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KSE-100: Stocks fall flat in a directionless trade
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Who s who of the PSX - Newspaper
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KSE-100 index breaches 44,000 level, YTD return turns negative for 1st time in 2021 Equities Correspondent
Stocks continued to be battered at Pakistan Stock exchange (PSX) as mounting political uncertainty in the country led bears to rule the roost at the bourse. On Wednesday, the benchmark index tumbled for the fifth consecutive session, breaching 44,000 level, as it closed at 43,691.68 level after losing another 531.23points by the closing bell.
On Monday, owing to constant selling pressure, the YTD (Year-to Date) return on benchmark index also turned negative for the first time in CY21 after today’s performance, showing a decline of 63 points or 0.15% as compared to the closing of the previous year.
Eni’s withdrawal from Pakistan aligns to the company s broader strategy of reshaping and simplifying its portfolio, extracting additional value from its strategic assets and disposing of non-core businesses as per its four-year strategic plan.
The operator on Tuesday reached agreement to sell its Pakistan assets to Prime International - a newly established company formed by a team of Eni’s local ex-employees and Hub Power Company, Pakistan’s largest independent power producer (IPP).
The novel company will acquire assets from Eni including interests in eight development and production leases in the Kirthar fold belt and the Middle Indus basins and four exploration licences in the Middle Indus and the Indus offshore basins.
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