Business

Stocks take hammering as KSE-100 plunges nearly 750 points on negative cues

Published

2 years ago

Farwa

KSE-100 plunges by 707.80 points.
Index closes at 41,367.11 points.
Political uncertainty plunges market.

KARACHI: The stocks at the Pakistan Stock Exchange (PSX) plunged Monday as its benchmark KSE-100 lost over 700 points after uncertainty surrounded Pakistan’s political arena.

Investors reacted with panic to the depreciating Pakistani rupee against the US dollar and political uncertainty in the wake of the preliminary results of the by-polls in Punjab.

The market opened at 42,074 points but it plunged by 707.80, or 1.68%, points to close at 41,367.11 points.

Arif Habib Limited Head of Research Tahir Abbas told Geo.tv that “a lot of ifs and buts” have been created as the PTI has cracked more seats than the ruling PML-N in the Punjab Assembly by-polls.

The market situation at the close. — PSX Data

“Following the results of the by-polls, there’s an uncertainty in the market on whether the federal coalition government will continue or will it announce snap polls.”

“If early elections are announced, then it would trigger uncertainty over the International Monetary Fund’s (IMF) curial programme as well,” he said, pointing out that although a staff-level agreement has been reached, the global lender’s Executive Board is yet to give a green signal.

Abbas said that one of IMF’s pre-conditions was hiking the gas and electricity tariff, for which the federal cabinet is yet to give approval.

“Now that it (PML-N) has lost its heart — Punjab — it remains unclear what it is going to do next. If the federal cabinet does not approve the hike, then the IMF programme’s revival will remain in danger.”

Voicing the same concerns as Abbas, Alpha Beta Core CEO Khurram Schehzad said that with political uncertainty taking roots again, IMF programme may get impacted.

“Hopefully […] clarity emerges soon before its late,” Schehzad said.

The stocks of a total of 326 companies were traded during the day, out of which 55 were in the green, 253 red, and 18 remain unchanged.

Business

Pakistan’s gold prices continue to decline.

Published

2 days ago

Farwa

The price of ten grams of 24 carat gold dropped by Rs 1,201 to Rs 205,418 from Rs 206,619, while the price of ten grams of 22 carat gold dropped to Rs 188,300 from Rs 189,400, according to the All Sindh Sarafa Jewellers Association.

Silver, priced at Rs. 2,620 per tola and Rs. 2,254.80 per ten grams, stayed at that level. As reported by the organization, the price of gold dropped by $11 on the global market, to $2,297 from $2,308.

Business

Price of LPG “slashed” by Rs. 20 per kilogram

Published

2 days ago

Farwa

Sources claim that LPG rates have been lowered by Rs 20, making the cost per kilogram drop from Rs 280 to Rs 260.

It is noteworthy to remark that the costs of LPG were reduced by Rs 20 per kilogram earlier, resulting in a total reduction of Rs 40 per kilogram within a few weeks.

The price of liquefied petroleum gas for the month of May 2024 was lowered by the Oil and Gas Regulatory Authority (OGRA) on April 30.

The LPG tariffs were lowered by Rs 11.88 to Rs 238.46 per kilogram in accordance with the OGRA’s notice. On Wednesday, May 1, 2024, the new rates will go into effect.

In April of last year, the price per kilogram of LPG was Rs 250.34. pricing reduction of Rs 140.18 has resulted in a new pricing for home LPG cylinders set for May 2024 of Rs 2813.85.

The OGRA reported a drop in liquefied petroleum gas pricing in April. The price of LPG is now Rs 250.34 per kg instead of Rs 256.78 due to a reduction of Rs 6.44 per kg.

The price of the household cylinder was fixed at Rs 2954.03 for the month of April, down from Rs 3030.12, a decrease of Rs 76.9.

Business

ADB delegation stops by FBR headquarters

Published

2 days ago

Farwa

Senior Director ADB Tariq Niazi oversaw the expedition, which also involved Sana Masood, Farzana Noshab, and Senior Public Sector Management Specialist Laisiasa Tora. The meeting included presentations from economists as well, according to an FBR press release.

The officers focused on structural and policy adjustments as they discussed the Domestic Resource Mobilization Program’s implementation at the meeting.

$300 million was given to the Pakistani government by ADB in December 2023 as a result of the hard work and dedication of FBR. Better laws, regulations, and institutional capability for the FBR were established by Sub-Program I.

With the $300 million in funding provided by the Asian Development Bank (ADB) to the Government of Pakistan in December 2023, the delegation conveyed satisfaction with the program’s effective launch.

The FBR also underlined how crucial digitization is to recording the economy and boosting productivity in a sustainable way.

In order to promote the Government of Pakistan’s Digital Tax Administration Project, both parties decided to look into measures to improve their cooperation.