Business

KSE-100 soars despite negative cues

Published

2 years ago

Farwa

Optimistic investor spirits drive the flow of funds to index-heavy sectors.
KSE-100 index surge 591.27 points to settle at 44,928.83.
Shares of 362 were traded during the session.

KARACHI: The Pakistan Stock Exchange (PSX) bounced back on Thursday as the benchmark KSE-100 surged by nearly 600 points supported by late-session buying.

Anticipation of encouraging financial results allowed investors to cherry-pick stocks that had dropped to attractive valuations following multiple rounds of hammering in the past month owing to rising political uncertainty in the country.

Optimistic investor spirits drove the flow of funds to index-heavy sectors and all heavyweights closed with modest gains.

The market players also ignored concerns raised by Moody’s regarding a negative rating due to the no-confidence motion submitted against Prime Minister Imran Khan.

Meanwhile, during the month of March, the benchmark KSE-100 index rose 1.1% as positivity returned to the bourse despite deafening political noise and the commencement of a military war between Russia and Ukraine.

At the close, the KSE-100 index surged 591.27 points, or 1.33%, to settle at 44,928.83 points.

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

Arif Habib Limited in its post-market commentary noted that the market witnessed positive momentum along with improved trading volumes today.

“The benchmark KSE-100 index stayed in the green zone,” it stated, adding that investors seemed to be optimistic on the ground of decline in international oil prices and expectation of upcoming good financial results in cement stocks.

Meanwhile, on the flip side activity remained healthy in third-tier stocks.

Sectors contributing to the performance included technology (+118.2 points), fertiliser (+87.1 points), banks (+67.7 points) and cement (+41 points).

Shares of 362 were traded during the session. At the close of trading, 273 scrips closed in the green, 75 in the red, and 14 remained unchanged.

Overall trading volumes rose to 344.13 million shares compared with Tuesday’s tally of 268.91 million. The value of shares traded during the day was Rs7.8 billion.

K-Electric was the volume leader with 56.07 million shares traded, gaining Rs0.03 to close at Rs3.14. It was followed by Treet Corporation with 34.44 million shares traded, gaining Rs2.20 to close at Rs33.93, and Telecard Limited with 27.29 million shares traded, gaining Re1 to close at Rs14.17.

Business

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

Published

14 hours ago

Farwa

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.

Business

Weekly inflation in Pakistan increased by 0.17 percent.

Published

14 hours ago

Farwa

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.

Business

The price of gold has drastically dropped in Pakistan.

Published

2 days ago

Farwa

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.