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PSX begins week on negative note, loses over 200 points

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  • Market closes at 41,348.19 points with a loss of 282.16 points.
  • Benckmark KSE-100 witnesses under-pressure session due to concerns over mounting inflation.
  • Shares of 303 companies were traded during session.

KARACHI: The Pakistan Stock Exchange (PSX) started the week on a negative note as the bulls staged a comeback and the market closed with a loss of 200 points on Monday. 

The market opened in the green but soon witnessed profit-taking. 

At close, the benchmark KSE-100 index closed at 41,348.19 points with a loss of 282.16 points or 0.68%.

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 benchmark KSE-100 index witnessed an under-pressure session due to concerns over mounting inflation and an expected rate hike in the upcoming monetary policy.

The volumes remained dry on the main board although decent volumes were witnessed in the third-tier stocks.

The sectors contributing to the performance include fertiliser (-72.6 points), cement (-60.8 points), exploration and production(-33.2 points), automobile assembler (-18.9 points) and pharmaceuticals (-12.9 points).

Shares of 303 companies were traded during the session. At the close of trading, 88 scrips closed in the green, 197 in the red, and 18 remained unchanged.

Overall trading volumes dropped to 86.6 million shares compared with Friday’s tally of 154.03 million. The value of shares traded during the day was Rs3.04 billion.

Sui Northern Gas Pipelines Limited was the volume leader with 12.47 million shares traded, gaining Rs0.93 to close at Rs36.40. It was followed by Agritech Limited with 8.03 million shares traded, gaining Rs0.20 to close at Rs6.74 and Pakistan Refinery Limited with 4.83 million shares traded, losing Rs0.56 to close at Rs16.91. 

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Current weather: Will Karachi see any rain today?

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There is no probability of rain in Karachi, although there may be some light rain in some areas of the city, according to the Pakistan Meteorological Department (PMD) on Monday.

The city will continue to see overcast weather, according to the Met Office, which also noted that the westerly winds had left Sindh.

According to the PMD, Karachi’s current temperature is 28°C, and the air’s humidity is 61%. The wind is blowing quickly out of the west.

“The maximum temperature in Karachi is likely to be 30 to 32°C,” it said. Meanwhile, there’s a chance of light rain in several areas of Sindh.

A day prior, there had been rain and thunderstorms in a number of Karachi neighborhoods, including Mauripur, North Karachi, Gulistane-e-Johar and the neighboring suburbs, Saddar, Soldier Bazar, the Airport, and Clifton.

Surjani Town reported the maximum rainfall of 34 millimeters, while Nazimabad, Gulshan-e-Hadid, Faisal Base, Sharea Faisal, and Keamari received 21.2, 20, and 19 millimeters of rain, respectively.

Subsequently, rainfall totals of 18 mm were reported at Masroor Base, 17 mm at Korangi, 15.7 mm at University Road, 15.1 mm at Old Airport, 15 mm at Saadi Town and North Karachi, 14.4 mm at Orangi Town, 13 mm at Saddar, 12 mm at Malir, 5.5 mm at Defence Housing Society (DHA), and 5 mm at Quaidabad.

The Met Office reported that Jinnah Terminal recorded the lowest amount of rain, 1.2 mm.

It rained in Karachi as predicted, according to Chief Meteorologist Sardar Sarfaraz.

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Punjab sets a Rs. 16 roti price.

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On Sunday, the Punjabi government lowered the cost of rotis from Rs 20 to Rs 16.

“Thank God, the Punjabi government has lowered the cost of roti to Rs16,” stated a post on the social media site X by Punjab Chief Minister Maryam Nawaz Sharif.

According to Maryam Nawaz Sharif, all districts in Punjab and pertinent departments have received instructions to guarantee that this decision is strictly followed.

Previously, on Wednesday, the Punjab cabinet decided to set Rs3,900 per 40kg as the minimum support price for wheat in 2023–2024.

Leading the Punjab government is Chief Minister Maryam Nawaz Sharif, who has approved the Wheat Procurement Policy 2024–25.
Punjab sets the price of its heat support at Rs. 3-900 per 40 kg, according tources.

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How Can I Register Online for the Punjab E-Bike Scheme? Examine the Step-by-Step Guide.

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The Punjabi government has begun the process of registering motorcycles for students in the area on a monthly interest-free payment plan.

At least 19,000 gasoline and 1,000 E-bikes will be given away in the first phase. The Punjab government will cover the applicants’ down payment and markup in installments.

Due to the exorbitant cost of two-wheelers, the Interest-Free Bike Scheme 2024 was created to lessen the financial burden on students.

A Rs. 20,000 down payment is part of the proposal. For two years, students will pay for their bikes in convenient monthly installments. Based on the facts provided, male students will have to pay more than Rs. 11,000 per month, while female students will pay Rs. 7,325 per month.

Whereas petrol bikes would be dispersed in other districts according to population, e-bikes will be given out in Faisalabad, Multan, Bahawalpur, Rawalpindi, and Lahore.

Take these actions to register for the Punjab Motorcycle Scheme:

Visit the authorized website, bikes.punjab.gov.pk.
Locate the section for registration.
Fill out the registration form with the necessary personal data.
Upload any necessary files by following the given instructions.
Verify the accuracy of the information.
Send in the registration form.

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