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Steel players expect growth for FY22 to be in the range of 6-10%
dailytimes.com.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailytimes.com.pk Daily Mail and Mail on Sunday newspapers.
Steel bar prices raised by Rs5,000 a tonne - Newspaper
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Stocks rally on results, UAE loan rollback
Business
April 21, 2021
Stocks took a hop on Tuesday as some strong financial results and easing security concerns sparked a sentiment driven rally at the apex bourse, dealers said.
Pakistan Stock Exchange’s (PSX) KSE-100 Shares Index gained 1.08 percent or 486.21 points to close at 45,399.78 points. Volumes were flat at 343.28 million shares compared to 363.09 million on Monday.
Topline Securities in its market review said equities witnessed a rebound from yesterday’s sell-off with the index closing the day above the psychological level of 45,000 points.
“The uptrend is attributable to successful negotiations between the government and the protesting right wing political parties,” the brokerage said.
Stocks drift higher in sluggish week - Newspaper
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KARACHI: The latest increase in steel bar prices by Rs7,000 to Rs139,500-142,500 per tonne has pushed up the cost of construction. The hike in steel bar prices second since the last week of Dec 2020 when rates were raised by a similar amount comes despite a global drop in iron and steel scrap prices.
Attributing the domestic price hike to extreme shortage and increase in cost of raw materials in the world market, a number of steel bar manufacturers have quoted new enhanced rates to the builders.
Amreli Steels Limited quoted the booking rates of its deformed and Xtreme bars at Rs141,500-142,500 per tonne. Agha Steel Industries revised its prices to Rs141,500-142,500 per tonne for its 10mm and 12-32mm bars. Naveena Steel Mills increased the prices to Rs140,500 for its 10mm bars and Rs139,500 for 12-32mm deformed grade-60 bars. Faizan Steel quoted the rate of Rs140,500 for 12-32mm bars and Rs141,500 for 10mm bars.