Tag: EU

December 08, 2021 (MLN): The capital market observed a range-bound trading session on Wednesday owing to the lack of positive triggers as it traded in a range of only 486.68 points, witnessing an intraday high of 44,138.97 and a low of 43,652.29.

Following yesterday’s gaining momentum, the trading floor opened on a positive note but in the later hours, the market succumbed to profit-taking activity as the nervousness was prevailing across the board on the back of gloomy macros.

Resultantly, the benchmark KSE-100 index concluded the session in the red while losing 6.62 points to close at 43,846.87.

Of the 95 traded companies in the KSE100 Index, 36 closed up 56 closed down, while 3 remained unchanged. The total volume traded for the index was 73.49 million shares.

Sector-wise, the index was let down by cement with 83 points, fertilizer with 32 points, pharmaceuticals with 14 points, engineering with 13 points, and refinery with 10 points.

The most points taken off the index was by LUCK which stripped the index of 36 points followed by ENGRO with 24 points, MEBL with 18 points, HMB with 16 points, and PIOC with 11 points.

Sectors propping up the index were technology & communication with 103 points, oil & gas exploration companies with 43 points, commercial banks with 16 points, power generation & distribution with 8 points, and automobile assembler with 3 points.

The most points added to the index were by TRG which contributed 73 points followed by MARI with 30 points, SYS with 27 points, UBL with 23 points, and OGDC with 13 points.

All share volume increased by 3.80million to 233.18million shares. Market cap decreased by Rs11.50billion.

Total companies traded were 350 compared to 347 from the previous session. Of the scrips traded 134 closed up, 196 closed down while 20 remained unchanged.

Total trades decreased by 6,424 to 101,662.

Value Traded decreased by 1.37billion to Rs.7.01billion

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December 08, 2021 (MLN): The inexorable slide has taken the Pakistani rupee (PKR) to its new all-time low against the US dollar as the currency closed the trade at PKR 177.43, depreciating by 64 paisa.

On Tuesday, the local unit lost 31 paisa to settle the trade at PKR 176.79 per USD.

The domestic unit took a continuous beating on the back of widening trade deficit and depleting foreign reserves which have amplified the demand for the dollar in the interbank market.

The rupee endured a volatile trading session with quotes being recorded in a range of 90 paisa per USD showing an intraday high bid of 177.60 and an intraday Low offer of 176.70.

As per the Exchange Companies Association of Pakistan (ECAP), PKR lost 60 paisa for buying and 70 paisa for selling over the day closed at 178.3 and 179.5 respectively in the open market.

The local unit has depreciated by 11.21% or PKR 19.88 in the fiscal year-to-date against the USD. Similarly, the rupee has weakened by 9.92% or PKR 17.59 in CY21, with the month-to-date (MTD) position showing a decline of 0.96%, as per data compiled by Mettis Global.

Meanwhile, the currency lost 6 paisa to the Pound Sterling as the day's closing quote stood at PKR 234.92 per GBP, while the previous session closed at PKR 234.87 per GBP.

Similarly, PKR's value weakened by 66 paisa against EUR which closed at PKR 200.24 at the interbank today.

On another note, within the money market, the State Bank of Pakistan (SBP) conducted an Open Market Operation in which it injected Rs.259.45 billion for 2 days at 9.15 percent.

The overnight repo rate towards close of the session was 9.25/9.50 percent, whereas the 1-week rate was 9.15/9.25 percent.

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December 8, 2021 (MLN): Pakistan Stock Exchange (PSX) has been credited with 3,900,000 ordinary shares of Rs10 per share of EClear Services Limited (EClear) against the remaining investment of Rs39 million in EClear, said a notification issued by PSX today.

The aforesaid amount is the part of an investment worth Rs75mn in the proposed venture being sponsored by Central Depository Company of Pakistan Limited which was approved on December 23, 2020.

Later, on June 15, 2021, 3,600,000 ordinary shares of Rs10 each had been credited to the exchange upon the initial investment of Rs36mn.

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December 8, 2021 (MLN): The Board of Directors of the MCB Bank Limited (PSX: MCB) has approved the appointment of Mr. Shoaib Mumtaz as Acting President & Chief Executive Officer (CEO) of the bank effective from December 21, 2021, the company filing on PSX showed on Wednesday.

To note, the existing term of three years of Mr. Imran Maqbool, as President & CEO of MCB will expire on December 20, 2021.

The board has also placed on record its appreciation for the valuable contribution and the services rendered by the outgoing President & CEO, Mr. Maqbool on completion of his term on December 20, 2021, the notification added.

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December 08, 2021: Europe's top stock markets steadied at the open on Wednesday after surging the previous session on easing concerns over financial fallout from coronavirus variant Omicron, as APP reported. 

London's benchmark FTSE 100 index gained 0.2 percent to 7,350.56 points.

In the eurozone, Frankfurt's DAX index lost 0.2 percent to 15,781.87 points while the Paris CAC 40 rose 0.2 percent to 7,077.66.

Frankfurt and Paris closed up nearly three percent on Tuesday.

AFP/APP