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Site update: April 21 2017, at 17:45 PKST
Stock update: April 21 2017.

Recent Financial News in the 'economic-indicators' category

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Friday, April 21 2017

KSE-100 finishes with 1,140-point gain as Panama case verdict announced
KARACHI: The KSE-100 Index, a benchmark for market performance, finished with a gain of 1,140.08 points on Thursday as investors cheered the outcome of the Panama case verdict. Side-lined by political uncertainty, investors dreaded the worst – disqualification of the prime minister – but the formation of a joint investigation team that would further probe allegations of money-laundering against the First Family was seen as a positive. Market watch: KSE-100 undergoes most volatile session in six months Participants came out of their shell to buy in droves as the KSE-100 Index at one point rose over 1,900 points in intra-day trading, translating to an increase of close to 4%, coinciding with the verdict of the Panama case. At close, the Pakistan Stock Exchange’s (PSX) benchmark-100 share index ended with a rise of 1,140.08 points or 2.39% to end at 48,743.56, retreating from its intra-day high of 49,509.30.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

Investment in agriculture going down, says Bosan
ISLAMABAD: In a bid to improve the country’s socio-economic prosperity, Minister for National Food Security and Research Sikandar Hayat Khan Bosan on Thursday called on provincial governments to increase investment in the agriculture sector. Speaking at a meeting of the Federal Committee on Agriculture, he noted that investment in agriculture had been declining in provinces for the past few years. “Provinces must increase their investment in the agriculture sector. If required, the federal government can help fill the financing gap,” he said. The minister asked for efficient utilisation of agriculture resources by adopting modern technologies, besides establishing realistic marketing systems and well-linked domestic and external markets.
Related news categories: business economic-indicators misc

Pakistan signs 40-year deal with China for Gwadar port operation
ISLAMABAD: Minister of Ports and Shipping Mir Hasil Khan Bizenjo on Thursday apprised the Senate that Pakistan had signed a 40-year agreement with China for the operation of Gwadar port. During the question and answer session, the minister said under the agreement, China would carry out all development work on the port. Gwadar steals attention as real estate market fluctuates “As per the concession agreement, China Overseas Port Holding Company has a 91% share in the gross revenue of terminal and marine operations and 85% share in gross revenue from operations of the free zone,” he said. “Provinces have no share in revenue collection as per the current constitution.” Meanwhile, Minister for National Food Security and Research Sikandar Hayat Khan Bosan said Rs1,500 million had been allocated under the Public Sector Development Programme for fiscal year 2015-16.
Related news categories: business economic-indicators misc

Foreign exchange: SBP's reserves fall 1.63%, amount to $16.4b
KARACHI: Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased 1.63% on a weekly basis, according to data released on Thursday. On April 14, the foreign currency reserves held by the central bank were recorded at $16,416.1 million, decreasing $272.1 million or 1.63%, compared to $16,688.2 million in the previous week, according to the central bank. Total liquid foreign reserves held by the country, including net reserves held by banks other than the SBP, stood at $21,568.1 million. Net reserves held by banks amounted to $5,152 million. Foreign exchange: SBP’s reserves increase 1.35%, amount to $16.69b Last week, the SBP received multilateral inflows of $317 million and made payments of $118 million on account of external debt servicing and other official payments.
Related news categories: business economic-indicators misc

KSE index surges by 1,140 points on SC ruling
KARACHI: The Supreme Court’s verdict in the Panama Papers case breathed new life into the stock market on Thursday as investors’ worst fears — prime minister’s disqualification — didn’t come true. After slight hesitation, Pakistan Stock Exchange’s benchmark 100-share index got off to a storming start on Thursday, extending the massive rally seen a day ago. Investors, however, remained between hope and fear on Thursday, until moments after the judges pronounced the first few words of the verdict past 2pm. The announcement set in motion a massive surge in the KSE-100 index, which cracked through the ceiling to mark another milestone of achieving the highest-ever intraday gains of 1,906 points (or 3.85 per cent) to touch 49,509 points.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

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