Business

KSE-100 extends gains with 79-point rise

Published

2 years ago

Farwa

Index gains despite sluggish activity throughout the day.
KSE-100 index closes at 39,972.64 points.
Shares of 321 companies were traded today.

KARACHI: The Pakistan Stock Exchange (PSX) extended gains on Wednesday despite sluggish activity throughout the day as the benchmark KSE-100 index gained nearly 80 points.

Federal Minister for Finance and Revenue Miftah Ismail assured that there is no risk of Pakistan defaulting anymore, which sparked positive momentum at the PSX.

Earlier, trading kicked off with a spike with the index surpassing the 40,000-point mark in the first hour of the session.

However, the gloomy scenario on the back of the depreciating Pakistan rupee and political uncertainty in the wake of the Supreme Court’s verdict in the Punjab CM election shook investor confidence. The index dived by the end of the session.

At close, the benchmark KSE-100 index closed at 39,972.64 points with an increase of 78.59 points or 0.20%.

Benchmark KSE-100 index intra-day trading curve. — PSX data portal

A report from Arif Habib Limited stated that PSX continued to remain under pressure throughout the day due to concerns regarding uncertain economic situations.

The benchmark KSE-100 index witnessed a volatile session as investors opted to remain sideways as the Pakistani rupee continued its freefall against the US dollar.

Mainboard volumes remained dry whereas decent volumes were observed in the third-tier stocks.

Sectors contributing to the performance included banks (+76.9 points), chemicals (+54.2 points), technology (+27.5 points), engineering (+14.4 points), and cement (+10.1 points).

Shares of 321 companies were traded during the session. At the close of trading, 153 scrips closed in the green, 141 in the red, and 27 remained unchanged.

Overall trading volumes dropped to 121.57 million shares compared with Tuesday’s tally of 131.86 million. The value of shares traded during the day was Rs4.19 billion.

Lotte Chemical was the volume leader with 10.21 million shares traded, gaining Rs1.50 to close at Rs28.50. It was followed by WorldCall Telecom with 9.26 million shares traded, losing Rs0.02 to close at Rs1.18 and TPL Properties with 9.01 million shares traded, losing Rs0.05 to close at Rs17.27.

Business

Pakistan’s gold prices continue to decline.

Published

3 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

3 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

3 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.