Tuesday, April 20 2021

Stock market loses 392 points
ISLAMABAD - The KSE 100-index of the Pakistan Stock Exchange (PSX) Monday witnessed bearish trend, losing 392.06 points, with negative change of 0.87 per cent, closing at 44,913.57 points against 45,305.63 points on the last working day. A total of 363,097,593 shares were traded during the day compared to the trade of 173,522,529 shares the previous day whereas the price of shares stood at Rs12.713 billion against Rs8.743 billion the previous day. As many as 379 companies’ transacted shares in the stock market, 109 of them recorded gain and 255 sustained losses whereas the share price of 15 companies remained unchanged. The three top traded companies were Worldcall Telecom with a volume of 101,378,000 shares and price per share of Rs1.56, Byco Petroleum with a volume of 24,252,500 and price per share of Rs10.02 and TRG Pak Ltd with volume of 23,396,241 and price per share of Rs65.19. Mari Petroleum witnessed maximum increase of Rs46 per share, closing at Rs1,615.56 followed by Rafhan Maize XD, share prices of which increased by Rs44.50, closing at Rs9,250. Colgate Palm recorded maximum decrease of Rs90 per share, closing at Rs2,660 whereas Nestle Pakistan XD was runner up with the decrease of Rs 56.82 per share, closing at Rs5,710.
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Russian businessmen meet PM
ISLAMABAD - Prime Minister Imran Khan on Monday reiterated the government’s resolve to provide business friendly environment to investors to attract much needed foreign direct investment (FDI). The prime minister expressed these views while talking to a delegation of leading Russian businessmen that called on him here. Increased cooperation between Russia and Pakistan in large scale manufacturing, Railways and energy sector was discussed in detail during the meeting. Both sides agreed upon expediting the projects that are already in the pipeline. The delegation showed keen interest to invest in different projects in Pakistan. Lad by Dmitry Pumpyanskiy, Chairman, Board of Directors TMK, a leading global manufacturer and supplier of steel pipes for the oil and gas industry, and President of Sinara group, the Russian delegation included Mikhail Popov, Alexander Pumpyanskiy, Andrey Parkhomchuk, Vladimir Shcherbatykh, Anton Zubikhin, Evgenii Poplavskii, Maxim Pavlov and Miss Anisat Bairkhanova.
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Rupee loses 12 paisas vs dollar
ISLAMABAD - The exchange rate of Pakistani rupee weakened by 12 paisas against the US dollar in the interbank trading on Monday and closed at Rs152.93 as compared to the previous day’s closing of Rs152.81. According to Forex Association of Pakistan, the buying and selling rates of dollar in the open market were recorded at Rs152.5 and Rs153.4 respectively. Similarly, the price of euro appreciated by 97 paisas and closed at Rs183.75 against the last day’s trading of Rs182.88, the State Bank of Pakistan reported. The Japanese Yen gained one paisa to close at Rs1.41, whereas an increase of Rs 2.27 paisas was witnessed in the exchange rate of British Pound, which was traded at Rs 212.22 as compared to its last closing of Rs 209.95. The exchange rates of Emirates Dirham and Saudi Riyal increased by three paisas to close at Rs 41.63 and Rs 40.77 respectively.
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Govt targets to increase economic growth to 5.1pc by fiscal year 2023-24
ISLAMABAD - The PTI-led coalition government has targeted to create up to 1.9 million jobs, restricting budget deficit to 4.4 per cent of the GDP and increasing country’s economic growth to 5.1 percent by fiscal year 2023-24. “In the medium term (FY2021-22 to FY2023-24), the focus of fiscal policy will be on sustainable, inclusive and equitable growth; job creation (1.2-1.9 million in medium terms); protection of vulnerable segments of the population; inflation control, and higher development spending,” the ministry of finance stated in Medium Term Budget Strategy Paper (MTBSP) 2021-22—2023-24. The government has envisaged economic growth at 5.1 per cent by fiscal year 2023-24, which would be driven by a sustained increase in the aggregate supply backed by a strong forex reserve position. The GDP growth is projected at 2.9 percent for the ongoing financial year, which is expected to increase to 4.2 percent in next fiscal year and to 4.6 percent in year 2022-23. The MTBSP showed that inflation rate would be reduced to 6.5 percent by 2023-24. Inflation rate would remain at 8.7 percent in current financial year that would be reduced to 8 percent in next year and to 6.8 percent in 2022-23.
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Ogra urged to approve two LNG re-gasification terminals at PQ
Islamabad - In a public hearing organised by Oil and Gas Regulatory Authority (Ogra) on petitions for grant of licences for construction and establishment of two LNG re-gasification terminals at Port Qasim Karachi, all the stakeholders have supported the issuance of licences and unanimously asked the authority to expedite the process of grant of licences to private investors. Oil and Gas Regulatory Authority (Ogra) on Monday held public hearing on petitions for grant of licences for construction and establishment of an LNG re-gasification terminal including all allied facilities at Port Qasim, Karachi. The hearing was presided over by Chairman Ogra, Masroor Khan, was attended by Member Gas Muhammad Arif, Member Oil Zainulabideen Qureshi and a number of large consumer groups like cement producers, CNG station operators, power companies and textile industry.
Related news categories: business economic-indicators misc oilgas-marketing