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PSX witnesses with bullish trend, gains 612 points

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PSX witnesses with bullish trend, gains 612 points

The 100-index of the Pakistan Stock Exchange (PSX) continued with bullish trend on Tuesday, gaining 612.06 points, a positive change of 1.59 percent, closing at 39,055.65 against 38,443.59 points the previous day.

A total of 179,760,927 shares were traded during the day as compared to 81,287,333 shares the previous day, whereas the price of shares stood at Rs6.368 billion against Rs2.809 billion on the last trading day.

As many as 326 companies transacted their shares in the stock market; 225 of them recorded gains and 74 sustained losses, whereas the share price of 27 companies remained unchanged.

The three top-trading companies were Pak Petroleum with 13,159,970 shares at Rs78.15 per share, Maple Leaf with 12,487,144 shares at Rs20.50 per share, and WorldCall Telecom with 11,869,660 shares at Rs1.14 per share.

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Pak Services witnessed a maximum increase of Rs146.67 per share price, closing at Rs2,130.00, whereas the runner-up was Reliance Cotton with a Rs48.75 rise in its per share price to Rs698.75.

Sapphire Tex witnessed a maximum decrease of Rs82.00 per share closing at Rs1,018.00, followed by Wah-Noble with Rs.11.45 declines to close at Rs147.50.

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Nepra approves Rs3.28 per unit increase in power tariff

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Nepra approves Rs3.28 per unit increase in power tariff

The National Electric Power Regulatory Authority (Nepra) has approved Rs3.28 per unit increase in power tariff on the account of fuel cost adjustment for fourth quarter of fiscal year 2022-23.

The regulatory body has sent his decision to the federal government for final approval. The increase in electricity prices will come into effect immediately after it is approved by the government.

The distribution companies (Discos) would recover Rs159 billion from consumers during the period of six months (October 2023 to March 2024).

The revised rate will be applicable on all customers.

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Inflation goes up as people feel effects of fuel price hikes

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Inflation goes up as people feel effects of fuel price hikes

Food and fuel prices continue fuelling inflation in Pakistan as the Sensitive Price Indicator (SPI) for the week ended September 21 witnessed a 0.93 per increase amid the complete government failure to check the rates.

Read more: Food prices owing to weaker rupee, supply shortages will push Pakistan inflation: ADB

The latest data released by the Pakistan Bureau of Statistics (PBS) shows that chicken price had jumped by 8.49pc followed by petrol 8.51pc, diesel 5.54pc garlic 5.19pc and onion 3.02pc.

At the same time, the year-on-year increase in SPI stood at 38.66pc when compared with the corresponding week of last year.

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Read more: More food inflation as fuel price hikes increase production, transportation costs

The rising inflation in Pakistan urgently needs government intervention and a study of how different governments are dealing with the challenge. Tax on cut on food items is one of methods.

Read more: Fighting the food inflation: From net-zero VAT to supermarkets seeking price cuts

Earlier this week, the Asian Development Bank (ADB) had warned that average inflation in Pakistan will soar to 29.2 per cent caused by supply shortages, continued currency depreciation, import restrictions, and fiscal stimulus for post-pandemic recovery.

Meanwhile, the rising food prices shouldn’t be a surprise given that the regular fuel price hikes are increasing the production and transportation costs.

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The main reason behind the persistent inflation in Pakistan is devaluation as the rupee had dropped to the record against the US dollar – a trend that is being reversed somewhat amid a crackdown on blacking marketers on hoarders.

However, the exchange rate is still too high, requiring further correction, as the people have also been hit hard for power and gas tariffs as the conditions set by the International Monetary Fund (IMF).
 

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Power tariff hikes: The more you devalue rupee, the more capacity charges you pay

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Power tariff hikes: The more you devalue rupee, the more capacity charges you pay

Devaluation – a process that started under former finance minister Miftah Ismail in late 2017 and late 2018 but gained momentum under the PTI government – is the root cause of inflation shouldn’t be a contested statement as it has made imports even more expensive for Pakistan.

And that’s countries like Pakistan are the worst affected due the rising commodities prices in global market as weaker currencies mean the overall impact is much deeper for them than the rest.

Read more: Rupee collapse is the reason behind all ills Pakistan is facing

This argument was endorsed by none other a high-ranking government official – Power Division Secretary Rashid Langrial who said on Monday that the capacity [charges] payment had doubled after the dollar exchange rate increased from Rs100 to Rs300, thus resulting in skyrocketing electricity tariffs for consumers. 

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