December 18, 2018 (MLN): Hira Textile Mills Limited has appointed Mr. Omar Aziz Mian as the Director and Chief Executive Officer of the company, in place of Mr. Muhammad Umar Virk who has resigned.
Mr. Omar Aziz Mian shall be paid a remuneration of Rs 350,000 per month, revealed the notification issued by the company on Tuesday.
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Oct 17, 2019: The price of 24 karat gold decreased by Rs400 and was traded at Rs86,600 per tola as compared to the last closing at Rs Rs87,000, Karachi Sarafa Association reported on Wednesday.
The price of 10 gram gold also witnessed decrease of Rs343 and was traded at Rs74,245 against Rs74,588 the last trading day.
The price of silver lost Rs40 and was traded at Rs1000 compared to stable at Rs1,040 per tola while the prices of 10 gram silver also witnessed decrease of Rs34.29 and was traded at Rs857.34 against Rs Rs891.63 the previous day.
In international market, the price of per ounce gold decreased by $13 and was traded at $1,481 as compared to the last closing at $1,494.
APP
Oct 16, 2019: Less than stellar US growth in recent weeks has caused many businesses to revise their outlooks and they now expect activity to weaken, the Federal Reserve said Wednesday.
"The US economy expanded at a slight to modest pace... as business activity varied across the country," the central bank said in its beige book report on the economy.
"Business contacts mostly expect the economic expansion to continue; however many lowered their outlooks for growth in the coming six to 12 months."
AFP/APP
October 16: Consul General of Malaysia Khairul Nazran Abd Rahman has said that Malaysia and Pakistan need to agree upon on a new concessional list under the existing Free Trade Agreement (FTA) as they have been receiving a lot of requests from different segments for addition of numerous items in the FTA list in which Pakistani Basmati rice was also not included hence it was being imported by Malaysia from India and Vietnam.
Speaking at a meeting during his visit to the Karachi Chamber of Commerce & Industry (KCCI), Malaysian CG said that as Pakistani Basmati rice was not in the FTA list, it was not competitive when compared with other countries exporting this important commodity to Malaysia. “Meanwhile, the business communities of both countries must hold regular interactions in order to fully utilize and benefit from the existing FTA which would certainly improve the existing trade ties between the two brotherly countries”, he added.
General Secretary Businessmen Group & Former President KCCI AQ Khalil, President KCCI Agha Shahab Ahmed Khan, Senior Vice President Arshad Islam, Vice President Shahid Ismail, KCCI Managing Committee members and others also attended the meeting.
Malaysian Consul General pointed out that the volume of trade improved marginally by 2.5 percent to US$1.47 billion in 2018 as compared to US$1.34 billion in 2017. “Malaysia’s Palm oil is a major product, which alone represents 47 percent of total trade while other traditional products including Pakistani textiles are also being exported to Malaysia. We need to do more and must take advantage of the FTA which was enforced in 2008 and must also focus on non-traditional items as well”, he added.
He said that Malaysia and Pakistan must not remain confined to improving the political and economic ties only but other areas of strategic importance particularly defense, education and tourism must also get special attention from both sides. “We are now focusing on promoting and cooperating in the tourism sector as our cooperation has remained mostly on trade and investment. The tourism sector, having immense potential, has to be given attention which would prove beneficial for the two nations”, he added.
October 16: The Securities and Exchange Commission of Pakistan (SECP) has proposed certain amendments in the Public offering Regulations, 2017 for seeking public comments.
The objective behind the proposed amendments is to promote capital formation by facilitating issuers, reducing the cost of an IPO and safeguarding the interest of general public by enhancing disclosures.
In order to promote capital formation through securities market, the objective eligibility criteria for listing of companies is being reviewed to enable companies that presents a viable time bound business plan, to raise funds. Such companies are however, required to comply with certain conditions including enhanced risk disclosures in the offering document for information of the prospective investors.
To help reduce the cost of an IPO, the role of Consultant to the Issue and Book Runner may be performed by same entity provided such entity is independent of the issuer.
In order to safeguard the interest of general public, certain parameters for green field projects (GFP) are being introduced. Through such parameters, sponsors of GFPs are required to have successful business track record of running a listed company and to contribute at least 75% in the form of equity and financial close should be in place. The issuer shall also make certain risk related disclosures in the offering document and shall offer the shares through fixed price method only.
Further, to ensure investor protection, in case of change in the principal purpose of the issue, an exit offer mechanism is being proposed.
The proposed amendments are placed at SECPs website. Public/Stakeholders may send their comments latest by October 24, 2019.
October 16, 2019 (MLN): The domestic equity market today, displayed a subdued recovery after gaining 197 points and closed at 34,281-mark level. The Index remained positive throughout the session touching an intraday high of 34,434.45 points.
Positive sentiments among the investors emanated on the back of the news reports that Pakistan will continue to stay on the FATF grey list for next four months. Moreover, IMF upheld its forecast for Pakistan’s growth at 2.4% in FY20 while inflation is expected to come in at 13%, this further helped in boosting investors’ confidence.
Of the 94 traded companies in the KSE100 Index 61 closed up 28 closed down, while 5 remained unchanged. Total volume traded for the index was 94.32 million shares.
Sectors propping up the index were Commercial Banks with 49 points, Oil & Gas Exploration Companies with 46 points, Fertilizer with 36 points, Oil & Gas Marketing Companies with 30 points and Food & Personal Care Products with 19 points.
The most points added to the index was by PPL which contributed 40 points followed by OGDC with 27 points, PSO with 20 points, ENGRO with 19 points and BAHL with 16 points.
Sector wise, the index was let down by Power Generation & Distribution with 8 points, Cement with 7 points, Inv. Banks / Inv. Cos. / Securities Cos. with 5 points, Automobile Parts & Accessories with 4 points and Technology & Communication with 4 points.
The most points taken off the index was by UBL which stripped the index of 15 points followed by HUBC with 13 points, POL with 11 points, MARI with 10 points and LUCK with 6 points.
All Share Volume decreased by 5.04 Million to 151.37 Million Shares. Market Cap increased by Rs.31.35 Billion.
Total companies traded were 387 compared to 368 from the previous session. Of the scrips traded 241 closed up, 121 closed down while 25 remained unchanged.
Total trades increased by 1,888 to 57,511.
Value Traded decreased by 0.40 Billion to Rs.4.90 Billion
| Company | Volume |
|---|---|
| K-Electric | 11,825,000 |
| Worldcall Telecom | 11,799,000 |
| Unity Foods | 10,200,500 |
| Lotte Chemical Pakistan | 8,789,500 |
| Fauji Cement Company | 3,822,000 |
| TRG Pakistan | 3,802,500 |
| Descon Oxychem | 3,713,000 |
| Abdullah Shah Ghazi Sugar Mills | 3,408,500 |
| Avanceon | 2,878,000 |
| Dost Steels | 2,804,500 |
| Sector | Volume |
|---|---|
| Technology & Communication | 22,899,500 |
| Chemical | 17,390,200 |
| Power Generation & Distribution | 14,128,000 |
| Commercial Banks | 13,092,600 |
| Cement | 12,383,500 |
| Vanaspati & Allied Industries | 10,203,100 |
| Engineering | 8,718,000 |
| Oil & Gas Marketing Companies | 6,614,900 |
| Sugar & Allied Industries | 5,561,300 |
| Textile Composite | 4,727,700 |
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