Business

Bears hold sway at PSX as political tensions weigh

Published

2 years ago

Farwa

KSE-100 index plunges 388.62 points to settle at 42,873.35.
Benchmark index falls below 43,000-point mark.
Uncertainty in international crude oil market also fuelled bearish momentum.

KARACHI: The bears maintained their control over the Pakistan Stock Exchange (PSX) on Tuesday, in line with the preceding session, as the market reacted to repercussions of political uncertainty.

In the backdrop of a worsening political scenario coupled with poor economic data as a result of the rising geopolitical tensions and commodity prices in the international market, the index fell below the 43,000-point mark.

At the close, the benchmark KSE-100 index plunged 388.62 points, or 0.90%, to settle at 42,873.35 points.

Political instability following the Opposition’s decision to submit the no-confidence motion against Prime Minister Imran Khan in the National Assembly Secretariat impacted the investment climate.

Uncertainty in the international crude oil market coupled with projections benchmark interest rate also fuelled the bearish momentum.

The State Bank of Pakistan (SBP) later after the session announced that the Monetary Policy Committee (MPC) has decided to hold the policy rate at 9.75% for the next six weeks.

Arif Habib Limited in its post-market commentary noted that a volatile session was observed today due to political unrest and an overheated commodities cycle.

“The market opened in the red zone and stayed under pressure throughout the day,” it said, adding that the cement sector stayed in the red zone due to mounting international coal prices.

Meanwhile, in the last trading hour, across the board selling was witnessed.

Sectors contributing to the performance included banks (-85.8 points), cement (-67.7 points), exploration and production (-62.1 points), power (-37.3 points) and oil marketing companies (-34 points).

Shares of 343 companies were traded during the session. At the close of trading, 102 scrips closed in the green, 223 in the red, and 18 remained unchanged.

Overall trading volumes dropped to 226.10 million shares compared with Monday’s tally of 236.88 million. The value of shares traded during the day was Rs7.12 billion.

TPL Corporation was the volume leader with 17.35 million shares traded, losing Re1 to close at Rs10.46. It was followed by Unity Foods with 17.18 million shares traded, losing Rs1.49 to close at Rs23.64, and Ghani Global Holdings with 16.90 million shares traded, losing Rs0.87 to close at Rs15.83.

Business

Pakistan’s gold prices continue to decline.

Published

4 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

4 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

4 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.