Business

KSE-100 falls over 200 points as political uncertainty rattles market

Published

3 years ago

Farwa

At close, benchmark KSE-100 index lost 200 points, or 0.46%, to end session at 43,653.33 points.
Stocks of 332 companies were traded, of which 110 gained in value, 205 declined, and 17 remained unchanged.
Arif Habib Ltd says market had opened in green zone and stayed volatile throughout day.

KARACHI: The Pakistan Stock Exchange (PSX) ended the week on a negative note with benchmark KSE-100 closing in the red due to the political unrest in the country in the backdrop of the no-confidence motion against Prime Minister Imran Khan.

The recovery of the rupee against the US dollar, remittances data, and decline in the international oil prices failed to attract market participants, who remained wary of the overall political situation.

At close, the benchmark KSE-100 index lost 200 points, or 0.46%, to end the session at 43,653.33 points.

Arif Habib Limited, in its post-market commentary, noted that the market had opened in the green zone and stayed volatile throughout the day. It added that the range-bound session was observed due to the “political unrest and overheated commodities cycle”.

Sectors contributing to the performance included commercial banks (-43.0pts), exploration and production (-42.0pts), cement (-40.1pts), power (-30.0pts) and oil marketing companies (-19.5pts).

Stocks of 332 companies were traded, of which 110 gained in value, 205 declined and 17 remained unchanged.

Overall trading volumes dropped to 149.29 million shares compared with Thursday’s tally of 271.90 million. The value of shares traded during the day was Rs5.26 billion.

TPL Properties was the volume leader with 12.27 million shares traded, losing Rs1.26 to close at Rs22.46. It was followed by Pak Elektron with 11.9 million shares traded, losing Rs0.67 to close at Rs1.82, and TPL Corporation with 9.39 million shares traded, gaining Rs0.03 to close at Rs10.06.

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.