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KSE-100 boosted by upbeat economic data surpasses 42,000 mark

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  • KSE-100 index settles at 42,001.34 points with an increase of 0.33%.
  • Remittance receipts motivate investors to assume fresh positions.
  • Bullish investor spirits helped the index end the day on a positive note.

KARACHI: The Pakistan Stock Exchange (PSX) resumed its upward march on Tuesday aided by strong economic cues and encouraging remittance data.

Resultantly, the KSE-100 index breached the psychological barrier of 42,000 points.

Investors weighed sentiments on encouraging remittances reading, which clocked-in at $2.7 billion in August 2022. The strong receipts motivated investors to assume fresh positions.

The KSE-100 index spiked as soon as trading began and gained nearly 200 points, however, the momentum was broken as investors resorted to profit-booking that erased a few of the gains by the end of the session. Bullish investor spirits helped the index end the day on a positive note.

At close, the benchmark KSE-100 index settled at 42,001.34 points with an increase of 139.05 points, or 0.33%.

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

Arif Habib Limited in its post-market commentary noted that another range-bound session was witnessed at the PSX today.

“The market opened in a positive zone and continued to trade in a consolidated range as investor’s participation remained dull throughout the day due to weakening Pakistani rupee against the US dollar,” it said.

However, in the last trading hour value buying was noticed.

Sectors contributing to the performance included banks (+75 points), automobile assemblers (+35.7 points), cement (+33.5 points), power (+22 points), and textile (+8.5 points).

Shares of 324 companies were traded during the session. At the close of trading, 145 scrips closed in the green, 151 in the red, and 28 remained unchanged.

Overall trading volumes soared to 118.51 million shares compared with Monday’s tally of 161.42 million. The value of shares traded during the day was Rs3.87 billion.

Hascol Petroleum was the volume leader with 10.21 million shares traded, gaining Rs0.21 to close at Rs6.81. It was followed by K-Electric with 6.92 million shares traded, losing Rs0.01 to close at Rs3.21 and Quice Food Industries with 5.41 million shares traded, gaining Rs0.66 to close at Rs4.53.

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An investigation was “launched” into PTA’s inability to get Rs. 78 billion back from Telcos

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The PTA has reportedly been instructed to reply to NAB by July 29. According to the enquiry, the national exchequer has suffered losses as a result of the delay in collecting dues.

The PTA has been asked to provide NAB with information about any pertinent records, court proceedings, and overdue bills. The NAB Karachi has summoned the PTA officials to appear with all pertinent documentation.

All of the principle sum has to be paid by the LDI firms, according to sources. But due to judicial stay orders, the collection of dues has been impeded.

These sources further state that a steering group has been established by the Ministry of IT to supervise the issue of dues recovery.

In a previous event, the tariffs levied on importing cell phones from outside were clarified by the Pakistan Telecommunication Authority (PTA).

Contrary to what some internet reports claim, PTA clarified in response to recent news regarding the tariffs on mobile phone imports that there hasn’t been a formal decision to remove these levies in Pakistan.

the PTA.Pakistanis living abroad will be the only ones free from these levies, according to the PTA. A SIM card can be inserted and the phone restarted to temporarily register a device for non-PTA mobile subscribers.

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Weekly inflation in Pakistan increased by 0.17 percent.

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The SPI for the week under review in the aforementioned group was reported at 321.95 points, as opposed to 321.40 points during the previous week, according to the PBS statistics.

The SPI for the combined consumption group saw a 20.09 percent increase in the week under review compared to the same week the previous year.

The weekly SPI includes 51 necessary items for every spending group and 17 urban areas, with a base year of 2015–16 = 100.

The SPI for the lowest consumption category, which is up to Rs 17,732, grew by 0.08 percent from 311.97 points to 312.22 points this past week.

0.18 percent,The index of consumption for the lowest consumption groups, which are Rs 17,732-22,888, Rs 22,889-29,517, Rs 29,518-44,175 and above Rs 44,175; increased by 0.13 percent, 0.15 percent, 0.18 and 0.19 percent, respectively.

Nineteen (37.25%) of the fifty-one commodities had price increases over the week, eight (15.69%) had price decreases, and twenty-four (47.06%) had unchanged pricing.

On a weekly basis, the following commodities saw significant price decreases: tomatoes (9.19%), onions (2.14%), LPG (1.04%), bananas (0.53%), wheat flour (0.35%), potatoes (0.17%), pulse masoor (0.16%), and bread (0.05%).

Chicken (4.80%), garlic (2.01%), pulse gramme (1.87%), eggs (1.71%), beef (0.93%), gur (0.89%), pulse moong (0.84%), fresh milk (0.45%), firewood (0.23%), and cigarettes (0.12%) were among the items whose average prices increased significantly week over week.

The commodities that saw a year-over-year decline were: wheat flour (31.75%); cooking oil (13.44%); vegetable ghee 2.5 kg (10.42%); vegetable ghee 1 kg (9.85%); mustard oil (8.33%); eggs (5.82%); rice basmati broken (4.15%); and tea package (2.52%).

Gas prices for Q1 (570.00%), onions (96.01%), pulse gramme (40.39%), powered milk (39.11%), garlic (34.61%), pulse moong (29.77%), men’s sandals (25.01%), beef (23.52%), salt powder (23.28%), pulse mash (22.50%), and energy saver (17.96%) were among the commodities whose average prices increased year over year.

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The price of gold has drastically dropped in Pakistan.

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As per the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the cost of 24-karat gold per tola decreased by Rs 2,300, standing at Rs 250,500.

A kilogramme of 24-karat gold costing Rs1,972 less at the local market, making it worth Rs2114,763. Ten grammes of 22-karat gold had a price decrease to Rs196,866 as well.

After losing a significant $43 during the day, the rate per ounce of gold on the international market also decreased. It currently stands at $2,370.

On Thursday, the price of 24-karat silver also experienced a decline, falling by Rs60 to settle at Rs2,860 petal.

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