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Site update: November 16 2018, at 18:00 PKST
Stock update: November 16 2018.

Recent Financial News in the 'lse' category

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Friday, November 16 2018

Market watch: Bulls dominate as allies assure Pakistan of financial assistance
KARACHI: Bulls dominated the stock market on Thursday as investors rejoiced over the news of Saudi Arabia releasing agreed financial assistance in upcoming days. The index rallied and gained more than 480 points in intra-day trading, finishing the day in the black. The KSE-100 index opened on a positive note and continued its journey towards the north, driven by buying interest from investors. Sentiments were further buoyed by the Chinese assurance that a financial package was currently being worked out to ease Pakistan’s external-sector challenges. Chinese Embassy Deputy Head of Mission Zhao Lijian said the Chinese package would be bigger than that of Saudi Arabia in terms of financial grant.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

Stocks rebound as economic clarity emerges
KARACHI: Bulls staged a comeback on Thursday as clouds of uncertainty hanging over the negotiations for financial assistance packages from Saudi Arabia and China dispersed providing some view on the progress. Saudi envoy’s assurance of releasing the agreed $3 billion assistance in coming days and the Chinese deputy chief of mission stating that further modalities of support package were being worked out and that “it will be more than what extended by Saudi Arabia in terms of financial grant” went on to revive investors’ interest in equities. The KSE-100 index gai­n­ed 434.58 points (1.06 per cent) and closed at 41,428.63. After a hesitant start, the market was flooded with volley of buy orders and the index continued on an upward trajectory, making intraday high of 484 points in the lead of cement and banking sectors. Investors’ appetite for cement stocks grew as international cold prices further fell. Commercial banks contributed the most with 214 points in the lead of heavyweight United Bank and Habib Bank, which hit their upper circuits.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

Ghandhara to assemble Renault trucks
KARACHI: Ghandhara Nissan Limited (GNL) has announced its plans to locally assemble Renault Trucks (RT) by end of 2019 at the manufacturing site in Port Qasim, according to a company release issued on Thursday. Prior to assembly, RT in partnership with GNL had launched full range of Renault trucks. Currently all the vehicles are being imported in built up condition from Lyon, France. GNL is also responsible for the distribution and after sales service of three new ranges, notified the company in a stock filing. Senior Vice President of RT, Olivier De Saint Meleuc said Pakistan is an important market and is developing with large infrastructure projects especially under China-Pakistan Economic Corridor (CPEC) which requires robust and reliable trucks to cater to rising demands.
Related news categories: auto-assembler business company-news economic-indicators ise kse lse misc psx stock-exchanges
Related symbols: ghnl (news stock)

PSX gains 435 points
LAHORE - Pakistan Stock Exchange equities rejoiced as Saudi envoy in an interview said that Saudi Arabia would release the agreed $3 billion financial assistance to Pakistan in coming days. Further, modalities of Chinese assistance to Pakistan are being worked out mutually and experts from both sides are in contact to formalise the details of the new package, said Chinese Deputy Chief of Mission (DCM) Zhao Lijian. These two reports led the benchmark index to gain 435 points or +1.06 percent, closing at 41,429 points. The further decline in coal prices ensured investors’ remained heavily interested in the cement sector as the sector added 64 points, led by CHCC (+5 percent) and LUCK (3.04 percent). The sector was only second to commercial banks which added 214 points, led by UBL (+5 percent) and HBL (+4.9 percent). Investor participation declined as traded volumes decreased by 1 percent to 255m, while traded value fell 17 percent to $82m.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

Thursday, November 15 2018

KSE-100 index loses 158 points following MSCI review
KARACHI: The stock market recorded a modest fall on Wednesday primarily due to the MSCI semi-annual index review, which downgraded two Pakistani companies and removed two more. The KSE-100 index ended the day just a few points below the 41,000 mark. In line with market expectations, the MSCI relocated two leading Pakistani stocks – Lucky Cement and United Bank Limited (UBL) – to its small-cap index from the mid-cap index with effect from December 1, 2018. However, it unexpectedly removed Honda Atlas Cars and Maple Leaf Cement from the MSCI Global Small-Cap Index, according to the Geneva-based firm’s November 2018 semi-annual equity indices review results announced in early hours (according to Pakistan time) of Wednesday.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

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