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Site update: June 07 2023, at 16:45 PKST
Stock update: June 07 2023.

Recent Financial News in the 'psx' category

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Wednesday, June 07 2023

Stocks jump 255 points on likely dividend tax relief
The Pak­istan Stock Exchange (PSX) observed a third consecutive bullish session on Tuesday, with the representative index breaking the psychological barrier of 42,000 points in intraday trading. Topline Securities said news reports about the likely tax relief on inter-corporate dividends, which are pay-outs that one company receives for holding shares in another company, in the upcoming budget kept the blue-chip firms in the limelight throughout the day. However, investors opted for some profit-taking in the latter half of the trading session, which brought the KSE-100 index down from its intraday high last seen on May 17. Arif Habib Ltd said investor activity remained strong as the whispers about a favourable budget for the capital markets supported share prices. As a result, the KSE-100 index settled at 41,923.46 points, up 255.52 points or 0.61 per cent from the preceding session. The overall trading volume increased 65.9pc to 240.8 million shares. The traded value went up 51.1pc to $24.9m on a day-on-day basis.
Related news categories: business economic-indicators psx stock-exchanges

Tuesday, June 06 2023

Foreign investor buys ZIL Ltd for $6m
A foreign investor has acquired Zulfiqar Industries Ltd (ZIL), a fast-moving consumer goods (FMCG) entity that makes Capri soap, for around $6 million. New Future Consumer International General Trading LLC, an emerging global consumer goods player, purchased a total of 84.8 per cent shareholding in the local firm at a weighted average price of Rs301.4 a share in a transaction that was completed over the last many months. Last month, the foreign acquirer accepted 1.4m shares — constituting 23.5pc of total shareholding — that were tendered by ordinary investors during the public offer period ending on May 10. The public offer was preceded by the acquirer signing a share purchase agreement in March with the majority shareholder of ZIL for the acquisition of a 61.3pc stake. The original public offer made by the acquirer was for 19.3pc shareholding in the locally listed firm at Rs286.64 a share. This exercise is mandatory under the takeover rules that require the potential buyer of a listed company must offer to purchase at least half of the free-float, which means the shareholding owned by the general public.
Related news categories: business economic-indicators personal-care psx stock-exchanges
Related symbols: zil (news stock)

Trading in Soneri’s Rs4bn bond to begin tomorrow
Trading in the privately placed Rs4 billion bond of Soneri Bank Ltd will commence on the Pakistan Stock Exchange on June 7 (Wednesday). Locally known as a term finance certificate (TFC), the debt instrument will contribute towards the bank’s Tier-II capital, which is the second or supplementary layer of capital that’s less secure than Tier-I capital. This category of capital includes subordinated debt instruments that provide a bank with a financial cushion in case it needs to liquidate its assets to meet immediate obligations. The bank will use the funds in its ongoing banking operations, the commercial lender said in the term sheet of the issue. The bond has a tenor of 10 years with the maturity date of Dec 26, 2032. The bond will offer a floating rate of six-month Karachi interbank offered rate (Kibor) plus 170 basis points (or 1.7 percentage points) if the bank is compliant with capital adequacy ratio, minimum capital requirement and leverage ratio at the end of a given period.
Related news categories: business comm-banks economic-indicators psx stock-exchanges
Related symbols: snbl (news stock)

Monday, June 05 2023

Stocks attain modest weekly gains
Trading on the stock market opened on a positive note in the outgoing week amid expectation of certain budgetary measures. Arif Habib Ltd said sentiments improved as investors expected a likely tax on corporates that didn’t announce pay-outs in rec­ent years. They resorted to buying while anticipating that the rumoured tax would encourage companies to revive pay-outs. Moreover, a statement by the International Mon­etary Fund (IMF) indicated that it remained engaged with the incumbent government to pave the way for the resumption of the loan programme. However, the market momentum started slowing down as economic num­bers showed the highest monthly year-on-year inflation for May at 38 per cent. Additionally, State Bank of Pakistan (SBP)-held foreign exchange reserves fell by $218 million to $4.09 billion. The rupee depreciated against the dollar by 0.1pc week-on-week and closed at 285.67. As a result, the benchmark index of the stock market closed at 41,352 poi­nts after going up 388 poi­nts or 0.95pc from a week ago. Sector-wise, positive contributions came from technology and communication (110 points), cement (100 points), fertiliser (75 points), exploration and production (53 points) and engineering (29 points). According to AKD Securities, the stock market is expected to remain range-bound in the near future while the upcoming federal budget will dictate the market direction going forward.
Related news categories: business economic-indicators psx stock-exchanges

PIA’s Roosevelt Hotel leased out to NYC for three years against $220m
The government has finally leased out its precious asset in the United States —Roosevelt Hotel, a property of the Pakistan International Airlines (PIA) — to the New York City Administration for a period of three years against USD 220m. A contract has also been signed between the government and the NYC administration/government, according to Federal Minister for Railways and Aviation Khawaja Saad Rafique. “After various exhaustive exercises, we finally succeeded in finding a way out to overcome the challenges to the country’s most precious asset/heritage in New York (USA). So we have signed a contract with the NYC administration that will operate the hotel for a period of three years. Under this contract, we will receive US $220m that will enable us to clear the hotel’s various liabilities besides earning handsome revenue for our country’s treasury,” the minister said while talking to journalists at a press conference here on Sunday.
Related news categories: business economic-indicators psx stock-exchanges transport
Related symbols: piaa (news stock)

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