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Express Tribune
22-05-2025
- Business
- Express Tribune
PSX stages robust rally, eyes budget boost
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 Listen to article The Pakistan Stock Exchange (PSX) staged a robust rebound on Wednesday as the KSE-100 index climbed over 950 points, driven by active investors, who were encouraged by pro-growth fiscal measures and realigned their portfolios ahead of budget presentation. Despite pressure on auto stocks due to reports of the International Monetary Fund (IMF)-backed tariff relaxation and a revised National Tariff Policy, the overall sentiment remained positive. The government's assurances of tax relief to refineries and signs of continued reforms further lifted confidence. Arif Habib Corp MD Ahsan Mehanti wrote in his daily note "stocks closed near the all-time high amid speculation in the pre-budget session." However, auto stocks were battered on reports of proposed IMF-driven tariff relaxation on the import of used vehicles and a new tariff policy favouring imports. The government's assurance of tax relief for refineries, rising global crude prices and fiscal reforms boosted confidence, fuelling a bull-run at the PSX, he added. At the end of trading, the benchmark KSE-100 index recorded a notable increase of 960.33 points, or 0.81%, and settled at 119,931.46. Topline Securities commented that the day kicked off with a rally as the KSE-100 index soared past the 120,000 milestone, marking an intra-day high of 1,135 points. However, it failed to maintain the momentum and closed at 119,931, still locking in impressive gains. Investor sentiment remained upbeat, particularly in large-cap stocks, which drew considerable interest. Bank, oil and energy stocks collectively contributed around 480 points to the index's rise, it said. The refinery sector saw increased activity following the government's approval to clear dues of Rs34 billion through petroleum prices, which would pave the way for refineries to initiate $6 billion plant upgrade projects. The development pushed up share prices of National Refinery, Pakistan Refinery and Attock Refinery, Topline added. Arif Habib Limited (AHL) said that stocks made another attempt at the 120k level, with improving internals suggesting a likely breach in the sessions ahead. Some 74 shares rose while 24 fell with the National Bank of Pakistan (+10%), Bank AL Habib (+2.85%) and United Bank (+1.22%) being the key contributors to index gains. On the other hand, Lucky Cement (-0.53%), Habib Metropolitan Bank (-1.66%) and Standard Chartered (-4.21%) were the biggest drags, it said. In a significant development, the Oil and Gas Regulatory Authority (Ogra) set prescribed prices for FY26 at Rs1,895/mmBtu for Sui Northern Gas Pipelines and Rs1,659/mmBtu for Sui Southern Gas Company, reflecting a 6.57% increase and a 5.90% decrease, respectively. However, the two utilities had requested significantly higher rates of Rs2,486/mmBtu and Rs4,161/mmBtu, AHL mentioned. KTrade Securities stated in its market wrap that the bourse rebounded strongly after a sluggish start to the week, supported by improved volumes and trading activity. The rally was led by strength in banking, oil & gas and power sectors. While improving macroeconomic indicators support a positive market outlook, investor participation is likely to remain selective ahead of the FY26 budget announcement on June 2, the report predicted. Overall trading volumes increased to 667.7 million shares compared with Tuesday's tally of 437.9 million. The value of shares traded during the day was Rs26.6 billion. Shares of 463 companies were traded. Of these, 287 stocks closed higher, 125 fell and 51 remained unchanged. K-Electric was the volume leader with trading in 103.7 million shares, rising Rs0.36 to close at Rs4.75. It was followed by Kohinoor Spinning Mills with 40.3 million shares, adding Rs0.36 to close at Rs5.75 and WorldCall Telecom with 36.3 million shares, gaining Rs0.03 to close at Rs1.27. During the day, foreign investors sold shares worth Rs146.9 million, the National Clearing Company reported.
Business Recorder
21-05-2025
- Business
- Business Recorder
Gold prices show upward trend
KARACHI: Gold prices edged higher on Tuesday following a slight rise in the global rates, still hovering close to $3,250 per ounce, traders said. Local market saw an upward trend as the global bullion rate increased by $3, reaching $3,244 per ounce. This rise drove gold prices up by Rs300 per tola and Rs257 per 10 grams. Thus, gold rates scaled up to Rs342,800 per tola and Rs293,895 per 10 grams, All Pakistan Sarafa Gems and Jewelers Association said. Domestic silver prices continued holding steady at Rs3,410 per tola and Rs2,923 per 10 grams with international market selling the white metal at $33 per ounce, according to the association. Copyright Business Recorder, 2025
Express Tribune
20-05-2025
- Business
- Express Tribune
Gold inches up over global rally
Listen to article Gold prices in Pakistan remained relatively stable on Tuesday, despite a rise in international markets for the precious metal. The increase was influenced by a weakening US dollar and ongoing uncertainty about the US tariff policies as well as ceasefire talks between Russia and Ukraine. Domestically, the price of gold inched up Rs300 per tola, reaching Rs342,800, according to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA). The price of 10-gram gold rose Rs257 to Rs293,895. This follows a significant gain on Monday when gold surged Rs4,000 per tola and settled at Rs342,500. Interactive Commodities Director Adnan Agar noted that gold trading remained subdued throughout the day. "Today's range was relatively narrow, with a high of $3,250 and a low of $3,206, while the market opened at $3,234. Currently, prices are hovering around $3,224," he said. Agar added that the $3,200 level was emerging as a key support zone. "The market is consolidating within a $50 range. If prices close above $3,250 to $3,280 in the next two to three days, we may see a bullish breakout. However, a close below $3,200 could signal renewed downward pressure." Globally, gold prices rose more than 1% on Tuesday as the US dollar weakened further, while uncertainty persisted over Trump's tariff policy and the Russia-Ukraine ceasefire, according to Reuters. Spot gold was up 1.6% at $3,280.32 an ounce by 1049 ET (1449 GMT), while US gold futures were 1.5% higher at $3,283.10. The dollar slipped again on Tuesday, weighed down by the Federal Reserve's caution over the economy, having sold off broadly on Monday after ratings agency Moody's downgraded the US sovereign rating last week. A softer dollar makes bullion cheaper for buyers holding other currencies. "There's still a level of uncertainty out in the market. Most notably, the Moody's downgrade and the weakening dollar have supported the precious metals complex overall," said David Meger, Director of Metals Trading at High Ridge Futures. Meanwhile, the Pakistani rupee weakened slightly against the US dollar in the inter-bank market, registering a marginal depreciation of 0.05%. By the end of trading, the local currency settled at 281.92, down Rs0.15 compared to Monday's closing rate of 281.77. In the international market, the US dollar remained range bound after a week of gradual losses. The greenback's movement was constrained by the Federal Reserve's cautious economic outlook and progress among US lawmakers towards passing legislation, which was expected to further expand the country's fiscal deficit.
Business Recorder
20-05-2025
- Business
- Business Recorder
Gold price per tola gains Rs300 in Pakistan
Gold prices in Pakistan continued to grow in line with their increase in the international market on Tuesday. In the local market, gold price per tola reached Rs342,800 after it gained Rs300 during the day. As per the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), 10-gram gold was sold at Rs293,895 after it increased by Rs257. On Monday, gold price per tola reached Rs342,500 after it accumulated Rs4,000 during the day. The international rate of gold also jumped on Tuesday. The rate was at $3,244 per ounce (with a premium of $20), a gain of $3, as per APGJSA. Meanwhile, silver price per tola remained stable at Rs3,410.
Miami Herald
06-05-2025
- Business
- Miami Herald
Two women face prison for stealing more than 800K from pandemic loan program
Crime Two women face prison for stealing more than 800K from pandemic loan program Two Florida women face prison time for stealing more than $800,000 from pandemic loan program, including a former SBA employee. Getty Images As the coronavirus swept across the country, two South Florida women teamed up to steal more than $800,000 in federal government loans that were meant to help small businesses survive the economic collapse during the public health crisis. Raisha Kelly, 44, of Palm Beach County, was sentenced on Friday to five years in prison after being found guilty of multiple counts of wire fraud by submitting falsified tax returns on loan applications in Miami federal court. She was also ordered to reimburse $443,895 to the Small Business Administration, which guaranteed the pandemic loans through the agency's Paycheck Protection Program. Malaina Chapman, a former employee of the Small Business Administration who collaborated with Kelly and five others, pleaded guilty to a conspiracy to commit wire fraud in March. Chapman, 37, of Hialeah, faces sentencing in June. Since Congress adopted the pandemic relief program run by the SBA, South Florida has been a hotbed of PPP loan fraud. Business people, law enforcement officers and others have been convicted of stealing millions from the government program by fabricating loan applications for their companies. Several used their ill-gotten loans to buy Lamborghinis, Teslas, Porsches and other expensive cars. READ MORE: Lambos. Jewels. How 'easy money' from Uncle Sam made Miami a feast for PPP fraudsters Chapman was employed as a disaster relief specialist with the Small Business Administration from Sept. 28, 2020, through her resignation on March 18, 2021, according to court records. During her employment, Chapman fleeced the Paycheck Protection Program and Economic Injury Disaster loan programs as well credit unions and pandemic-related rental programs, according to federal court records. First ex-SBA employee charged Chapman was the first ex-SBA employee in the country to be charged with bilking the agency responsible for doling out $800 billion in PPP and other pandemic loans, according to federal authorities. Chapman advertised her side businesses in real estate and credit services on her Instagram account under the handle, upscale_yourhomegirl. Malaina Chapman was the first ex-SBA employee in the country to be charged with bilking the federal agency responsible for the nation's pandemic loan programs. Instagram Chapman was accused of helping Kelly and five other members of a South Florida ring with their bogus PPP loan applications, leading to disbursements of hundreds of thousands of dollars in 2021 by private lenders backed by the SBA. With the exception of Kelly, five members of the ring agreed to plead guilty to charges of fraudulently receiving more than $800,000 in PPP loans, court records show. Chapman and Kelly received kickbacks from loan applicants, according to prosecutors with the U.S. Attorney's Office in Miami. In addition, on Feb. 10, 2021, Chapman submitted a PPP loan application in the name of her company, Upscale Credit Lounge, which included a falsified tax document that reported revenue of $103,674 and a profit of $81,860. Eleven days later, a private lender approved another loan for $17,052, according to court records. On Feb. 19, 2021, Chapman, again while still employed by the SBA, submitted another PPP loan application for her business, DA TRAP. Chapman claimed that she had four employees and an average monthly payroll of $14,191. As backup material, Chapman submitted four IRS Employers Quarterly Tax Return forms, which documented the wages paid by DA TRAP. A week later, a private lender approved a loan for $35,477. All of the information in her application was fabricated, authorities said. In a similar manner, on April 10, 2021, Chapman submitted another PPP loan application for a property management business, falsely claiming on a tax form that it generated revenue of $123,950 with profits of $78,187, court records show. Five days later, a private lender approved that loan for $20,833. In addition to defrauding the PPP program, Chapman was also accused of exploiting the State of Florida and the City of Miami's COVID-19 Emergency Rental Assistance programs. On Oct. 13, 2021, Chapman began the process of applying for benefits under Florida's Emergency Rental Assistance program. Chapman pretended to be a tenant at a residence in Miami, according to court records. She submitted information and documents through an online portal set up to distribute benefits. On Jan. 20, 2022, Chapman submitted a written document titled '3-day notice to pay rent or quit.' The document was dated Dec. 7, 2021, showing it was signed by Chapman's mother. But her mother died the previous year on May 25, 2020. Nonetheless, the state accepted Chapman's misrepresentations and approved payments totaling $15,000. They were made into her bank account, according to authorities. The PPP fraud cases, investigated by the U.S. Postal Inspection Service and other federal agencies, were prosecuted by assistant U.S. attorneys Daniel Bernstein, Eduardo Gardea Jr., and Gabrielle Charest-Turken. Jay Weaver Miami Herald Go to X Email this person 305-376-3446 Jay Weaver writes about federal crime at the crossroads of South Florida and Latin America. Since joining the Miami Herald in 1999, he's covered the federal courts nonstop, from Elian Gonzalez's custody battle to Alex Rodriguez's steroid abuse. He was part of the Herald teams that won the 2001 and 2022 Pulitzer Prizes for breaking news on Elian's seizure by federal agents and the collapse of a Surfside condo building killing 98 people. He and three Herald colleagues were 2019 Pulitzer Prize finalists for explanatory reporting on gold smuggling between South America and Miami.
