The 7th Digital China Summit Held in Fuzhou in Southeastern China’s Fujian Province with Fruitful Achievements

FUZHOU, China, May 27, 2024 /Xinhua-AsiaNet/–

The 7th Digital China Summit took place in Fuzhou in southeastern China’s Fujian Province, on May 24-25, 2024. This grand event was co-hosted by National Development and Reform Commission, National Data Administration, Cyberspace Administration of China, Ministry of Science and Technology of the People’s Republic of China, State-owned Assets Supervision and Administration Commission of the State Council, and the Fujian Provincial People’s Government, and organized by the Fuzhou Municipal Government and associated units.

This year, DCS, the first held after the optimization and adjustment of the national data system, was themed “Unlocking the Value of Data Elements and Developing New Quality Productivity”. Representatives from diverse fields discussed new technologies, models, and business innovations, setting a trend for observing China in the digital era.

A total of 421 digital economy projects were signed at this summit, with a total investment of 203 billion yuan. These projects span digital industry, digital transformation, and new infrastructure, aiming to building a quality digital economy industrial chain, and bringing new momentum to Fujian’s digital economy.

During the summit, a series of new digital technologies and products were unveiled, and 13 sub-forums were successfully held, covering topics of data resources and digital security, digital economy, and digital government service, etc.

This year’s DCS also saw the release of the Report on Digital China Development (2023), showing China’s steady growth in digital economy in 2023, with the core industries’ added value comprising 10% of GDP. Besides, the data factor market is becoming increasingly active, with the total data production reached 32.85 ZB (one ZB equals ten trillion billion bytes) in 2023, marking a 22.44% year-on-year increase. Additionally, China’s digital infrastructure has expanded, with total arithmetic power reaching 230 EFLOPS, ranking second globally.

The DCS has been successfully held for seven consecutive years since 2018.

Source: Secretariat of the Digital China Summit Organizing Committee

Revised Trading and Settlement Schedules Announced by PSX

Karachi, Following its recent notice, the Pakistan Stock Exchange (PSX) has announced changes to the trading and settlement schedules for the Ready and Futures Markets. This revision affects dates previously notified for the month of May 2024.

According to information available from the Pakistan Stock Exchange (PSX), the Ready Market’s trading calendar has undergone modifications. The settlement dates for trades executed on May 24, 2024, have been pushed from May 28 to May 29, 2024. Similarly, trades from May 27, 2024, will now settle on May 30, 2024, rather than the originally scheduled May 29, 2024.

In the Futures Market, adjustments have been made to the Deliverable Futures Contracts (DFC) for UNITY brand contracts. The UNITY-MAY contract, initially set to close on May 28, 2024, with settlement on May 30, 2024, will now close on May 29 and settle on May 31, 2024. There are no changes to the schedules for UNITY-JUNB and UNITY-JULB contracts.

These amendments aim to align PSX operations with the practical needs of market participants and ensure smooth trading and settlement processes. All involved parties are advised to update their operations and strategies accordingly.

HBL Growth Fund Reports Strong Performance and Announces Dividend

Karachi, The HBL Growth Fund (Symbol Code: HGFA) has today’s closing rate at Rs. 7.08, closely aligning with its daily weighted average rate of Rs. 7.07. The fund's paid-up capital stands at Rs. 2,835.00 million. According to information available from the Pakistan Stock Exchange (PSX), the fund will distribute a 12% dividend for the year ending June 2023. The fund, listed since 1980, had a high rate of Rs. 9.45 and a low of Rs. 6.01 from January to April 2024, with a turnover of 3,782,000.

JS Growth Fund Reports Impressive Distributions

Islamabad, JS Growth Fund, one of the highest-priced mutual funds with an offer price of 233.54 and a redemption price of 225.88, declared a distribution of Rs 12.00 per unit for June 2022. According to information available from the Pakistan Stock Exchange (PSX), The fund was listed in 2013.

Tri-Star Mutual Fund NC Faces Challenges with Negative Earnings

Karachi, Tri-Star Mutual Fund NC (Symbol Code: TSMF) closed today at Rs. 4.90, which is consistent with its daily weighted average rate. With a modest paid-up capital of Rs. 50.00 million, the fund did not announce any dividends for 2022 or 2023. According to information available from the Pakistan Stock Exchange (PSX), the fund, listed in 1994, showed a yearly high of Rs. 6.00 and a low of Rs. 4.00 for the period of January to April 2024, and faced a significant challenge with an EPS of -3.26. It managed a turnover of 252,000.

B.F. Modaraba Struggles with Negative Earnings Despite Active Trading

Karachi, B.F. Modaraba NC faced a challenging financial period, as reflected in its negative earnings per share (EPS) of Rs. -0.80 for 2022/2023. According to information available from the Pakistan Stock Exchange (PSX), despite active trading with a turnover of 33,000 shares, the modaraba could not uplift its financial status. Today's rate was recorded at Rs. 5.98 with a daily weighted average rate of Rs. 75.15. The firm has a significant paid-up capital of Rs. 231.00 million, and no dividends were distributed for 2022, 2023, or projected for 2024. Listed in 1989, B.F. Modaraba continues to seek avenues to turn around its financial health.

Elite Capital Modaraba Reports Negative Earnings Amid High Trading Activity

Karachi, Elite Capital Modaraba 1st NC faced a downturn with a negative EPS of Rs. -0.62 for the year 2022/2023. According to information available from the Pakistan Stock Exchange (PSX), the modaraba saw high trading activity with 292,500 shares turned over, indicating investor attention despite financial challenges. Today's share price settled at Rs. 4.25, matching the daily weighted average rate. With a paid-up capital of Rs. 113.40 million, the company has not declared any distributions for 2022, 2023, or 2024. Elite Capital Modaraba continues to strategize for better financial outcomes.

JS Islamic Government Securities Fund Reports Rs 5.00 Per Unit Distribution

Islamabad, JS Islamic Government Securities Fund, focusing on Islamic compliant investments, declared a distribution of Rs 5.00 per unit for the year ending June 2022, according to information available from the Pakistan Stock Exchange (PSX). With an offer price of 121.98 and a redemption price of 120.61, the fund was listed in 2013.

Punjab Modaraba 1st NC Struggles with Decline

Karachi, Punjab Modaraba 1st NC (FPJM) today saw a stark decline in its trading rate, dropping to 1.47 RS, which is consistent with its daily weighted average. The company has a significant paid-up capital amounting to 340.20 million RS but has not announced any dividends for 2022 or 2023. According to information available from the Pakistan Stock Exchange (PSX), its market lot remains at 500, with a par value of 10 RS. Despite being listed in 1993, the company's highest rate touched 2.7 RS while the lowest dipped to 1.33 RS, with a turnover of 1,524,500 RS and an EPS of -2.54 for January-April 2024.

BMA Empress Cash Fund Maintains Consistent Returns

Karachi, The BMA Empress Cash Fund has consistently provided a stable return to its investors. As of June, the fund's offer price was at 10.24 RS with a close redemption price of 10.14 RS. It reported a 4.54% distribution rate in 2022, and anticipates future distributions of Rs 0.45 per unit in 2023, increasing to Rs 0.8658 per unit. Since its listing in 2009, the fund has been a reliable choice for cash investments, appealing to those seeking liquidity with moderate yields. According to information available from the Pakistan Stock Exchange (PSX), the fund is set to maintain its performance trajectory.