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Bears dominate as KSE-100 index plunges below 43,000 mark

Bears dominate as KSE-100 index plunges below 43,000 mark

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Bears dominate as KSE-100 index plunges below 43,000 mark
GNN Media: Representational Photo

Karachi: The bears prevailed at the Pakistan Stock Exchange (PSX) market on Wednesday as the benchmark KSE-100 index witnessed selling pressure and shed over 300 points.

The index opened on positive note but it soon entered the red zone and started losing ground throughout the day. 

Moreover, the continuous depreciation of the Pakistani rupee against the US dollar impacted the investment climate negatively. 

At close, the benchmark KSE-100 index closed at 41,776.98 points with a loss of 363.78 points or 0.86%.

Sectors contributing to the performance include cement (-70.7 points), technology (-62.7 points), power (-50.7 points), banks (-37.1 points) and exploration and production (-32.9 points).

Shares of 292 companies were traded during the session. At the close of trading, 180 scrips closed in the green, 99 in the red, and 13 remained unchanged.

Overall trading volumes rose to 160.12 million shares compared with Friday’s tally of 282.93 million. The value of shares traded during the day was Rs4.91 billion.

TPL Properties Limited was the volume leader with 19.49 million shares traded, gaining Rs0.28 to close at Rs19.75. It was followed by Worldcall Telecom Limited with 15.35 million shares traded, losing Rs0.04 to close at Rs1.41 and Pakistan Refinery Limited with 11.82 million shares traded, losing Rs0.22 to close at Rs17.69. 

Pakistan

PM Shehbaz Sharif felicitates COAS on conferment of King Abdulaziz Medal

"it was a great honour for the people and the armed forces of Pakistan"

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PM Shehbaz Sharif felicitates COAS on conferment of King Abdulaziz Medal

Islamabad: Prime Minister Muhammad Shehbaz Sharif on Sunday extended felicitation to Chief of Army Staff (COAS) General Qamar Javed Bajwa on conferment of ‘King Abdulaziz Medal of Excellence’ in recognition for his contributions to strengthening of defence ties between the brotherly countries of Pakistan and Saudi Arabia.

On his Twitter handle, the prime minister said that it was a great honour for the people and the armed forces of Pakistan.

The prime minister said that they considered KSA’s security as their own and resolved to further cementing of multifaceted bilateral ties between the two countries.

Saudi Crown Prince Mohammad bin Salman bin Abdulaziz Al Saud, Deputy Prime Minister and Defence Minister, has conferred upon Chief of Army Staff (COAS) General Qamar Javed Bajwa, the King Abdulaziz Medal of Excellence, for making significant contributions in defence cooperation between the two countries.

Inter Services Public Relations (ISPR) in a press release on Sunday said that during an official visit to Kingdom of Saudi Arabia, the COAS called on Crown Prince Mohammad bin Salman bin Abdulaziz Al Saud and Chief of General Staff (CGS) Saudi Armed Forces General Fayyadh Bin Hamed Al-Ruwaili at Jeddah.

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AJK govt presents Rs 163.7 billion budget

The development budget has been increased by Rs. 2 billion as compared to the previous financial year.

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AJK govt presents Rs 163.7 billion budget

Mirpur: The government of Azad Jammu & Kashmir Saturday presented its maiden budget with an estimated outlay of Rs.163.7 billion for the next financial year 2022-23.

In the budget, an amount of Rs.135.2 billion has been allocated for recurring expenditure whereas a chunk of Rs. 28.5 billion has been allocated for development expenditure.

The development budget has been increased by Rs. 2 billion as compared to the previous financial year.

The budget proposes a 15 percent Disparity Reduction Allowance, an increase in the revised pay scale, and a 15 percent increase for pensioners.

The development budget includes Rs1.8 billion for public health, Rs 2.17 billion for education, and 12 billion for communication.

Presenting the budget for the financial year 2022-23 in the Azad Jammu Kashmir Legislative Assembly which met in the State metropolis on Saturday, the AJK Finance Minister Abdul Majid Khan said that the total expenditure for the next financial year has been estimated at Rs 135.20 billion.

He said that total development expenditure was estimated at Rs 28.50 billion.

Moreover, the minister said that an amount of 500 million has been proposed in terms of foreign aid.

Revised budget for the financial year 2021-22, amounting to 135.7 billion was also presented in the legislative assembly.

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Pakistan

Mainly hot, humid weather expected in most parts of country

upper Sindh and south Punjab to face very hot weather during the next twelve hours

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Mainly hot, humid weather expected in most parts of country

Islamabad: Mainly hot and humid weather is expected in most parts of the country, while very hot in upper Sindh and south Punjab during the next twelve hours.

Temperature of some major cities recorded this morning:            

Islamabad 24 degree centigrade, Lahore 29, Karachi 30, Peshawar 28, Quetta 26, Gilgit 18, Murree 17 and Muzaffarabad 22 degree centigrade.  

According to Met Office forecast for Indian Illegally Occupied Jammu and Kashmir, partly cloudy and hot weather is expected in Srinagar, Pulwama and Baramulla, dry in Leh, while hot and dry in Jammu, Anantnag and Shopian.

Temperature recorded this morning:    

Srinagar, Pulwama and Baramulla 18 degree centigrade, Jammu 27, Leh 10, Anantnag and Shopian 17 degree centigrade.

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