Business

'Saudi package': Bulls dominate PSX as benchmark index adds 1,200 points

The benchmark KSE-100 index surged 1,215.89 points, or 2.76%, to close at 45,330.05.

Published

1 month ago

Nov 29, 2021 07:42 PM

Faisal Ali Ghumman

'Saudi package': Bulls dominate PSX as benchmark index adds 1,200 points

GNN Media: Representational Photo

Karachi: Bulls dominated the Pakistan Stock Exchange (PSX) on Monday as investors showed their interest after burshing aside the uncertanity regarding the International Monetary Fund (IMF) programme and $3 billion funds from Saudi Arabia.

The Friday's visit to PSX of Adviser to Prime Minister on Finance and Revenue Shaukat Tarin also turned out to be a a psoitive indicator for positive atmosphere at the first trading day.

Investor optimism about the Saudi package was reflected at the bourse as market players took fresh positions on the back of an agreement that was signed between the State Bank of Pakistan (SBP) and the Saudi Fund for Development (SFD).

Also fuelling the bullish sentiment was a decline in global oil prices as the benchmark KSE-100 index once again crossed the 45,000-point mark.

At the end, the benchmark KSE-100 index soared 1,215.89 points, or 2.76%, to close at 45,330.05.

Sectors contributing to the performance included commercial banks (+283 points), cement (+211 points), exploration and production (+139 points), fertiliser (+100 points) and oil marketing companies (+76 points).

Shares of 358 companies were traded during the session. At the close of trading, 263 scrips closed in the green, 76 in the red, and 19 remained unchanged.

Overall trading volumes dropped to 268.2 million shares compared with Friday’s tally of 289.8 million. The value of shares traded during the day was Rs10.9 billion.

Fauji Foods, TPL Properties and WorldCall Telecom were the volume leaders with 14.8 million shares traded, 14.7 million shares, and 13.7 million shares respectively.

Fauji Foods lost Rs0.31 to close at Rs0.82, TPL Properties gained Rs2.57 to close at Rs45.80, while WorldCall Telecom gained Rs0.01 to close at Rs13.7.

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Faisal Ali Ghumman

Mr. Ghumman is a seasoned journalist who has 19 years of diversified experience in print, electronic and digital media. He has worked with 92 News HD, Daily Pakistan Today, Daily The Business, Daily Dawn, Daily Times and Pakistan Observer as News Reporter, Feature Writer, Editor, Web Content Editor and Article Writer. Mr Ghumman has graduated from the Bahauddin Zakariya University Multan and is currently enrolled in M.Phil in Mass Communication at the University of Punjab.

Sports

Under-19 World Cup: Pakistan to take on Zimbabwe today

Pakistan is the third most successful side after India and Australia in the ICC U19 Cricket World Cup

Published

12 hours ago

Jan 17, 2022 03:32 PM

Siddra Sumreen

Under-19 World Cup: Pakistan to take on Zimbabwe today

Trinidad and Tobago: Pakistan will play their first match of the tournament against Zimbabwe in the ICC Men’s U19 Cricket World Cup West Indies 2022 on Monday at the Diego Martin Sporting Complex in Trinidad and Tobago.

Pakistan will then meet Afghanistan on Thursday at the Brian Lara Cricket Ground, while their last Group C fixtures will be against Papua New Guinea (PNG) on Saturday at the Queens Park Oval.

Pakistan is the third most successful side after India and Australia in the ICC U19 Cricket World Cup, which was launched in 1988 before becoming a biennial event in 1998.

Pakistan have won titles in 2004 and 2006, finished runners-up thrice in 1988, 2010 and 2014, and achieved third positions in 2000, 2008, 2018 and 2020.

Squad: Qasim Akram (captain, Central Punjab), Abdul Faseeh (Northern), Abbas Ali (Khyber Pakhtunkhwa), Ahmed Khan (Khyber Pakhtunkhwa), Ali Asfand (Central Punjab), Arham Nawab (Central Punjab), Awais Ali (Central Punjab), Faisal Akram (Southern Punjab), Haseebullah (wicketkeeper, Balochistan), Irfan Khan Niazi (Central Punjab), Maaz Sadaqat (Khyber Pakhtunkhwa), Mehran Mumtaz (Northern), Mohammad Shehzad (Southern Punjab), Rizwan Mehmood (Sindh) and Zeeshan Zameer (Sindh)

Traveling reserves: Ghazi Ghori (wicketkeeper, Sindh), Mohammad Zeeshan (Central Punjab).

Pakistan fixtures:

17 Jan - v Zimbabwe - Diego Martin Sporting Complex.

20 Jan - v Afghanistan - Brian Lara Cricket Ground.

22 Jan - v PNG - Queens Park Oval.

Pakistan

Rupee further strengthens against greenback, closes at 175.92

The rupee appreciated as much as 175.5 in intra-day trading but ended with clipped gains

Published

7 hours ago

Jan 17, 2022 08:19 PM

Faisal Ali Ghumman

Rupee further strengthens against greenback, closes at 175.92

Karachi: Pakistan's rupee shown strength against the US dollar on Monday to close at 175.92 in the inter-bank market.

The recovery was supported by a weak dollar demand for import payments and exporters' forward selling of the greenback.

The rupee appreciated as much as 175.5 in intra-day trading but ended with clipped gains.

According to the State Bank of Pakistan, the rupee finished with a gain of 0.09% or 15 paisas day-on-day against the US dollar.

Pakistan

PM Imran Khan launches Pakistan’s first-ever digital city in Haripur

Pakistan Digital City project will be completed at a cost of Rs1.31 billion

Published

11 hours ago

Jan 17, 2022 05:17 PM

Siddra Sumreen

PM Imran Khan launches Pakistan’s first-ever digital city in Haripur

Islamabad: Prime Minister Imran Khan on Monday performed the groundbreaking ceremony of Pakistan Digital City Special Technology Zone project, the country’s first such venture, during his visit to Huripur.

The prime minister was accompanied by Khyber Pakhtunkhwa (KP) Chief Minister Mahmood Khan, federal and provincial ministers.

The Pakistan Digital City project will be completed at a cost of Rs1.31 billion and scattered over 86 kanals of land.

Pakistan Digital City Haripur is a flagship project of the Khyber Pakhtunkhwa government being launched to provide all facilities to the IT industry in one place.

The project aims to serve as a state-of-the-art facility to enable collaborations and innovation amongst academia, research, industry and planners from within country and abroad.

It will benefit other allied industries like electronics, software houses, mobile phone industry, technology incubators, and computer industry in the province.

Last month, Prime Minister Imran Khan had inaugurated Lahore Technopolis, a special technology zone, to create jobs and boost Pakistan’s tech exports.