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Trading volumes drop to 20-month low at PSX

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  • Political unrest, rupee depreciation add to woes of local investors.
  • KSE-100 index sheds 286.44 points to settle at 43,366.89.
  • Shares of 334 companies were traded during the session.

 KARACHI: Trading volumes at the Pakistan Stock Exchange (PSX) dropped to a 20-month low on Monday with 115 million shares changing hands during the trading session.

Overall trading volumes declined to 115.11 million shares compared with Friday’s tally of 149.29 million. The value of shares traded during the day was Rs3.64 billion.

The lacklustre performance at the bourse was witnessed due to rising political unrest in the country in the wake of a no-confidence motion against Prime Minister Imran Khan.

Moreover, the depreciation of the Pakistani rupee against the US dollar — which dropped to an all-time low of Rs178.98 — coupled with rising commodity prices in the international market added fuel to the downtrend.

Investor interest was mostly witnessed in the fertiliser sector over increasing urea prices where Engro Fertiliser, Fauji Fertiliser and Fauji Fertiliser Bin Qasim closed on a higher note

At the close, the benchmark KSE-100 index shed 286.44 points, or 0.66%, to settle at 43,366.89 points.

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

Arif Habib Limited in its post-market commentary noted that a range-bound session was observed today due to political unrest.

“The market opened in the green zone and stayed volatile throughout the day,” it said, adding that mainboard activity remained dull.

On the flip-side, activity continued to remain side-ways as the market witnessed hefty volumes in the third-tier stocks. The brokerage house stated that in the last trading hour, across the board selling was witnessed which led the index to close in the red zone.

Sectors contributing to the performance included exploration and production (-57.7 points), banks (-56.7 points), cement (-56.5 points), technology (-52.2 points) and power (-29 points).

Shares of 334 companies were traded during the session. At the close of trading, 79 scrips closed in the green, 242 in the red, and 13 remained unchanged.

Flying Cement was the volume leader with 11.6 million shares traded, losing Rs0.10 to close at Rs0.16. It was followed by Pak Elektron with 8.14 million shares traded, gaining Rs0.18 to close at Rs2, and Ghani Global Holdings with 7.02 million shares traded, losing Rs0.64 to close at Rs14.68.

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

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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.

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Weekly inflation in Pakistan increased by 0.17 percent.

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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.

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The price of gold has drastically dropped in Pakistan.

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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.

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