Business

PSX closes range-bound session in green

Published

2 years ago

Farwa

Market manages to close with minimal gain of 174.75 points or 0.43%.
Benchmark KSE-100 index closes at 41,054.68 points.
Shares of 315 companies were traded during session.

KARACHI: The Pakistan Stock Exchange (PSX) Tuesday witnessed a range-bound session despite negative cues that dented sentiments of other financial markets.

The stock market opened in the green, however, it soon succumbed to the selling pressure as the bears staged a comeback and held a firm grip during the session. However, the market managed to close with minimal gains.

At close, the benchmark KSE-100 index closed at 41,054.68 points with a gain of 174.75 points or 0.43%.

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

According to Arif Habib Limited, the PSX observed a positive session due to the expectations of Pakistan’s exclusion from the grey list of Financial Action Task Force (FATF).

The KSE-100 index stayed in the green zone as investors opted for value hunting in the oil marketing companies (OMCs), exploration and production and cement sectors.

The volumes remained sluggish on the main board whereas third-tier stocks witnessed healthy volumes.

Sectors contributing to the performance include Banks (+52.6 points), exploration and production (+43.2 points), OMCs (+32.1 points), technology (+28.4 points) and fertiliser (+15.6 points).

Shares of 315 companies were traded during the session. At the close of trading, 163 scrips closed in the green, 128 in the red, and 24 remained unchanged.

Overall trading volumes rose to 120.12 million shares compared with Monday’s tally of 163.79 million. The value of shares traded during the day was Rs3.36 billion.

Unity Foods Limited was the volume leader with 8.18 million shares traded, losing Rs0.12 to close at Rs20.05. It was followed by K-Electric Limited with 7.42 million shares traded, gaining Rs0.02 to close at Rs2.57 and Hum Network Limited with 7.27 million shares traded, gaining Rs0.08 to close at Rs7.16.

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.