Market manages to close with minimal gain of 174.75 points or 0.43%.
Benchmark KSE-100 index closes at 41,054.68 points.
Shares of 315 companies were traded during session.
KARACHI: The Pakistan Stock Exchange (PSX) Tuesday witnessed a range-bound session despite negative cues that dented sentiments of other financial markets.
The stock market opened in the green, however, it soon succumbed to the selling pressure as the bears staged a comeback and held a firm grip during the session. However, the market managed to close with minimal gains.
At close, the benchmark KSE-100 index closed at 41,054.68 points with a gain of 174.75 points or 0.43%.
Benchmark KSE-100 index intra-day trading curve. — PSX data portal
According to Arif Habib Limited, the PSX observed a positive session due to the expectations of Pakistan’s exclusion from the grey list of Financial Action Task Force (FATF).
The KSE-100 index stayed in the green zone as investors opted for value hunting in the oil marketing companies (OMCs), exploration and production and cement sectors.
The volumes remained sluggish on the main board whereas third-tier stocks witnessed healthy volumes.
Sectors contributing to the performance include Banks (+52.6 points), exploration and production (+43.2 points), OMCs (+32.1 points), technology (+28.4 points) and fertiliser (+15.6 points).
Shares of 315 companies were traded during the session. At the close of trading, 163 scrips closed in the green, 128 in the red, and 24 remained unchanged.
Overall trading volumes rose to 120.12 million shares compared with Monday’s tally of 163.79 million. The value of shares traded during the day was Rs3.36 billion.
Unity Foods Limited was the volume leader with 8.18 million shares traded, losing Rs0.12 to close at Rs20.05. It was followed by K-Electric Limited with 7.42 million shares traded, gaining Rs0.02 to close at Rs2.57 and Hum Network Limited with 7.27 million shares traded, gaining Rs0.08 to close at Rs7.16.
Rs15-20 per litre reduction expected in diesel price.
Sources hint at possibility of prices remaining unchanged.
Following a reduction in international crude oil prices, the rates of petroleum products in Pakistan are expected to decline from April 1, Geo News reported Wednesday.
According to estimates of oil marketing companies (OMCs), the price of diesel is likely to decline by Rs15-20 per litre while the price of petrol is expected to go down by Rs4-5 per litre.
However, well-placed sources in the industry said that there is a possibility that the Finance Division keeps the price unchanged.
In its last fortnight bulletin, the federal government raised the price of petrol to Rs272 per litre.
The Finance Division attributed the price hike to the depreciation of the Pakistani rupee against the US dollar and an increase in the prices registered by Platts Singapore.
The price of MS (petrol) was increased by Rs5 per litre and the price of hi-speed diesel was increased by Rs13 per litre.
The increase in the price of kerosene oil was kept at Rs2.56 by reducing the government’s dues on it. Similarly, the price of light diesel oil was kept constant by adjusting the government dues as well.
The new prices came into effect on March 16 and will remain in place till March 31.
The Finance Division will announce the news rates on March 31 which will remain in place for the next 15 days.
At the request of the Federal Board of Revenue, the State Bank of Pakistan (SBP) on Wednesday directed all branches of banks to observe extended banking hours in order to facilitate the taxpayers in payment of government duties/taxes.
The central bank, in a statement issued in this regard, said that the direction is for all branches of banks including the National Bank of Pakistan (NBP) and field offices of SBP Banking Services Corporation (SBP-BSC).
“[…] all branches of banks including National Bank of Pakistan (NBP) and field offices of SBP Banking Services Corporation (SBP-BSC) shall observe extended banking hours until 04:00 P.M. and 06:00 P.M. on 30th and 31st March 2023 respectively for collection of government taxes through ADC’s Over-the-Counter (OTC) facility,” the statement read.
To facilitate collection of Govt. duties/taxes, all branches of banks including NBP and SBP BSC field offices will observe extended banking hours till 4pm & 6pm on 30th & 31st March, 2023 respectively. See PR: https://t.co/6rzm7F7ZqPpic.twitter.com/zEbHqfAfXN
It mentioned that National Institutional Facilitation Technologies (NIFT) shall arrange a special clearing at 6pm on March 31 (Friday) for the same-day clearing of payment instruments deposited at NBP’s authorised branches for customs collections.
“For this purpose, all banks shall arrange to keep their clearing-related branches open till such time that is necessary to facilitate the special clearing by NIFT on March 31, 2023 (Friday),” it read.
It should be noted that during Ramadan, banks observe reduced hours. Currently, the timings are:
Public dealing timings:
Monday to Thursday — 9am to 2pm (without break)
Friday — 8:30am to 1pm (without break)
Office timings:
Monday to Thursday — 9am to 3:30pm (with prayer break from 2pm to 2:30pm)
PM Shehbaz says he has already taken notice of the matter.
Premier summons a meeting to discuss issue of gas loadshedding.
“We will leave no stone unturned to address this issue,” PM says.
ISLAMABAD: Prime Minister Shehbaz Sharif on Wednesday assured the members of the National Assembly that his government would address the issue of gas loadshedding during sehr and iftar as inflation-weary people have been registering complaints.
The prime minister, responding to a point of order raised by MNA Syed Agha Rafiullah, told the house that he had already taken notice of the matter.
PM Shehbaz shared that he had already summoned a meeting to be held later in the day, to discuss the issue of gas loadshedding.
“We will leave no stone unturned to address this issue,” the prime minister assured the house.
Earlier, a parliamentarian from Karachi’s Malir area drew the house’s attention to the problem of gas loadshedding being faced by the people, particularly those of Karachi, during sehr and iftar.
He said though the prime minister had already taken notice of the situation, the Sui Southern Gas Company (SSGC) needed to be directed to resolve the issue and provide uninterrupted supply during sehr and iftar.
Last week, the SSGC said gas would be supplied to domestic consumers during the holy month of Ramadan, but for limited hours — a move that irked consumers who complained of not getting enough of this essential fuel during mealtimes.
The utility had said that the gas pressure would be low from 8am to 2:30pm as it was facing a shortfall of 250 million mmbtu.
According to the SSGC helpline, for iftar, gas will be supplied to consumers in Karachi from 2:30pm to 7pm, while for sehr it will be available from 2:30am to 5am.
The gas utility added that consumers would face complete suspension or low pressure during the rest of the hours.
However, the people have been complaining that gas remained suspended during sehr and iftar which forced them to purchase meals from hotels and restaurants which burdened their pockets.