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Express Tribune
2 days ago
- Business
- Express Tribune
PSX ends flat below 146.5k on profit-taking
The Pakistan Stock Exchange (PSX) closed marginally lower on Friday as profit-taking in the latter half of the session erased early gains amid concerns over mounting losses of state-owned enterprises (SOEs), the International Monetary Fund's (IMF) next review for loan tranche and the falling global crude oil prices. The KSE-100 index, after touching intra-day high of 147,534, retreated to settle slightly below 146,500, down 38 points. Engro Fertilisers, Lucky Cement and Engro Holdings supported the index while Oil and Gas Development Company (OGDC), UBL and Pakistan Petroleum Limited (PPL) weighed on sentiment. "Stocks closed flat amid concerns over SOE losses and next IMF review for the release of third tranche," noted Ahsan Mehanti, MD of Arif Habib Corp. Worries about the unmet IMF conditions for provincial tax collection and falling global crude oil prices fueled the negative close at the PSX, he said. At the end of trading, the benchmark KSE-100 index posted a decline of 37.67 points, or 0.03%, and settled at 146,491.63. Arif Habib Limited (AHL), in its market review, noted that the KSE-100 closed the week flat on Friday, capping gains at 0.7% week-on-week. Some 49 stocks advanced and another 49 declined, where Engro Fertilisers (+3.25%), Lucky Cement (+2.31%) and Engro Holdings (+1.63%) were the top contributors to index gains. On the flip side, OGDC (-2.57%), UBL (-1.34%), and PPL (-2.13%) dragged the index lower, it said. AHL mentioned that the Economic Coordination Committee had approved the setting up of an industrial estate on 4,800 acres of unused Pakistan Steel Mills' land. For the coming week, the resistance for the index is seen near 148,000 with support around 145,000, it added. Topline Securities, in its report, commented that the KSE-100 opened on a positive note and rose to intra-day high of 1,005 points. However, during the latter hours, profit-taking was observed as jittery investors booked profits before the weekend. The top positive contribution to the index came from Engro Fertilisers, Lucky Cement, Engro Holdings, Meezan Bank and Airlink Communication as they contributed 512 points. On the other hand, OGDC, UBL, PPL, Hub Power and Mari Petroleum lost ground, pulling the index down by 499 points, it said. Traded value-wise, Airlink (Rs3.38 billion), OGDC (Rs2.32 billion), PSO (Rs1.53 billion), Lucky Cement (Rs1.30 billion) and NBP (Rs1.11 billion) dominated the trading activity, Topline added. Muhammad Hasan Ather of JS Global said that the KSE-100 closed 38 points down after trading within a tight range throughout the session. Activity remained range bound, driven by upbeat corporate earnings, and investor sentiment was underpinned by optimism about Pakistan's improving macroeconomic indicators and recent credit rating upgrades, he said. Despite intra-day volatility, the market held firm, reflecting growing confidence in fiscal reforms and economic recovery. Going forward, investor focus will remain on earnings season, policy continuity and external inflows, with expectations of a gradual upward trend in equities amid improving fundamentals, the analyst added. Overall trading volumes were recorded at 473.6 million shares, compared with the previous tally of 647.1 million. The value of shares traded was Rs32.9 billion. Shares of 479 companies were traded. Of these, 226 stocks closed higher, 219 fell and 34 remained unchanged. Aisha Steel Mills was the volume leader with trading in 30 million shares, gaining Rs0.55 to close at Rs13.47. It was followed by Media Times with 21.7 million shares, gaining Rs0.39 to close at Rs3.62 and Airlink Communication with 19.9 million shares, gaining Rs9.76 to close at Rs168.04. Foreign investors sold shares worth Rs154 million, the National Clearing Company reported.
Time of India
20-07-2025
- Business
- Time of India
Two victims lose over 1 crore in total to online share-trading frauds
Pune: Two victims in separate cases — a senior citizen from Kothrud and a 47-year-old man from Loni Kalbhor — collectively lost Rs1.11 crore to an online share trading fraud. Cases were registered with the cyber police and Kothrud police, respectively, on Saturday. The Loni Kalbhor resident, who lost Rs88.34 lakh to the scam, stated in his complaint to the cyber police that in Feb this year, he came in contact with the cybercrooks through a social media platform. The scamsters added him to a group of investors on a mobile messenger app and provided him with information about investments and profits in stocks through their firm. You Can Also Check: Pune AQI | Weather in Pune | Bank Holidays in Pune | Public Holidays in Pune "The crooks also shared a link with him to download their app. After that, the victim transferred sums of money as and when told. Between Feb and May, he transferred Rs88.34 lakh to different bank accounts and lost it all," an officer of the cyber police said. In the other case, a 66-year-old retired man from Kothrud lost Rs 23lakh to cybercrooks in a similar online share trading fraud between June 9 and July 4 this year. "The senior citizen downloaded the recommended app to make stock market transactions and transferred amounts to different bank accounts provided by the crooks," a Kothrud police officer said.
Time of India
01-07-2025
- Time of India
Pimpri Chinchwad cyber police arrest five men for involvement in share-trading fraud of 1 crore
1 2 3 Pune: The Pimpri Chinchwad cyber police on Monday arrested five men in connection with a share-trading fraud, in which a software engineer from Moshi lost Rs 1.11 crore between Feb and May this year. A cyber police team led by senior police inspector Ravikiran Nale arrested three of the suspects from Nagpur, and two were taken into custody from the Hadapsar area in Pune. Deputy commissioner of police (crime) of the Pimpri Chinchwad police, Shivaji Pawar, said, "The arrested men used to provide mule bank account holders to their handlers based in foreign countries. They used to withdraw cash from these bank accounts and transfer it to their handlers through cryptocurrency," Pawar said. You Can Also Check: Pune AQI | Weather in Pune | Bank Holidays in Pune | Public Holidays in Pune The officer said that the victim in the case is a software engineer from Moshi. He is currently based in a country in the Gulf. The crooks contacted him in Feb and promised him 15% returns on his investments in stocks through their platform. "The victim accepted the offer and started investing money as and when he was told to. He could see the profit he earned on the platform. Within three months, he transferred Rs1.11 crore to the different bank account numbers provided to him," the officer said. He said that the victim realised that he was being duped when his request for withdrawal of his money was denied. Moreover, the crooks were demanding money under the pretext of taxes. He then stopped responding to them and approached the cyber police. "A team of officers, including assistant police inspector Pravin Swami and police sub inspectors Sangar Poman and Prasad Katkade, were deployed to investigate the case," he said. Swami told TOI that during the probe, it was revealed that Rs2 lakh from the total sum were transferred to a private bank's account in Nagpur. Poman reached there and took Sharad Saraf (48) into custody. "During questioning, Saraf revealed the names of three more suspects — Suraj Saykar (28), Yogiraj Jadhav (28) and Sanket Nhavale (24). Saykar and Jadhav were taken into custody from Nagpur, and Nhavale arrested from Pune," he said. Swami said that all these arrested men used to provide mule bank accounts to their handlers through Nagesh Gange (28) of Hadapsar. "We found that transactions worth more than Rs 1 crore were made through these mule bank accounts. They used to withdraw these amounts and convert them to cryptocurrencies. Gange used to transfer these cryptocurrencies to his handlers from other countries," Swami said. He said that later, Gange was also taken into custody from Hadapsar. Gange runs a milk supply business in the area. "The four arrested men other than Gange also currently reside in Hadapsar. They were into software development-related work, mainly doing projects for college students. Due to emergence of AI, they did not find jobs, following which they started earning money by providing mule bank accounts," said the officer. Pune: The Pimpri Chinchwad cyber police on Monday arrested five men in connection with a share-trading fraud, in which a software engineer from Moshi lost Rs 1.11 crore between Feb and May this year. A cyber police team led by senior police inspector Ravikiran Nale arrested three of the suspects from Nagpur, and two were taken into custody from the Hadapsar area in Pune. Deputy commissioner of police (crime) of the Pimpri Chinchwad police, Shivaji Pawar, said, "The arrested men used to provide mule bank account holders to their handlers based in foreign countries. They used to withdraw cash from these bank accounts and transfer it to their handlers through cryptocurrency," Pawar said. The officer said that the victim in the case is a software engineer from Moshi. He is currently based in a country in the Gulf. The crooks contacted him in Feb and promised him 15% returns on his investments in stocks through their platform. "The victim accepted the offer and started investing money as and when he was told to. He could see the profit he earned on the platform. Within three months, he transferred Rs1.11 crore to the different bank account numbers provided to him," the officer said. He said that the victim realised that he was being duped when his request for withdrawal of his money was denied. Moreover, the crooks were demanding money under the pretext of taxes. He then stopped responding to them and approached the cyber police. "A team of officers, including assistant police inspector Pravin Swami and police sub inspectors Sangar Poman and Prasad Katkade, were deployed to investigate the case," he said. Swami told TOI that during the probe, it was revealed that Rs2 lakh from the total sum were transferred to a private bank's account in Nagpur. Poman reached there and took Sharad Saraf (48) into custody. "During questioning, Saraf revealed the names of three more suspects — Suraj Saykar (28), Yogiraj Jadhav (28) and Sanket Nhavale (24). Saykar and Jadhav were taken into custody from Nagpur, and Nhavale arrested from Pune," he said. Swami said that all these arrested men used to provide mule bank accounts to their handlers through Nagesh Gange (28) of Hadapsar. "We found that transactions worth more than Rs 1 crore were made through these mule bank accounts. They used to withdraw these amounts and convert them to cryptocurrencies. Gange used to transfer these cryptocurrencies to his handlers from other countries," Swami said. He said that later, Gange was also taken into custody from Hadapsar. Gange runs a milk supply business in the area. "The four arrested men other than Gange also currently reside in Hadapsar. They were into software development-related work, mainly doing projects for college students. Due to emergence of AI, they did not find jobs, following which they started earning money by providing mule bank accounts," said the officer. Get the latest lifestyle updates on Times of India, along with Doctor's Day 2025 , messages and quotes!
Time of India
18-06-2025
- Time of India
Fake cops dupe ex-DRDO officer of 1 crore with bogus money laundering case
1 2 3 Pune: Cybercrooks posing as Mumbai police officers forced a 74-year-old former Defence Research and Development Organisation (DRDO) officer from Sinhagad Road to transfer Rs1.11 crore in the last week of May after threatening him with arrest in a bogus money laundering case. The money went to five different bank accounts before the victim realised the con and approached the police. Senior inspector Swapnali Shinde of cyber police said, "The victim stated in his complaint that the crooks called him and identified themselves as officers from Colaba police station in Mumbai. They claimed that his personal and banking credentials, and Aadhaar card details were used in money laundering transactions by an 'aviation company owner' and to clear his name, he must cooperate by giving them his bank details and making the money transfers for verification. " The officer said, "The crooks made a video call using a messaging application, and the victim spoke to the fraudsters. They were wearing 'police uniforms', and the background had the logo of Mumbai Police." Shinde said. "The fraudsters claimed that they found a large number of illegal transactions on the victim's bank account. They then sought detailed statements of the accounts. The victim gave the statements to them on the messaging application." by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Here's A List Of Cheapest Steel Suppliers (See The List) Steel Suppliers | search ads Search Now Undo She said, "The suspects kept on threatening to arrest the victim until June 1 and later, they promised to help him in the case by not arresting him. They also said they would arrest him and it would bring defamation to the family, if the money was not paid to them. They demanded money in exchange for the help they offered him. They shared details of five different bank accounts, and the victim transferred the money to those. " Shinde said, "The victim exhausted all his savings, withdrew his fixed deposits (FD) and transferred the money to the five bank accounts of the suspects. The suspects had stated that they would return the money to the victim in a day or two. The victim dialled the phone numbers of the suspects, but they were switched off. He then realised that he was cheated."
Express Tribune
26-05-2025
- Health
- Express Tribune
Over Rs1b released for cardiac, burns unit
Dera Ismail Khan is set to witness a major advancement in its healthcare infrastructure as the Khyber-Pakhtunkhwa government has released Rs1.11 billion for the establishment of modern Cardiac Catheterization Laboratories (Cath Labs) and a state-of-the-art Burn Center. The facilities will be developed in two major hospitals of the city - Mufti Mehmood Memorial Hospital and District Headquarters (DHQ) Hospital. While talking to APP, K-P Chief Minister's focal person on developmental affairs, Nawaz Khan said that the funds have been officially sanctioned by the provincial Finance Department. This initiative marks a critical step forward in providing specialized treatment for cardiac patients and burn victims within the region, eliminating the need to seek such services in distant cities. The project has been met with widespread appreciation from the local population. Citizens have lauded Chief Minister Ali Amin Khan Gandapur for their commitment to fulfilling campaign promises and addressing the longstanding healthcare needs of southern K-P. However, while expressing their support, residents have also voiced a strong demand for transparency and timely execution of the project.
