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JIT confusion lets bears loose to growl loud all over the bourse Tuesday morning!

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SANA MAHMOOD

KARACHI: Due to political upheaval set in motion by JIT report apropos the money laundering case against the PM and his family, the bourse here today has heard bears growling loud making stock market experience the worst day since 2009.

Agonized shareholders saw the cascade happening. KSE 100 Index lost 4.65% ending at slightly over 44,120 points by the close of trading.

As soon as the reality of JIT reality sunk in the KSE index dipped 2.83% by 9.35AM. After 90 minutes (sources informed at 11AM) a drop of 3.53 percent was recorded.

MINISTERS REJECT JIT REPORT THAT TELLS THE SUPREME COURT:

1) Sources of income do not justify the assets that Sharif Clan owns, particularly when their businesses are going in the red.

2) Many documents submitted, including the mysterious Qatari letter, have failed to satisfy the JIT.

3)  National Accountability Bureau should probe the Sharif Clan property.

 

 

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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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