Connect with us

Business

PSX nosedives by over 800 points amid political uncertainty

Published

on

The Pakistan Stock Exchange (PSX) on Tuesday plunged by over 800 points during intra-day trade amid uncertainty on the political front.

At 11:59am, the benchmark KSE-100 Index dropped by 742 points, or 1.81%, to settle at 40,228 points.

KSE-100 Index at 11:59am. — Screengrab/PSX

However, a few minutes later the drop crossed the 800 mark. The market was hovering at 40,164 points down by 1.97%.

KSE-100 Index at 12:34pm. — Screengrab/PSX
KSE-100 Index at 12:34pm. — Screengrab/PSX

Speaking to Geo.tv, AA Commodities Director Adnan Agar said the stock market is reacting to all “bad political news”.

“Players are looking for political stability before assuming fresh positions in the market,” he said, adding that any positive news on political front or positive development regarding IMF programme will reinstate investors confidence.

Pakistan and the global lender have been holding discussion with Islamabad on the ninth review “productive”. However, differences between both the sides still persist making consensus harder to strike on a staff-level agreement for completion of the 9th review under $7 billion Extended Fund Facility (EFF).

Agar further highlighted that market players are also concerned about the future of the Shehbaz Sharif-led coalition government while taking into account the current political developments.

The federal government has been thrown off guard after Imran Khan announced that he will be dissolving the Punjab and Khyber Pakhtunkhwa assemblies this week.

“Moreover, constant depreciation of rupee against the US dollar is adding fuel to the downtrend,” he said, mentioning that the investors are unhappy with how Finance Minister Ishaq Dar is handling the rupee-dollar parity.

Business

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

Published

on

By

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.

Continue Reading

Business

Weekly inflation in Pakistan increased by 0.17 percent.

Published

on

By

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.

Continue Reading

Business

The price of gold has drastically dropped in Pakistan.

Published

on

By

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.

Continue Reading

Trending