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Stocks rally as KSE-100 crosses 62,000 milestone

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KARACHI: The Pakistan Stock Exchange (PSX) maintained a bullish run on the opening day of the week as it breached the 62,000 milestone, with hopes of the market continuing the positive momentum.

The benchmark KSE-100 index reached 62,912.61 points during the intraday trading. However, it closed lower at 62,493.05 points after gaining 801.80 points or 1.30%, up from yesterday’s close of 61,691.25 points.

Raza Jafri, head of equity at Intermarket Securities, said that despite the Consumer Price Index (CPI) for November showing high inlfation, some market participants expect a rate cut in next week’s Monetary Policy Committee’s (MPC) meeting.

He added that cheap energy stocks were also attracting interest in hopes of improvement in circular debt, adding that there is “still a lot of room for money to rotate from fixed income into equities and it may have started to happen”.

Stocks ended last week on a triumphant note, with the benchmark index clinching a fresh all-time high on Friday, buoyed by a surge in foreign portfolio investment and a series of encouraging economic indicators, including a strengthened rupee following the rollover of a $3 billion deposit by Saudi Arabia.

“Stocks closed a new all-time high amid rupee stability after Saudi deposit rollover, strong key economic data and surging foreign portfolio investment,” said analyst Ahsan Mehanti at Arif Habib Limited.

“The reports of $30 million net FIPI over 6 year high during November 2023, and government deliberations over privatisation of ailing SOEs played a catalytic role in the record close.”

Overall trading volumes reached 734.2 million shares compared with Friday’s tally of 531.3 million. The value of shares traded during the day was Rs31.6 billion.

Shares of 390 companies were traded. Of these, 249 stocks closed higher, 122 fell, and 19 remained unchanged.

WorldCall Telecom was the volume leader trading in 57.07 million shares, gaining Rs0.03 to close at Rs1.57. It was followed by Fauji Cement with 41.9 million shares, gaining Rs1.21 to close at Rs20.07, and Oil & Gas Dev with 23.8 million shares, gaining Rs5.20 to close at Rs115.39.

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April FDI in Pakistan increased to $358.8 million, according to SBP

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The inflow for April was $358.8 million, up 177% from $132 million in April FY23. Still, that was 39% more than the $258 million from March.

China was the largest investor, with $439.3 million in FDI from the nation between July and April of FY24—the greatest amount—as opposed to $604 million during the same period of FY23. In April, China accounted for $177 million of the total investment.

With $51.93 and 51.89 million invested in Pakistan, the United Arab Emirates and Canada came in second and third, respectively.

The power industry was the main draw for foreign investors in FY24, which ran from July to April. This period’s FDI in the power industry was $637.5 million, compared to $776.2 million the previous year. From $338 million to $460 million this year, Hydel Power garnered more attention.

Continue reading: In FY23–24, Pakistan’s per capita income increased to $1680.

According to a separate data released on Wednesday, Pakistanis’ per capita income increased to $1680 in FY2023–2024.

The size of the national economy grew from $341 billion to $375 billion in the current fiscal year, according to figures made public by PBS.

Throughout this fiscal year, Pakistanis’ yearly per capita income increased by Rs 90,534; the monthly rise was Rs 7,544.

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OGRA forbids the purchase or sale of inferior LPG cylinders.

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The 313 LPG marketing and 19 cylinder-producing companies received notices from the OGRA, which described the act of refilling inferior LPGO cylinders as harmful.

Avoid supplying LPG to unlicensed distributors, the OGRA has cautioned LPG marketing companies. Only approved distributors will be able to sell and buy LPG going forward, per the notification, which states that new SOPs have been developed for the LPG industry.

Additionally, the warning said that the decision was made in an effort to preserve both lives and the business in response to an increase in cylinder blast occurrences.

Price reductions of Rs 20 per kilogramme for liquefied petroleum gas (LPG) were implemented in Quetta on May 3.

There is a reduction of Rs 20 on LPG prices, which means that the price per kilogramme drops from Rs 280 to Rs 260.

The costs of LPG were reduced by Rs 20 per kilogramme earlier, bringing the total decrease to Rs 40 per kilogramme over a few weeks. This is something worth noticing.

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PIA announces a significant student discount.

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According to an airline spokesman, the national flag carrier has recently raised the baggage allowance to 60 kg.

Currently, PIA flies one flight per week on Sundays between Islamabad and Beijing.

The discount may be useful to students who intend to spend their summer vacations in Pakistan or who wish to return home after earning their degrees.

Before, students who wanted to visit China could now receive a 27% reduction on their fares through PIA.

On Eid ul Fitr, the national flag airline also reduced the cost of domestic flights by 20% for both economy and executive economy classes.

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