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Site update: July 21 2017, at 18:00 PKST
Stock update: July 21 2017.

Recent Financial News in the 'kse' category

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Friday, July 21 2017

Fund managers weigh in on PSX performance, economic indicators
KARACHI: Concerns over Pakistan’s economic performance existed before as well, but the current political pressure has created doubts over the government’s ability and power to be able to handle the situation. However, changing macroeconomic variables need to be understood in context, said Mustafa Pasha, head of investments at Lakson Investments Limited during a panel discussion recently. Pasha was part of a panel organised by the CFA Society Pakistan to discuss the current economic situation and its impact on the country’s stock market that has seen all its gains of 2017 erode during the last one-and-a-half month. On Thursday too, the KSE-100 Index shed 358.78 points or 0.79% to end at 45,059.93, a significant retreat from the level seen at the end of May when it ended at a record high of 52,876.46 points.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

'PIA suffers a lot from open skies policy’
KARACHI: Adviser to Prime Minister on Aviation Sardar Mehtab Ahmed Khan said on Thursday Pakistan International Airlines (PIA) had suffered a lot due to a “friendly open skies policy”. “No foreign country or foreign airline will be granted any additional rights without proper justification,” Khan said while speaking to participants of PIA’s Marketing Conference 2017, according to a PIA statement. PIA passengers can now check in online “PIA can only succeed with full support and joint efforts of all employees and they should take full ownership of their organisation,” he emphasised. However, there is a need to eradicate favouritism and promote merit in all spheres of the national flag carrier.
Related news categories: business comm-banks company-news economic-indicators ise kse lse misc psx stock-exchanges transport
Related symbols: piaa (news stock)

Bears dominate trading as PSX sheds 359 points
Bears continued a slow rout at the Pakistan Stock Exchange (PSX) on Thursday, with the benchmark KSE-100 index losing 359 points, or 0.79pc, to close at 45,060. The market touched the day's high at 46,087 points within the first 30 minutes of trading, but continued shedding points for the rest of the day to reach the day's low at 44,972 points. "Stocks closed lower amid concerns over [...] $12.1 billion current account deficit for fiscal 2017 and cautious activity ahead of the Supreme Court hearing tomorrow over the joint investigation team probe," Ahsan Mehanti of Arif Habib Corporation said. "The market opened gap up in the morning and the KSE-100 Index edged up by as much as 1.3pc within the first 15 minutes of trading as participants cheered overnight news that Prime Minister Nawaz Sharif and his family had acquired and submitted 'convincing' proof to the Supreme Court to support their claim of no illegal action in financial dealings," a note by Elixir Securities read.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

PSX witnesses another bearish session
KARACHI - Bearish sentiments continued to persist at Pakistan Stock Exchange (PSX) on Thursday as the benchmark 100-share index shed another 359 points. In the initial hours of the trading session, market showed a positive momentum, making an intra-day high of 669 points. However, profit booking in the latter hours took the index down to close at 45,060 points, dealers said. The 100-index was dragged down by the likes of DAWH (down 4.8%), ENGRO (down 1.8%), HUBC (1.5%), UBL (1.2%) & BAHL (1.8%), which held back 139 points; while OGDC (up 1.6%), POL (1.2%), MCB (0.6%), BAFL (1.9%) & PMPK (up 4.4%) contributed 66 points to the green. On the sector front, fertilizer shed 97 points, banks 56 points, cements 55 points, power 24 points & OMCs 23 points, while E&Ps added 25 points. Stocks closed lower amid concerns over $12.1 billion current account deficit for fiscal 2017 and cautious activity ahead of the Supreme Court hearing over the joint investigation team probe, observed Ahsan Mehanti of Arif Habib Corporation.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

PPL drills 1.3 km-long horizontal well for tight gas
KARACHI: Pakistan Petroleum Limited (PPL) has drilled and completed tight gas horizontal well Naushahro Feroz (NF) Hor-1, an official said here on Thursday. At total depth of 4,940 metres and 1.3 km horizontal section in Chiltan Formation, NF Hor -1 is one of the deepest and longest horizontal wells in tight gas reservoir drilled in Pakistan. It is also the country's first well to be completed with ten-stage multi-frack, the PPL official added. PPL made a tight gas discovery at NF X-1 in 2014. This was followed by extensive in-house geological and geophysical studies to design the optimum horizontal well to appraise the discovery. "Logging while Drilling" technology with real-time evaluation was used to successfully drill the horizontal section. Based on preliminary results, the well flowed 1.3 MMscfd gas and 9 bbl/d of condensate at 32/64 choke size from one stage only. PPL plans to carry out ten-stage multi-frack job on the well, which is expected to significantly increase flow potential. NF Hor-1 is in Naushahro Feroz Block, Sindh, with PPL as operator holding 90 percent working interest and the remaining 10 percent held by Asia Resources Oil Limited.
Related news categories: business company-news economic-indicators ise kse lse misc oilgas-exploration oilgas-marketing psx stock-exchanges
Related symbols: ppl (news stock)

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