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PSX: Pre-Election Rally lets Bulls roam all over the Bourse!

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KARACHI: Due to Pre-Election Rally Benchmark KSE-100 Index closed in the green (41,796) on week’s 4th trading day following an augmentation of 898 points.

Rs. 13b worth of 337m shares changed hands today. Value of the shares of 253 companies increased, 97 plummeted while 17 remained stagnant.

Commercial Banks, Chemical and Transport Sectors led the trade of the shares today with 46.5m, 41.3m and 31.9m shares respectively.

Today’s top five traders of shares were: K-Electric Ltd., 22.8m shares (+6.03pc); Lotte Chemical Pakistan Ltd., 21.1m shares (+8.42pc); Pakistan Intl. Bulk Terminal Ltd.(R): 20.4m shares (+42.00pc); Bank Of Punjab, 20.1m shares (+3.78pc); Pak Elektron Ltd., 13.7m shares (+4.97pc).

Relevant pieces published earlier:

i) As SCP imposed on the outbound travel of many politicians and bankers, bears attacked the bourse. Benchmark KSE-100 Index closed in the red (39,289) shedding 996 points (that was the third biggest decline in 2018).  Rs. 4.46b worth of 76m shares were traded today. Value of the shares of 265 companies plummeted, 32 augmented while 19 remained stagnant. Today’s top five traders of shares were: K-Electric Ltd., 11.9m shares (-5.38pc); Bank of Punjab, 8.4m shares (-4.63pc); Lotte Chemical, 5.8m shares (-5.09pc); Unity Foods, 5.1m shares (-3.34pc) and Pak Elektron Ltd., 4.4m shares (-4.79pc). (Published on 9th March 2018) 

ii) Benchmark KSE-100 Index closed in the red (40,346) shedding 1,219 points as the investors got panicky when accountability court in Islamabad revealed that the Avenfield case’s verdict would be announced on Friday (6th of July). Rs. 5.8b worth of 117.6m shares changed hands today. Value of the shares of 285 plummeted, 29 augmented while 15 remained stagnant. Top five traders of shares today were: Pak Elektron Ltd., 10.3m shares (-4.99pc); Bank Of Punjab, 7.0m shares (-5.63pc); TRG Pakistan Ltd: 4.5m shares (-4.97pc); K-Electric Ltd., 4.3m shares (-4.78pc); Pakistan Intl. Bulk Terminal Ltd., 4.3m shares (-3.21pc). (Published on 5th March 2018). 

iii) Federal Minister for Information, Broadcasting, National History and Literary Heritage Syed Ali Zafar Tuesday hoped that Avenfield reference judgment be announced on July 6 would be based on merit and justice. “All requirements of a fair trial were fulfilled during the proceedings, therefore, the verdict will be based on justice and merit, however, the petitioners will have the right to appeal against the decision,” Ali Zafar said while talking to PTV. To a question regarding implementation of the verdict in the absence of Nawaz Sharif in the country, the minister said the decision would be enforced as soon as Nawaz Sharif returned to the country. “There are a number of cases in which accused staying abroad were awarded sentence and on their return to the country, they filed appeals against the decision, therefore, it is hoped that Nawaz Sharif will return to the country,” he said. To another query, the minister said as per law, court proceedings in other three cases, including Al-Azizia Steel Mills reference, would continue simultaneously even after the former prime minister was awarded punishment in the Avenfield case. Replying to a question regarding any agitation in the country in case possible sentence to Nawaz Sharif, the minister said the court had to issue the judgment according to the law which was its legal responsibility, while in case of possible agitation, the caretaker setup would also fulfill its administrative obligation. He, however, ruled out the possibility of delay in general election saying that the election would be held as per the given schedule at all costs. Ali Zafar said the caretaker government had not the mandate to involve in political matters and it must remain neutral. (Published on 4th July 2018) 

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ECC approves uninterrupted gas supply to export oriented industry

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ECC approves uninterrupted gas supply

ISLAMABAD: Economic Coordination Committee at its meeting here today approved the mechanism for supply of uninterrupted gas to zero-rated export-oriented industry.

The meeting chaired by Finance Minister Asad Umar approved the supply of RLNG to the export industry for three months from December this year to February next month.

According to the mechanism, the export sectors will be provided mix energy including RLNG from March to November.

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German business delegation due on 22nd Oct.

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KARACHI: A thirty-member business delegation from Germany -representing important sectors like energy, engineering, security technology, financial services, and construction- will be on a two-day visit to Karachi, from 22ns October.
This delegation was the result of joint efforts by Bavarian Ministry of Economic Affairs, Energy and Technology; Pakistan Embassy in Berlin with support of Dr. Poetis, who is Honorary Consul General of Pakistan in Munich; the Embassy of Germany in Pakistan and the German Consulate in Karachi, President GPCCI, Qazi Sajid Ali told APP here today.
On the first day, German-Pakistan Chamber of Commerce and Industry has arranged a conference on the trade and investment opportunities in Germany and Pakistan. Sindh Chief Minister Syed Murad Ali Shah is expected to inaugurate this programme.
Then, the delegation would visit Karachi Chamber of Commerce and Industry, Trade Development Authority of Pakistan, Sindh Board of Investment, Pakistan Business Council’s secretariat and the Governor House.
Qazi said that after a long period of time, a business delegation from Germany was coming to Karachi for business discussion with Pakistani counterparts and would finalize the projects of mutual interest for the bilateral business growth. Some of the German businessmen are also interested in the joint ventures. The visit would encourage German investment here and exports of Pakistani goods to Germany.

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Spanish companies’ investments welcomed

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PTV employees degrees to be verified

ISLAMABAD: Minister for Information and Broadcasting Chaudhry Fawad Hussain today said Spanish companies were welcome to invest in the energy, infrastructure and tourism projects in Pakistan.
Speaking at a reception hosted by the Spanish embassy to celebrate the National Day of Spain, he said Pakistan highly valued its friendly and cooperative relations with Spain, bilaterally as well as in the context of European Union.
“Our relationship is based on mutual respect and similarity of perceptions on global issues of mutual concern. The trajectory of Pakistan Spain ties is positive and we are determined to make every effort to maintain it.”
The minister said, “Our mutually beneficial cooperation is strengthened by our shared democratic values, commitment to continued engagement and willingness to help each other. Pakistan looks forward to deepening its partnership with Spain for the achievement of its objectives of peace, prosperity, and development.”
He said Pakistan and Spain closely cooperated on issues of importance, both bilaterally as well as at the multilateral platforms, including the United Nations.
Bilateral trade between the two countries stood at US$ 1.07 billion with Pakistan’s exports of US$ 860 million and imports of US$ 211 million for the period June 2017-March 2018. There is substantial potential for further expansion.
“There is a considerable number of Pakistanis living in Spain and they serve as a bridge between our two friendly countries and positively contribute to the economic development of Spain,” he said adding, “We will have more investment opportunities after the establishment of Special Economic Zones, aimed at promoting regional trade. We have lots of business opportunities with investment-friendly policies. Let us progress together through collective efforts and cooperation.”
Fawad said the government would welcome investment of European Union countries in projects related to CPEC.
He invited people from all friendly countries for a visit to Pakistan for business and tourism. “They will find a much safer Pakistan than it was a few years ago. The situation has improved and will improve further.”
He extended deepest felicitations to the government and people of Spain on their National Day. Spain’s Ambassador to Pakistan Carlos Morales said Pakistan had a rich cultural heritage and he witnessed many changes during his more than three-year stay in the country. The one major change was that Pakistan was now a more safe place, which was a major achievement.
He said Spain wanted to boost relations with Pakistan in the fields of trade and investment. The ambassador said during his stay he tried to enhance people-to-people contacts and bilateral cooperation in the areas of education, culture, and tourism.
Hundreds of Pakistani students were pursuing graduate and postgraduate studies in Spain, he added. Earlier, national anthems of the two countries were played at the event attended by politicians, members of the diplomatic corps and prominent citizens from all walks of life.

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