Business

Stocks close in green amid thin trade

Published

2 years ago

Farwa

Stock market traded between hope and despair.
KSE-100 index gains 30.95 points to close at 42,761.19.
Shares of 334 companies were traded during the session.

KARACHI: Pakistan Stock Exchange (PSX) saw lacklustre activity on Monday but the benchmark KSE-100 index, after oscillating in a narrow band, managed to close in the green zone.

Sceptical investors adopted a cautious approach amid the continuous depreciation of the Pakistani rupee against the US dollar, mainly owing to the growing risk of defaulting and the absence of a timeframe regarding incoming financing from Saudi Arabia and China, which kept the mainboard stocks under pressure.

On the contrary, investor confidence received a boost on news of Pakistan’s current account deficit data which yawned $204 million in October 2022 as compared to September’s $363 million.

Owing to the mixed sentiments, the benchmark KSE-100 index moved in a narrow range of an intra-day high and low of 42,853.94 and 42,664.53 points, respectively to finally settle with decent gains.

The market, after opening on a positive note, witnessed fluctuations since the beginning of the session. The bourse traded between hope and despair, which eventually let loose the bulls who dragged the bourse into the green.

In initial trading, the index touched an intra-day high of 42,853.94 points, but it soon came down and remained in the red till midday. However, a buying spree in the final hour propelled the index into positive territory.

The benchmark KSE-100 share index gained 30.95 points or 0.07% to close at 42,761.19 points.

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

Arif Habib Limited in its post-session commentary noted that a range-bound session was witnessed at the PSX today.

The KSE-100 index opened on a positive note but a lack of investors’ confidence dragged the index to trade in a narrow range. Mainboard volumes remained dry although decent volumes were observed in the third-tier stocks.

Sectors contributing to the performance included technology and communication (+97 points), commercial banks (+17 points), miscellaneous (+9.7 points), transport (+6.4 points), and oil and gas marketing companies (+6 points).

Shares of 334 companies were traded during the session. At the close of trading, 150 scrips closed in the green, 156 in the red, and 28 remained unchanged.

Overall trading volumes declined to 132.94 million shares compared with Friday’s tally of 189.28 million. The value of shares traded during the day was Rs4.57 billion.

Worldcall Telecom was the volume leader with 14.12 million shares traded, losing Rs0.04 to close at Rs1.41. It was followed by TRG Pakistan with 10.23 million shares traded, gaining Rs5.02 to close at Rs146.57 and Unity Foods with 17.13 million shares gaining Rs0.41 to close at Rs17.13.

Business

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

Published

23 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

23 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.