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PSX begins week on negative note, loses over 200 points

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  • Market closes at 41,348.19 points with a loss of 282.16 points.
  • Benckmark KSE-100 witnesses under-pressure session due to concerns over mounting inflation.
  • Shares of 303 companies were traded during session.

KARACHI: The Pakistan Stock Exchange (PSX) started the week on a negative note as the bulls staged a comeback and the market closed with a loss of 200 points on Monday. 

The market opened in the green but soon witnessed profit-taking. 

At close, the benchmark KSE-100 index closed at 41,348.19 points with a loss of 282.16 points or 0.68%.

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

A report from Arif Habib Limited noted that the benchmark KSE-100 index witnessed an under-pressure session due to concerns over mounting inflation and an expected rate hike in the upcoming monetary policy.

The volumes remained dry on the main board although decent volumes were witnessed in the third-tier stocks.

The sectors contributing to the performance include fertiliser (-72.6 points), cement (-60.8 points), exploration and production(-33.2 points), automobile assembler (-18.9 points) and pharmaceuticals (-12.9 points).

Shares of 303 companies were traded during the session. At the close of trading, 88 scrips closed in the green, 197 in the red, and 18 remained unchanged.

Overall trading volumes dropped to 86.6 million shares compared with Friday’s tally of 154.03 million. The value of shares traded during the day was Rs3.04 billion.

Sui Northern Gas Pipelines Limited was the volume leader with 12.47 million shares traded, gaining Rs0.93 to close at Rs36.40. It was followed by Agritech Limited with 8.03 million shares traded, gaining Rs0.20 to close at Rs6.74 and Pakistan Refinery Limited with 4.83 million shares traded, losing Rs0.56 to close at Rs16.91. 

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Lahore, PP-161: LHC deems the ECP recounting order null and invalid

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Farrukh Javed, the victorious candidate, filed a petition against the Election Commission of Pakistan’s order to recount the votes in PP-161 before a single bench of the high court, led by Justice Shahid Karim, was formed.

The bench dismissed the ECP’s order to recount the votes in the constituency and accepted the petition.

The PML-N candidate Umar Sohail filed a petition for a vote recount with the electoral commission, according to Unmute Farrukh Javed MPA’s court plea.

Per the petitioner, the electoral commission issued a notice of vote recount after granting the second-place candidate’s request.

In his view, the election process was not yet over when the ECP issued the order for a vote recount.

The ECP’s order for the recounting of ballots in provincial constituency PP-161 was revoked by the bench after it allowed the petition.

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The LHC has issued a summons regarding the policy on wheat procurement.

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The court was considering a petition filed by the Punjab farmers challenging the province government’s decision to decline purchasing wheat from them.

The petitioner alleged that the government is legally obligated to procure wheat from farmers at the designated price and had publicised a policy to purchase wheat from farmers at Rs 3,900 per maund. However, the government has failed to put this policy into effect.

The Punjab government was scheduled to commence the procurement of wheat from farmers on April 22. However, there has been no progress thus far in the wheat purchase, thereby exposing farmers to the risk of selling their harvests at reduced prices as a result of rainfall.

The petitioner implored the court to mandate the government’s procurement of wheat from farmers and to initiate measures against the mafia.

Punjab farmers have filed a petition with the Lahore High Court (LHC) to challenge the government’s decision to not purchase their wheat.

Following an initial hearing on the case, Justice Shahid Karim, the judge of the LHC, requested a documentation of the Punjab government’s choices pertaining to wheat purchase.

Punjab’s farmers are currently protesting the government’s decision to postpone the purchase of wheat from them.

Yesterday, insiders from the Food Department disclosed that the Punjab government has not yet made a decision regarding the procurement of wheat.

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Lahore experiences a winter-like ambiance following rainfall.

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Lahore’s maximum temperature has significantly decreased due to recent rainfall in the province capital over the past 24 hours.

Jail Road saw a rainfall of 8.5 millimeters, Gulberg received 10 millimeters, and Lakshmi Chowk received 14 millimeters of rainfall. In addition, Upper Mall received a rainfall measurement of 5 millimeters, Mughalpura received 3.5 millimeters, and Tajpura received 3 millimeters.

In addition, Nishtar Town received a rainfall of 1 millimeter, Pani Wala Talab received 12 millimeters, Farukh Abad received 4 millimeters, Gulshan Ravi received 20 millimeters, Iqbal Town received 6 millimeters, Samanabad received 8 millimeters, and Johar Town received 1 millimeter.

The city’s electricity transmission infrastructure has been significantly affected by the rain, resulting in the tripping of over 100 Lesco feeders. Multiple localities had power outages as a result of tripped feeders and other technical malfunctions.

Power outages have resulted in substantial discomfort for people in several localities, including as Manawan, Batapur, Sabzazar, Gulshan Ravi, Samanabad, Pir Nasir, Mughalpura, Shalimar, Mustafa Abad, Baghbanpura, Ferozpur Road, Islampura, Qila Gujjar Singh, and Walton Road.

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