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PSX gains 729 points, closes at 39,784 points

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PSX gains 729 points, closes at 39,784 points

The 100-index of the Pakistan Stock Exchange (PSX) continued with bullish trend on third consecutive day on Wednesday, gaining 729.25 points, a positive change of 1.87 percent, closing at 39,784.90 against 39,055.65 points the previous day.

A total of 269,493,715 shares were traded during the day as compared to 179,760,927 shares the previous day, whereas the price of shares stood at Rs10.574 billion against Rs6.368 billion on the last trading day.

As many as 339 companies transacted their shares in the stock market; 225 of them recorded gains and 92 sustained losses, whereas the share price of 22 companies remained unchanged.

The three top-trading companies were WorldCall Telecom with 20,618,001 shares at Rs 1.19 per share, TPL Properties with 14,463,924 shares at Rs15.99 per share, and Pak Petroleum with 13,282,160 shares at Rs80.17 per share.

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Rafhan Maize witnessed a maximum increase of Rs485.91 per share price, closing at Rs8,381.75, whereas the runner-up was Sapphire Tex with a Rs476.35 rise in its per share price to Rs1,094.35.

Philip Morris Pak witnessed a maximum decrease of Rs42.72 per share closing at Rs527.03, followed by Ismail Ind with Rs.37.50 declines to close at Rs462.50.

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Finance ministry cites higher inflation, external debt payments as risks

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Finance ministry cites higher inflation, external debt payments as risks

 The Ministry of Finance has again warned that Pakistan will continue facing multiple challenges mainly because of higher inflation and external debt repayments.

In its monthly economic update and outlook for May, the ministry, however, hoped that the inflation would peak at 34 percent to 36 per cent and start easing thanks to reduction in international commodity prices – thus absorbing the negative impact of currency depreciation.

The global commodity prices witnessed a 14 per cent reduction in the first quarter of 2023 and were roughly 30 per cent lower than their historic peak in June 2022 by March-end.

Moreover, the better crop outlook resulting from measures like Kissan Package and the recent reduction in POL prices would help achieve price stability.

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However, the continued rise in prices during May is due to flood damages, disruptions in supply chains, devaluation brought by the macro-economic imbalances and political uncertainty.

Pakistan’s economy experienced 0.29 per cent provisional GDP growth in the fiscal year 2022-23 on account of many challenges emanating from the uncertain external and domestic economic environment, the ministry noted.

“The challenges triggered CPI inflation to remain on a higher trajectory despite monetary tightening primarily due to the rupee depreciation. External payments also remained burdened due to lesser foreign exchange inflows.”

According to the ministry, tax collection by the Federal Board of Revenue (FBR) by 16.1 per cent during the July-April period but remained less than the target.

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NEPRA approves Rs1.60 hike in power tariff for April

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NEPRA approves Rs1.60 hike in power tariff for April

 The National Electric Power Regulatory Authority (NEPRA) on Wednesday approved an increase of Rs1.60 per unit in the electricity prices.

The price hike comes in shape of monthly Fuel Charges Adjustment (FCA) for April after the Central Power Purchasing Agency (CPPA) requested an increase of Rs2.01. However, the NEPRA ascertained an Rs.160 per unit upward adjustment.

All the consumers of various power distribution companies (Discos) except those falling in the lifeline category would be affected by the move.

Moreover, the latest price hike isn’t applicable to the consumers covered by K-electric, which supplies electricity to Karachi and some surrounding areas.

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Pakistan censures IMF for interfering in domestic affairs

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Pakistan censures IMF for interfering in domestic affairs

State Minister for Finance and Revenue Dr Aisha Ghaus Pasha on Wednesday censured the International Monetary Fund (IMF) over its “interference” in Pakistan’s internal matters, a day after the comments passed by a top official of the international lender.

She described terming IMF Mission Chief for Pakistan Nathan Porter’s statement — regarding the political situation in the country — “extraordinary”. Pakistan’s conduct was in line with the law, the state minister said.

However, Dr Pasha Dr Pasha confirmed that Prime Minister Shehbaz Sharif contacted IMF Managing Director Kristalina Georgieva and assured her that Pakistan would meet all the obligations.

When asked about Pakistan’s plan of action in case it fails to convince the fund before the expiry of the programme on June 30, she said the finance ministry was not sitting with its eyes closed.

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“There is always a Plan B but out priority is to revive the IMF programme,” Dr Pasha said, adding that the delay in agreement was not in the interests of both Pakistan and the IMF.

On Tuesday, Porter had said, “We take note of recent political developments, and while we do not comment on domestic politics, we do hope that a peaceful way forward is found in line with the Constitution and the rule of law.”

He also said that they were engaging with Pakistan to pave the way for the international lender’s board meeting and talks would focus on the budget for next financial year.

Porter’s statement also had a long list of demands including restoration of foreign exchange proper market functioning, keeping in mind programme goals in preparation of the upcoming budget, and adequate financing.

He said broadly speaking, “overcoming the present economic and financial challenges would require sustained policy efforts and reforms for Pakistan to regain strong and inclusive private-led growth.”

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