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Stocks end draggy week on decent note
July 17, 2021
Stocks on Friday closed a stagnant week on a decent note, with investors mostly betting on better earnings down the road, traders said.
The benchmark KSE-100 Shares Index at Pakistan Stock Exchange (PSX) finally managed a decent gain of 206.07 points or 0.43 percent to close the day at 47,834.33 points, hitting day high and low of 47,892.20 points and 47,628.26 points respectively.
Ahsan Mehanti, analyst at Arif Habib Corp, said stocks closed bullish led by selected scrips across the board amid speculations ahead of major earning announcements due next week.
He said mid-session pressure remained on falling global crude oil prices and foreign outflows.
Pakistan’s can-maker applies for PSX listing
UK-based firm to sell stake in beverage can company through IPO
PHOTO: AFP
KARACHI:
Pakistan Aluminium Beverage Cans Limited (PABC), the sole manufacturer of aluminium cans for popular soft drinks in Pakistan and Afghanistan, applied on Friday for listing at the Pakistan Stock Exchange (PSX).
The company has installed capacity to produce 600 million aluminium beverage cans in a year. It utilised 74% of capacity in 2020, as it exported some 35% of its production to Afghanistan, according to the company prospectus available at the PSX.
UK-based asset management firm Ashmore, which holds 51% shareholding in PABC, will sell almost half of its shareholding (ie 26% of the paid-up capital) to institutional, rich individual and retail investors through book building and initial public offering (IPO) in June 2021.