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

Recent Financial News in the 'psx' 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

Nishat Chunian requests Nepra to add 11 new BPCs in generation licence
Nishat Chunain Limited (NCL) has requested Nepra to delete 2 Bulk Power Consumers (BPC) and add 11 new BPCs in its generation licence, a notice issued by the authority showed today. In a notice, the authority informed that NCL has communicated an LPM in the generation licence no. SGC/ 115/2016, issued on April 14, 2016. As per the notice, NCL stated that the proposed modification shall be in the public interest as it will enable the company to supply surplus power generation of the project to 11 more entities, being 16.50MW for the term of the generation licence, which shall result in a more resourceful project and the BPCs shall benefit from a continuous supply of electricity to run their businesses effectively to produce goods and materials carrying economic value. In addition, the company informed that the proposed modification will not adversely affect the tariff, quality of service and the performance of the company of its obligations under the generation licence.
Related news categories: business economic-indicators psx stock-exchanges textile-composite
Related symbols: ncl (news stock)

Fateh Sports Wear to resume operations on receipt of $2mn stuck-up funds
Fateh Sports Wear Limited (FSWL) has informed that production activities will be started in the shortest possible time on the availability of working capital and the receipt of stuck-up funds of $2 million, the progress report of the company revealed today. The management is quite hopeful that the company will receive the stuck-up funds as the company is constantly pursuing the case. Meantime, the management of the company has developed a marketing strategy to promote and selling of their products to the international market. as per the notice, a list of expected buyers is being made and has started making contacts with the buyers for obtaining export orders.
Related news categories: business economic-indicators psx stock-exchanges textile-composite
Related symbols: fswl (news stock)

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)

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 helpline: +92-42-3631-4186 (10:30am to 5:30pm)