Business

IT scrips lift KSE-100 index by nearly 80 points

Published

2 years ago

Farwa

Benchmark index closes at 42,085.72 points.
KSE-100 oscillated in both directions.
Volumes depreciated from the last close.

KARACHI: The Pakistan Stock Exchange (PSX) witnessed volatile trading on Thursday with the benchmark KSE-100 index recording gains of nearly 80 points in line with global equity markets, which showed mixed trends.

Upbeat investor sentiment stemmed from the technology sector, where Systems Limited closed 4.96% higher. As a result, stocks in the IT sector attracted investor interest.

Benchmark KSE-100 oscillated in both directions whereas volumes depreciated from the last close.

The auto sector remained under pressure due to dismal car sales data for the month of September — which showed a decline of 7% month-on-month.

On the results front, Engro Powergen Qadirpur Limited (EPQL) announced its third-quarter earnings per share and dividend per share of Rs3 each where the stock closed at the upper cap.

The benchmark KSE-100 index closed at 42,085.72 points with an increase of 78.58 points or 0.19%.

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

A report from Arif Habib Limited noted that another range-bound session was witnessed at the PSX today.

“Despite opening in the green zone the benchmark KSE-100 index recorded a lacklustre session as investor participation remained low, which caused the volumes to decline sharply,” the brokerage house stated.

The market fluctuated in both directions but ended up in the green as the IT sector remained in the limelight.

Sectors contributing to the performance included technology (77.1 points), exploration and production (15.5 points), refinery (8.1 points), chemical (8 points), and fertiliser (6.6 points).

Shares of 341 companies were traded during the session. At the close of trading, 158 scrips closed in the green, 161 in the red, and 22 remained unchanged.

Overall trading volumes rose to 222.22 million shares compared with Wednesday’s tally of 238.65 million. The value of shares traded during the day was Rs9.66 billion.

Worldcall Telecom was the volume leader with 50.64 million shares traded, gaining Rs0.01 to close at Rs1.52. It was followed by TRG Pakistan with 23.19 million shares traded, losing Rs1.11 to close at Rs128.47 and Pakistan Refinery with 9.60 million shares gaining Rs0.16 to close at Rs17.98.

Business

There are US$13,280.5 million in foreign exchange reserves in Pakistan.

Published

10 hours ago

Farwa

According to a representative for the central bank, as of April 19, 2024, the nation’s total liquid foreign reserves were valued at US$ 13,280.5 million. A loss of US$74 million left the State Bank of Pakistan’s foreign reserves at US$7,981.2 million.

Commercial banks have $5,299.3 million in reserves for Pakistan.

In the week that concluded on April 12, the State Bank of Pakistan’s (SBP) foreign exchange reserves increased by $14.4 million to $8.055 billion.

“In a weekly statement, SBP stated that it has repaid US$ 1 billion in principal and interest on Pakistan’s International Bond, which matures this week.”

But at $13.374 billion, the nation’s total reserves decreased by $68 million. In the same way, commercial banks’ reserves dropped to $5.319 billion, a reduction of $82 million.

Business

NIMA seminar to increase Pakistan’s ship recycling industry’s capacity

Published

10 hours ago

Farwa

According to a release, important players from a range of maritime industries attended the conference to discuss issues facing the shipping sector.

It further stated that the symposium cleared the path for the resurgence of a sustainable future in ship recycling.

Participants in the conference included representatives of the Gadani Ship Breaking Labour Union, PSBA, KS&EW, KPT, PMSA, GEMS, and the federal and Balochistani governments.

Furthermore, global perspectives and ideas were offered by international specialists such as Rabia Razzaque from UN-ILO and Professor Raphael Baumler from the World Maritime University.

The seminar emphasized Pakistan’s capacity to emerge as a pioneer in the field of environmentally friendly ship recycling.

In order to protect the environment and the safety of employees, the participants emphasized the importance of following international standards and regulations.

During his speech, Chief Guest Senator Nisar Ahmed Khoro emphasized the importance of the maritime industry’s resurgence and the crucial necessity for coordinated efforts from all parties involved.

A new age of economic prosperity, worker safety, and environmental responsibility for Pakistan’s maritime industry was called for as he urged the stakeholders to work together on a comprehensive SENSREC program.

Vice Admiral Ahmed Saeed (Retd), the president of NIMA, emphasized the significance of environmental stewardship and safety in ship recycling procedures.

Business

Inflows into the Roshan Digital Account surged to $7.660 billion on March 24.

Published

10 hours ago

Farwa

According to the data, remittance inflows for the month of March totaled US$ 182 million, whereas they were US$ 141 million in February and US$ 142 million in January 2024.

Millions of Non-Resident Pakistanis (NRPs), including those who own Non-Resident Pakistan Origin Cards (POCs), can now engage in banking, payment, and investing activities in Pakistan with the help of these accounts, which offer cutting-edge banking solutions.

According to a statement from the State Bank of Pakistan, the number of accounts registered under the program increased by 11,091 from 668,701 accounts in February 2024 to 679,792 accounts in March 2024.

As of March 2024, the central bank reported that foreign nationals of Pakistan have invested US $312 million in Naya Pakistan Certificates, US $528 million in Naya Pakistan Islamic Certificates, and US $31 million in Roshan Equity Investment.

It is important to note that former prime minister Imran Khan introduced the Roshan Digital Account initiative in September 2020 with the goal of giving Pakistanis living abroad access to digital banking services for the first time.