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In advance of the 2024 elections, the PSX 100 index reinstates the 64,000 threshold.

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The Pakistan Stock Exchange (PSX) 100-Index hit the benchmark of 65051 points on Wednesday, ahead of the general elections of 2024, which are scheduled on February 8. This comes after an increase of 251 points.

The PSX 100 index gained 251 points, returning to its initial level of 64,000 points.

Regarding the payment of the circular debt, the caretaker administration is negotiating with the International Monetary Fund (IMF).

According to experts, investors are actively participating in the circular debt scheme, hoping that the international lender would sanction it.

More shares are being purchased by investors in the banking and oil and gas refinery industries.

In the case of any kind of unforeseen incident following the general election, experts projected that the market would respond well.

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Karachi’s street crimes see an 11% increase in 2023: HRCP

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Details indicate that the HRCP voiced concerns about the rising incidence of street crimes in Karachi in its most recent report.

According to the research, Karachi had an 11% increase in street crimes in 2023—from 80,000 in 2022 to over 90,000 in 2023.

In 2023, 134 persons lost their lives while fending off robberies and other events, according to the HRCP report, while hundreds more were hurt.

The research also claimed that 2,336 cars and almost 59,000 motorcycles were stolen from individuals in 2023.

The HRCP highlighted worries about the province of Sindh’s general status of law and order as well. It was reported that 3,296 police encounters occurred last year—the largest number of encounters in a single year in Sindh.

As a result of the recent spike in street crime incidences in Karachi, the Inspector General of Police (IGP) has established a specialized squad and launched a targeted operation to combat the city’s criminal population.

The top police officers in the city conducted a high-level meeting under the direction of Inspector General of Police (IGP) Sindh, Ghulam Nabi Memon.

A team of 67 Karachi police officers—60 of whom will be sent from other districts—as well as seven elite SIU members were given the strategic task of managing the most critical cases by IGP Memon at the meeting.

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Business

Petrol prices are likely to drop significantly beginning May 16.

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According to sources, the government is set to decrease petrol prices by Rs 14 per litre and diesel prices by Rs 10 on May 16 for the next fortnight’s revision.

Last month, the government reduced the price of fuel and high-speed diesel by Rs5.45 and Rs8.42 per fortnight, respectively.

The current fuel price is Rs288.49 per litre, while the HSD price is Rs281.96.

Meanwhile, oil prices fell further on Monday, as signs of sluggish fuel consumption and comments from U.S. Federal Reserve officials dimmed optimism for interest rate reduction, which may slow growth and reduce fuel demand in the world’s largest economy.

Brent crude prices down 25 cents, or 0.3%, to $82.54 a barrel, while US West Texas Intermediate crude futures fell 19 cents, or 0.2%, to $78.07 per barrel.

Oil prices also declined on signals of poor demand, according to ANZ analysts, as gasoline and distillate inventories in the United States increased in the week before the start of the driving season.

Refiners throughout the world are dealing with falling diesel profitability as new refineries increase supply and warm weather in the northern hemisphere and weak economic activity reduce demand.

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IHC suspends the naan and roti price reduction notification.

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The head of the Naanbai Welfare Association petitioned IHC Justice Tariq Mahmood Jahangiri.

In their petition, the Naanbai Welfare Association said that the controller general reduced the price of roti from Rs25 to Rs16 and naan from Rs30 to Rs20.

The association claimed that the relevant authorities did not consult them before making the decision. He informed the court that the decision was made without their input and that the new pricing were too low.

The district administration official informed the court that the controller of general pricing and suppliers was given the authority to determine the prices of necessary commodities such as naan and roti.

Following a legislative modification, the functions were delegated to the controller general.

Barrister Umar Aijaz Gilani, the lawyer for the Naanbai Association, argued that the controller general’s powers were not governed by Section 3 as stated in the notification.

He noted that rent and grain prices are high in Islamabad. The court queried the Islamabad district government, which was the association, about the pricing of flour before lowering the costs. “Order was passed justice to make people happy.”

Later, the court ordered a detailed answer in the matter and stayed the notification of lowering the prices of naan and roti in Islamabad until May 6.

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