Business

Bulls toss KSE-100 index over 45,000-point mark

Published

3 years ago

Farwa

KSE-100 gains 223.28 points to settle at 45,152.11.
Shares of 364 were traded during the session.
Overall trading volumes dropped to 389.11 million shares.

KARACHI: The Pakistan Stock Exchange (PSX) extended its bull-run on the last day of the trading week and jumped over 200 points as the market participants cherry-picked stocks, which had dropped to attractive valuations.

Investors’ took fresh positions despite the ongoing political crisis in the wake of a no-confidence motion against Prime Minister Imran Khan and rising inflation in the country.

During the session, the Pakistan Bureau of Statistics (PBS) released the data on inflation based on the consumer price index (CPI) which rose to 12.7%. Meanwhile, the rupee breached the 184-mark, fell to an all-time low of Rs184.09 against the US dollar in the interbank market.

The market players, however, ignored all negative cues and posted nominal gains in anticipation of encouraging financial results for the quarter ended March 31, 2022 and a decline in international oil prices.

At the close, the KSE-100 index gained 223.28 points, or 0.5%, to settle at 45,152.11 points.

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

Shares of 364 were traded during the session. At the close of trading, 183 scrips closed in the green, 149 in the red, and 32 remained unchanged.

Overall trading volumes dropped to 389.11 million shares compared with Thursday’s tally of 415.63 million. The value of shares traded during the day was Rs11.1 billion.

Telecard Limited was the volume leader with 35.43 million shares traded, gaining Rs0.26 to close at Rs14.43. It was followed by TPL Properties with 26.36 million shares traded, gaining Rs0.62 to close at Rs20.82, and Treet Corporation with 24.86 million shares traded, gaining Rs0.47 to close at Rs34.40.

Business

Pakistan suffers a loss of millions due to inoperable airports.

Published

20 hours ago

Farwa

The Pakistani economy is strengthening and trending in the right direction, according to Federal Minister of Finance and Revenue Senator Muhammad Aurangzeb on Thursday.

Speaking at the Pakistan Saudi Arabia Business Forum, Aurangzeb stated that the goal of the government was to support the private sector rather than engage in commerce. His goal was to encourage business-to-business (B2B) trade and investment, thus he welcomed the delegation from Saudi Arabia.

Within the last 12 to 14 months, the minister saw a considerable improvement in macroeconomic stability. With the help of foreign exchange reserves sufficient to cover two months’ worth of imports, Pakistan steadied its currency, decreased its current account deficit to less than $1 billion, and produced a primary surplus.

Strong remittances, expanding exports, and a drop in inflation from 38% to 6.9% have all contributed to the consolidation of these benefits, according to Muhammad Aurangzeb. Companies have also profited from the insurance rate reduction.

Even if Pakistan’s credit rating has improved, more work needs to be done to bring it up to at least a B-. Both on the debt and equity sectors, he claimed, institutional flows were returning to the nation.

As the International Monetary Fund (IMF) board approved an extended program for the nation, the Islamabad Stock Exchange set a record high.

He stated that the IMF program will implement structural reforms in addition to ensuring macroeconomic stability for the long run.

The government of Pakistan remains committed to structural changes, sustainable growth, and tax reform, as stated by Muhammad Aurangzeb.

Business

Pakistan’s economy is getting better, according to Muhammad Aurangzeb

Published

20 hours ago

Farwa

The Pakistani economy is strengthening and trending in the right direction, according to Federal Minister of Finance and Revenue Senator Muhammad Aurangzeb on Thursday.

thus,Speaking at the Pakistan Saudi Arabia Business Forum, Aurangzeb stated that the goal of the government was to support the private sector rather than engage in commerce. His goal was to encourage business-to-business (B2B) trade and investment, thus he welcomed the delegation from Saudi Arabia.

As the International Monetary Fund (IMF) board approved an extended program for the nation, the Islamabad Stock Exchange set a record high.

He stated that the IMF program will implement structural reforms in addition to ensuring macroeconomic stability for the long run.

The government of Pakistan remains committed to structural changes, sustainable growth, and tax reform, as stated by Muhammad Aurangzeb.

Business

Remittances from Workers

Published

2 days ago

Farwa

In September of this year, the State Bank of Pakistan reported that remittances from overseas Pakistanis amounted to 2.8 billion dollars, reflecting a 29% increase compared to the remittances received in September of the previous year.

The SBP reports that, with a cumulative inflow of 8.8 billion US dollars in the first quarter of the financial year, workers’ remittances increased by 38.8 percent compared to the first quarter of the previous year.

Remittance inflows in September 2024 were primarily derived from Saudi Arabia at $681.3 million, the United Arab Emirates at $560.3 million, the United Kingdom at $423.6 million, and the United States of America at $274.9 million.