Stocks soar as PM seen passing political litmus
Business
March 6, 2021
Stocks managed a mighty rally on Friday mostly on bets the premier is set to ace his critical political test on Saturday, dealers said.
KSE-100 shares index gained 1.23 percent or 558.81 points to close at 45,837.35 points at Pakistan Stock Exchange (PSX), while traded volume and value stood at 316 million shares and Rs15.9 billion respectively.
Topline Securities in its daily market review said stocks rebounded on last trading day of the week on expectations that Prime minister Imran Khan was well-positioned to win the vote of confidence from National Assembly after Senate vote upset, where governmentâs candidate Hafeez Shaikh lost to opposition candidate Yousuf Raza Gilani.
Stocks soar as PM seen passing political litmus
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Stocks soar as PM seen passing political litmus
thenews.com.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thenews.com.pk Daily Mail and Mail on Sunday newspapers.
Business
February 21, 2021
KARACHI: Pakistan imported $2.1 billion worth of iron, steel and scrap during the first seven months of the current fiscal year, depicting 18 percent year on year growth mainly due to fast recovery in demand after lifting of lockdown, analysts said.
The country imported $1.8 billion of iron, steel and scraps during the corresponding period a year earlier, according to the Pakistan Bureau of Statistics.
Analyst Ahmed Rauf at Sherman Securities said restrictions on movement between February and June 2020 due to COVID-19 led to sharp declines in steel and scrap inventories of local manufacturers.
“Subsequently, after the lifting of restrictions, scrap and steel imports rose in 3QCY20 as steel producers looked to increase their inventories. Moreover, government’s initiative to increase construction sector activity also increased demand for steel in the country,” Rauf said. Tahir Abbas, director Research at Arif Habib agreed that construction activit