Tuesday, January 28 2025

Experts urge action to combat low output
Agriculture experts have stressed the need for community-based research to tackle the decline in onion production caused by climate change. The soaring price of onions, a staple in Pakistani cuisine, has placed them out of reach for many citizens. Experts pointed out that Sindh, contributing 38% to the nation's total onion production, faces significant challenges due to climatic shifts, emphasising the urgent need for sustainable farming solutions. This concern was raised during a seminar on "Onion Breeding and Technology," hosted by Sindh Agriculture University (SAU) Tandojam, in collaboration with the Higher Education Commission (HEC) Islamabad. The seminar was part of an ongoing project titled "Genetic Characterisation, Evaluation, and Selection of Onion Germplasm Entries for Resistance to Onion Thrips."
Related news categories: business economic-indicators psx stock-exchanges

PSX tumbles on ‘poor’ corporate earnings
Despite str­ong anticipation of a sixth straight cut in the interest rate at the monetary policy review meeting later in the evening, the Pakistan Sto­ck Exchange on Monday witnessed a roller-coaster session mainly due to political instability, a hike in gas tariffs and disappointing corporate results. The Economic Coordina­tion Committee’s decision to increase the gas tariff by almost 17pc for captive po­­wer plants was the key dep­ressant. This move drew a strong reaction from the ex­­­port-oriented players, es­­pecially the textile sector, saying this move would hurt the country’s export competitiveness in the regional and international markets. Topline Securities Ltd said the market opened positively, with the index making an impressive int­r­a­day high of 716 points. How­­ever, the momentum was short-lived as bears swi­­ftly took charge. The index plunged to an intraday low of 1,398 points bef­ore closing at 113,520, mar­king a decline of 1,360 poi­nts or 1.18pc day-on-day.
Related news categories: business economic-indicators psx stock-exchanges

Monday, January 27 2025

Uncertainty turns PSX bearish in volatile week
Mixed news flow kept the equities market highly volatile, pushing the benchmark KSE 100 index close the outgoing week in the red amid uncertainty about the country’s economic and political outlook. The investor’s nervousness stemmed particularly after Donald Trump’s inauguration as the 47th president of the United States and a slew of executive orders issued by him, including the imposition of import duties and energy reforms that would have widespread consequences on the global trade equation. The Pakistan Stock Exchange on Monday, ahead of Mr Trump’s oath-taking, staged a rally, but in the subsequent two sessions turned bearish on selling pressure caused by the proposed tax measures, including restriction non-filers and uncertainty about the outcome of talks between the government and the PTI.
Related news categories: business economic-indicators psx stock-exchanges

Friday, January 24 2025

Stocks recover 594 points on select buying
The Pakist­­an Stock Exchange (PSX) snapped the two-session losing streak as bulls drove bears out on Thursday despite a highly volatile session. The benchmark KSE-100 index hit an intraday high of 114,319.62 and a low of 113,234.31. Ultima­tely closing with a gain of 594.36 points or 0.52 per cent at 114,037.79 day-on-day. Ahsan Mehanti of Arif Habib Corporation said stocks recovered in the earning season rally amid a drop in treasury bond yields by up to 41bps and expectations of a reduction in industrial power tariff after International Monetary Fund approval. He noted that the $1.2bn current account surplus for July-December 2024-25, easing political risk, and speculations ahead of the SBP monetary policy decision next week supported the bullish sentiments at PSX. Topline Securities Ltd said the market sentiment was buoyed by recent foreign corporate buying, and cement stocks remained in focus. Key contributors to the positive movement included Engro Corpora­tion, PSO, Fauji Cement, The Searle, and Maple Leaf Cement, adding 309 points to the index.
Related news categories: business economic-indicators psx stock-exchanges

Thursday, January 23 2025

PSX ends bearish over tax law worries
Pakistan Stock Exchange (PSX) on Wednesday engaged in highly bearish trading, reflecting investor concerns over the Tax Laws Amendment Bill, which was seeking to bar non-filers from making stock purchases beyond certain limits. Analysts attributed the market's downturn of nearly 1,600 points to apprehensions surrounding the legislative change, alongside broader economic challenges such as rupee instability, weaker global crude oil prices and political uncertainty. The index touched the intra-day high of 213 points after midday and fluctuated around that level for some time before plummeting to the day's low of 1,682 points. The bearish activity was exacerbated by institutional profit-taking. There were some positive reports as well. In its financial results, Honda Atlas Cars exceeded market expectations, posting a 297% year-on-year (YoY) increase in earnings per share (EPS) for the third quarter.
Related news categories: business economic-indicators psx stock-exchanges