Stocks extend losses as full lockdowns feared
Business
April 23, 2021
Stocks sank deeper on Thursday with energy and cyclical getting most of the beating as the country mulls complete virus lockdown in urban centers, dealers said.
Benchmark KSE-100 Shares Index gave up 0.83 percent or 376.93 points to close at 44,929.61 points at Pakistan Stock Exchange (PSX). Volumes slipped to 328.93 million shares from 387.908 million on Wednesday.
A A H Soomro at KASB Securities said stocks extended the fall with selling seen across the board as fears of possible coronavirus-related lockdowns in Pakistanâs biggest cities, as hinted by NCOC (National Command and Operation Centre) chairman Asad Umar, cast doubts on prospects of economic recovery.
KARACHI: Net income of Mari Petroleum amounted to Rs6.9 billion for the January-March quarter, down 18 per cent from a year ago, the company said in a stock exchange filing on Monday.
The energy company also announced an unexpected cash dividend of Rs60 per share, taking the nine-month (July-March) dividend to Rs66 per share.
Earnings of Mari Petroleum totalled Rs23.3bn in the first nine months of 2020-21, slightly higher than Rs23.2bn reported in the corresponding period of last year.
In a separate filing, the company informed its shareholders that an amendment agreement to Mari Wellhead Gas Pricing Agreement (2015) was signed and executed between the government and the company on April 17.
Pakistan’s exports of textile and clothing rebounded in March mainly due to value-added sectors and posted a growth of 30.4 per cent from a year ago. Dawn/File
ISLAMABAD: Pakistan’s exports of textile and clothing rebounded in March mainly due to value-added sectors and posted a growth of 30.4 per cent from a year ago, showed data released by the Pakistan Bureau of Statistics (PBS) on Friday.
The export value of these sectors edged up to $1.355 billion in March from $1.039bn over the corresponding month of last year. Growth in exports of value-added sectors contributed to an increase in overall exports from the sectors.
ECC approves Rs11.7b for mother & child hospitals in Punjab
The Economic Coordination Committee of the Cabinet has approved 11.7 billion rupees as the share of the Federal Government for the establishment of four mother and child hospitals in Punjab.
The ECC, which met in Islamabad today (Wednesday) with Finance Minister Hammad Azhar in the chair, granted approval to withdrawal of Customs Duty on import of Cotton Yarns to ensure smooth supply of cotton and cotton yarns to the value-added industry and to bring down gap between domestic production and overall demand for the inputs.
The Committee approved Monthly Production Plan as a cost-effective solution, enabling the Power and Gas purchasers to make requisite purchases in line with actual requirements instead of following a fixed arrangement.
Not so sweet
April 1, 2021
Hours after the FIA put in place over 10 cases against major sugar barons in the country and speculative pricing agents who did much of the work for them, the Economic Coordination Committee of the Cabinet, which met under new Finance Minister Hammad Azhar on Wednesday allowed the import of sugar from India. It is hoped that this will help push down the price of sugar in the country, which once again, after an inquiry was carried out months ago, has risen to Rs100 per kg or more. People have been complaining bitterly about the prices of the essential commodity and in response the government has for the moment decided to allow white sugar to be brought in from India. This is also the first trade exchange between Pakistan and India since August 2019 when trade was suspended after India undid the special status of Kashmir written into its constitution. Along with sugar, the import of much needed cotton and yarn will also be allowed so as to offer the indu