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KSE-100 falls over 200 points as political uncertainty rattles market

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  • At close, benchmark KSE-100 index lost 200 points, or 0.46%, to end session at 43,653.33 points.
  • Stocks of 332 companies were traded, of which 110 gained in value, 205 declined, and 17 remained unchanged.
  • Arif Habib Ltd says market had opened in green zone and stayed volatile throughout day.

KARACHI: The Pakistan Stock Exchange (PSX) ended the week on a negative note with benchmark KSE-100 closing in the red due to the political unrest in the country in the backdrop of the no-confidence motion against Prime Minister Imran Khan.

The recovery of the rupee against the US dollar, remittances data, and decline in the international oil prices failed to attract market participants, who remained wary of the overall political situation.

At close, the benchmark KSE-100 index lost 200 points, or 0.46%, to end the session at 43,653.33 points.

Arif Habib Limited, in its post-market commentary, noted that the market had opened in the green zone and stayed volatile throughout the day. It added that the range-bound session was observed due to the “political unrest and overheated commodities cycle”.

Sectors contributing to the performance included commercial banks (-43.0pts), exploration and production (-42.0pts), cement (-40.1pts), power (-30.0pts) and oil marketing companies (-19.5pts).

Stocks of 332 companies were traded, of which 110 gained in value, 205 declined and 17 remained unchanged.

Overall trading volumes dropped to 149.29 million shares compared with Thursday’s tally of 271.90 million. The value of shares traded during the day was Rs5.26 billion.

TPL Properties was the volume leader with 12.27 million shares traded, losing Rs1.26 to close at Rs22.46. It was followed by Pak Elektron with 11.9 million shares traded, losing Rs0.67 to close at Rs1.82, and TPL Corporation with 9.39 million shares traded, gaining Rs0.03 to close at Rs10.06.

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An investigation was “launched” into PTA’s inability to get Rs. 78 billion back from Telcos

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The PTA has reportedly been instructed to reply to NAB by July 29. According to the enquiry, the national exchequer has suffered losses as a result of the delay in collecting dues.

The PTA has been asked to provide NAB with information about any pertinent records, court proceedings, and overdue bills. The NAB Karachi has summoned the PTA officials to appear with all pertinent documentation.

All of the principle sum has to be paid by the LDI firms, according to sources. But due to judicial stay orders, the collection of dues has been impeded.

These sources further state that a steering group has been established by the Ministry of IT to supervise the issue of dues recovery.

In a previous event, the tariffs levied on importing cell phones from outside were clarified by the Pakistan Telecommunication Authority (PTA).

Contrary to what some internet reports claim, PTA clarified in response to recent news regarding the tariffs on mobile phone imports that there hasn’t been a formal decision to remove these levies in Pakistan.

the PTA.Pakistanis living abroad will be the only ones free from these levies, according to the PTA. A SIM card can be inserted and the phone restarted to temporarily register a device for non-PTA mobile subscribers.

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Weekly inflation in Pakistan increased by 0.17 percent.

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The SPI for the week under review in the aforementioned group was reported at 321.95 points, as opposed to 321.40 points during the previous week, according to the PBS statistics.

The SPI for the combined consumption group saw a 20.09 percent increase in the week under review compared to the same week the previous year.

The weekly SPI includes 51 necessary items for every spending group and 17 urban areas, with a base year of 2015–16 = 100.

The SPI for the lowest consumption category, which is up to Rs 17,732, grew by 0.08 percent from 311.97 points to 312.22 points this past week.

0.18 percent,The index of consumption for the lowest consumption groups, which are Rs 17,732-22,888, Rs 22,889-29,517, Rs 29,518-44,175 and above Rs 44,175; increased by 0.13 percent, 0.15 percent, 0.18 and 0.19 percent, respectively.

Nineteen (37.25%) of the fifty-one commodities had price increases over the week, eight (15.69%) had price decreases, and twenty-four (47.06%) had unchanged pricing.

On a weekly basis, the following commodities saw significant price decreases: tomatoes (9.19%), onions (2.14%), LPG (1.04%), bananas (0.53%), wheat flour (0.35%), potatoes (0.17%), pulse masoor (0.16%), and bread (0.05%).

Chicken (4.80%), garlic (2.01%), pulse gramme (1.87%), eggs (1.71%), beef (0.93%), gur (0.89%), pulse moong (0.84%), fresh milk (0.45%), firewood (0.23%), and cigarettes (0.12%) were among the items whose average prices increased significantly week over week.

The commodities that saw a year-over-year decline were: wheat flour (31.75%); cooking oil (13.44%); vegetable ghee 2.5 kg (10.42%); vegetable ghee 1 kg (9.85%); mustard oil (8.33%); eggs (5.82%); rice basmati broken (4.15%); and tea package (2.52%).

Gas prices for Q1 (570.00%), onions (96.01%), pulse gramme (40.39%), powered milk (39.11%), garlic (34.61%), pulse moong (29.77%), men’s sandals (25.01%), beef (23.52%), salt powder (23.28%), pulse mash (22.50%), and energy saver (17.96%) were among the commodities whose average prices increased year over year.

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The price of gold has drastically dropped in Pakistan.

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As per the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the cost of 24-karat gold per tola decreased by Rs 2,300, standing at Rs 250,500.

A kilogramme of 24-karat gold costing Rs1,972 less at the local market, making it worth Rs2114,763. Ten grammes of 22-karat gold had a price decrease to Rs196,866 as well.

After losing a significant $43 during the day, the rate per ounce of gold on the international market also decreased. It currently stands at $2,370.

On Thursday, the price of 24-karat silver also experienced a decline, falling by Rs60 to settle at Rs2,860 petal.

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