April 26, 2024 (MLN): The benchmark KSE-100 index closed sixth consecutive week in green, gaining 1,833 points or 2.58% to another record high of 72,743. Meanwhile, the Pakistani Rupee recorded a marginal decline of 0.03% WoW. In USD terms, the KSE-100 index gained 2.55% WoW. Throughout the week, KSE-100 traded in a range of 1,980 points, between a high of 72,862 (+1953) and a low of 70,882 (-27) points. KSE-100's average traded volume was recorded at 359 million shares worth Rs16.95 billion, marking an increase of 56.10% WoW in the number of shares and 31.69% WoW in traded value. Moreover ..read more

April 26, 2024 (MLN): The International Air Transport Association (IATA) has called on Pakistan to immediately release airline revenues, worth $399 million, that are being held in contravention of international agreements. “The situation has become severe with airlines unable to repatriate over $720m ($399m in Pakistan and $323m in Bangladesh) of revenues earned in these markets,” read the statement issued by IATA. “The timely repatriation of revenues to their home countries is critical for payment of dollar denominated expenses such as lease agreements, spare parts, overflight fees, and ..read more

April 26, 2024 (MLN): UBL Currency Exchange has signed a Mergers and acquisitions (M&A) transaction to acquire assets of Wallstreet Exchange (Pvt) Ltd. This marks a landmark M&A transaction in the exchange industry, said Arif Habib Limited who served as the Financial Advisor for this M&A transaction. Wallstreet Exchange is one of the largest exchange companies in Pakistan with a countrywide footprint spread across 48 branches. Copyright Mettis Link News Posted on: 2024-04-26T18:19:01+05:00 The post UBL Currency Exchange to take over Wallstreet Exchange appeared first on Metti ..read more

April 26, 2024 (MLN): The Securities and Exchange Commission of Pakistan (SECP) has introduced a new digital platform, SECP-XS, to promptly resolve user queries and concerns. Following the successful introduction of the eZfile, the new fully automated corporate registry, SECP recognizes the need for a seamless mechanism to address user concerns and queries, said a press release issued on Friday. SECP-XS is offering a user-friendly platform for reporting, managing, and resolving issues related to regulatory compliance and statutory processes. SECP-XS is a centralized platform that seeks t ..read more

April 26, 2024 (MLN): The benchmark KSE-100 index surged another 771.35 points or 1.07% to close Friday's trading session at a record high of 72,742.75. The index traded in a range of 1,098.23 points showing an intraday high of 72,862.41 (+891.01) and a low of 71,764.18 (-207.22) points. The total volume of the KSE-100 index was 302.352 million shares. Of the 100 index companies 59 closed up, 40 closed down, while 1 remained untraded. KSE-100 index was supported by Fertilizer with 400.45, Commercial Banks with 169.81, Power Generation & Distribution with 103.57, Cement with 89 ..read more

April 26, 2024 (MLN): Prime Minister Muhammad Shehbaz Sharif will attend the World Economic Forum (WEF) special meeting on Global Collaboration, Growth and Energy being held in Riyadh, Saudi Arabia from April 28 to 29. At her weekly media briefing in Islamabad today, Foreign Office Spokesperson Mumtaz Zahra Baloch said Foreign Minister Mohammad Ishaq Dar will also accompany the Prime Minister during the visit. She said they have received the invitations from the Crown Prince of Saudi Arabia Muhammad bin Salman bin Abdulaziz Al-Saud, and Professor Klaus Schwab, the Founder and Execut ..read more

April 26, 2024 (MLN): Amreli Steels Ltd. (PSX: ASTL) reported its profit and loss statement for the first quarter of 2024, wherein it incurred a loss of Rs665.8 million [LPS: Rs2.24] compared to a profit of Rs475.71m [EPS: Rs1.60] earned in the same period last year (SPLY). Going by the results, the company's sales marked a decline of 4.2% YoY to Rs11.18bn as compared to Rs11.67bn in SPLY. Furthermore, the cost of sales rose by 7.7% YoY, worsening the gross profit by 57.8% YoY to Rs888.29m in 1Q2024. The gross margins fell sharply to 7.94% as compared to 18.06% in SPLY. During the r ..read more

April 26, 2024 (MLN): In order to help Pakistan reduce its energy import bills and provide affordable energy solutions, Shanghai Electric Group has made an investment in Thar Coal Block-1, the latest update by the Information Ministry revealed today. Chairman of Shanghai Electric Group Wu Lei in his recent visit to Pakistan appreciated the efforts of the Special Investment Facilitation Council (SIFC) and encouraged more foreign investors to invest in Pakistan. Shanghai Electric Group is a well-known Chinese group that specializes in manufacturing energy equipment. The group will inc ..read more

April 26, 2024 (MLN): Lalpir Power Limited (PSX: LPL) reported its earnings for the first quarter of 2024, wherein the profit after tax rose to Rs1.45 billion [EPS: Rs3.81] compared to a profit of Rs1.02bn [EPS: Rs2.69] in the same period last year (SPLY). Going by the results, the company's top line surged 3.4x YoY to Rs8.8bn as compared to Rs2.61bn in SPLY. The cost of sales also increased by 5.1x YoY but was lesser than proportionate to sales increase, which improved the gross profit by 50.5% YoY to Rs1.87bn in 1Q2024. The gross margins, however, worsened to 21.26% as compar ..read more

April 26, 2024 (MLN): Gharibwal Cement Limited (PSX: GWLC) reported a profit of Rs557.72 million [EPS: Rs1.39] during the quarter ended March 31, 2024, around 1.4% YoY higher compared to a profit of Rs550.07m [EPS: Rs1.37] recorded in the same quarter last year. Going by the results, the company's top line shrank by 8.8% YoY to Rs4.23bn as compared to Rs4.64bn in SPLY. Due to the company's efficient management of its cost to sell, the gross profit improved by 3.8% year-on-year to Rs1.19 billion in the first quarter of 2024. Accordingly, the gross margins improved to 28.18% as compar ..read more