PSX market Review for the week
The outgoing week witnessed lackluster activity in the KSE-100 index primarily due to prolonged uncertainty on the resumption of IMF program, high twin deficits, runaway inflation and rising political noise. Despite tough measures being taken by the govt. in the form of reversal of energy subsidies and major taxation changes in the budget, several steps were still needed to be taken to convince the IMF and get the program back on track.… Continue
KE announces revised load shedding timings
In light of the ongoing power supply constraints, K-Electric announced a rationalized load shed schedule for its customers. The revised plan is effective July 1, 2022. This step is being taken to provide relief to customers experiencing night-time loadshed in high-loss areas.… Continue
KCCI seeks early implementation of Interest-Free Banking
Chairman Businessmen Group in the KCCI, Zubair Motiwala, and KCCI President, Muhammad Idrees have extended gratitude to Prime Minister Shahbaz Sharif for taking interest in the implementation of the Federal Shariah Court’s decision of introducing Riba Free banking in Pakistan. They have requested the government to introduce interest free banking in Pakistan according to the Islamic Principles and implement the court’s decision in true letter and spirit. … Continue
The market traded in the green zone as the fertilizer sector remained in the limelight due to price increase
· The market traded in the green zone as the fertilizer sector remained in the limelight due to price increase. Investors hunted for value buying throughout the day. CPI for the month of Jun’22 clocked in at 21.32% YoY (6.43% MoM).… Continue
Mobilink Microfinance Bank to offer Adamjee Life Assurance products to customers across its nationwide branch network
Mobilink Microfinance Bank (MMBL), Pakistan’s Largest Digital Bank has signed a Term Life Insurance Memorandum of Understanding (MoU) with the country’s leading insurance service provider, Adamjee Life Assurance. This strategic partnership is designed to promote enhanced access to premium insurance products from Adamjee’s portfolio for customers in unserved and underserved regions through MMBL’s vast nationwide branch network.… Continue
Boskalis opens a new offshore renewables office in Providence, Rhode Island
Boskalis, with a presence in the US market spanning more than forty years, has recently opened a new office to support the rapidly developing US offshore wind market along the east coast. The office, located in Providence, Rhode Island, will serve as the Boskalis renewables hub from which multiple project teams will be supported.… Continue
PSX posted -12.3% return in FY22; lowest after FY19
Index slipped 5,815 pts in FY22
Pak stocks suffered a rout during FY22 amid deep uncertainty to close at 41,541 points, down by 12.28% / 5,815 points YoY, which took the USD based return to a negative 32.5%. This was the worst performing year after FY19 (-19% return).The… Continue
U.S. and FC KPK officials inaugurate new training facilities, sign agreement for $10.5 million projects
United States Assistant Secretary of State for International Narcotics and Law Enforcement Affairs (INL) Todd D. Robinson and the U.S. Embassy in Pakistan INL Section Director Mark Tervakoski joined Inspector General of Frontier Corps Khyber Pakhtunkhwa South Major General Muhammad Munir Afsar, Deputy Inspector General of Frontier Corps Khyber Pakhtunkhwa North Major Brigadier Sajid Majeed, and other senior Frontier Corps leadership as they inaugurated new training structures and signed an agreement for two joint projects worth approximately $10.5 million (2.1 billion PKR) on July 1, 2022. … Continue
Walee-Nust launches Pakistan’s first center of excellence for social and digital media technologies
Walee Technologies Pvt. Ltd. (Walee), Pakistan’s leading influencer marketing technology company, and the country’s top academic institution, the NUST School of Electrical Engineering & Computer Science (SEECS) have established Pakistan’s first industry-academia Center of excellence to develop innovative social and digital AI-driven solutions and deeper intelligence to serve the USD100 billion* global creator economy.… Continue
Boskalis announces EGM date and publishes Position Statement in connection with HAL Offer
Royal Boskalis Westminster N.V. (Boskalis) has taken note of the press release issued by HAL Holding N.V. (HAL) on 24 June 2022 in which it formally announced the launch of its public offer for all issued and outstanding shares of Boskalis (the Offer).… Continue