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1st Chinese ship docks at Gwadar port

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GWADAR: The first Chinese import-carrier ship has been docked at Gwadar port on Monday.

The cargo ship Zhen Xing Sung, a bulk-break vessel of the China Overseas Shipping Co (Cosco) reached Gwadar port early Monday morning laden with seafood.

The inauguration ceremony was organised on the ship’s arrival at the port. The ceremony was attended by Chinese delegation and the federal minister for ports and shipping Kamran Michael.

Gwadar Port Ship

According to sources, China Overseas Ports Holding Co (COPHC) will take care of all operations on the Gwadar port.

The shipping company has been given the lease of the port for 40 years on the 9% revenue.

China will export the shipments to Central Asia and the Middle East through the port.

Federal Minister for Ports and Shipping Kamran Michael, speaking at a ceremony organised at the Gwadar port, assured that the government is committed to develop the port area for the benefit of the local people.

The next ship will depart on 18th of this month carrying another shipment.




 

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Alleged forgery lands two Chinese nationals in FIA lock-up!

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MMA

KARACHI: Two Chinese nationals – Zhong Zhongmin and Li Chonhong, Country Manager and Deputy Country Manager of the Chinese firm M/s BGP (Pakistan) International – have been nabbed by FIA for submitting forged documents here today.

According to details FIA has registered a case against the  oil and gas surveying company, its clearing agent M/s IMT Co, customs personnel etc for forgery.

The accused had endeavored to get surveying equipment worth Rs. 677m cleared by means of fake papers.

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PSX: Bourse hardly managed to remain in the green on week’s 3rd trading day!

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KARACHI: As the profit-taking set in due to political noise, Benchmark KSE-100 Index closed at 40,591 points with an augmentation of only a little over 43 points.

Rs. 5.3b worth of 157m shares changed hands today. Value of the shares of 172 augmented, 155 plummeted, while 18 remained stagnant.

Pundits at the helm of affairs have insinuated that K-Electric was being acquired by Shanghai Electric.

As a result Power Generation and Distribution Sector led the trading of shares today followed by Technology and Communication Sectors . The three have traded 80.4m, 15.9m and 7.5m shares respectively.

The top five leaders of the trade of shares today were K-Electric Ltd., 77.1m shares (+10.11pc); WorldCall Telecom, 8.3m shares (+4.83pc);TRG Pak Ltd., 6.9m shares (+1.50pc); Sui Southern Gas, 5.4m shares (+2.93pc); Azgard Nine, 4.5m shares (-0.27pc).

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PSX: Bourse closes in the green as bulls shoo-off the bears on week’s second trading day!

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KARACHI: The bourse closed in the green (40,459) today when Benchmark KSE-100 Index gained 232 points.

Rs. 5.2b worth of 102m shares changed hands today. Value of the shares of 148 companies augmented, 145 plummeted, while 21 remained stagnant.

With trading of 15.8m shares Textile Spinning Sector led the market. Top five leaders of today’s trading were Unity Foods(R),13.0m shares (+26.60pc); TRG Pak Ltd., 7.3m shares (+1.84pc); Pak Elektron, 4.9m shares (+2.50pc); Dost Steels Ltd., 39.m shares (-1.27pc).

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