Business

KSE-100 index gains over 250 points on positive cues

Published

2 years ago

Farwa

Massive recovery of rupee against US dollar triggered bullish sentiment among market players.
Trading session kicked off in green and until midday, KSE-100 continued to fluctuate in a narrow range.
At close, KSE-100 index closed at 42,716.97 points after gaining 0.61%.

KARACHI: The bears took a break from the Pakistan Stock Exchange (PSX) on Thursday as it surged into the green territory, with investors taking cues from the agreement between Pakistan and Chinese banks for inflows worth $2.3 billion.

Massive recovery of the rupee against the US dollar by 2.7% day-on-day in the interbank market triggered bullish sentiment among market players.

Moreover, constant assurance from Prime Minister Shehbaz Sharif and Finance Minister Miftah Ismail regarding the revival of the International Monetary Fund (IMF) loan programme sparked optimism among market participants, who resorted to making fresh purchases.

Earlier, the trading session kicked off in the green and until midday, the benchmark KSE-100 index continued to fluctuate in a narrow range.

At close, the benchmark KSE-100 index closed at 42,716.97 points after gaining 258.83 points or 0.61%.

Benchmark KSE-100 indec intra-day trading curve. — PSX data portal

Arif Habib Limited in its post-market commentary noted that the benchmark KSE-100 index was dominated by the bulls today.

“Across the board rally was witnessed as Chinese consortium of banks signed an RMB 15 billion ($2.3 billion) loan facility agreement which resulted in the recovery of Pakistani rupee against the US dollar,” it stated.

Meanwhile, volumes also remained healthy across the board. The independent power producers (IPP) sector remained in limelight as the Economic Coordination Committee (ECC) of the cabinet approved Rs149 billion for the power sector to be paid to the IPPs and K-Electric in the current fiscal year.

Sectors contributing to the performance included power (+74.8 points), banks (+52.2 points), technology (+26.4 points), oil marketing companies (+25.9 points) and cement (+15 points).

Shares of 347 companies were traded during the session. At the close of trading, 235 scrips closed in the green, 87 in the red, and 25 remained unchanged.

Overall trading volumes rose to 349.48 million shares compared with Wednesday’s tally of 266.09 million. The value of shares traded during the day was Rs10.13 billion.

Cnergyico PK Limited was the volume leader with 37.4 million shares traded, gaining Rs0.22 to close at Rs5.78. It was followed by Pakistan Refinery with 29.34 million shares traded, gaining Rs0.56 to close at Rs19.54 and K-Electric with 27.96 million shares traded, gaining Rs0.19 to close at Rs2.85.

Business

Pakistan’s gold prices continue to decline.

Published

8 hours ago

Farwa

The price of ten grams of 24 carat gold dropped by Rs 1,201 to Rs 205,418 from Rs 206,619, while the price of ten grams of 22 carat gold dropped to Rs 188,300 from Rs 189,400, according to the All Sindh Sarafa Jewellers Association.

Silver, priced at Rs. 2,620 per tola and Rs. 2,254.80 per ten grams, stayed at that level. As reported by the organization, the price of gold dropped by $11 on the global market, to $2,297 from $2,308.

Business

Price of LPG “slashed” by Rs. 20 per kilogram

Published

8 hours ago

Farwa

Sources claim that LPG rates have been lowered by Rs 20, making the cost per kilogram drop from Rs 280 to Rs 260.

It is noteworthy to remark that the costs of LPG were reduced by Rs 20 per kilogram earlier, resulting in a total reduction of Rs 40 per kilogram within a few weeks.

The price of liquefied petroleum gas for the month of May 2024 was lowered by the Oil and Gas Regulatory Authority (OGRA) on April 30.

The LPG tariffs were lowered by Rs 11.88 to Rs 238.46 per kilogram in accordance with the OGRA’s notice. On Wednesday, May 1, 2024, the new rates will go into effect.

In April of last year, the price per kilogram of LPG was Rs 250.34. pricing reduction of Rs 140.18 has resulted in a new pricing for home LPG cylinders set for May 2024 of Rs 2813.85.

The OGRA reported a drop in liquefied petroleum gas pricing in April. The price of LPG is now Rs 250.34 per kg instead of Rs 256.78 due to a reduction of Rs 6.44 per kg.

The price of the household cylinder was fixed at Rs 2954.03 for the month of April, down from Rs 3030.12, a decrease of Rs 76.9.

Business

ADB delegation stops by FBR headquarters

Published

8 hours ago

Farwa

Senior Director ADB Tariq Niazi oversaw the expedition, which also involved Sana Masood, Farzana Noshab, and Senior Public Sector Management Specialist Laisiasa Tora. The meeting included presentations from economists as well, according to an FBR press release.

The officers focused on structural and policy adjustments as they discussed the Domestic Resource Mobilization Program’s implementation at the meeting.

$300 million was given to the Pakistani government by ADB in December 2023 as a result of the hard work and dedication of FBR. Better laws, regulations, and institutional capability for the FBR were established by Sub-Program I.

With the $300 million in funding provided by the Asian Development Bank (ADB) to the Government of Pakistan in December 2023, the delegation conveyed satisfaction with the program’s effective launch.

The FBR also underlined how crucial digitization is to recording the economy and boosting productivity in a sustainable way.

In order to promote the Government of Pakistan’s Digital Tax Administration Project, both parties decided to look into measures to improve their cooperation.