Business

Bulls return to PSX after IMF greenlights govt’s circular debt plan

Published

1 year ago

Farwa

The bulls returned to the Pakistan Stock Exchange on Wednesday after the International Monetary Fund (IMF) approved the government’s plans to reduce the circular debt balance.

The benchmark KSE-100 Index closed the day on a positive note with gain of 797.78 points or 1.68% to settle at 48,227.60.

Bulls return to PSX after IMF greenlights govts circular debt plan

Arif Habib Limited’s Head of Research Tahir Abbas stated that for the last two days, bears were dominating the market as there was “selling pressure”.

Abbas said that the “selling pressure” was there as the investors were busy in profit taking and there was uncertainty with regard to the caretaker prime minister and who will take over from Finance Minister Ishaq Dar in the interim setup.

“Apart from that, there were question marks on circular debt due to which we saw selling in two days. This has reversed today and the market saw positive momentum,” he added.

Another reason for the bulls’ domination of the marker as per the expert was the finalisation of a caretaker setup. “Apart from that there was news that the IMF has given the go-ahead on the circular debt resolution due to which we saw across-the-board positive momentum.”

On the other hand, capital market expert Saad Ali said that the market rejuvenated after yesterday’s correction following the new development related to the energy sector.

“There was news that the IMF has approved the government’s plans to reduce the circular debt balance in the gas chain through the dividends of state-owned E&Ps,” said Ali.

A day earlier, the Cabinet Committee on Energy (CCOE) approved the revised Circular Debt Management Plan (CDMP).

It has been envisaged under the revised the CDMP that the quarterly tariff adjustments and fuel adjustments would be charged from consumers in a timely manner after raising the baseline tariff. There would be no untargeted subsidy for any sector.

Business

Minister of Finance Reaffirms Unwavering Support for APM Terminals Group in Effort to Strengthen Bilateral Cooperation

Published

23 hours ago

Farwa

Senator Muhammad Aurangzeb, Pakistan’s Minister of Finance, has promised the APM Terminals Group his full support in creating an environment that is both business-friendly and conducive to investment.

In Islamabad, he met with a group of APM terminals who had come to hear him speak. Keith Svendsen, CEO of APM Terminals, was in charge of the group.

Muhammad Aurangzeb, a senator from Pakistan, expressed his approval of APM Terminals’ investment plans.

Following last month’s signing of a memorandum of agreement to strengthen bilateral cooperation, the meeting’s emphasis was on the actions taken to date.

Business

Pakistan’s gold prices are declining.

Published

2 days ago

Farwa

Ten grams of 24 carat gold also had a price decrease of Rs. 1,115, from Rs. 239,026 to Rs. 237,911, while ten kilos of 22 carat gold saw a rise in price from Rs. 219,107 to Rs. 218.085.

The cost of ten grams of silver and one tola of silver stayed at Rs. 2,829.21 and Rs. 3,300, respectively.

As stated by the Association, the price of gold fell $13 to $2,670 on the global market.

On Monday, November 11, 24-karat gold prices fell to 3,771 Saudi Riyals (SAR) per tola in Saudi Arabia.

The price of 24-kar gold is SAR 10,067 per ounce, while 10 grams of the metal are being sold for SAR 3,237 in the kingdom, according to forex.pk.

Note: Since the prices were updated at 10:15 am on November 11, 2024, there may be some discrepancies in this post due to the dynamic nature of the gold market globally, especially in Saudi Arabia.

As the markets anticipate the Federal Reserve to take a cautious stance under U.S. President-elect Donald Trump’s administration, gold prices fell for a second session on Monday due to a stronger dollar and heightened risk appetite.

As of 09:27 GMT, spot gold was down 0.6% to $2,666.48 an ounce. The price of US gold futures dropped 0.8% to $2,673.20.

“A stronger U.S. dollar, rising Treasury yields, and increased risk appetite in financial markets are the main reasons why gold prices have declined — a trend that has gained momentum since Donald Trump’s victory in last week’s presidential election,” said Ricardo Evangelista, senior analyst at ActivTrades.

Business

Prices for cooking oil and ghee have increased in Pakistan.

Published

2 days ago

Farwa

Details show that although the price of ghee increased to Rs 550, the price of cooking oil increased by Rs 30 to Rs 560.

The market vendors said that the cost of Karachi-branded ghee had increased by an astounding Rs 120 over the past month, to Rs 500.

The Sensitive Price Indicator (SPI), which measures weekly inflation, increased by 0.28 percent for all consumer categories during the week ending October 17, according to a report released by the Pakistan Bureau of Statistics (PBS) on October 18.

In the aforementioned group, the SPI for the week under review was 319.79 points, compared to 318.91 points the previous week, according to the PBS statistics.

In the week under examination, the SPI for the combined consumption group increased by 15.02 percent compared to the same week last year.

51 important goods for all expenditure groups and 17 urban centers are covered by the weekly SPI with base year 2015–16 = 100.

Additionally, the SPI for the lowest consumption category, which is up to Rs 17,732, increased by 0.27 percent from 312.91 points last week to 313.74 points.