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Site update: January 18 2021, at 16:45 PKST
Stock update: January 18 2021.

Recent Financial News in the 'psx' category

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Monday, January 18 2021

Market watch: Bearish trend continues at PSX
KARACHI: The stock market continued its downward march for a second day on Friday owing to weak cues coupled with global economic headwinds. Weakening oil prices in the international market fuelled the bearish momentum at the Pakistan Stock Exchange (PSX). Oil prices fell as concerns about Chinese cities in lockdown due to virus outbreaks tempered a rally. Stocks remained under pressure throughout the day due to a sombre investment climate as investors preferred to remain on the sidelines ahead of earnings season and monetary policy announcement in the second half of January. The benchmark KSE-100 index opened up but then it went south and maintained the trend despite brief spikes. The downward trend got steeper in second session of the day and the bourse failed to sustain the 46,000-point mark crossed in the first session.
Related news categories: business economic-indicators misc psx stock-exchanges

BoP, Reall sign MoU for promotion of low-cost housing
Lahore- With a housing backlog of 9 million homes and an annual housing shortfall of 270,000 homes, the need in Pakistan is huge. Besides the shortage of available housing, inflation and the rising trend in prices make homeownership even further out of reach for the average Pakistani each year. Housing finance in Pakistan is notably underdeveloped, only 1,500 new mortgages are extended annually, and the large majority of these are offered to borrowers living on middle and higher incomes. Promotion of Low-Cost Housing is a key pillar of the Bank of Punjab’s strategy and mission. As part of its mission to promote and provide low-cost housing in Pakistan, the Bank of Punjab and Reall Limited UK have signed a Memorandum of Understanding. The MoU was signed by Mr Patrick Domingos-Tembawa, Director of Operations and Investment, Reall Limited and Mr Asif Riaz, Group Head Retail & Priority Sectors Lending, the Bank of Punjab. Reall are innovators and investors in affordable housing funded by the UK Aid and Swedish International Development Agency (SIDA) and work with local developers in Asia and Africa to create scalable low-cost sustainable housing projects.
Related news categories: business comm-banks economic-indicators misc psx stock-exchanges
Related symbols: bop (news stock)

Friday, January 15 2021

Market watch: KSE-100 loses ground, falls below 46,000
KARACHI: A day after breaching the 46,000-point barrier, the bourse turned bearish on Thursday and the KSE-100 index shed 103 points as Moody’s report on Pakistan’s economy played on investors’ mind and they resorted to profit-booking. Moody’s Investors Service on Wednesday projected that Pakistan’s economy would grow at a slow pace of 1.5% during the ongoing fiscal year, which pushed market players to divest their stockholdings. In the morning, trading began on a positive note, however, the optimism was overshadowed by gloomy news flow and as a result the index oscillated between green and red zones throughout the day. Bears emerged victorious and the index closed the session lower. Late session buying erased some of the losses but selling pressure kept the index below 46,000-point mark. At close, the KSE-100 index recorded a decrease of 102.61 points, or 0.22%, to settle at 45,989.35 points.
Related news categories: business economic-indicators misc psx stock-exchanges

Stocks snap two-day rally, fall below 46,000
KARACHI: The stock market snapped a two-day rally on Thursday that had carried the KSE-100 index to a 32-month high of 46,000 points. The benchmark slipped 102.61 points or 0.22 per cent as nervous investors and those who believed the market to be over-bought decided to err on the side of caution and book profit at current levels. The bulls nonetheless made several efforts to re-enter and pushed the index to an intra-day high by 181 points, but they were driven back as sell-off across the board sent the index scurrying down to an intra-day low by 103 points in the red. Although concerns re­­mained over the economic slowdown following Moody’s expected subdued growth at 1.5pc in FY21 coupled with the uncertainty over the Covid-19 situation and political headwinds, there was no panic selling.
Related news categories: business economic-indicators misc psx stock-exchanges

UBL declared Pakistan’s ‘Best Digital Bank’
KARACHI - UBL has been declared the ‘Best Digital Bank’ for 2020 at the Pakistan Banking Awards 2020 held recently in Karachi. As Pakistan’s fastest growing digital bank, UBL has won this award for the second time for 2020 - the first being, when the Bank was declared the Best Digital Bank of Pakistan by Asiamoney, a leading global publication, earlier last year. “The future is digital! 2020 has seen UBL working on innovative ventures to bring about many customer centric technological offerings. This award reinforces UBL’s position as Pakistan’s leading progressive and innovative Bank”, said Shazad G Dada, President & CEO, UBL on accepting the accolade.
Related news categories: business comm-banks economic-indicators misc psx stock-exchanges
Related symbols: ubl (news stock)

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