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Pakistan Stock Exchange

PSX removes Hussain Lawai as chairman

By Rizwan Amir KARACHI: Pakistan Stock Exchange (PSX) on Tuesday announced to remove renowned banker Hussain Lawai as its chairman, ARY News reported. The banker facing inquiry in a Rs35 billion money laundering case was arrested by the Federal Investigation Agency (FIA) on July 6. After his arrest, the SECP had issued a letter to PSX CEO Richard Morin demanding his removal from the PSX Chairman post. FIA officials say 32 people, including Lawai, are being investigated for laundering billions of rupees through…

KSE 100 continues to drop below 41,000 mark

KARACHI: The Pakistan Stock Exchange (PSX) is continuously showing declining trend this week. The market moved somewhat showed positive inclination in early trading but soon began to fall the other way, as investors awaited announcement of Financial Action Task Force’s (FATF) decision on placement of Pakistan in the grey list. As per observation, FATF decision will create complexity for the economy and its financial needs. READ MORE: FATF meetup in Paris- Dr Shamshad Akhtar to fight for Pakistan’s case over ‘Grey List’…

KSE-100 hits 17-month low shedding 598 points

KARACHI: After the rupee devaluation, the Pakistan Stock Exchange (PSX) too started the the week on a negative note as  KSE-100 Index shed 598 points, a 17-month low. The KSE-100 Index showed some upward momentum in the first few minutes of the session but failed to sustain the positive momentum but towards the end registered a decrease of 598.30 points or 1.53% to settle at 38,481.70. Analysts were of the view that political uncertainty has adversely affected the benchmark index. The three top traded companies…

KSE-100 index passes 50,000 mark

KARACHI: The stocks were on fire on third straight day at Pakistan Stock Exchange on Tuesday, as KSE-100 index crossed the psychological barrier of the 50,000 in a rally of 150 points this morning, ARY News reported. The benchmark 100 Index on Monday recorded gains of 511 points, and had closed at 49,876 points at the end of the day. The gains were underpinned by buying in fertiliser, banking, steel and refineries sectors. Around 60 stocks hit their upper levels by the end of trading on Monday. The trading volume…

PSX signs share purchase agreement with Shanghai Consortium

KARACHI: Pakistan Stock Exchange and Shanghai Consortium of China on Friday signed a 40 percent share purchase agreement in Karachi. Addressing the signing ceremony, Finance Minister Ishaq Dar said it is a historic occasion as the Chinese Consortium will bring their expertise to Pakistan Stock Exchange. He said Pakistan Stock Exchange has acquired the status of one of the fastest growing stock exchanges in the region, and international organisations have acknowledged the economic progress in Pakistan. The federal…

Pakistan predicted to be world’s fastest-growing Muslim economy

ISLAMABAD: Pakistan will be world's fastest-growing Muslim economy in 2017 ahead of Indonesia, Malaysia, Turkey and Egypt, says data provided by "The Economist" magazine. Pakistan's estimated GDP of growth "5.3%" is also ahead of 4% GDP growth of Israel, making Pakistan world's fifth fastest growing economy in the world, only behind India and China and two other countries. The London-based Economist offers authoritative insight and opinion on international news, politics, business and finance. The data comprising…

Chinese consortium top bidder for stake in Pakistan Stock Exchange

KARACHI: Pakistan Stock Exchange (PSX) said on Thursday a Chinese consortium has offered to buy a 40 percent stake in one of the top performing Asian bourses, ARY News reported. According to a press release issued by PSX, a Chinese consortium consisting of China Financial Futures Exchange Company Limited, Shanghai Stock Exchange and Shenzhen Stock Exchange turned up as the top bidder offering Rs28 per share for 40 percent stake in the bourse. The bidding process was conducted PSX's divestment committee on Thursday…

Pakistan Stock Exchange to sell 40pc stake next week

KARACHI: Pakistan's main bourse is to sell a 40 per cent stake next week, a company official said on Friday, citing Chinese and British consortia as among the prospective buyers. At least 17 entities have expressed an interest in the Pakistan Stock Exchange (PSX), whose benchmark stock index was one of the best performing indices worldwide in 2016, gaining 38 per cent so far. The PSX is currently owned by more than 300 Pakistani brokers. "We are opening bidding for the 40 percent share of the PSX on December 15,"…