logo
Chicken prices soar in twin cities

Chicken prices soar in twin cities

Express Tribune05-03-2025
The price of chicken in the open market has skyrocketed to an all-time high in Rawalpindi and Islamabad, with rates breaking previous records. Despite efforts to control prices, the cost continues to climb.
On Wednesday, live chicken was being sold at Rs19,000 per 40 kg in wholesale markets, compared to Rs12,000-14,000 before Ramazan.
Since the start of the holy month, the price has been increasing by Rs1,000 per 40 kg daily, with no sign of stabilisation. In retail markets, live chicken is being sold at Rs510 per kg in urban areas and Rs520 per kg in suburban areas, while chicken meat has surged to Rs880 per kg. According to Retail Chicken Sellers' Union Vice President Faisal Abbasi, demand for chicken has risen by 40 per cent since the beginning of Ramazan.
"As long as demand outpaces supply, prices will continue to rise," he explained.
With no immediate relief in sight, consumers are bracing for further increases in poultry prices in the coming days.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Digitalisation: FBR's Rs200,000 cash cap puts pressure on retailers, e-commerce
Digitalisation: FBR's Rs200,000 cash cap puts pressure on retailers, e-commerce

Business Recorder

time7 hours ago

  • Business Recorder

Digitalisation: FBR's Rs200,000 cash cap puts pressure on retailers, e-commerce

The Federal Board of Revenue (FBR) has tightened documentation of the retail and e-commerce sectors by capping cash transactions at Rs200,000 applicable to both traditional markets and online Cash on Delivery (CoD) orders. This is likely to put pressure on retailers, consumers to turn towards a cashless economy. FBR sets Rs200,000 cash payment limit, e-commerce CoD orders Impact on digital payments By capping cash payments, the FBR is nudging both retailers and consumers towards digital channels (bank transfers, debit/credit cards, mobile wallets, Raast). One reason CoD dominates in Pakistan's e-commerce (over 80% of orders) is consumer distrust of online payments. The new cap could push platforms to build stronger trust in digital checkout. This is likely to lead to greater financial inclusion as small businesses and e-commerce platforms integrate digital payment systems. High-value shoppers who relied on CoD may now be pushed toward pre-payment or digital settlement, reducing dependency on cash. Impact on e-commerce Logistics and courier companies handling CoD will need to adjust systems to reject or split orders above Rs 200,000, which is likely to increase operational complexity. One reason CoD dominates in Pakistan's e-commerce (over 80% of orders) is consumer distrust of online payments. The new cap could push platforms to build stronger trust in digital checkout. Lower cash handling by couriers may even reduce theft, fraud and cash mismanagement. Taxing the digital frontier: Pakistan's bold move to tap e-commerce and online revenues This latest move aligns with International Monetary Fund (IMF) backed reforms to formalise the economy and increase tax compliance as digital payments are likely to create a trail of transactions that can be monitored and taxed. Similar restrictions have been enforced also in other countries. India, for instance, capped cash transactions above INR 200,000 in a day in 2017, a move that coincided with the country's demonetisation drive and spurred the adoption of payment platforms like UPI. Bangladesh, too, has set caps on cash payments for corporate expenses to encourage digital trails. Pakistan's measure mirrors these regional shifts, though adoption may be slower given the dominance of cash. If enforced effectively, the Rs200,000 limit could help accelerate Pakistan's transition toward a cash-lite economy, in line with IMF-backed reform commitments. Success, however, will hinge on whether retailers and consumers adapt smoothly - or resist the transition.

LSE Capital approves stock split from Rs10 to Rs5 per share
LSE Capital approves stock split from Rs10 to Rs5 per share

Business Recorder

time14 hours ago

  • Business Recorder

LSE Capital approves stock split from Rs10 to Rs5 per share

LSE Capital Limited announced on Monday that it had approved a stock split from Rs10 to Rs5 per share. This company announced in a notice to the Pakistan Stock Exchange (PSX) today. 'The approval is hereby accorded for subdivision of the authorized capital of LSE Ventures Limited from Rs3,000,000,000/- divided into 300,000,000 ordinary shares of Rs10.00 each to Rs3,000,000,000/- divided into 600,000,000 ordinary shares of Rs5.00 each.' 'Board of Directors of the company authorized to determine the entitlement dates and book closure dates to effectuate the stock-split,' it added. LSE Capital is licensed as a Modaraba Management company, besides carrying the license to act as a consultant to the issue for IPOs and corporate finance advisory services.

PSX scales new peak despite profit-taking
PSX scales new peak despite profit-taking

Express Tribune

time2 days ago

  • Express Tribune

PSX scales new peak despite profit-taking

Foreign funds would divert their liquidity into buying Pakistan's stocks. This would merely increases prices of shares and be profitable for those who already hold stocks. PHOTO: FILE The Pakistan Stock Exchange (PSX) extended its bullish run in the shortened four-day trading week, with the benchmark KSE-100 index hitting an all-time high of 147,005 points before closing at 146,492, up 1,109 points, or 0.8% week-on-week (WoW). The rally was fueled by robust corporate earnings, Moody's upgrade of Pakistan's sovereign rating to Caa1 and optimism about the declining circular debt in the power sector, though profit-taking capped gains by the week's end. On a day-on-day basis, bulls marched towards 150k on Monday with full excitement as the KSE-100 index breached 146k and ended the day at 146,930, up 1,547 points, in anticipation of a Pakistan-US trade deal. The bourse had a consolidation day on Tuesday where the KSE-100 floated in both directions and ultimately ended at 147,005 (+76 points) by keeping intact the 147k level as investors did some switching-cum-profit-taking. On Wednesday, profit-booking around 148k pushed the index to close negative at 146,529, down 476 points. After the break of the Independence Day, the PSX ended the last session of the week on a flat note, settling at 146,492, down 38 points. During the day, investors largely squared off weekly positions, which kept sentiment mixed and prevented the index from holding above the 147,000 mark. Arif Habib Limited (AHL), in its weekly review, noted that during the four-day trading week, shortened due to the Independence Day holiday, the KSE-100 index maintained its upward trajectory, reaching an all-time high of 147,005 points on Tuesday. The rally was fueled by healthy corporate earnings during the ongoing results season. Furthermore, Moody's upgraded Pakistan's sovereign rating to Caa1 from Caa2, citing improving external buffers, fiscal consolidation and reform progress under the IMF programme. In addition to this, the circular debt in the power sector declined to Rs1,614 billion as of June 2025, AHL said. In July, the auto industry recorded sales of 11,034 units, down 49% month-on-month (MoM) but up 28% year-on-year (YoY). Furthermore, oil production registered an uptick of 0.8% WoW, arriving at 59,604 barrels per day. Production at the Makori East and Nashpa increased during the week. Also, the Pakistani rupee appreciated marginally by 0.14% WoW, closing at 282.06 against the US dollar, it said. The sectors that contributed positively were banks (1,062 points), cement (531 points), auto parts (104 points), auto assemblers (67 points) and investment banks (62 points). Meanwhile, sector-wise negative contribution came from fertiliser (318 points), E&P (214 points), oil marketing companies (159 points), power (102 points) and refinery (43 points). Scrip-wise positive contribution came from Meezan Bank (354 points), Lucky Cement (289 points), HBL (253 points), Bank Alfalah (158 points) and Mari Petroleum (136 points). On the other hand, negative contributors were Fauji Fertiliser Company (313 points), Pakistan Petroleum (198 points), UBL (195 points), OGDC (171 points) and Hub Power (125 points). Average daily volumes arrived at 606 million shares, down 7.2% WoW, while the average traded value settled at $143.8 million, down 13.1%, AHL added. Wadee Zaman of JS Global mentioned that the KSE-100 extended its bullish streak during the outgoing week, touching the high of 147,534 points before slipping into the red on Friday. The index closed at 146,492 points, up 0.8% WoW. Investor sentiment was driven by Moody's upgrade of Pakistan's rating to Caa1 with the outlook changed to stable, reflecting the country's improving external position. On the economic front, he said, the power-sector circular debt dropped to Rs1.6 trillion by the end of June 2025, showing a notable reduction of 33% from last year's level of Rs2.4 trillion. It was largely attributed to the disbursement of Rs801 billion to power producers under the government's stock clearance drive. The Power Division is also expected to present its final proposal for the complete implementation of debt re-profiling with the Chinese independent power producers (IPPs), whose dues currently stand at Rs475 billion. Meanwhile, as per trade data, services' exports rose 9.2% YoY to $8.4 billion in FY25, Zaman said.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store