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Bulls stage comeback at PSX on Miftah’s cues



  • At close, KSE-100 index closes at 42,525.95 points.
  • The index traded between hope and despair on IMF programme.
  • Shares of 341 companies were traded during the session. 

KARACHI: The bulls staged a comeback at the Pakistan Stock Exchange (PSX) on Tuesday cheering the finance minister’s assurance the much-awaited International Monetary Fund (IMF) programme will be revived within two days.

Constant assurance from the top leadership that the stalled $6 billion International Monetary Fund (IMF) programme will be revived this week strengthened investors’ sentiment as players cherry-picked stocks that lost valuation during the last bearish spell.

The benchmark KSE-100 index traded between hope and despair, which eventually let loose the bulls, who pulled the bourse into the green.

Investors kept a close watch on economic news after the Pakistan rupee continued to break records by dropping to an all-time low of 211.48 against the US dollar in the interbank market.

The KSE-100 index gained since the morning bell rang, but some dips were seen at regular intervals. The uptrend turned steeper at midday as the index once again breached the 42,000-point mark.

At close, the benchmark KSE-100 index closed at 42,525.95 points after surging 748.97 points or 1.79%.

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 bulls triumphed in the trading session at PSX today. “The benchmark KSE-100 index remained in the green zone throughout the day as value buying was witnessed across the board,” the brokerage house noted.

“The investors gained confidence in expectation of resumption of the IMF programme. Volumes remained healthy in the main board,” it stated.

Sectors contributing to the performance included technology (+136.6 points), exploration and production (+95.2 points), cement (+85.9 points), banks (+76.3 points) and fertiliser (+72.2 points).

Shares of 341 companies were traded during the session. At the close of trading, 268 scrips closed in the green, 49 in the red, and 24 remained unchanged.

Overall trading volumes rose to 300.59 million shares compared with Monday’s tally of 162.11 million. The value of shares traded during the day was Rs9.47 billion.

TPL Properties was the volume leader with 23.68 million shares traded, gaining Rs1.48 to close at Rs21.23. It was followed by Pakistan Refinery with 20.65 million shares traded, gaining Rs1.16 to close at Rs18.85 and Cnergy Limited with 17.86 million shares traded, gaining Rs0.35 to close at Rs5.66.

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Petrol, diesel prices likely to go down from April 1




  • Petrol rate likely to reduce by Rs4-5 per litre.
  • Rs15-20 per litre reduction expected in diesel price.
  • Sources hint at possibility of prices remaining unchanged.

Following a reduction in international crude oil prices, the rates of petroleum products in Pakistan are expected to decline from April 1, Geo News reported Wednesday.

According to estimates of oil marketing companies (OMCs), the price of diesel is likely to decline by Rs15-20 per litre while the price of petrol is expected to go down by Rs4-5 per litre.

However, well-placed sources in the industry said that there is a possibility that the Finance Division keeps the price unchanged.

In its last fortnight bulletin, the federal government raised the price of petrol to Rs272 per litre.

The Finance Division attributed the price hike to the depreciation of the Pakistani rupee against the US dollar and an increase in the prices registered by Platts Singapore.

The price of MS (petrol) was increased by Rs5 per litre and the price of hi-speed diesel was increased by Rs13 per litre.

The increase in the price of kerosene oil was kept at Rs2.56 by reducing the government’s dues on it. Similarly, the price of light diesel oil was kept constant by adjusting the government dues as well.

The new prices came into effect on March 16 and will remain in place till March 31.

The Finance Division will announce the news rates on March 31 which will remain in place for the next 15 days. 

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Banks to observe extended working hours




At the request of the Federal Board of Revenue, the State Bank of Pakistan (SBP) on Wednesday directed all branches of banks to observe extended banking hours in order to facilitate the taxpayers in payment of government duties/taxes.

The central bank, in a statement issued in this regard, said that the direction is for all branches of banks including the National Bank of Pakistan (NBP) and field offices of SBP Banking Services Corporation (SBP-BSC).

“[…] all branches of banks including National Bank of Pakistan (NBP) and field offices of SBP Banking Services Corporation (SBP-BSC) shall observe extended banking hours until 04:00 P.M. and 06:00 P.M. on 30th and 31st March 2023 respectively for collection of government taxes through ADC’s Over-the-Counter (OTC) facility,” the statement read.

It mentioned that National Institutional Facilitation Technologies (NIFT) shall arrange a special clearing at 6pm on March 31 (Friday) for the same-day clearing of payment instruments deposited at NBP’s authorised branches for customs collections.

“For this purpose, all banks shall arrange to keep their clearing-related branches open till such time that is necessary to facilitate the special clearing by NIFT on March 31, 2023 (Friday),” it read.

It should be noted that during Ramadan, banks observe reduced hours. Currently, the timings are:

Public dealing timings:

  • Monday to Thursday — 9am to 2pm (without break)
  • Friday — 8:30am to 1pm (without break)

Office timings:

  • Monday to Thursday — 9am to 3:30pm (with prayer break from 2pm to 2:30pm)
  • Friday — 8:30am to 1pm (without break)

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PM Shehbaz takes notice of gas loadshedding during sehr, iftar




  • PM Shehbaz says he has already taken notice of the matter.
  • Premier summons a meeting to discuss issue of gas loadshedding.
  • “We will leave no stone unturned to address this issue,” PM says.

ISLAMABAD: Prime Minister Shehbaz Sharif on Wednesday assured the members of the National Assembly that his government would address the issue of gas loadshedding during sehr and iftar as inflation-weary people have been registering complaints.

The prime minister, responding to a point of order raised by MNA Syed Agha Rafiullah, told the house that he had already taken notice of the matter.

PM Shehbaz shared that he had already summoned a meeting to be held later in the day, to discuss the issue of gas loadshedding.

“We will leave no stone unturned to address this issue,” the prime minister assured the house.

Earlier, a parliamentarian from Karachi’s Malir area drew the house’s attention to the problem of gas loadshedding being faced by the people, particularly those of Karachi, during sehr and iftar.

He said though the prime minister had already taken notice of the situation, the Sui Southern Gas Company (SSGC) needed to be directed to resolve the issue and provide uninterrupted supply during sehr and iftar.

Last week, the SSGC said gas would be supplied to domestic consumers during the holy month of Ramadan, but for limited hours — a move that irked consumers who complained of not getting enough of this essential fuel during mealtimes.

The utility had said that the gas pressure would be low from 8am to 2:30pm as it was facing a shortfall of 250 million mmbtu.

According to the SSGC helpline, for iftar, gas will be supplied to consumers in Karachi from 2:30pm to 7pm, while for sehr it will be available from 2:30am to 5am.

The gas utility added that consumers would face complete suspension or low pressure during the rest of the hours. 

However, the people have been complaining that gas remained suspended during sehr and iftar which forced them to purchase meals from hotels and restaurants which burdened their pockets.

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