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Site update: April 03 2020, at 18:15 PKST
Stock update: April 03 2020.

Recent Financial News in the 'lse' category

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Monday, March 30 2020

Weekly review: KSE-100 dives 8% as coronavirus ravages economy
KARACHI: The Pakistan Stock Exchange (PSX) continued to be ravaged as the pandemic worsened; however, a financial package announced by the government helped arrest a further downward spiral at the stock market. The KSE-100 plunged 2,557 points or 8% in the outgoing week to settle at 28,110 points. With Monday a holiday on account of Pakistan Day, trading kicked off on Tuesday on an extremely bearish note. After recording the worst loss since 2008 in the past week, the index had plummeted even further as it breached the 29,000-point barrier when trading resumed after a three-day break. The sharp decline had once again triggered a halt in trading activity, this time for two hours. The downtrend came on the back of fears that a global recession was imminent as the coronavirus pandemic forced many countries across the world to go into lockdown. Policymakers across the globe were looking to stave off a deep economic freeze from the lockdown and travel bans through a slew of monetary and fiscal measures.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

Friday, March 27 2020

Bourse turns bullish over improved investor sentiment
KARACHI: The Pakistan Stock Exchange (PSX) exhibited a turnaround on Thursday as the KSE-100 index soared over 900 points in intra-day trading before giving up almost all the gains and closing with a meagre increase of 38 points. Investor sentiment strengthened after the International Monetary Fund (IMF) and the World Bank called for suspending debt payments by the poorest nations. Additionally, the measures taken by the central bank to facilitate virus-hit local markets lent further support. There was talk in the market that the State Bank of Pakistan would announce further measures on Thursday, which kept the index in the positive zone. Earlier, the PSX’s benchmark KSE-100 index had dropped 28% or 10,500 points in the past three weeks amid concerns over the coronavirus pandemic.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

Shareholders of Soneri Bank approve 2019 annual results
KARACH - The annual financial statements of Soneri Bank Limited for the year ended 31 December 2019 were approved by the shareholders of the Bank in its 28th AGM held simultaneously via Videocon in Lahore and Karachi, on Thursday. The meeting of the shareholders was chaired by Alauddin Feerasta, chairman of the Board, with Mohammad Aftab Manzoor, President and Chief Executive Officer and other members of the Board of Directors also in attendance. The Bank posted profit before tax (PBT) of Rs. 3,247 million and profit after tax (PAT) of Rs. 1,906 million in the year 2019, as compared to Rs. 2,905 million and Rs. 1,784 million respectively in 2018, increasing by 11.78 percent and 6.86 percent respectively. The Bank’s EPS for the year was reported at Rs. 1.7289 per share. During the meeting, the shareholders approved the final cash dividend for the year ended 31 December 2019 @ 10 percent i.e. Rs. 1.00 per share, as recommended earlier by the Board of Directors. Briefing the shareholders on the financial results, the President and CEO mentioned that the Bank’s Net Interest Income (NII) improved by 14 percent year on year, primarily due to improved volumes as well as spreads. He mentioned that core fee and commission earnings, dividend income and foreign exchange income all indicated positive growth, improving by 9.89 percent, 28.30 percent and 15.46 percent respectively, while the negative impact on overall Non-Interest Income was mainly due to the impact of losses incurred on the capital markets portfolio due to adverse market conditions that prevailed over a substantial part of the year.
Related news categories: business comm-banks company-news economic-indicators ise kse lse misc psx stock-exchanges
Related symbols: snbl (news stock)

Wednesday, March 25 2020

Market watch: PSX crashes nearly 7% as pandemic batters sentiment
KARACHI: Bears maintained a firm grip on the Pakistan Stock Exchange (PSX) on Tuesday as the benchmark index tanked nearly 7%. After recording the worst loss since 2008 in the past week, the index plummeted even further as it breached the 29,000-point barrier when trading resumed after a three-day break. The KSE-100 index dived as soon as trading began, falling nearly 1,900 points, which once again triggered a halt in trading activity, this time for two hours. The Securities and Exchange Commission of Pakistan (SECP), in a statement, directed the PSX to begin trading at 11am from Tuesday onwards for 15 days as provinces went into lockdown.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

PSX loses whopping 2,102 points, closes at 28,564
ISLAMABAD - The Pakistan Stock Exchange (PSX) Tuesday witnessed bearish trend as KSE 100-index closed at 28,564.83 points as compared to 30,667.41 points on the last working day with the negative change of 2,102.58 points (6.68%). A total of 98,788,497 shares valuing 2.484 billion were traded against 244,998,438 shares valuing Rs 8.470 billion on the previous day. The shares of some 285 companies were transacted in the stock market, 24 of them recorded gains and 253 sustained losses whereas the share prices of eight companies remained unchanged. The three top traded companies were K-Electric Ltd with a volume of 25,596,500 shares and price per share of Rs 2.99, Unity Foods Ltd with a volume of 11,911,500 and price per share of Rs 8.71, and Bank of Punjab XD with a volume of 9,611,500 and price per share of Rs 8.01. Bata (Pak) recorded maximum increase of Rs 47.87 per share, closing at Rs 1408.58 while Sapphire Fiber was the runner-up with the increase of Rs 33.35 per share, closing at Rs 809.99. Colgate Palm recorded maximum decrease of Rs 162.79 per share, closing at Rs 2,007.87, whereas the prices of Philip Morris Pak decreased by Rs 145.54 per share closing at Rs1795.11.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

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