Last update: Sun, 01 May 2016 05am

Stocks and Bonds


Wall Street was lower for a second day on Friday as investors assessed corporate earnings and data showed that US inflation barely rose in March as consumer spending remains tepid. Shares of Gilead Sciences fell 8.4 percent to $88.86 after a drop in quarterly profit, making it the biggest drag on the S&P and the Nasdaq.

Prime Minister Muhammad Nawaz Sharif Friday took notice of increase in prices of pulses and showed displeasure over it. According to a PM House statement, the Prime Minister ordered to immediately withdraw the notification of the enhancement of the prices. He said that prices of the essential commodities at Utility Stores should not be increased without his approval.
The Securities and Exchange Commission of Pakistan (SECP) has proposed revision in the fixed and proper criteria of promoters, major shareholders, directors/chief executives and key executives of the Non-Banking Finance Companies (NBFCs). Through S.R.O.363(I)/2016, the SECP has proposed amendments in the Non-Banking Finance Companies and Notified Entities Regulations, 2008 here on Friday.
The Board of Management (BoM) of Pakistan State Oil (PSO) reviewed the company's performance for the nine months period from July to March of Financial Year 2016 (9MFY16) here Friday at PSO House. Musadik Malik presided over the meeting. The company reported a profit after tax (PAT) of Rs 4.6 billion for 9MFY16 as opposed to Rs 3.2 billion for 9MFY15. "The increase was mainly due to growth in sales volume and margins of white oil products revised in November 1, 2014 and reduction in operating and finance cost by 10 percent and 42 percent respectively," said a company statement.
The Bank of Khyber and Food Department, Government of Khyber Pakhtunkhwa signed MoU this afternoon for syndicate financing arrangement of Rs 11.375 Billion for procurement of wheat during the year 2016-2017. The MoU was signed by Shams-ul-Qayyum, Managing Director and CEO Bank of Khyber and Asmatullah Khan Gandapur, Secretary Food Department, Government of Khyber Pakhtunkhwa at the Head Office of the Bank in Peshawar.
The government has increased the prices of pulses at utility stores by 10 percent to 40 percent; it is reliably learnt on Friday. Sources said according to a notification issued by the Utility Stores Corporation, with respect to revision in sale prices, the price per kg of dal chana has been revised upward from Rs 120 per kg to Rs 153.
The Oil and Gas Regulatory Authority (Ogra) has reduced gas prices for fertilizer plants and increased prices for power producers, a notification issued by the authority said. According to the notification, the regulator has increased gas prices for power plants by Rs 13 per Million British Thermal Unit (mmbtu) and for fertilizer industry it has reduced gas price by Rs 76.59 per mmbtu, effective from April 1, 2016. The regulator has set new gas tariff for all the power plants at Rs 613 per mmbtu against Rs 600 per mmbtu. The new gas tariff for fertilizer industry is set at Rs 123.41 per mmbtu against Rs 200 per mmbtu. Ogra officials said that new tariff for domestic and commercial consumers would be announced from July 2016.