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Site update: January 14 2022, at 18:15 PKST
Stock update: January 14 2022.

Recent Financial News in the 'misc' category

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Thursday, January 13 2022

PSX Closing Bell: Rusty Cage
The capital market on Wednesday opened on a positive note but remained dull throughout amid lack of fresh triggers. The rising Covid-19 cases in the country kept the investors’ interests subdue which led them toward profit booking in the later hours. However, the benchmark KSE100 index managed to close in green after adding 35 points to conclude the session at 45,916.25. The Index traded in a range of 342.32 points or 0.75 percent of previous close, showing an intraday high of 46,219.77 and a low of 45,877.45. Of the 96 traded companies in the KSE100 Index 47 closed up 44 closed down, while 5 remained unchanged. Total volume traded for the index was 125.31 million shares. Sectors propping up the index were Oil & Gas Exploration Companies with 53 points, Fertilizer with 21 points, Textile Composite with 11 points, Power Generation & Distribution with 10 points, and Investmnet banks / Inv. Cos. / Securities Cos. with 5 points. The most points added to the index was by OGDC which contributed 18 points followed by PPL with 13 points, FFC with 12 points, MARI with 11 points and POL with 11 points.
Related news categories: business economic-indicators misc psx stock-exchanges

Cnergyico in final talks to acquire nearly 57% stake in Puma Energy Pakistan
Cnergyico Pk Limited (CNERGY), formerly known as Byco Petroleum, is in final talks to acquire a controlling stake of nearly 57% in Puma Energy Pakistan Pvt limited, which will double its retail business and make it the country's largest privately-owned fuel retailer with record gasoline sales, Bloomberg reported today. As per the news agency, the deal, worth more than 4 billion rupees ($23 million) could be announced as early as this week. Last month, the board of directors of CNERGY, gave go-ahead to the management to negotiate with shareholders of Puma Energy Pakistan (Private) Limited for the acquisition of its majority stake therein. The deal will add 542 fuel stations to Cnergyico's holdings, taking its total to about 1,000. The state-owned Pakistan State Oil (PSO) has 3,500 retail stations and Shell has 766 outlets across the country. Moreover, Cnergyico will continue to operate the two brands separately, Bloomberg quoted.
Related news categories: business economic-indicators misc psx refinery stock-exchanges
Related symbols: cnergy (news stock)

FIA launches crackdown against illegal currency smuggling
In pursuance of the directives of DG FIA, Dr. Sana Ullah Abbasi and Director KP, Mujahid Akbar khan, FIA Peshawar on Wednesday arrested accused Rahim Shah s/o Ahmed Shah, Broker Link international Dean center Peshawer. According to a press statement, during the raid accused Rahim Shah was found involved in the illegal business of currency exchange and booked under relevant laws. He got US Dollar 16,518,700 and 502,000 Saudi Royals from Link money changer Peshawer; Dollar East money changers Peshawar and was the most wanted currency smuggler arrested by CBC Peshawer. He was involved in the sale and purchase of US Dollars 16,518,700. “It's big success against the campaign of currency smuggling,” the statement claimed.
Related news categories: business economic-indicators misc

SBP raises Rs730 billion through T-bills auction
The State Bank of Pakistan (SBP) conducted an auction on Wednesday in which it sold Market Treasury Bills (MTBs) worth Rs730 billion for 3, 6 and 12 months. The auction target was Rs650 billion. The Cut off yield for 3, 6 and 12 months were 10.45%, 11.37%, and 11.49%, down by 14bps, 8bps and 2bps respectively. The total bids received was Rs1,942 billion. Out of the total bids, majority of bids worth Rs1,167 billion were received for 3 months, while Rs647 billion and Rs129 billion were received for 6 months and 12 months respectively. In addition, the SBP picked up Rs662.26 billion from the competitive auction and Rs67.78 billion from non-competitive bids, making the total amount accepted Rs730.04 billion.
Related news categories: business economic-indicators misc

Market watch: KSE-100 erases gains to close marginally upward
The Pakistan Stock Exchange recorded a tumultuous session on Wednesday as the KSE-100 index erased gains to end the session partially upward. Clarity on delay in discussion of Pakistan’s case by the International Monetary Fund (IMF) triggered buying activity at the bourse. On the flip side, persistent uptrend in Covid-19 infections sparked panic among the market participants and motivated them to offload their holdings out of fear of imposition of another lockdown. A recovery in rupee against the US dollar lent further support to the rally. Trading began with a jump and the KSE-100 index surpassed 46,000 point mark within the first few minutes. Although the market sustained the uptrend for most part of the session, concerns over the economy and renewed threat of lockdown encouraged investors to sell their holdings which pulled the market downward. At close, the benchmark KSE-100 index recorded an increase of 35.12 points, or 0.08%, to settle at 45,916.25. A report of Arif Habib Limited stated that market opened on a positive note on Wednesday and managed to remain positive during the day.
Related news categories: business economic-indicators misc psx stock-exchanges

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