The Board of Directors (BoD) of Mari Petroleum Company Limited (MPCL) has given its approval for the acquisition of two new exploration blocks, as announced in a statement issued by the company on Wednesday.
(more…)Author: Faisal Shahnawaz
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United Bank registers 39 percent decline in annual profit
United Bank Limited (UBL) has revealed a substantial decline of 39.53 percent in its annual profit for the year ended December 31, 2018, attributing the decrease to significant provisioning, write-offs, and pension liabilities.
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Engro Corp announces 35 percent surge in annual profit
KARACHI: Engro Corporation Limited (ENGRO) has announced 35 percent surge in profit after tax to Rs12.71 billion for calendar year 2018 as compared with Rs9.41 billion in the preceding year.
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US dollar inches up in early trading
The US dollar saw a slight increase against the Pakistani Rupee in early trading on Wednesday, driven by persistent demand for import and corporate payments.
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PM directs harsh action against tax evaders, corrupt tax officials
ISLAMABAD: Prime Minister Imran Khan, on Tuesday, directed tax authorities to take strict measures against tax evaders and corrupt officials within the tax departments. The prime minister issued these directives during a meeting focused on the government’s revenue generation efforts.
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Steps afoot to rationalize tax regime: Asad Umar
Finance Minister Asad Umar reiterated the government’s commitment to fostering a more supportive environment for taxpayers on Tuesday, announcing steps toward the rationalization of the tax regime.
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ECC approves amending import policy order for tightening labeling requirement
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Tuesday approved to amend Import Policy Order to further tighten labeling requirement in order to facilitate local consumers to understand product ingredients.
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Jhagra says mining industry has potential for industrial growth
KARACHI: Finance Minister of Khyber Pakhtunkhwa Taimur Saleem Khan Jhagra on Tuesday said that mining industry has huge potential for industrial growth and job creation.
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Equity market falls by 262 points on selling pressure
KARACHI: The equity market fell below 40,000 points on Tuesday owing to selling pressure throughout the day.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 39,957 points as against 40,220 points showing a decline of 262 points.
Analysts at Arif Habib Limited said that the market remained under pressure throughout the day barring an initial burst of positivity that added 100 points to the index.
During the day, the index went down by 278 points and breached 40,000 level.
Blue chips stayed low and selling pressure by end of session caused further pressure.
Major volumes were observed in Power, Cement, Chemical and Banking sectors.
Sentiment drivers during the session were PM’s speech on Indian allegation on the recent attack, which was although positive in stance but stock prices showed investors’ concern.
Sectors contributing to the performance include Banks (-72 points), E&P (-42 points), Fertilizer (-32 points), Tobacco (-26 points), Textile (-14 points).
Volumes declined from 99 million shares to 94 million shares (-5 percent DoD). Average traded value also declined by 19 percent to reach US$ 28 million as against US$ 34 million.
Stocks that contributed significantly to the volumes include KEL, STPL, PAEL, PIBTL and PTC, which formed 32 percent of total volumes.
Stocks that contributed positively include LUCK (+14 points), MCB (+10 points), PSO (+8 points), SYS (+3 points), and ICI (+3 points). Stocks that contributed negatively include HBL (-41 points), PAKT (-26 points), SNGP (-18 points), UBL (-16 points) and MARI (-14 points).
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