn witnessed a year-on-year increase of 5pc while those of cotton cloth and yarn (other than cotton’s) dropped 5.5pc and 26.9pc, respectively.
Related news categories: business economic-indicators misc

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