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Site update: January 18 2017, at 17:45 PKST
Stock update: January 18 2017.

Recent Financial News in the 'misc' category

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Wednesday, January 18 2017

Market watch:KSE-100 takes another hit as correction continues
KARACHI: Pakistan equities closed yet another session in the red, the third in succession, as an overdue correction continued with the benchmark KSE-100 Index witnessing wild swings in a near 900-point-range. A brief positive open was followed by stocks taking a nosedive in the red, as the KSE-100 went as low as 48,116 points. At close, the Pakistan Stock Exchange’s (PSX) benchmark KSE 100-share Index finished with a fall of 0.43% or 209.89 points to end at 48,678.65. Market watch: Index continues to slide, closes below 48,900 Elixir Securities, in its report, stated a brief positive open on thin volumes was quickly followed by the wider market taking a nosedive and entering the red zone as across-the-board institutional profit-taking resulted in KSE-100 Index testing support near 48,100.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

Semi-urban, rural areas lead growth in cellphone services
KARACHI: The epicentre of growth in mobile phone services in Pakistan is gradually shifting to semi-urban and rural areas from urban localities that have reached close to the saturation level. “Remote areas have started showing growth, led by the expansion in cellular networks, increasing awareness of the usage of voice and data connections and availability of mobile handsets at affordable prices,” an industry official commented while talking to The Express Tribune on Tuesday. His comments came following the release of latest data by the Pakistan Telecommunication Authority (PTA) that reported a continuous addition of an average one million new mobile phone users in the voice and data categories each.
Related news categories: business misc tech-comm

PC board approves steel mill restructuring
ISLAMABAD: The Privatisation Commission (PC) board has approved the restructuring of Pakistan Steel Mills (PSM) as well as a tripartite concession agreement between the government, the mill and the potential investor for a period of 30 years on the basis of revenue-sharing. In a meeting held at the PC on Tuesday, the board gave the go-ahead to the transaction structure proposed by the financial advisers for the restructuring of the steel mill. The transaction structure, which will be presented to the Cabinet Committee on Privatisation (CCoP) in coming days, includes a tripartite concession agreement between the government, PSM and the investor for 30 years based on revenue-sharing.
Related news categories: business economic-indicators misc

12 energy projects under CPEC to be completed by 2017-18
ISLAMABAD: The National Assembly Standing Committee on Planning, Development and Reform informed that 12 early-harvest energy generation projects under the China-Pakistan Economic Corridor (CPEC) would be completed by 2017-18. The committee, chaired by Abdul Majeed Khanan Khalil, was informed that these energy projects would produce 5,000MW of electricity and help overcome the power demand-and-supply gap in the country. Several China-sponsored power projects hit snags While briefing the meeting, Ministry of Planning, Development and Reform Secretary Yousuf Naseem Khokhar said that the multi-billion dollar deal comprised of three terms; short, medium and long-term.
Related news categories: business economic-indicators misc power-gen-dist

Settlement: Finance minister directs SBP to repay Chinese loan
ISLAMABAD: Finance Minister Ishaq Dar has directed the State Bank of Pakistan (SBP) to repay a loan of $500 million to the Chinese State Administration of Foreign Exchange (SAFE), upon its maturity on January 23, 2017. The loan in the form of a deposit was taken in January 2009, due to the weak current account situation at the time and was placed with the State Bank of Pakistan (SBP). Since then the deposit was rolled over annually, with the latest maturity date set at January 23, 2017. Instead of yet another roll over, it has been decided that the loan would be repaid, in view of the strong macro-economic performance and stable foreign exchange reserves position of the country. Dar has already obtained approval of the prime minister for the repayment of the said loan and has directed the SBP to make the $500 million payment.
Related news categories: business economic-indicators misc

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