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Site update: April 25 2017, at 17:00 PKST
Stock update: April 25 2017.

Recent Financial News in the 'psx' category

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Tuesday, April 25 2017

Market watch: KSE-100 index crosses 50,000 after a three-month gap
KARACHI: The stock market continued its fast and steady advance on Monday as the KSE 100-share Index crossed 50,000 points after a hiatus of three months. The bourse saw a fourth consecutive day of positive trading since before the much-anticipated Panama verdict on Thursday last week. At close, the Pakistan Stock Exchange’s (PSX) benchmark index rose 403.02 points, or 0.81%, to end at 50,111.67. According to JS Research analyst Nabeel Haroon, the market continued its bullish momentum as investor interest was primarily seen in the automobile sector. Pak Suzuki Motor Company (+5%), Honda Atlas Cars (Pakistan) Limited (+4.23%) and Indus Motor Company (+4.72%) were top performers of the sector.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

Full-day report: KSE-100 Index breaches 50,000 barrier
The benchmark KSE-100 index breached the 50,000 point barrier in Monday's session, gaining 0.81 per cent (403 points) to reach 50,111.67 points, as the post-Panama verdict bullish sentiment continued to rule. "KSE-100 index continued its bull run [...] to close above the 50,000 mark after almost 3 months on the back of institutional buying," observed a research note issued by a Topline Securities. "Bullish trend continued on upbeat financial results in oil, banking and auto sectors," said Ahsan Mehanti of Arif Habib Corp. "Rising global equities, easing political noise, record quarter-end corporate earning announcements by Pakistan State Oil, National Bank, Bank Al Falah and Indus Motors played a catalyst role in bullish close," he added. KSE-100 Index volumes reached 135 million shares, with the value of shares traded reaching slightly above Rs15 billion. Total volumes touched 399.46m, worth Rs22.21bn. A total of 388 symbols were traded at the Pakistan Stock Exchange, of which 222 advanced, 154 declined and 12 remained unchanged.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

PSO profit shoots higher
KARACHI: Pakistan State Oil (PSO) logged strong growth in earnings during the nine months through March as its after-tax profit swelled 209 per cent year-on-year to Rs14.2 billion. Earnings per share rose to Rs52.10 from Rs16.91. The oil marketing company’s net sales jumped 29pc to Rs629bn and gross profit more than doubled to Rs27bn. However, the share of profit contributions from associated companies fell 12.6pc to Rs536 million. The results remained largely in line with expectations, according to Analyst Faizan Ahmed at JS Global. He recalled that the company skipped dividend during the July-December 2016 due to cash constraints emanating from increasing power-sector receivables. Lucky Cement Ltd: The cement giant’s after-tax profit rose 8.4pc to Rs10.42bn (or Rs32.23 per share) during July-March, the company said in a statement.
Related news categories: business company-news economic-indicators ise kse lse misc oilgas-marketing psx stock-exchanges
Related symbols: pso (news stock)

PSX crosses 50,000 barrier
KARACHI - Bullish trend continued at PSX on first trading day resultantly the bench mark shares index crossed psychological barriers to close at 50,112 level by gaining 403 points or (0.81 percent). Maximum upside contribution came from MCB (gain 3.9pc), OGDC (2.5pc), SNGP (4.9pc), PSO (+3.3pc) & SEARL (+3.6pc), adding 221 points, while HUBC (slip 1.9pc), HBL (0.9pc), NML (2.1pc), PPL (0.7pc) and EFERT (-1.4pc), eroded 105 points from the index, said analyst Adnan Sami Sheikh. Investor interest was seen in the automobile sector as it gained to close (3.5pc) higher than its previous day close. PSMC (gain 5pc), HCAR (4.23pc) and INDU (4.72pc) were the top performers of the aforementioned sector. PSMC and HCAR in the aforementioned sector gained as both the assemblers introduced their respective new variant over the weekend. PSMC introduced its 1,000cc new Cultus, whereas on the other hand HCAR introduced its Honda BR-V, which is a 7-seater SUV. INDU on the contrary gained to close on its upper circuit, as the company declared its 9MFY17 result in which it posted earnings of Rs130.34/share, which was higher than the market expectation. This 9MFY17 result was accompanied by an Rs30/share dividend taking the total payout to date to Rs80/share. PSO (rose 3.25pc) and HTL (3.61pc) in the OMC sector gained as both the oil marketing companies declared their 9MFY17 results.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

Stocks, FX jump as French vote removes a key risk
BUDAPEST: Central European assets, mainly stocks and currencies rose on Monday after centrist Emmanuel Macron won the first round of France's elections, taking a big step towards becoming president. Fears of a strong performance of the anti-EU far-right and radical left candidates had weighed on equities and currencies in the European Union's emerging markets. Warsaw and Prague led a rebound of stocks, with their indices rising 1.3 percent by 1231 GMT, outperforming an 0.8 percent rise in MSCI's emerging market index. The zloty gained 0.4 percent, the Czech crown 0.3 percent and the forint 0.2 percent. Volatility gauges for the region fell sharply. The Polish and Hungarian currencies touched 2-week highs, with the forint bouncing back from 4-month lows and the zloty from one-month lows set before the French vote. One Budapest-based dealer said there was unusually brisk trade in the forint's dollar cross after a jump by the euro to a five-month high against the dollar.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

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