KSE-100 Index soars with record-breaking single-day gain of 3,411 points!

News Desk
-
0

Bulls added 3,411 points (↑ 4.69%) to the KSE – 100 Index to close at 76,208 level. Trading Turnover was recorded at 636Mn (117% Up) against the Traded Value of PKR 30.75Bn.

The Index remains bullish and recorded the highest points gain in a single session as the Investors welcomed the Budgetary measure in the Finance Bill FY-2024-25.

Sectors-wise, the Banks, E&P, Fertilizer, Cement, Power, Tech, Pharma, OMC, and Inv-Banking stocks added 3,170 points to the Index. While the Textile, Food, and Leasing stocks were the negative contributors.

Govt likely to reduce Petrol Price by up to Rs9/litre

News Desk
-
0

In a positive development for inflation-hit masses, the federal government could likely reduce the petrol price by up to Rs9 per litre from June 16, sources told Geo News on Thursday.

The price of diesel is expected to be reduced by Rs4 per litre, whereas kerosene oil rates are likely to be dropped by Rs2 per litre, the oil marketing companies (OMCs) sources added.

The final price will be calculated by the Oil and Gas Regulatory Authority (Ogra) and will be based on global petroleum rates on June 13 and 14.

Pakistan Aims for reaching IMF Staff-Level Agreement in July: FM Aurangzeb

News Desk
-
0

Finance Minister Muhammad Aurangzeb said Thursday the federal government was hopeful of reaching a staff-level agreement with the International Monetary Fund (IMF) in July after the budget was presented in line with the lender’s requirements.

The budget, which analysts believe has been tailored to meet IMF requirements for securing another bailout of $6 to $8 billion under the medium-term Extended Fund Facility (EFF), marks a 25% increase over the outgoing fiscal year’s outlay.

The discussion with IMF is moving in the right track […] we are hopeful and we aim to reach a staff-level agreement in July,” the finance minister told reporters during the post-budget press conference.

The minister said virtual discussions were underway with the Fund’s team and they’re exchanging views on the budget as well. “I don’t want to say anything in finality other than the fact that it’s moving positively.”

RDA inflows surged by 31% MoM in May

News Desk
-
0

Total inflows into Roshan Digital Accounts (RDA) reached $224 million in May 2024, bringing the cumulative total to $8.06 billion.

According to data from the State Bank of Pakistan, this represents an increase of $53 million compared to April’s inflows of $171 million.

For the cumulative period of 11MFY24, total inflows amounted to $1.71 billion, up from $1.62 billion in the same period last year.

The $155 million was repatriated and utilized locally in May, resulting in a $71 million increase in the Net Repatriable Liability of RDA. Of this, $9 million was repatriated and $145 million was used locally.

“Riding the Wave: KSE-100 Index Soars Amid Post-Budget Euphoria”

News Desk
-
0

The Pakistan Stock Exchange (PSX) opened on an overwhelmingly positive note in the post-budget session as the benchmark KSE-100 index crossed the 75,000 level during the trading session on Thursday. The Index gained over 2,500 Points during the session as the budget was inline with the IMF requirements.

Across-the-board buying was witnessed among key sectors including Banks, E&P, cement, Fertilizer, engineering, oil and gas marketing companies, Tech and Pharma stocks.

IMF and Pakistan has reached a staff level agreement on final bailout review

News Desk
-
0
IMF and Pakistan has reached a staff level agreement on final bailout review

The International Monetary Fund (IMF) has reached a staff-level agreement with Pakistan on the final review of a $3 billion bailout, where the country will receive $1.1 billion after approval from the Fund’s Executive Board.

In a statement, the IMF confirmed, “The agreement recognizes the strong program implementation by the State Bank of Pakistan and the caretaker government in recent months, as well as the new government’s intentions for ongoing policy and reform efforts to move Pakistan from stabilisation to a strong and sustainable recovery.”

Earlier, the fina­nce ministry had annou­nced the schedule of rev­iew talks to end on March 18. However, inf­ormed sources said that the two sides had hectic sector-wise meetings, imp­acted by red­uced working hours due to Ramazan.

During the talks, sources told Dawn that the two sides had agreed on a set of contingency measures to address gaps in data in case of any slippages for the period ending March 31. The two sides will remain in contact on a ti­m­ely basis in the run-up to pre­sentation of the country’s case to the Fund’s executive board for approval.

An informed source said that most of the work was completed on Monday which included detailed discussions on upgrading the Anti-Money Laun­dering (AML) and the Comba­ting the Fina­ncing of Terror (CFT) laws in line with best international practices and a detail plan regarding a complete freeze on electricity and gas sector circular debt where the base electricity tariff would be revised with effect from July 1, 2024 in a manner that consumers would face predictable monthly fuel costs.

MPC decided to hold the Policy rate steady at 22%

News Desk
-
0
MPC decided to hold the Policy rate steady at 22%

The Monetary Policy Committee (MPC) decided to hold the policy rate steady at 22 percent in its meeting held today.

The MPC noted that despite the sharp decline in February, inflation remains at elevated level. The inflation outlook is also susceptible to risks amidst elevated inflation expectations.

The MPC assessed that these circumstances warrant a cautious approach and continuity of the current monetary stance to bring inflation down to the target range of 5 – 7 percent by September 2025.

MLCF’s subsidiary Novacare to build hospital with $110Mn investment

News Desk
-
0
MLCF’s subsidiary Novacare to build hospital with $110Mn investment

Novacare Hospitals (Private) Limited, a wholly owned subsidiary of Maple Leaf Cement Factory Limited (PSX: MLCF), will start constructing a state-of-the-art hospital in Islamabad with a total investment of $110 million and  has signed an international affiliation agreement with Imperial College Healthcare NHS Trust, a leading UK teaching hospital group.The hospital will be located on a 50-kanal plot in DHA Phase-V, Islamabad.The 250-bed hospital will have a covered area of 550,000 square feet and will provide comprehensive tertiary healthcare across 28 clinical services.The hospital is being designed by HKS Inc., a leading global design firm.As a result of its affiliation with Imperial College Healthcare, Novacare will benefit from the expertise of a leading UK teaching hospital group.Novacare will gain expert advisory input from Imperial College Healthcare on models of care, services, and staffing, and aims to implement their clinical standards and protocols.Through these measures, Novacare intends to achieve the same standards of healthcare as is delivered at Imperial College Healthcare’s five London hospitals.

Weekly SPI surged by 1.11%

News Desk
-
0
Weekly SPI surged by 1.11%

The Weekly Sensitive Price Indicator (SPI) significantly increased by 1.11% WoW during the week ended March 07, 2024,

The SPI rose 32.39% YoY compared to the corresponding period from last year.

According to data released by the Pakistan Bureau of Statistics (PBS) the Combined Index was at 322.86 compared to 319.30 on February 29, 2024, while the index was recorded at 243.87 a year ago, on March 09, 2023.

123...27Page 2 of 27