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

IMF does not list Pakistan till September 18.

Published

21 hours ago

Farwa

Pakistan’s 37-month Extended Fund Facility Arrangement (EFF) of around $7 billion is not included in the IMF schedule for the executive board meeting, which is scheduled for September 9, 13, and 18. This information is based on the Fund’s website.

A deal on the 37-month loan package was agreed in July between Pakistan and the IMF.

The Fund’s Executive Board must approve the new programme before it can be implemented, but it should allow Pakistan to “cement macroeconomic stability and create conditions for stronger, more inclusive, and resilient growth,” the statement reads.

“The programme aims to capitalise on the hard-won macroeconomic stability achieved over the past year by furthering efforts to strengthen public finances, reduce inflation, rebuild external buffers, and remove economic distortions to spur private sector-led growth,” the IMF statement stated, citing Nathan Porter, the head of the Fund’s mission to Pakistan.

Notably, the administration is allegedly trying to get important allies like China, Saudi Arabia, and the United Arab Emirates (UAE) to roll over $12 billion in loans.

Business

It is anticipated that 150 ships would arrive at Gwadar by the year 2045, allowing the port to handle fifty percent of all imports.

Published

5 days ago

Farwa

In an effort to strengthen the port’s economic importance, the Federal Government has made the decision to direct fifty percent of all imports from the public sector to Gwadar Port.

By taking this action, which has the backing of the Special Investment Facilitation Council, the port’s financial situation is going to be improved.

The Cabinet will be presented with a summary of imports through Gwadar by the Ministry of Maritime Affairs, which will take place after Prime Minister Shehbaz Sharif’s recent trip to China.

When the next Cabinet Meeting takes place, Ahsan Iqbal, the Federal Minister for Planning, Development, and Special Initiatives, will examine the Chinese offer for the Karachi to Hyderabad Section of the ML-1 Project and bring it to the Cabinet.

Company preparations for the Shanghai International Import Expo, which will take place in November 2024, are being made by the Board of Investment and the Ministry of Commerce of Pakistan.

One of the most important aspects of the China-Pakistan Economic Corridor is the Gwadar port, which serves as a significant commerce route connecting China, the Middle East, Africa, and Europe. At this time, the Gwadar Port is able to accommodate two huge ships, and by the year 2045, it is anticipated that it would be able to handle up to 150 ships.

By developing the Gwadar Port, regional connectivity would be improved, employment will be created, and international investment will be attracted.

Business

The price of gold in Pakistan has experienced a significant surge.

Published

5 days ago

Farwa

Gold prices in Pakistan surged significantly on Thursday following two consecutive days of decline, with the price per tola rising by Rs2,000 to reach Rs262,100. This increase was in accordance with the downward trend in international market values.

The All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) reported that the price of 10 grams of 24-karat gold rose by Rs1,714, reaching Rs224,708.

Conversely, the world gold market experienced an upward trajectory. According to the APGJSA, the global price of gold surged to $2,503 per ounce following a $22 gain during the trading session.

The local market experienced a significant decline in silver prices, decreasing from Rs50 to Rs2,900 per tola after a prolonged period.

The local market’s gold prices remain subject to the ever-changing dynamics of the international market, as well as domestic considerations such as currency exchange rates and domestic demand.