According to a Gallup Pakistan Survey with business owners in the first quarter of 2023 for the Gallup Business Confidence Index report, pessimism about the conditions and prospects of their businesses had risen among owners. Political instability has carried over to combine with various economic crises and exacerbate business insecurity. The survey is the ninth…
Category: PSX
Corporate announcements on Pakistan Stock Exchange (PSX)
Pakistan stock exchange decline 21% in the first quarter of 2023
KARACHI: Economic and political issues affected Pakistan bourse in 1Q2023. As a result Pakistan Stock Exchange (PSX) benchmark KSE Index fell 1% in 1Q2023. With PKR falling 20% against USD, the Index was down 21% in USD terms which is highest decline after 1Q2020 where the index was down 33%. Delay in the 9th review…
Meezan Bank partners with PaySa to expand point of sale payment services
KARACHI, PAKISTAN: Meezan Bank and PaySa, a fintech startup specializing in digital payments, have partnered to enable Point of Sale (POS) payment services to tap into the country’s booming digital payment ecosystem. According to this agreement, PaySa will deploy POS terminals and grow the Bank’s merchant and retailer network as an independent sales organization. In…
Meezan Bank & Fieldfisher Capital join hands to provide Islamic Finance Advisory to Europe & Middle East
KARACHI: Meezan Bank, Pakistan’s leading Islamic Bank, has recently signed a Memorandum of Understanding (MoU) with Fieldfisher Capital LLP (FFC) – a multi-disciplinary advisory service, under which both parties will collaborate to provide Shariah advisory services to international clients including, but not limited, to Europe and the Middle East. The signing ceremony took place at…
Shell Pakistan announces financial results for 2022
KARACHI: Board of Directors of Shell Pakistan Limited (SPL) announced the company’s financial results for the year ended December 31st, 2022. The company posted a loss after tax of PKR 72 million for 2022 compared to the profit of PKR 4.467 billion in 2021. During the year, SPL continued its focus on business principles, safety…
Profit repatriation from Pakistan declines to all-time low at $2.9mn per month
KARACHI: Profit repatriation out of Pakistan has declined from average $135 million/month during FY22 to $30 million/month during 7MFY23 (July-January 2022-23) over efforts to contain SBP foreign exchange reserves. In January 2023 alone, repatriation declined to all-time low at $2.9 million. With all efforts to improve State Bank of Pakistan’s (SBP) foreign exchange reserves position,…
Pakistan’s car sales decline 40% amidst muted demand
KARACHI, PAKISTAN: Pakistan Automotive Manufacturing Association (PAMA) has released the sales and production data for the month of Feb’23, where car sales are down by 40% MoM to clock in at 3,642 units. The decline in sales is mainly due to supply side constraints along with muted demand which has led automobile players to close…
Pakistan’s food companies post 23% profitability growth in CY22
KARACHI: Pakistan’s listed food companies’ annual revenues have expanded by 34% YoY, which analysts believe is a result of higher unit prices. To recall, CPI inflation during CY22 averaged at 20%, while higher inflation, import restrictions and sharp currency devaluation were witnessed in the later part of the year. According to JS Global Capital, despite…
Pakistan Stock Exchange’s benchmark KSE-100 Index profitability grows by 12%
KARACHI, PAKISTAN: The bottom-line profitability of Pakistan Stock Exchange (PSX) benchmark KSE-100 index grew by 12% YoY in 1HFY23 to Rs522 billion. Index heavyweight, E&Ps and Banking, drove the bulk of the growth during the period as their profits rose by 42% YoY and 35% YoY, respectively. These two sectors alone were responsible for nearly…
Pakistan Petroleum Limited clinches Corporate Philanthropy Award
KARACHI, PAKISTAN: Pakistan Petroleum Limited (PPL) has once again been adjudged as one of the largest corporate givers by volume of donations for 2020-21 and 2021-22 by Pakistan Centre for Philanthropy (PCP). This is the 18 th consecutive year since 2004 that the company has maintained this philanthropic tradition. General Manager Shared Services PPL Syed…
SECP proposes Shariah Governance Regulations 2023
ISLAMABAD, PAKISTAN: The Securities and Exchange Commission of Pakistan (SECP) has issued draft Shariah Governance Regulations, 2023, primarily to remove bottlenecks in product development and simplify the Shariah screening criteria and stock screening process. The draft regulations, which have been made available for public comment, aim to strengthen the framework for Shariah-compliant businesses, Shariah-compliant securities,…
Sindh Engro and Power Cement sign MoU to blend Thar coal in cement manufacturing
KARACHI, PAKISTAN: Sindh Engro Coal Mining Company (SECMC) and Power Cement has signed a memorandum of understanding (MOU) for a trial run of Thar coal for cement production in their manufacturing unit. The memorandum was signed by Sindh Engro Coal Mining Company CEO Amir Iqbal and Power Cement CEO Kashif Habib. Under the MoU between…