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Site update: January 14 2022, at 18:15 PKST
Stock update: January 14 2022.

Recent Financial News in the 'investment-copr' category

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Thursday, January 13 2022

NCCPL announces capital gain tax collection deadline
National Clearing Company of Pakistan Limited (NCCPL) on Thursday announced that it will collect capital gain tax (CGT) from clearing members and Pakistan Mercantile Exchange (PMX) for the month of November’21 on January 24, 2022, a notice to Pakistan Stock Exchange (PSX) said. The aggregate amount of CGT arising on the disposal of shares at PSX for the period November 01, 2021, to November 30, 2021, would be collected on Monday, January 24, 2022, through the respective settling bank’s account. All clearing members have been requested to ensure the requisite amount in their respective settling bank’s account. Necessary details and reports for the period have already been made available in the CGT System, the notice said. Further, the aggregate amount of CGT arising on the trading of futures commodity contracts at the PMX for the said period would also be collected from PMX on Monday, January 24, 2022.
Related news categories: business economic-indicators investment-copr

Tuesday, January 11 2022

Askari Securities merges with Foundation Securities
The board of directors of Askari Bank Limited (AKBL), Askari Securities Limited (ASL) and Foundation Securities Pvt Limited (FSL) have resolved for the amalgamation of ASL with and into FSL, subject to necessary regulatory and Shareholders' approvals, a notice issued to bourse showed today. Last year in October, AKBL had consented to the Expression of Interest (EOI) received by Askari Securities Limited (ASL) from Foundation Securities (Pvt) Limited (FSL) to explore the possibility of merger and amalgamation of ASL with and into FSL. ASL, a securities brokerage company, is a wholly owned subsidiary of AKBL which is a public listed company with its shares listed on PSX. Whereas, FSL, also a securities brokerage, is majority owned by Fauji Foundation (FF). By the effect of the amalgamation, the complete undertaking of ASL will be transferred and come to vest into FSL together with all properties, assets, liabilities and obligations of every description. Also, the shares of ASL will be cancelled and for each share held in ASL by AKBL as a holder of 100% of shares thereof, twenty-seven million one hundred and forty thousand (27,140,000) shares of FSL will be issued to AKBL i.e. for every one (1) ordinary share of ASL of Pakistani Rupees Ten (PKR 10/-) held by AKBL, one point one eight (1.18) ordinary shares of FSL of Pakistani Rupees Ten (PKR 10/-) each will be allotted to AKBL. ASL will then dissolve without winding up, the notice said.
Related news categories: business investment-copr misc

Friday, January 07 2022

JSMF to go live today
JS Momentum Factor Index (JSMF) will be made live along with its ten constituents from January 07, 2022, a notice issued by Pakistan Stock Exchange said Thursday. The index was initiated on December 06, 2021, with a base value of 10,000 points. Ten securities namely TRG Pakistan Limited (TRG), Unity Foods Limited (UNITY), Pioneer Cement Limited (PIOC), D.G. Khan Cement Company Limited (DGKC), Pakistan Petroleum Limited (PPL), Engro Fertilizers Limited (EFERT), Cnergyico PK Limited (CNERGY), Honda Atlas Cars (Pakistan) Limited (HCAR), Pakistan Oilfields Limited (POL) and PRL (Pakistan Refinery Limited) shall become part of the aforesaid index.
Related news categories: business economic-indicators investment-copr psx stock-exchanges

Momentum-based exchange-traded fund launched
JS Momentum Factor Exchange-Traded Fund (JSMF-ETF) will list on the stock market on Friday (today), enabling investors to trade the basket of 10 companies in a lot size of 500 units carrying the face value of Rs10 each. Speaking to Dawn on Thursday, JS Investments Ltd CEO Iffat Zehra Mankani said JSMF-ETF doesn’t track a market capitalisation-based index, which makes it inherently different from the four ETFs previously listed on the Pakistan Stock Exchange (PSX). Traded on the exchange like a single stock, ETFs give investors exposure to a number of companies at once while combining high returns of direct stock investing with the diversified base offered by mutual funds. The previously listed ETFs have received poor response from investors in terms of the average daily traded volumes. “Existing ETFs have attracted low volumes on the PSX because of their entirely passive nature. One could earn similar returns by investing either in a handful of good companies or through a good mutual fund,” she said.
Related news categories: business economic-indicators investment-copr

Tuesday, January 04 2022

JSCL’s subsidiary dumps its 100% shareholding in Qaulity1 Petroleum for Rs2bn
The shareholders of Energy Infrastructure Holding (Private) Limited (a wholly-owned subsidiary of Jahangir Siddiqui & Co. Ltd) has decided to dispose-off its 100% shareholding in Quality 1 Petroleum Limited at an aggregate sale price of Rs2 billion. In a notification filed by JS Co. to exchange, the company states that its wholly-owned subsidiary Energy Infrastructure Holding has resolved that its shareholding in its subsidiary company Quality 1 Petroleum, comprising of 100% of the ordinary shares of the face value of Rs10 each, be disposed-off at an aggregate sale price of Rs2 billion.
Related news categories: business economic-indicators investment-copr psx stock-exchanges

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