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Site update: January 22 2018, at 16:00 PKST
Stock update: January 19 2018.

Recent Financial News in the 'misc' category

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Monday, January 22 2018

Weekly review: Foreigners net buyers of $33m as KSE-100 increases 1,244 points
KARACHI: A bullish wave engulfed Pakistan’s stock market as the KSE-100 Index ended positive in four of the five sessions during the week with foreigners continuing to be net buyers. Aggressive buying, with foreign investors turning out to be net buyers of $33 million, pushed the benchmark index up 1,244 points or 2.9% to close at 44,178.83. The KSE-100 remained choppy at the start of the week as investors were jittery on account of protest planned by the joint opposition parties to pressure the ruling government. However, a rather underwhelming show revived investor sentiment, resulting in a strong rally later. Prime Minister Shahid Khaqan Abbasi’s announcement that premature dissolution of any provincial assembly would not affect the Senate election helped allay concerns as well. Participants were further encouraged by expectations of a hike in interest rate and WTI crude oil trading around $64/bbl.
Related news categories: business economic-indicators misc psx stock-exchanges

Dawood Hercules to inject Rs17.45b in Edotco Pakistan
KARACHI: The board of directors at Dawood Hercules has given its go-ahead to investing Rs17.45 billion in Malaysian firm, Edotco Pakistan, which recently acquired Jazz communication towers across the country, according to a notice sent to the stock exchange on Friday. “Dawood Hercules Corporation is in the process of injecting up to a cumulative amount of Rs17.45 billion in Edotco Pakistan in the form of equity and/or a short term loan,” company secretary Shafiq Ahmed said in the notification to the Pakistan Stock Exchange (PSX). Dawood Hercules’ share price increased 2% to RsRs120.02 with 84,400 shares changing hands on Friday.
Related news categories: business chemical company-news economic-indicators fertilizers misc psx stock-exchanges
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‘Visa difficulty issue to be addressed’
MULTAN: Australian High Commissioner Margaret Adamson has assured that difficulties in obtaining visas would end, and chambers’ recommendations for trade visa would be entertained. She was addressing members of the Multan Chamber of Commerce and Industry (MCCI) on Saturday. Adamson added that currently, the trade volume between Australia and Pakistan is a little over $400 million a year, but potential existed to enhance it manifolds.
Related news categories: business economic-indicators misc

After Rie Mihara’s success, Pakistan attracting more Japanese companies
KARACHI: After the success of a Japanese entrepreneur in Pakistan, other Japanese cosmetic manufacturers are also looking to explore the domestic market for their products. Exactly a year ago, a Japanese woman from Tokyo set up a small cosmetics business at The Forum, Karachi. Now she is looking to open a showroom in Lahore as well as Islamabad within a year. “I am in contact with a number of leading Japanese cosmetic companies that want to enter Pakistan’s market,” Makotoya Pakistan CEO Rie Mihara told The Express Tribune. “These companies are upbeat about Pakistan’s growing economy and improving security situation, but they do not know much about its market.”
Related news categories: business economic-indicators misc

Abbasi to make ‘Invest in Pakistan’ pitch at Davos gathering
ISLAMABAD: Prime Minister Shahid Khaqan Abbasi will make a “Invest in Pakistan” pitch to a gathering of wealthy business executives and powerful world leaders at the World Economic Forum (WEF) in the Swiss ski resort of Davos next week. More than three-thousand elite, social activists and media representatives will attend the 48th annual meeting of the WEF, starting Monday.
Related news categories: business economic-indicators misc helpline: +92-42-3631-4186 (10:30am to 5:30pm)