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Bull-run enters third day at PSX

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  • KSE-100 index edges up 262.30 points to close at 46,407.26.
  • Index oscillates between red and green zones as investors await corporate results.
  • Shares of 359 companies were traded during the session.

KARACHI: The bulls held on to their positions for the third consecutive session at the Pakistan Stock Exchange (PSX) on Tuesday and helped keep the benchmark KSE-100 index in the positive zone.

Political stability that emerged after newly elected Prime Minister Shehbaz Sharif took charge coupled appreciation of Pakistani rupee against the US dollar aided the rise of the bourse.

The KSE-100 index oscillated between red and green zones as investors awaited corporate results for the quarter ended March 31, 2022 in certain sectors.

Today, the benchmark KSE-100 index edged up 262.30 points, or 0.57%, to close at 46,407.26 points.

Benchmark KSE-100 index intra-day trading. — PSX data portal
Benchmark KSE-100 index intra-day trading. — PSX data portal

A report from Arif Habib Limited in its post-market commentary noted that another positive session witnessed today due to political stability and appreciation of Pakistan rupee against the US dollar.

Across the board rally was witnessed regardless of foreign selling spree; meanwhile main board activity remained healthy.

Moreover, market even witnessed hefty volumes in the third-tier stocks.

Sectors contributing to the performance included technology (+96.7 points), cement (+55.7 points), banks (+52.2 points), engineering (+24.9 points) and refinery (+20 points).

Shares of 359 companies were traded during the session. At the close of trading, 172 scrips closed in the green, 172 in the red, and 15 remained unchanged.

Overall trading volumes dropped to 493.59 million shares compared with Monday’s tally of 557.67 million. The value of shares traded during the day was Rs13.85 billion.

WorldCall Telecom Limited was the volume leader with 62.03 million shares traded, losing Rs0.06 to close at Rs2.07. It was followed by Telecard Limited with 32.65 million shares traded, gaining Rs0.73 to close at Rs16.96 and Flying Cement with 30.85 million shares traded, losing Rs0.83 to close at Rs8.80.

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A bid of ten billion rupees has been submitted by Blue World Consortium for the privatization of the Pan-India Airport (PIA).

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A bid of 10 billion rupees has been made by the Consortium to privatize Pakistan International Airlines.

There is only one bid from the Blue World Consortium.

The Blue World City Consortium has been the only group to submit documentation.

Through circulation, the Federal Cabinet will approve the reserve price of PIA.

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Business Leaders Are Encouraged To Keep Up With New Regulations Regarding Pakistan’s Textile Exports To Germany

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Despite the fact that Pakistan is a significant exporter of textiles to Germany, business leaders in Pakistan need to remain updated about developing laws. A conference on textiles was organized in Karachi, and German Consul General Dr. Rudiger Lotz underlined this point at the event.

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During his meeting with the Qatar Businessmen Association, the Prime Minister of Pakistan extended an invitation to invest in key sectors.

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Meeting with the Qatar Businessmen Association (QBA) delegation, Prime Minister Muhammad Shehbaz Sharif talked about strengthening economic ties and looking into new cooperation opportunities.

His Excellency Sheikh Faisal Bin Qassim Al-Thani led the QBA delegation, which was made up of prominent businesspeople from Qatar who each represented important economic sectors. During the discussion, prominent members of Qatar’s business sector and important leaders from Pakistan discussed how to improve trade, investment, and economic ties.QBA members in attendance included Sheikh Mansoor bin Jassim Al Thani, Chairman of the Mansoor Jassim Al Thani Group; Mr. Nabil Abu Issa, CEO of Blue Salon; Mr. Khalid Ahmed Al Mannai, Executive Director of Mannai Corporation; Mr. Salah Mohammed Jaidah, Chairman MENA & Chief Country Officer of Deutsche Bank; Mr. Yousuf Ebrahim Al-Mahmoud, Director of Sendian Group; and Mr. Salah Mohammed Jaidah, Chairman MENA & Chief Country Officer of Deutsche Bank.

By highlighting the many prospects in industries like energy, infrastructure, and finance, the prime minister made Pakistan an alluring place for foreign investment.

All of these delegates showed interest in Pakistan’s economic situation, namely in the future energy, technological, and infrastructure development initiatives under consideration.
Throughout the discussion, both parties looked at possible partnerships that may promote innovation, job creation, and sustainable development in both nations. The QBA members expressed interest in increasing their investments in Pakistan’s infrastructure and energy sectors in a positive response to the Prime Minister’s request. The significance of bilateral cooperation was emphasized in order to support regional economic growth and stability.

The meeting was also attended by Federal Ministers for Commerce Kam Kamal Khan, Finance and Revenue Mohammad Aurangzeb, and Information and Broadcasting Attaullah Tarar, as well as Deputy Prime Minister and Foreign Affairs Senator Mohammad Ishaq Dar and Defense Minister Khawaja Muhammad Asif.

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