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PSX hails govt’s clarification on economic emergency with 280-point rise

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  • Bullish sentiment prevailed throughout the day.
  • KSE-100 index closes at 41,819.29 points with an increase of 0.67%.
  • Shares of 334 companies were traded during the session. 

The bulls staged a comeback at the Pakistan Stock Exchange (PSX) on Wednesday marking an end to the three-day-long losing streak as the benchmark KSE-100 index registered a decent rally.

The bullish sentiment prevailed throughout the day that kept the KSE-100 index in the positive territory.

The trading activity received a major boost on clarification from the Finance Division regarding economic emergency and the International Monetary Fund (IMF) ninth review.

A day earlier, the Finance Division rebutted reports of an “economic emergency” being imposed in Pakistan. 

“Finance Division not only strongly rebuts the assertions made in the said message, but also categorically denies it and that there is no planning to impose economic emergency,” a statement from the division read.

Moreover, it stated that with the efforts of the current government, the IMF programme has come back on track and negotiations leading to the ninth review are now at an “advanced stage”.

Earlier, the trading session started on a positive note and the KSE-100 index continued its upward march with minor oscillations.

The benchmark KSE-100 index closed at 41,819.29 points with an increase of 279.35 points or 0.67%.

Arif Habib Limited, in its post-market commentary, noted that the benchmark KSE-100 index finally ended its losing streak and traded in the green all day.

“Following a clarification by the Finance Division regarding the ninth review of the IMF programme, the market opened in the green and maintained its positive trend throughout the day,” it stated.

Investors gained confidence as mainboard volumes gained momentum and participation remained healthy, with third-tier stocks leading in terms of volume.

Sectors contributing to the performance included cement (+54.1 points), commercial banks (+48.5 points), technology and communication (+48.4 points), miscellaneous (+37.3 points), oil marketing companies (+26.4 points).

Shares of 334 companies were traded during the session. At the close of trading, 196 scrips closed in the green, 111 in the red, and 27 remained unchanged.

Overall trading volumes rose to 221.48 million shares compared with Tuesday’s tally of 131.69 million. The value of shares traded during the day was Rs5.86 billion.

Dewan Cement was the volume leader with 29.55 million shares traded, gaining Rs0.50 to close at Rs6.04. It was followed by WorldCall Telecom Limited with 21.47 million shares traded, losing Rs0.01 to close at Rs1.36 and Kohinoor Spinning Mills with 13.6 million shares gaining Rs0.41 to close at Rs3.15.

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Tourism boom: During Eidul Azha, more than 400,000 people travel to KP

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Over 400,000 people travelled to several beautiful locations in Khyber Pakhtunkhwa between June 17 and June 19, celebrating the recently ended Eidul Azha festivities.

With over 174,000 visitors in one day, Naran Kaghan emerged as the most popular location. Visitors looking for a getaway from the city are still drawn to Naran Kaghan’s calm scenery and charming valleys.

A total of 162,000 visitors to Galiyat took in the city’s rich history at its cultural institutions and historical landmarks. In addition, more than 46,000 people visited Malam Jabba in Swat, and 23,000 people visited Upper Dir to take in its stunning surroundings.

Khyber Pakhtunkhwa is becoming a popular domestic vacation destination due to its unique combination of natural beauty, cultural legacy, and adventure options, as seen by the rise in visitor numbers.

Businesses and local government agencies have been collaborating to make sure tourists have an unforgettable time while appropriately handling the inflow.

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Pakistan currently has $14.41 billion in foreign exchange reserves.

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In a statement, the central bank stated that as of June 14, 2024, Pakistan’s foreign exchange reserves held by the State Bank of Pakistan (SBP) stood at $9.135 billion, following the increase.

The announcement also stated, “SBP reserves increased by US$ 31 million to US$ 9,134.7 million during the week ended on June 14, 2024.”

The State Bank of Pakistan (SBP) stated that the nation had $14.415 billion in total liquid foreign reserves. Commercial banks own $5.28 billion of the total in net foreign reserves.

It was announced earlier on June 13 that Pakistan’s foreign exchange reserves reached US$14.38 billion, up US$168 million in the first week of June.

Pakistan’s reserves held by commercial banks rose by US$174 million to $5.28 billion for the week that ended on June 7, according to a statement released by the central bank.

The SBP now has US$9.10 billion in reserves, down US$6.2 million from before. The central bank did not provide an explanation for why its reserves fell.

“SBP reserves decreased by US$ 6 million to US$ 9,103.3 million during the week ended on July 7, 2024,” the SBP said in a statement.

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In a first for history, PSX crosses the 77,000 milestone.

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At 77,213.31, the benchmark KSE-100 hit an all-time high, up 1,005.15, or 1.32%, from the previous close of 76,208.16.

The government’s readiness to seal an agreement with the International Monetary Fund (IMF) following the budget was cited by analysts as the reason for the upward trend.

Experts anticipate that in an attempt to bolster its position for a fresh bailout agreement with the International Monetary Fund (IMF), the budget for the fiscal year ending in June 2025 would set aggressive fiscal goals.

Budget for Pakistan, 2024–2025
Pakistan’s budget for the fiscal year 2024–25, with a total expenditure of Rs18.877 trillion, was presented on Wednesday by Minister of Finance and Revenue Muhammad Aurangzeb.

The Finance Minister, Muhammad Aurangzeb, outlined the budget highlights. He stated that the GDP growth target for the fiscal year 2024–25 is set at 3.6 percent, while the inflation rate is anticipated to stay at 12 percent.

He stated that while the primary surplus is anticipated to be 1.0 percent of GDP during the review period, the budget deficit to GDP is forecast to be 6.9 percent over the period under review.

According to the minister, tax income collection increased by 38% in the current fiscal year, and the province will receive Rs7,438 billion. The Federal Board of income expects to earn Rs12,970 billion in revenue for the upcoming fiscal year.

In contrast to the federal government’s projected net income of Rs9,119 billion, he stated that the federation’s non-tax revenue projections are set at Rs3,587 billion.

The federal government’s total outlays are projected to be Rs18,877 billion, with interest payments accounting for the remaining Rs9,775 billion.

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