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Site update: April 09 2024, at 16:45 PKST
Stock update: April 09 2024.

Recent Financial News in the 'stock-exchanges' category

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Tuesday, April 09 2024

PSX sets record on ‘good news’ from S. Arabia
Amid growing prospects of realising Saudi investment in diversified sectors, the stock market on Monday turned in another record-breaking session in Ramazan, tossing the KSE 100-share index to an all-time high, closing above 69,500, though the volume fell day-on-day. Ahsan Mehanti of Arif Habib Corporation told Dawn that Saudi Arabia’s commitment to fast-track the initial tranche of $5 billion investment in Pakistan boosted investor confidence, triggering a strong interest in blue-chip oil, banking, and pharma stocks as investors weigh deliberations over the $1 bn Saudi Reko Diq deal next month and Saudi oil-giant Aramco’s acquisition of stakes in Oil and Gas Development Company and Pakistan Petroleum Ltd. Reports suggest this commitment was reached at a meeting between Saudi Crown Prince Muhammad bin Salman and Prime Minister Shehbaz Sharif in Makkah on Sunday night.
Related news categories: business economic-indicators psx stock-exchanges

Monday, April 08 2024

PSX scales new peak in robust week
Amid ongoing economic optimism, the stock market maintained a robust outlook, extending a surprise record-breaking spree in the last days of Ram­azan by scaling a new peak in the outgoing short week. Arif Habib Ltd (AHL) said the market continued its positive momentum throughout the four-day trading week, hitting an all-time high above the 68,000 level. The market sentiment was fuelled by a sharp deceleration in inflation and rising expectations of an interest rate reversal. Moreover, cut-off yields on treasury bills remained unchanged in the three- and 12-month tenors while increasing by 101 basis points in the six-month tenor. In addition, the petroleum sales witnessed a jump of 4pc year-on-year and 3pc month-on-month. The rupee remained stable at Rs277.93 against the dollar, adding just two paise week-on-week. As a result, the KSE 100-share index closed at a record 68,417 points after adding 1,412 points or 2.11pc week-on-week.
Related news categories: business economic-indicators psx stock-exchanges

Wednesday, April 03 2024

Stocks manage modest gains in cautious trading
In a volatile session, the equities market closed in the green on Tuesday on rising hopes of an imminent interest rate cut following a sharp dece­l­eration in CPI-based inflation to 20.68 per cent in March. Ahsan Mehanti of Arif Habib Corporation Ltd said the market showed recovery as investors weigh the 22-month lowest inflation reading below the Ministry of Finance’s projection of 23.5pc, which is expected to pave the way for a reduction in the State Bank’s policy rate next month. He said the surging glo­bal stocks and crude oil prices, deliberations over priv­atising loss-making sta­te-owned enterprises and exchange rate stability hel­p­ed the index stay bullish.
Related news categories: business economic-indicators psx stock-exchanges

MTL barred from selling tractors to third party
The Ministry of Industries and Production has directed Millat Tractors Ltd (MTL) to sell 954 tractors to farmers as per the contract and not supply these vehicles to any third party. The ministry has written to MTL after the Sindh High Court’s order regarding its contractual obligation to sell these tractors to the original buyer. The SHC has issued an order relating to the supply of tractors to farmers at the agreed price of Rs1.25 million per unit including 5 per cent sales tax. However, the MTL raised the price by Rs148,400 and stopped supplying to the buyers who had made the bookings. The court order noted that despite full payment by 1,001 buyers, only 47 tractors were delivered. As a result, the aggrieved farmers approached the court.
Related news categories: auto-assembler business economic-indicators psx stock-exchanges
Related symbols: mtl (news stock)

Local cement sales fall on construction lull
Construction activities remained slow as local cement despatches fell year-on-year by 0.62 per cent in March and 3.81pc in 9MFY24, respectively. Local sales eased to 3.336 million tonnes from 3.357m tonnes in March 2023, showing a decline of 0.62pc. Export despatches, however, increased by 38pc to 605,142 tonnes from 438,433 tonnes a year ago. As a result, the overall cement despatches (local and export) rose 3.85pc in March to 3.941m tonnes versus 3.795m tonnes during the same month of 2023. According to the data released by the All Pakistan Cement Manufacturers Association, domestic despatches during 9MFY24 were 29.401m tonnes as against 30.564m tonnes last year, showing a reduction of 3.81pc.
Related news categories: business cement economic-indicators psx stock-exchanges

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