Business

Bull-run enters third day at PSX

Published

2 years ago

Farwa

KSE-100 index edges up 262.30 points to close at 46,407.26.
Index oscillates between red and green zones as investors await corporate results.
Shares of 359 companies were traded during the session.

KARACHI: The bulls held on to their positions for the third consecutive session at the Pakistan Stock Exchange (PSX) on Tuesday and helped keep the benchmark KSE-100 index in the positive zone.

Political stability that emerged after newly elected Prime Minister Shehbaz Sharif took charge coupled appreciation of Pakistani rupee against the US dollar aided the rise of the bourse.

The KSE-100 index oscillated between red and green zones as investors awaited corporate results for the quarter ended March 31, 2022 in certain sectors.

Today, the benchmark KSE-100 index edged up 262.30 points, or 0.57%, to close at 46,407.26 points.

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

A report from Arif Habib Limited in its post-market commentary noted that another positive session witnessed today due to political stability and appreciation of Pakistan rupee against the US dollar.

Across the board rally was witnessed regardless of foreign selling spree; meanwhile main board activity remained healthy.

Moreover, market even witnessed hefty volumes in the third-tier stocks.

Sectors contributing to the performance included technology (+96.7 points), cement (+55.7 points), banks (+52.2 points), engineering (+24.9 points) and refinery (+20 points).

Shares of 359 companies were traded during the session. At the close of trading, 172 scrips closed in the green, 172 in the red, and 15 remained unchanged.

Overall trading volumes dropped to 493.59 million shares compared with Monday’s tally of 557.67 million. The value of shares traded during the day was Rs13.85 billion.

WorldCall Telecom Limited was the volume leader with 62.03 million shares traded, losing Rs0.06 to close at Rs2.07. It was followed by Telecard Limited with 32.65 million shares traded, gaining Rs0.73 to close at Rs16.96 and Flying Cement with 30.85 million shares traded, losing Rs0.83 to close at Rs8.80.

Business

Pakistan’s gold prices are still declining; see the most recent

Published

4 hours ago

Farwa

The price of 10-gram gold reduced by Rs943 to settle at Rs207,733, while the price of gold dropped by Rs1200 to close at Rs242,300 a tola, according to the Sindh Sarafa Jewellers Association.

In the global market, the price of the precious metal fell by $10 to $2,349 per ounce, resulting in losses.

At 04:48 GMT, the spot price of gold had dropped by 0.2% to $2,354.77 per ounce. In the previous session, prices reached a two-week high.

American gold futures dropped 0.6% to $2,361.

Spot silver decreased by 0.4% to $28.03 per ounce, while palladium remained steady at $978.03 and platinum decreased by 0.1% to $992.89.

Business

Pakistan and the IMF begin talks for a new loan.

Published

5 hours ago

Farwa

Pakistan is requesting a $6 to $8 billion bailout package from the international lender over the next three to four years to address its financial troubles.

A mission team led by Nathan Porter, the IMF’s Mission Chief in Pakistan, is meeting with a Pakistani delegation led by Finance Minister Muhammad Aurangzeb.

According to sources familiar with the situation, Islamabad may face more difficult options, such as raising power and gas bills.

Mr. Aurganzeb informed the IMF team that the country’s economy has improved as a result of the IMF loan package, and Islamabad is ready to sign a new loan programme to further develop.

The IMF mission expressed satisfaction with Islamabad’s efforts to revive the country’s struggling economy.

The IMF praised Pakistan’s economic growth in its staff report earlier this week, but warned that the outlook remains challenging, with very high downside risks.

The country nearly avoided collapse last summer, and its $350 billion economy has stabilized since the end of the last IMF program, with inflation falling to roughly 17% in April from a record high of 38% last May.

Business

Petrol prices are likely to drop significantly beginning May 16.

Published

5 hours ago

Farwa

According to sources, the government is set to decrease petrol prices by Rs 14 per litre and diesel prices by Rs 10 on May 16 for the next fortnight’s revision.

Last month, the government reduced the price of fuel and high-speed diesel by Rs5.45 and Rs8.42 per fortnight, respectively.

The current fuel price is Rs288.49 per litre, while the HSD price is Rs281.96.

Meanwhile, oil prices fell further on Monday, as signs of sluggish fuel consumption and comments from U.S. Federal Reserve officials dimmed optimism for interest rate reduction, which may slow growth and reduce fuel demand in the world’s largest economy.

Brent crude prices down 25 cents, or 0.3%, to $82.54 a barrel, while US West Texas Intermediate crude futures fell 19 cents, or 0.2%, to $78.07 per barrel.

Oil prices also declined on signals of poor demand, according to ANZ analysts, as gasoline and distillate inventories in the United States increased in the week before the start of the driving season.

Refiners throughout the world are dealing with falling diesel profitability as new refineries increase supply and warm weather in the northern hemisphere and weak economic activity reduce demand.