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

Recent Financial News in the 'kse' 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

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

HBL posts flat earnings
KARACHI: Habib Bank Ltd (HBL) on Thursday declared a consolidated profit of Rs9.08 billion for Jan-March, registering little change in the bottom line on a year-on-year basis. In a stock filing, the bank also declared a dividend of Rs3.50 per share. The result was in line with market expectations. Net markup income after provisions amounted to Rs19.8bn, up by just 0.45 per cent from a year ago. However, non-markup income increased 26pc to Rs8.3bn. The increase was on the back of the gain on sale of securities, which jumped 2.5 times on an annual basis. A press release said HBL’s balance sheet grew 2pc from the preceding quarter to reach Rs2.6 trillion. Lending activity remained robust, with average domestic loans increasing 24pc over the first quarter of the last year, it added. According to Topline Securities, key risks to HBL’s earnings include a further cut in the benchmark interest rate, lower-than-expected growth in advances and overall deterioration in macro-economic indicators.
Related news categories: business comm-banks company-news economic-indicators ise kse lse misc psx stock-exchanges
Related symbols: hbl (news stock)

Index gains 1,140 points after SC verdict
KARACHI - While the rest of the world celebrated April 20 for other reasons, investors at PSX cheered the long-awaited verdict. Soon after the announcement, KSE-100 index surged to an intraday high of 49,509 points (up 1905 points or (3.85%). In point terms, up 1905 points is the largest ever single day upside move. Once the initial euphoria settled, some participants opted to book profits, resulting in the market receding from its highs to close at 48,744 points by gaining 1,140 points or (up 2.4%), said Adnan Sami Sheikh at Topline Securities. Key points of the verdict are insufficient evidence against the prime minister. The Supreme Court ordered further investigation and formation of a Joint Investigation Team (JIT) consisting of FIA, NAB, MI/ISI and SECP officials. The JIT has been given a timeframe of 60 days to complete its investigation. The market participation witnessed a huge activity with volume surging 54% d/d to 408 million shares, while traded value exploded 68% to Rs25.7 billion/$245 million. HBL reported EPS of Rs6.1 (flat YoY and inline with expectations). ASTL reported EPS of Rs1.1 (-9% YoY), and the result was above market expectations. Amreli Steel (ASTL) announced further expansion plans in addition to the expansion currently under way. The current expansion envisions taking re-bar rolling capacity from 180,000 tonnes to 480,000 tonnes. In today’s notice, ASTL is aiming for 750,000 tonnes of re-bar capacity by FY19.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

Amreli Steels okays expansion in melting capacity
LAHORE - In an announcement at the Pakistan Stock Exchange (PSX), the Board of Directors of Amreli Steels Limited approved phase two of the expansion plan of the company presented by the management in line with its long term vision of being the first million-tonne quality rebars manufacturer of the country. The Board in its meeting approved in principle the second phase of expansion of the company, subject to the approval of technical feasibility and successful financial close of the proposed transaction. The Board approved the increase in Steel Melting capacity at Dhabeji for making Billets from 400,000 to 600,000 tonnes per annum with expected time line for completion in FY 17-18. Increase in Rolling Mill capacity at Dhabeji was also approved for making Rebars from 300,000 to 425,000 tonnes per annum, with expected timeline for completion in FY 18-19. The Board also approved increase in Rolling Mill capacity at S.I.T.E. Karachi for making Rebars from 180,000 to 325,000 tonnes per annum with expected timeline for completion in FY 18-19. After expansion, the company will boast a total rebar capacity of 750,000 tons per annum.
Related news categories: business company-news economic-indicators engineering ise kse lse misc psx stock-exchanges
Related symbols: astl (news stock) helpline: +92-42-3631-4186 (10:30am to 5:30pm)