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PSX: Bears color the bourse red!

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Stocks turn down as outlook darkens

ISLAMABAD: Pakistan Stock Exchange (PSX) Wednesday witnessed bearish trend as KSE 100 index plunged by 550.65 points (-1.48 percent) to close at 36579.32 points.
In overall 43,304 trades, a total of 141,177,960 shares were traded, whereas the value of shares traded during the day stood at Rs 4.111 billion.
Out of 347 companies, share prices of 43 companies recorded increase while 284 companies registered decrease whereas 20 companies remained stable in today’s trading.
The three top traded companies were Unity Foods(R) with a volume of 25,515,500 and price per share of Rs 2.25, World Call Telecom with a volume of 17,986,500 and price per share of Rs 1.04 and K-Electric Ltd 11,584,500 and price per share of Rs 4.98.
The top advancer was Nestle Pakistan with the increase of Rs 279.33 per share, closing at Rs 7768 while Atlas Honda Ltd was runner up with the increase of Rs 15 per share, closing at Rs 375.
The top decliners were Island Textile with a decrease of Rs 28.01 per share, closing at Rs 1894.99 and Wyeth Pak LtdXD with a decrease of Rs 25.97 per share closing at Rs 897.02.

 

 

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Rawalpindi CPO visits Ramazan Sasta Bazaar 

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Mall road to remain closed on 6th Sept

RAWALPINDI: City Police Officer (CPO) Capt (R) Muhammad Faisal Rana visited Ramazan Sasta Bazaar set up in Chungi no 22 to review the security arrangements, informed police spokesman here Tuesday.
CPO termed the security arrangements satisfactory, he directed to further enhance the security of Bazaars, mosques, Imambargahs and worship places to protect the people during the sacred month.
He directed the police officers to curb crime and to provide foolproof security to the masses during Ramazan.
He made it clear that it was the prime duty of the police to protect the lives and properties of the people.
He said that strict action would be taken against those who found negligent in performing their duties.

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Amazon gives e-commerce giant its own internet domain

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Amazon cancels plans for headquarters in New York

SAN FRANCISCO: E-commerce giant Amazon was on its way to running its own online neighborhood Monday after the internet’s address keeper granted the “.amazon” domain to the company.
After waiting in vain for years for the US online retail colossus and an alliance of South American countries to resolve their battle over the right to web addresses ending with “.amazon,” the Internet Corporation for Assigned Names and Numbers (ICANN) this month sided with the Seattle-based company.
In 2012, Amazon applied for “.amazon” and two internationalized versions of the name. Brazil and several other countries put the US company on notice that they were opposed to the idea.
“Due to its inseparable semantic relation to the Amazon forest, that domain should not be, in any way, the monopoly of a company,” the Brazilian Ministry of Foreign Affairs argued on its website.
“On the contrary, it is imperative that the States concerned be able to participate in the management and use of the name in order to defend and promote the natural, cultural and symbolic heritage of the Amazon region, as well as foster the regional economy and the digital inclusion of the populations living there.”
ICANN said it balanced concerns of all involved and stalled the company’s application for the domain in hopes the internet firm and member states of the Amazon Cooperation Treaty Organization would work out a solution.
“ACTO and the Amazon corporation have been unable to come to a mutually acceptable solution or agree on an extension of time for continued discussions,” ICANN said.
“In light of this, the board is now moving forward with the next steps laid out… and is directing ICANN org to continue processing the AMAZON applications toward delegation.”
There will be a public comment period as per procedures established for granting new domain names.
The Brazilian Foreign Ministry said it feared the ICANN decision did not sufficiently take into account the interests of the South American governments involved and undermined the rights of sovereign states.

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Turkish Airlines marks the 86th anniversary

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ISTANBUL: Turkey’s flag carrier Turkish Airlines on Monday marked 86 years of its foundation.
The carrier started its operations with five aircraft, which had 28 seat capacity in total, said the airlines in a written statement. “Today, Turkish Airlines carries hundreds of thousands of passengers across the world with its modern fleet of 336 aircraft,” it added.
The firm was established with the name of The State Airlines Administration on 20th of May, 1933 at Istanbul’s Ataturk Airport, which was closed for commercial flights after all operations were moved to Istanbul Airport in March. “After expanding passenger capacity and targets, the carrier made its first international flight in 1947 to Athens,” the statement read.
The carrier flies to 309 destinations in 124 countries currently, it noted. Turkish Airlines has 15 subsidiaries and joint ventures, such as Turkish Technic, Turkish Cargo, Turkish Ground Services, Turkish Opet Aviation Fuels, and Sun Express.
The company saw 62.85 billion Turkish liras ($12.85 billion) annual revenue and 4.04 billion Turkish liras ($753 million) net profit in 2018 when it carried 75.2 million passengers with a seat occupancy rate of 82%.
The flag carrier’s total assets were around 109.1 billion liras ($20.7 billion), by the end of the last year.
The Turkey Wealth Fund holds 49.12% share of the carrier, and the rest of the shares are publicly held.

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