Market watch: KSE-100 extends losses, falls 161 points
Benchmark index loses 0.35% to settle at 45,728.75
Overall trading volumes contracted to 718.2 million shares compared with Monday’s tally of 722.1 million. PHOTO: REUTERS
KARACHI:
Selling pressure continued to dominate trading at the Pakistan Stock Exchange on Tuesday as the KSE-100 index extended losses from the previous session and recorded a decline of 161 points.
Investors took a cautious stance ahead of Financial Action Task Force (FATF) decision on whether to remove Pakistan from the grey list and they resorted to profit-taking.
Dismal current account data, which showed a deficit of $229 million in January 2021, aided the downtrend with the market trading in a narrow range.
Business
February 4, 2021
KARACHI: Agha Steel Industries, a leading Steel rebar manufacturing company, has signed a contract with Renewable Power Pvt Ltd for installing a 2.25MW solar power project at its production facility at Port Qasim Karachi, a statement said on Wednesday.
Meezan Bank has been nominated as the lead Islamic banking arranger for the project. This would be among one of the largest solar power projects installed by a steel manufacturer in Pakistan.
The project will initiate a Green Steel Revolution at Agha Steel Industries by helping the sustainability of its energy mix and, at the same time, reducing the burden on the national grid.
KARACHI: Shares snapped the three-day winning streak as the bulls took a breather on the second last day of the rollover week. The KSE-100 index tumbled 292.08 points, or 0.63 per cent, to close at 46,166.05.
A lack of triggers, fall in global markets and the ECC meeting again ignoring the approval of Textile Policy and the revision of OMC margins turned sentiments weak. Investor interest was further dented as Nepra indicated Rs1.60 per unit increase in power tariff against fuel adjustment.
The market remained volatile for the entire session, though mostly in the red as the popular sectors that had propelled the index over the past weeks withdrew support. Profit-taking in technology, E&P and oil & gas marketing companies drove the index down from intraday high by 187 points to 347 points low.
KARACHI: Swelling freight charges are hand in glove with imported price pressure to send iron and steel scrap prices up 100 percent in the local market since lockdown associated with the Covid-19.
Firms raise Rs35b via share offers
Four new companies went public while 14 issued right shares
Their families continue to live under deplorable conditions. PHOTO: MARIAM ESSA/EXPRESS
Pakistani companies have raised interest-free investment worth Rs35.4 billion through the offer of shareholding to corporates, rich and retail investors at the Pakistan Stock Exchange (PSX) during the outgoing year 2020, according to a brokerage-led research house on Wednesday.
The stock market welcomed four new firms whose shares became available for trade among investors. “PSX witnessed four initial public offerings/IPOs (including preference share listing) in 2020 in sectors like steel, meat processing, telecom and chemicals. Together these companies raised Rs8.4 billion,” Topline Research reported.