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Site update: July 08 2020, at 13:45 PKST
Stock update: July 07 2020.

Recent Financial News in the 'economic-indicators' category

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Wednesday, July 08 2020

KSE-100 index adds 171 points on local buying
KARACHI: The massive rally at the stock market that started on June 26 following the surprise State Bank policy rate cut by 100 basis points entered eighth consecutive trading day on Tuesday. The bulls remained in charge for the entire session with the KSE-100 index recording gains of 170.58 points (0.48 per cent) and settling at 35,373.35. Over the last eight days, the market has amassed 1,434 points or 4.2pc. Except for foreigners who carried on their selling of shares worth $3.09 million, all local participants sans banks continued to add to the index splurge. Buoyant international markets and declining trend line in active cases of Covid-19 in the country provided confidence to investors who resumed buying right from the opening bell, taking the benchmark up to intraday high by 269 points.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

Foreign investors see improvement in security
ISLAMABAD: Foreign investors are excited over Pakistan’s fast improving security situation, saying the two main business centres — Karachi and Lahore — are now on a par with other mega cities in the region. In a survey — Annual Security Survey 2020 — released on Monday, the Overseas Investors Chamber of Commerce and Industry (OICCI) said the foreign investors have shown overall high level of satisfaction on the fast improving security environment in the country. The survey was conducted by the OICCI that claims to be the largest chamber in terms of economic contribution and representing top 200 foreign investors in Pakistan. The survey, it said, was based on feedback on the security environment from July 2019 to June 2020.
Related news categories: business economic-indicators misc

Suzuki raises Alto, two-wheeler prices
KARACHI: Pak Suzuki Motor Company Limited (PSMCL) on Tuesday increased the price of Alto 660cc VX model by Rs63,000 to Rs1.198 million from July 7. The company, without mentioning any reason for the price hike in the letter sent to authorised dealers, said customers, who have already booked the model with full payment, would not be charged the upward price difference. Earlier, the PSMC also increased prices of two-wheelers by Rs3,000-6,000 on July 1. The new prices of GD110S, GS150, GS150SE, GR150 and GSX150SF are Rs175,000, Rs185,000, Rs202,000, Rs279,000 and Rs579,000 respectively.
Related news categories: auto-assembler business economic-indicators misc

As interest rates rose in FY20, money poured into govt securities: SBP data
KARACHI: The deposits of banks increased by 12 per cent year-on-year basis while their total investments — mainly in government securities — jumped 40pc during the outgoing fiscal year, reported the State Bank of Pakistan on Tuesday. The total deposits of banks rose by 12.2pc to Rs16.229 trillion by June end, compared to Rs14.458tr in same period last — an increase of 1.771tr. Overall money supply of the country increased by almost 16pc in FY20, compared to 11.3pc last year. But private sector lending remained severely depressed throughout the year as advances grew at a meagre 1.2pc in the same period.
Related news categories: business economic-indicators misc

Debt deferment facility extended till Sept 30
KARACHI: The State Bank of Pakistan (SBP) on Tuesday extended the deferment facility of principal amount for small and medium-enterprises (SME) till end of September FY21. “Considering the fact that Covid-19 pandemic is continuing to stress the cash flow of small and medium- sized businesses and households, SBP has decided to extend the Deferment of Principal Amount facility up till 30th September 2020,” the central bank said. This facility will be available for SME financing, consumer financing, housing finance, agriculture finance and micro financing only, it added. The facility is not being extended to corporate and commercial borrowers since a significant amount of their loans and advances has already been deferred.
Related news categories: business economic-indicators misc helpline: +92-42-3631-4186 (10:30am to 5:30pm)