KARACHI: Fauji Foundation (FF) has expressed interest in acquiring the majority stake in Silkbank Limited, the bank said in a regulatory filing with the Pakistan Stock Exchange on Thursday.
As part of the process, Silkbank had been requested to allow FF to conduct due diligence of the bank. In this regard, FF intended to apply to the State Bank of Pakistan (SBP) for the requisite approval. Silkbank said that in a meeting on Jan 28, its Board subject to the approval of SBP had given its in-principle approval to allow FF to conduct the required due diligence and evaluate the information that would be provided by the bank.
POL’s profit drops 38% in second quarter
Significant fall in net sales drives decline in earnings
PHOTO: EXPRESS
Earnings of Pakistan Oilfields Limited (POL) dropped 37.8% to Rs3 billion in the second quarter of ongoing fiscal year on the back of a significant decline in net sales.
According to a notice sent to the Pakistan Stock Exchange on Wednesday, the oil and gas exploration and production company had posted a profit of Rs4.9 billion in the same quarter of 2019.
Accordingly, earnings per share of the company fell to Rs10.66 in Oct-Dec 2020 compared to Rs17.15 in the same period of previous fiscal year.
Honda Atlas Cars Pakistan reported a profit of Rs751.8 million for the third quarter ended December 31, 2020 against a loss of Rs41.3 million in the same quarter of previous fiscal year.
Market watch: Bulls maintain hold, lift KSE-100 by 329 points
Benchmark index rises 0.76% to settle at 43,416.77
Shares of 402 companies were traded. At the end of the day, 232 stocks closed higher. PHOTO: REUTERS
KARACHI:
Investors’ sentiment remained bullish at the Pakistan Stock Exchange on Thursday as the benchmark KSE-100 index gained 329 points ahead of a long weekend.
During the session, the country achieved the milestone of $200 million worth of inflows into Roshan Digital Accounts and the news mainly fueled the market’s uptrend. On the back of investor optimism, index-heavy automobile, cement and financial sectors closed with handsome gains.
Foreign institutional investors, however, divested over Rs2 billion worth of shares, thus capping gains.
Market watch: Selling pressure drags KSE-100 down
Benchmark index falls 426.82 points to settle at 42,906.94
Shares of 405 companies were traded. At the end of the day, 187 stocks closed higher. PHOTO: FILE
KARACHI:
Selling pressure persisted at the Pakistan Stock Exchange on Tuesday, which pulled the KSE-100 index down by 427 points as the emergence of a new Covid-19 strain weighed on investors’ sentiment.
The coronavirus strain, discovered in the UK, sent financial and equity markets around the world plunging.
A dip in global oil prices, as a result of negative news flow, had a spillover effect on the domestic oil sectors and stocks of exploration and production and oil marketing companies faced a substantial selloff.