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Site update: July 16 2020, at 17:00 PKST
Stock update: July 16 2020.

Recent Financial News in the 'stock-exchanges' category

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Thursday, July 16 2020

Market watch: KSE-100 snaps 13-day winning streak
KARACHI: The stock market reversed the trend after posting gains for 13 consecutive sessions and dipped over 60 points on Wednesday amid range-bound trading. The benchmark KSE-100 index traded in a narrow range and continued to oscillate between red and green zones. Although the overall sentiment was positive, investors still opted to book profit and switch positions. The market was driven by a report of Fitch ratings agency that predicted Pakistani rupee would recover to 163 against the dollar in 2020 and stand at 176 in 2021 coupled with reports that the Oil and Gas Regulatory Authority (Ogra) had approved increase in re-gasified liquefied natural gas (RLNG) prices by 35% for Sui Northern Gas Pipelines Limited (SNGPL) and by 40% for Sui Southern Gas Company.
Related news categories: business economic-indicators misc psx stock-exchanges

Stocks snap 13-day rally, index sheds 66 points
KARACHI: Stocks snapped the 13-session rally on Wednesday as the KSE-100 index closed in the negative by 66.19 points (0.18 per cent) at 36,679.03. The continuous upsurge in index since June 26, the longest bullish spell in 30 months since January 2018, saw it knocking down several barriers and accumulate 3,033 points or 9pc gains. Market was volatile with the benchmark moving between the intraday low and high by 107 and 147 points. The positive news of prime minister’s visit and kickstarting the construction work at Diamer-Bhasha project, terming it the “biggest dam in Pakistan’s history”, was already priced into the cyclicals which is why investors’ excitement in cement was not seen.
Related news categories: business economic-indicators misc psx stock-exchanges

PTCL earnings decline
KARACHI: Pakistan Te­­le­­communication Com­pany Ltd (PTCL) announced profit after tax at Rs2.70 billion and earnings per share (EPS) at Rs0.53 for the six months ended June 30. Comparable figures for same period the previous year stood at Rs3.79bn and EPS at Rs0.74. Revenue declined sli­ghtly to Rs35.3bn in the latest six months, from Rs35.8bn same time in 2019. For the quarter April-June 2020, the telecom posted profit at Rs1.49bn and EPS Rs0.29, as against Rs1.78bn and EPS Re0.35.
Related news categories: business company-news economic-indicators misc psx stock-exchanges tech-comm
Related symbols: ptc (news stock)

PTCL announces financial results for six months
LAHORE-Pakistan Telecommunication Company Limited (PTCL), the country’s leading telecom and ICT services provider, announced its financial results for the six months ended June 30, 2020 at its Board of Directors’ meeting held on Wednesday. After the onset of Covid-19 pandemic earlier this year, the country is witnessing a gradual come back to a new ‘normal’ in which the economic activities are carefully being resumed while adhering to due counter measures for containing the effects of the pandemic. With its extensive network footprint, PTCL has successfully played its role as the communication backbone of the country in these testing times. Our dedicated frontline workers, who have been continuously on the ground despite the pandemic and our diligent customer care teams have ensured uninterrupted service delivery for our valued customers.
Related news categories: business company-news economic-indicators misc psx stock-exchanges tech-comm
Related symbols: ptc (news stock)

Wednesday, July 15 2020

KSE-100 rally continues on encouraging news flow
The long-running rally continued for the 13th consecutive session at the stock exchange on Tuesday on the back of encouraging remittances data and news of oil discovery, which bolstered investors’ sentiment. Investors were enthused by soaring remittances, which hit a historic high in fiscal year 2019-20 as well as in June 2020 on a year-on-year basis. Market players turned further optimistic over an oil discovery by MOL, which brought exploration and production stocks under the limelight and helped the entire sector to close with substantial gains.
Related news categories: business economic-indicators misc psx stock-exchanges

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