KARACHI: Pakistan’s auto assembling sector has been in the spotlight at the Pakistan Stock Exchange (PSX) outperforming the KSE 100 Index by 12% since Pak Suzuki (PSMC) announced its voluntary delisting on October 12, 2023. According to an analyst at Sherman Securities, this has created excitement among investors as this delisting will unlock fair valuation…
Category: PSX
Corporate announcements on Pakistan Stock Exchange (PSX)
UBL to set up exchange company and sell UK subsidiary
KARACHI, UK: United Bank Limited (UBL) has announced its plans to establish an exchange company with a paid-up capital of PKR 1.0 billion, subject to approval by the State Bank of Pakistan and other regulatory compliances. The exchange company will be a wholly owned subsidiary of UBL and will offer various services such as currency…
Zyp Technologies to revolutionize transportation with electric motorcycles amid soaring petrol prices in Pakistan
KARACHI: As Pakistan grapples with skyrocketing petrol prices, a glimmer of hope has emerged on the horizon with the announcement of a groundbreaking initiative by a new start-up company. Zyp Technologies, the innovative firm in question, has unveiled ambitious plans to manufacture 8,000 electric motorcycles right within the country, offering a sustainable alternative to traditional…
Automobile sales roar back to life in August 2023, surging 49%
KARACHI: Pakistan’s automobile industry experienced a significant surge in sales during the month of August 2023, with a staggering 7.6K units sold. This surge, representing a 49% month-on-month (MoM) increase, has sent ripples of optimism throughout the industry. However, it’s important to note that this impressive rebound comes in the wake of a 36% year-on-year…
Indus Motor plans to introduce locally assembled Toyota hybrid cars in 4-6 months
KARACHI: Indus Motor Company, the producer of Toyoto cars, announced that its Hybrid facility is under construction and it plans to launch the HEV car in the next four to six months. The company said at a briefing that it will focus on electric vehicles after launching hybrid vehicles that are assembled locally. Electric vehicles…
OGDCL deploy production optimization initiatives, achieves major boost from Siab-1 Well
KARACHI, PAKISTAN: The Oil & Gas Development Company Limited (OGDCL) has achieved a major boost in its hydrocarbon production from the Siab-1 well, located in the Baratai Block of Kohat district, Khyber Pakhtunkhwa province. The well is operated by OGDCL, which has a 97.5% stake in the joint venture, while the Khyber Pakhtunkhwa Oil &…
Pakistan blocks 120 loan apps from Google Play and Apple stores
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP), the regulator of the non-banking finance sector, has taken strict action against illegal loan apps that were operating without its approval and posing a threat to the public. The SECP, in collaboration with Google, Apple, and the Pakistan Telecommunication Authority (PTA), has identified and blocked 120…
Summit Bank Limited changes name to Bank Makramah Limited
KARACHI, PAKISTAN: Summit Bank Limited announced that the State Bank of Pakistan has granted its consent to change Summit Bank’s name to Bank Makramah Limited (abbreviated as BML). This will become effective subject to other regulatory and corporate approvals. This name change follows the recent acquisition of a controlling stake in Summit Bank by prominent…
Divestment of Shell Pakistan by parent company may value around US$140mn
KARACHI, PAKISTAN: Shell Pakistan Limited (SHEL) is set to be sold by its parent company, Shell Global. The announcement was made in a notice to the Pakistan Stock Exchange (PSX). Shell Global has a 77.42% stake in SHEL, and the sale is subject to regulatory approvals. The company has not disclosed the identity of the…
Pakistan’s petroleum sales plunge by 40% YoY in May 2023
The sales of petroleum products in Pakistan witnessed a sharp decline of 40% year-on-year (YoY) in May 2023, reaching 1.30 million tons, according to the latest data released by the Oil Companies Advisory Council (OCAC). The drop in petroleum sales was attributed to various factors, such as the surge in petroleum prices, the slowdown in…
PSX launches new trading & surveillance system to boost market efficiency and security
Karachi, Pakistan: Pakistan Stock Exchange (PSX) has officially launched a new trading & surveillance system (NTS) that aims to upgrade and enhance its technological capacity and functionality. The NTS is a state-of-the-art, safe and highly advanced securities trading and surveillance system that has been operational in Shenzhen Stock Exchange (SZSE), China, for 20 years without…
HBL Microfinance Bank partners with SCO to establish software Technology Park in Skardu
ISLAMABAD, PAKISTAN: HBL Microfinance Bank (HBL MfB) has announced its partnership with Special Communications Organisation (SCO) to establish and operate the first-ever Software Technology Park (STP) in Skardu, Gilgit-Baltistan. HBL Microfinance Bank has extended its support of Rs. 15 million to this cause. The STP Skardu has shown promising results in its pilot launch phase,…