Connect with us

Business

PSX: Lessening political noise lets bulls enter the bourse!

Published

on

PSX

KARACHI: Benchmark KSE-100 Index closed in the green (43,508) on week’s third trading day with an augmentation of 279 points.

Savants at the helm of affairs insinuated that the sentiments of investors ameliorated on expectations apropos large capital inflow into the market by means of tax amnesty scheme that has been approved by the Supreme Court.

Rs.5.7b worth of 111.9m shares changed hands today. Value of the shares of 181 companies augmented, 119 plummeted while 21 remained stagnant.

With 25.1m shares, Commercial Banking Sector led the trade today. Today’s top five traders of shares were: Bank of Punjab, 10.1m shares (+2.26pc); Meezan Bank Ltd., 7.6m shares (+4.99pc); K-Electric Ltd., 7.1m shares (-1.94pc); D. G. Khan Cement Co. Ltd., 5.1m shares (-1.39pc); TRG Pakistan Ltd., 5.1m shares (+3.93pc).

Pieces published earlier: 

i) Major markets in Asia and Europe rose today after Donald Trump and Kim Jong Un held a historic summit, while investors look ahead to key policy meetings at the Federal Reserve and European Central Bank this week. Trump said he had formed a “special bond” with the North Korean leader, who reaffirmed his commitment to “complete denuclearization of Korean Peninsula” in a joint agreement signed by the two. While the meeting was not expected to see any immediate results, it has provided hope for peace on the Korean peninsula. However, investors remain concerned about a possible global trade war after the weekend’s Group of Seven summit in Canada ended with Trump withdrawing support for a joint communique and accusing host Prime Minister Justin Trudeau of being dishonest.

That came just after he had hit Canada, Mexico, and the European Union with steel and aluminum tariffs, sparking threats of retaliation that some fear could escalate. For most of the day, eyes were on Singapore, where Trump and Kim became the first sitting leaders of their countries to meet. The pair signed what Trump called a “pretty comprehensive” and “very important” document, which spoke of “new US-DPRK relations” and committed Washington to “security guarantees”. Kim said the two Cold War foes had vowed to “leave the past behind” and promised, “the world will see a major change”. (Published on 12th of June 2018) 

A relevant piece published earlier: History is in the process of being written. US President Donald Trump and North Korean Leader Kim Jong-un have engraved their names in the world’s chronological records by meeting and proving that even problems in tandem with nuclear threats could also be solved by means of dialogue. The 32-year old Kim who got his edification from Switzerland and 71-year-old real estate tycoon Trump shook hands. During the dialogue, the two discussed defusing tensions and nuclear disarmament. Following the talks, Trump said that a lot of progress was made. A comprehensive document had been signed at the end of the summit. There was a brief comment to the press after the signing ceremony. At the signing ceremony, Trump said he expected to “meet many times” in the future with Kim and that he would absolutely invite Kim to the White House.  (Published on 12th of June, 2018) 

Continue Reading
Advertisement

Business

Improving ease of doing business

Published

on

Imran Khan on solution to poverty

ISLAMABAD: PM has today directed Board of Investment (BoI) chairman to present a comprehensive plan, listing all the issues in various sectors and their sub-sectors and how the processes could be streamlined to simplify procedures related to government approvals, addressing taxation issues, dispute resolution and facilitating investors/businesses. 
He said this while chairing a high-level meeting to review progress on improving ease of doing business and creating an enabling environment to facilitate the conversion of interest of the local as well foreign investors into actual investments in the country. The meeting was attended by Finance Minister Asad Umar, Law Minister Dr. Farogh Naseem, Commerce Advisor Abdul Razak Dawood, BoI Chairman Haroon Sharif, federal secretaries and senior officials. 
BoI Chairman Haroon Sharif while briefing the prime minister about the steps taken so far said the Board would be serving as an agent of change for facilitating business transactions, removing impediments in the way to the materialization of investors’ interest into actual investments and smooth functioning of the businesses in the country. He also briefed about various issues being faced by the business community including taxation, access to finance, regulation and policy issues and red-tapism.
He said the BoI was also actively working with the provinces and relevant ministries for removing barriers in the way of establishing Special Economic Zones.  He said special efforts were being made to bridge the gap between private and public sector and to reach out to the private sector to revive their confidence in government policies and put in place a framework that facilitates business community in its business pursuits.  The BoI chairman also briefed about Naya Pakistan Diaspora Fund which was being set-up to promote SMEs and rural development in key areas of education, health, and infrastructure development.
He also apprised the prime minister of the investment framework which had been structured for attracting and materializing investment from UAE, KSA, China, Japan, and Malaysia.   It was decided during the meeting that the prime minister would chair a review meeting every month on ease of doing business in the country.

Continue Reading

Business

KARACHI: Removal of encroachments

Published

on

KARACHI: The Anti-Encroachment Department of the Karachi Metropolitan Corporation (KMC) demolished more than 35 shops and other constructions in front of shops and footpaths with the help of heavy machinery in district West and Korangi on Tuesday.
Metropolitan Commissioner Dr. Syed Saif-ur-Rehman who is monitoring anti-encroachments drive in the city, said that footpaths are for pedestrians and no one can be allowed to block the footpaths by extending shops or putting stuff to create problems for citizens, said a statement. He said that the anti-encroachment drive was meant to bring improvement to the city and make it clean and beautiful.
Traders community have so far cooperated with the KMC in its action against encroachments and removed their stuff and an additional portion of their shops.
He said that the city roads, streets, and footpaths are widened after the removal of encroachments. Meanwhile, senior director anti-encroachments Bashir Siddiqui with his team took action in districts West and Korangi.
They removed the encroachments from different areas including Pak Colony in district West and Malir Saudabad in district Korangi where walls, shops, and other structures were demolished.

 

Continue Reading

Asia

Tokyo stocks close lower

Published

on

Tokyo stocks close down

TOKYO: Shares here closed lower today as uncertainty caused by factors including Brexit and trade tensions weighed on the market, wiping out early gains.
The benchmark Nikkei 225 index fell 0.34 percent or 71.48 points to 21,148.02 while the broader Topix index was down 0.91 percent or 14.50 points at 1,575.31. Tokyo shares opened higher, rebounding from sharp drops the previous day, with investors apparently relieved that Wall Street eked out gains after a volatile session.
“But sentiment worsened as investors remained cautious amid uncertain elements such as the postponement of Britain’s Brexit vote and the US-China trade war,” Daiwa Securities senior technical analyst Hikaru Sato told AFP. European stock markets and the pound slid Monday after British Prime Minister Theresa May said she was delaying a parliamentary vote on her deal to leave the EU after conceding it would not win sufficient support.
“The market is concerned that the postponement uses up valuable time before the 29th March exit date, and the risk of a no-deal scenario is growing,” David de Garis, director of economics and markets at National Australia Bank said in a commentary. The dollar slipped to 113.10 yen in late Asian trade from 113.35 yen in New York Monday afternoon. In individual stocks trade, SoftBank Group jumped 2.44 percent to 8,827 yen after announcing Monday it aims to raise over $23 billion by listing its Japanese mobile unit next week.
Nissan kept falling, down 3.10 percent at 915.7 yen after tumbling 2.90 percent on Monday as ousted chairman Carlos Ghosn was charged and faced new allegations of alleged financial misconduct. Prosecutors also charged Nissan for filing documents that allegedly understated Ghosn’s earnings. The Nikkei daily reported Tuesday that Nissan plans to book years of under-reported compensation paid to Ghosn as expenses in the year to March 2019 all at once, a move that could worsen the automaker’s balance sheet. Toyota lost 1.09 percent to 6,745 yen but Sony rose 0.72 percent to 5,735 yen.

 

Continue Reading

News Pakistan Trending