Firms raise Rs35b via share offers
Four new companies went public while 14 issued right shares
Their families continue to live under deplorable conditions. PHOTO: MARIAM ESSA/EXPRESS
Pakistani companies have raised interest-free investment worth Rs35.4 billion through the offer of shareholding to corporates, rich and retail investors at the Pakistan Stock Exchange (PSX) during the outgoing year 2020, according to a brokerage-led research house on Wednesday.
The stock market welcomed four new firms whose shares became available for trade among investors. “PSX witnessed four initial public offerings/IPOs (including preference share listing) in 2020 in sectors like steel, meat processing, telecom and chemicals. Together these companies raised Rs8.4 billion,” Topline Research reported.
Pakistani Companies Raised Rs. 35.4 Billion Through IPOs and Right Issues in 2020
Pakistani companies raised Rs. 35.4 billion via initial public offerings (IPOs) and Rights from the stock market (PSX) in 2020. This is approximately the same as compared to Rs. 35.7 billion raised in 2019, said a report released by the brokerage house Topline Securities on Wednesday.
According to the report, four IPOs and fourteen Right Issues took place at the Pakistan Stock Exchange (PSX) in 2020. The bourse witnessed four IPOs (including are preference share listing) during the year in spite of the COVID-19 outbreak, where the cumulative amount raised clocked in at Rs. 8.4 billion. The number of equity IPOs this year, is the highest in the last five years.
Market watch: Stocks bounce back to recoup losses
Benchmark KSE-100 index rises 180.76 points to settle at 43,087.70
PHOTO: AFP
KARACHI:
The benchmark KSE-100 index staged a smart recovery at the stock market on Wednesday after plunging nearly 1,200 points since last Friday and it ended the session in the green, aided by cherry-picking from investors.
During the trading session, global crude oil prices steadied with Brent crude futures edging up $0.02 to $50.10 a barrel and US West Texas Intermediate (WTI) crude futures easing $0.01 to $47.01 a barrel.
The oil market recovery triggered a buying spree in oil stocks at the Pakistan Stock Exchange and resultantly exploration and production and oil marketing companies moved higher.
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Market watch: KSE-100 rises 109 points in range bound session
Benchmark index gains 0.25% to settle at 43,360.19
Shares of 403 companies were traded. At the end of the day, 171 stocks closed higher. PHOTO: REUTERS
KARACHI:
Pakistan’s stock market saw muted activity on Wednesday as the KSE-100 index traded in a narrow range throughout the day and closed up by 109 points.
Though the selling pressure that emerged in final hours of trading a day ago seemed to be easing, still a handful of sectors closed with losses. Many stocks in automobile and cement sectors faced heavy sell-off.
Earlier, the day kicked off on a positive note, however, volatility emerged immediately afterwards and erased the gains. Strong investor sentiment managed to lift the index again but a lack of positive triggers capped gains.