Skip to main content

Shares at PSX lose nearly 500 points on profit-taking

Bears continued to dominate the trading floor of the Pakistan Stock Exchange (PSX) on Friday as shares traded in the red and lost nearly 500 points.

According to the PSX website, the KSE-100 index closed at 63,813.06 points, down 484.94 or 0.75 per cent from the previous close of 64,298.00.

After rallying for three consecutive sessions, the benchmark index faltered yesterday on uncertainty about whether the International Monetary Fund would give its go-ahead to the government’s plans for reducing industrial power tariff and energy sector circular debt.

The caretaker prime minister had on Wednesday directed the energy ministry to formulate an effective and durable strategy to do away with the circular debt.

Speaking to Dawn.com today, Tahir Abbas, head of research at Arif Habib Limited, noted that the market remained particularly volatile ahead of the upcoming Monetary Policy Committee (MPC) meeting — which is due on Jan 29.

“Investors remained cautious and booked profit while the KSE-100 index declined,” he said.

According to a survey conducted by brokerage firm Topline Securities, 68pc of key market participants expected no change in the key policy rate while 32pc predicted a reduction.



from The Dawn News - Home https://ift.tt/HNQL52X
Labels:

Comments

Post a Comment

Popular posts from this blog

The Republican primary race for president in 2024

The Republican primary race for president in 2024 is already shaping up to be a competitive one. There are a number of high-profile candidates who have already announced their intention to run, and more are expected to join the field in the coming months. The frontrunner for the nomination is former President Donald Trump. Trump has been teasing a 2024 run for months, and he has a large and loyal following among Republican voters. However, he is also a polarizing figure, and his candidacy could alienate some moderate Republicans. Another potential contender for the nomination is Florida Governor Ron DeSantis. DeSantis has been praised by many conservatives for his handling of the COVID-19 pandemic and his opposition to vaccine mandates. He is also seen as a rising star in the Republican Party. Other potential candidates include former Vice President Mike Pence, former Ambassador Nikki Haley, and Senator Tim Scott. Pence is a more traditional Republican who could appeal to moderate vote...
1 comment
Read more

Ministers rubbish notion that proposed retirement age extension to favour ‘one particular institution’

Information Minister Attaullah Tarar on Tuesday rubbished the notion that a proposed extension in the retirement age was to favour “one particular institution”, adding that the move would be implemented across the board if approved. The rebuttal comes in the wake of media reports claiming that the government was mulling changes to the Constitution to fix the tenure of the chief justice . Currently, judges of the Supreme Court, including the chief justice, retire after attaining the age of superannuation, i.e. 65 years, as stipulated in Article 179 of the Constitution. While giving his opinion recently on the reports of the constitutional amendment, Law Minister Azam Nazeer Tarar had said he “will not vehemently turn down the proposals related to the tenure of the chief justice”. Addressing the issue during a press conference in Islamabad today along since Finance Minister Muhammad Aurangzeb and the law minister, Attaullah said the extension in the retirement age was “a proposal to a...
Post a Comment
Read more

In noisy NA session, Bilawal endorses PTI’s call for judicial inquiry into May 9 riots

In his maiden speech during a session of the newly elected National Assembly, PPP Chairman Bilawal Bhutto-Zardari on Monday endorsed the PTI’s call for a judicial inquiry into the May 9 riots. He passed these remarks in reference to Khyber Pakhtunkhwa Chief Minister Ali Amin Gandapur’s recent call for the formation of a judicial commission to probe the violent protests that erupted across the country following PTI founder Imran Khan’s arrest on May 9 last year. “I call upon the chief justice Supreme Court of Pakistan (Justice Qaez Faiz Isa) to form [a judicial commission] and see who are the beneficiaries [of May 9],” Gandapur had said in a fiery speech after being elected the chief executive of KP. Speaking on the floor of the lower house of the Parliament today, Bilawal said he endorsed Gandapur’s demand. But at the same time, he stated that the result should be accepted by everyone, including the Imran-led party. “It is not possible that someone attacks our institution and th...
Post a Comment
Read more