Latest news with #Rs772
Express Tribune
5 days ago
- Business
- Express Tribune
PSX rises modestly amid delay in budget
Listen to article The Pakistan Stock Exchange (PSX) witnessed a volatile trading week as investors remained cautious ahead of the FY26 budget announcement, now rescheduled for June 10, 2025, amid ongoing IMF negotiations. Despite initial uncertainty, the KSE-100 index managed to post a modest weekly gain of 0.49%, closing at 119,691 points, supported by positive developments on the economic front including China's pledge to refinance $3.7 billion in commercial loans and a successful T-bill auction that raised Rs772 billion. However, foreign investors continued to offload their positions, with net outflows of $5.65 million, while local participants stepped in to absorb the selling pressure. On a day-on-day basis, the PSX started the week on a bearish note on Monday as the KSE-100 index fell 882 points, or 0.74%, settling at 118,221 over investor caution ahead of the federal budget and the delay in IMF's approval of circular debt settlement plan. On Tuesday, the market closed modestly higher with a gain of 112 points as the index oscillated in a narrow band throughout the day. Investors were wary ahead of the budget presentation, although cement stocks rose, driven by hopes for announcement of a real estate package. The bourse opened with renewed vigour on Thursday following a day's closure to mark Youm-e-Takbeer, which reflected the nation's nuclear achievements. The KSE-100 posted a notable rise of 638 points. Finally, the PSX closed the week on a bullish note on Friday, lifted by strong gains in blue-chip oil, banking and fertiliser stocks amid growing optimism about the upcoming budget measures. The index surged 720 points and settled at 119,691. Arif Habib Limited (AHL) wrote that the KSE-100 index displayed mixed trends throughout the week, beginning on a negative note due to uncertainties surrounding the budget rollout. On the economic front, China committed to refinancing $3.7 billion of commercial loans for Pakistan. Moreover, Nepra approved K-Electric's multi-year tariff at Rs39.9/unit and a 14% USD-based return on equity. The government successfully raised Rs772 billion through a T-bill auction, exceeding its target of Rs650 billion. Cut-off yields declined across all tenors, falling by 9 to 15 basis points (bps). The State Bank's reserves climbed up by $70 million to $11.5 billion. The market closed at 119,691, depicting a rise of 588 points, or 0.49% week-on-week (WoW), AHL said. Sector-wise, the positive contribution came from cement (317 points), fertiliser (249 points), power generation and distribution (148 points), commercial banks (84 points) and refinery (80 points). Meanwhile, the sectors that contributed negatively were automobile assembler (105 points), oil and gas exploration companies (97 points), technology and communication (53 points), food and personal care (46 points) and oil and gas marketing companies (43 points). Scrip-wise, the positive contributors were Meezan Bank (230 points), Fauji Fertiliser Company (210 points), Lucky Cement (159 points), Pakgen Power (80 points) and DG Khan Cement (70 points). Average volumes arrived at 662 million shares (up 34.6% WoW) while average traded value settled at $78.9 million (down 6.5%), AHL added. "The KSE-100 index recovered during the week, closing at 119,691 points (up 0.5% WoW)," said Syed Danyal Hussain of JS Research. Foreign investors remained net sellers during the week, with an outflow of $5.57 billion, which was offset by local buying. The week commenced with the IMF concluding its visit to Pakistan without reaching an agreement on certain budget items, leading the government to reschedule the budget presentation to June 10, 2025, he said. Virtual negotiations were continuing, with both sides focusing on measures to enhance tax revenues and curtail expenditures. Meanwhile, Hussain added, China reaffirmed its commitment to refinancing $3.7 billion in commercial loans denominated in renminbi before the end of June. In other news, the State Bank's net buying from currency markets reached $223 million in February 2025 to further strengthen foreign exchange reserves, bringing the cumulative purchases to $5.9 billion during 8MFY25.
Hans India
19-05-2025
- Business
- Hans India
Khammam-Devarapalli highway nears finish line
Khammam: In a major boost to connectivity, the government is pushing for completion of the Khammam-Devarapalli National Highway by August 15. With over 80% of the work already finished, officials say only seven of the 124 bridges and underpasses remain under construction. At a total cost of Rs2,214 crore, this 165-kilometer highway is being built from Suryapet to times between Hyderabad and other locations to Rajahmundry and Vizag in Andhra Pradesh via the combined Khammam district will be shortened once this highway's development is finished. The Khammam district's Suryapet to Ponnekal roadway has already been finished and made accessible as part of this. Major constructions like bridges, underpasses, and bridges under construction in Kalluru Mandal are presently under process, even if the road construction is nearly finished. Meanwhile, 117 important structures have already been finished. A change in high-tension power lines is causing some delay in the construction of the railway overbridge near Kodumuru, while design revisions are delaying the one near Khammam. Three of the five packages that make up the whole highway construction are in the joint district. No cattle or other animals are allowed on this national highway, which is being built as an access-controlled route. Although Rs772 crore is being spent to build Package 1 from Tallampadu to Somavaram, 30 of the 33 km have been covered. The ROB and power line changes in this area are still pending. There are still three unfinished bridges and underpasses. At a cost of Rs637 crore, Package 2 from Somavaram to Chintagudem was started; 26 of the 29 km have been are three locations in this bundle where bridges and underpasses are still pending. With respect to Package 3 being built at a cost of Rs804 crore, 37 of the 43 km from Chintagudem to Razorla have been finished. The constituencies of Dhamsalapuram, Vandanam, and Sathupalli have three points of entry and departure. However, plans for building service roads for this road have already been submitted to the Centre. Tummala inspects project Agriculture Minister Tummala Nageswara Raovisited the joint district recently to inspect the construction projects. He examined the field-level work progress while traveling the Green Field Highway from Vemsur to Dhamsalapuram. He gave the officials and contractors instructions to make at least one side of the highway open to the public by July 15 of the year. He said that all the packages were working simultaneously and that there were no issues with the work's progress. He claimed that because it is an access-controlled highway, the absence of a service road would be problematic for the farmers in the neighbouring communities. He claimed that during Union Minister of Road Transport and Highways Nitin Gadkari's recent visit to the State, he was reminded of this problem. According to him, the Green Field Highway has three exitsin the constituency of Sathupalli, and no other State in the nation can boast of a similar claim. Tummala asserted that transportation system would be improved, and travel times significantly reduced once the Greenfield Highway becomes accessible.
Express Tribune
16-05-2025
- Business
- Express Tribune
Golf prices in Pakistan Today, Friday, May 16, 2025
Listen to article Gold prices in Pakistan rose on Friday, mirroring a positive trend in the international market. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola (approximately 11.66 grams) increased by Rs900 during the day, reaching Rs336,100. Similarly, the price of 10 grams of gold climbed by Rs772 to close at Rs288,151. This increase follows a decrease in gold prices on Thursday, when the price per tola fell by Rs6,700 to Rs335,200. On the international front, gold also gained value on Friday. The rate rose by $9 to reach $3,177 per ounce, with an additional premium of $20, according to APGJSA data. Meanwhile, silver prices remained steady, with the rate per tola holding at Rs3,377.
Business Recorder
16-05-2025
- Business
- Business Recorder
Gold price per tola gains Rs900 in Pakistan
Gold prices in Pakistan increased in line with their gain in the international market. In the local market on Friday, gold price per tola reached Rs336,100 after it gained Rs900 during the day. As per the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA),10-gram gold was sold at Rs288,151, after it increased by Rs772. On Thursday, gold price per tola reached Rs335,200 after it shed Rs6,700 during the day. Meanwhile, the international rate of gold also gained on Friday. The rate was at $3,177 per ounce (with a premium of $20), an increase by $9, as per APGJSA. Meanwhile, silver price per tola remained stable at Rs3,377.
Express Tribune
06-02-2025
- Business
- Express Tribune
Gold prices decline in local and global markets
Listen to article Gold prices have witnessed a decline in both international and local markets on Thursday. In the international bullion market, the price of gold per ounce dropped by $9, reaching a level of $2859. Locally, the price of gold also experienced a decrease. The price of one tola of gold fell by Rs900, bringing it to Rs298,700. Similarly, the price of 10 grams of gold decreased by Rs772, now standing at Rs256,087. The decline in gold prices has been observed amid fluctuating global market conditions, which have affected gold's value across various regions. Earlier, the price of gold surged significantly in Pakistan , with per tola rates increasing by Rs5,300 to hit a record Rs299,600, according to data from the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). US President Donald Trump's rhetoric and escalating trade tensions between the United States and China fueled panic among investors, driving them to seek refuge in gold. As a result, gold prices reached an all-time high on Wednesday. The significant increase in gold prices was primarily attributed to fears of a potential new trade war. This escalation began when Beijing imposed tariffs on US imports in retaliation for new American duties on Chinese goods. Additionally, Trump's statement about the US 'taking over' the Gaza Strip contributed to these concerns.
