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PSX: Global slump encourages bears take control of the bourse despite support from blue-chips

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Political noise lets bears growl in the bourse

KARACHI: Benchmark KSE-100, shedding 416 points, closed in the red at 43,885 due to global sell off.

Rs. 8.5b worth of 238m shares were traded on week’s second trading day. Value of the shares of 226 companies declined, 142 augmented while 17 remained stagnant.

Communication, Chemical and Textile Sectors led the trading today with 30.3m, 29.2m and 26.5m shares respectively.

Today’s top five traders were Azgard Nine, 24.9m shares (+6.51pc), TRG Pak Ltd., 20.3m shares (+5.0pc); -Lotte Chemical, 19.4m shares (+2.43pc); Sui Southern Gas Company Ltd., 13.3m shares (+0.97pc); Byco Petroleum, 12.1m shares (+4.36pc).

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Two LNG vessels arrive at Port Qasim: Ali Haider Zaidi

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ISLAMABAD: Federal Minister for Maritime Affairs Ali Haider Zaidi Saturday said two LNG vessels arrived at Karachi Port Qasim.

The minister appreciated Port Qasim Authority team for outstanding performance.

He said, “for the first time, we’ve been able to berth two LNG vessels in one tide”, said a news release.

The minister said Port Qasim Authority was also about to start night navigation in a couple of weeks.

“Once that starts, port chocking issue will be addressed,” he stated.

 

 

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Pak-China hold unanimity on CPEC: Qureshi

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CPEC's scope to be expanded

ISLAMABAD: Foreign Minister Shah Mehmood Qureshi on Friday said that Pakistan and China had complete unanimity on China Pakistan Economic Corridor (CPEC) projects.
If anyone had speculation over this gigantic project of CPEC, that element should oust it such thinking from the mind. The foreign minister said we will touch the new heights in strengthening ties with China.  To a question about relations with Russia, Qureshi said there is a great space in improving the relationship with Russia. Russia could help Pakistan in many sectors, he added.  Pakistan had made unprecedented sacrifices in the war against terrorism, he said.  About trade-related relations with Qatar, he said Prime Minister Imran Khan would have a discussion during his upcoming visit to enhance business relations with that Muslim state.  Expressing the hope, Shah Mehmood Qureshi said that Pakistanis would avail the opportunity of one hundred thousands jobs in Qatar in near future.  Expatriates Pakistanis are the good source for sending their remittances to the native country, he added.

 

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Cargill to grow Pakistan business with US$200 million investment

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ISLAMABAD: Cargill , a global food and agriculture producer, on Thursday renewed its long standing commitment to Pakistan by announcing plans to invest more than US$200 million in the next three-to-five years.

The announcement was made soon after Cargill’s global executive team, led by Marcel Smits, head of Global Strategy and Chairman, Cargill Asia Pacific region, and Gert-Jan van den Akker, president, Cargill Agricultural Supply Chain, called on Prime Minister Imran Khan and other senior government officials to discuss the company’s future investment plans, a press release issued by the PM Office said.

Being a global food and agriculture producer with a strong focus on Asia, Cargill aims to partner on Pakistan’s growth by bringing its global expertise and investment into the country.

The company’s strategy includes expansion across its agricultural trading and supply chain, edible oils, dairy, meat and animal feed businesses while ensuring safety and food traceability.

Cargill will bring world class innovations to support the flourishing dairy industry in Pakistan, which is already moving toward modernization, as well as the rising demand for edible oils backed by evolving consumption patterns and a growing market for animal feed driven by sustained progress made by the poultry industry in Pakistan.

Cargill’s proposed investments will support Pakistan’s overall economic development and contribute to local employment.

The visiting delegation informed the Prime Minister that M/s Cargill intended to invest in Pakistan as back as 2012 but were discouraged by mismanagement, corruption and non-availability of level playing field during the previous governments.

However, investor’s confidence has restored after the incumbent Government and the policies being pursued by it.

The Prime Minister welcomed investment plans of M/s Cargil in the area of agriculture development, import substitution and enhancement of agricultural products.

He highlighted the efforts of the Government towards ensuring transparency, providing the business community with level playing field and improving ease of doing business in the country.

The Prime Minister assured the delegation full support of the government.

 

 

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