Latest news with #post-Eid
Express Tribune
10-08-2025
- Business
- Express Tribune
Bullish week lifts stock market above 145,000
A stock broker reacts while monitoring the market on the electronic board displaying share prices during trading session at the Pakistan Stock Exchange, in Karachi on July 3, 2023. Photo: Reuters/ File Listen to article The Pakistan Stock Exchange (PSX) wrapped up the week on a bullish note, with the benchmark KSE-100 index breaching the 145,000 mark amid strong institutional buying, handsome corporate earnings and improved macroeconomic sentiment. Gains were further bolstered by record remittances for July, a sharp jump in textile exports and optimism about government reforms, including a major reduction in circular debt and an ambitious privatisation road map. On a day-on-day basis, the PSX started the week by breaching the 142,000 level, another all-time high, with a rise of 1,018 points as Oil and Gas Development Company (OGDC) received its first term finance certificate (TFC) payment of Rs7.7 billion, signalling strong financial health. On Tuesday, the market extended gains as the KSE-100 index ended at 143,037, up 985 points. Investor confidence was supported by robust inflows and a nine-year low fiscal deficit of 5.38% for FY25. The record-breaking rally continued next day as well, where the index broke another key psychological level of 145,000, reflecting a surge of 2,051 points. However, the bourse took a breather on Thursday, closing at 145,647, up a modest 559 points, as Pakistan recorded a trade deficit of $2.8 billion in July. The PSX ended the week by consolidating around 145k on Friday, with the index standing at 145,383, down 264 points. Investors displayed caution, reacting to recent macroeconomic developments by shifting focus across sectors and booking profits selectively. Arif Habib Limited (AHL) wrote in its review that the KSE-100 index extended its upward trajectory during the outgoing week, closing at 145,383 and posting a week-on-week (WoW) surge of 4,348 points, or 3.1%. The rally was fueled by strong buying from local institutions and funds, along with the ongoing result season. According to the Ministry of Finance, the overall fiscal deficit narrowed to Rs6.2 trillion (5.4% of GDP) compared to 6.8% in FY24. This progress was driven by robust growth in both tax and non-tax revenues, outpacing the rise in expenditures. Cement dispatches surged 30.1% in July on higher exports and post-Eid demand recovery, AHL said. In the MSCI Index review for August 2025, one stock (Faysal Bank) was added to the Frontier Market Standard Index, while two stocks (Indus Dyeing and Manufacturing and Jubilee General Insurance) were added and two removed (Habib Sugar Mills and Octopus Digital) from the Small Cap Index, it mentioned. Petroleum sales rose 2% year-on-year (YoY) to 1.22 million tons in July, driven by lower petrol and diesel prices compared to last year. The T-bill auction held on August 6 raised Rs386 billion, below the target of Rs400 billion, with yields increasing 5-30 basis points across all tenors. In July, workers' remittances reached $3.2 billion, the highest-ever for the month of July. The State Bank's foreign exchange reserves fell $72 million to $14.23 billion in the week ended August 8. Meanwhile, the rupee appreciated 0.1% WoW, closing at 282.47 against the dollar, AHL added. Syed Danyal Hussain of JS Global said that the KSE-100 maintained a bullish tone for most of the week, touching the high of 146,813 before slipping into the red on Friday. The index closed at 145,383, up 3% WoW, while average daily turnover increased 16% to 653 million shares. Sentiment improved as the US imposed higher tariffs on Indian goods, boosting confidence in export-oriented sectors. The government made progress in the power sector, cutting circular debt by Rs780 billion to Rs1.6 trillion, and unveiled a five-year roadmap to privatise 24 companies in three phases, with 10 companies, including PIA, to be privatised in the first phase, he said. On the trade front, textile exports jumped 33.7% YoY to $1.69 billion in July 2025, though the overall trade deficit widened sharply by 44% YoY, reaching $2.7 billion due to higher imports. According to the State Bank, its reserves slipped $72 million to $14.2 billion, mainly on external debt repayments, Hussain said.
Express Tribune
10-07-2025
- Business
- Express Tribune
Remittances hit record $38.3b
Listen to article Pakistan's worker remittances dropped 8% month-on-month (MoM) to $3.41 billion in June 2025, marking the end of a robust fiscal year. Despite the monthly dip, remittances for FY25 surged 27% year-on-year (YoY), reaching an all-time high of $38.3 billion. It comes in the wake of political and economic turmoil, which has forced a significant number of people to pursue migration. During June 2025, remittances amounted to $3.4 billion, up 8% from $3.2 billion in June 2024. However, inflows were down 8% MoM compared to $3.7 billion in May 2025, reflecting a typical post-Eid moderation. The sharp rise reflects multiple contributing factors, noted Arif Habib Limited Deputy Head of Trading Ali Najib. "Firstly, improved global economic conditions in key host countries, particularly in the Gulf region, supported higher income levels for overseas Pakistanis," he said. Secondly, there was formalisation of remittance channels, aided by the State Bank of Pakistan's (SBP) incentives under the Pakistan Remittance Initiative (PRI), and reduced reliance on informal means such as Hundi/Hawala, he added. Moreover, the relative stability of the rupee and tighter regulation of foreign exchange markets made formal transfers more attractive. The increase also signals rising confidence in Pakistan's banking system and a shift towards documented financial flows. The surge has positively impacted the country's current account position, supported foreign exchange reserves and provided crucial support to households dependent on remittances, thereby playing a significant role in stabilising macroeconomic fundamentals. "For FY26, $39.3 billion (around 3% YoY growth) is anticipated," said Najib. The annual surge was driven by higher inflows from traditional corridors such as Saudi Arabia ($9.3 billion, up 26%), the UAE ($7.8 billion, up 41%) and the UK ($5.9 billion, up 31%), as well as significant growth from EU countries ($4.5 billion, up 29%). Despite a 13% YoY decline in remittances from the United States, strong growth from the Gulf and Europe more than offset the shortfall. The robust rise in remittances played a key role in strengthening Pakistan's external account during FY25, supported by policy efforts to encourage the use of formal channels and digital banking platforms such as Roshan Digital Accounts. Pakistan is now one of the top five countries receiving the most remittances. Bangladesh also saw record inflows of $30 billion, up 26%, said Topline Securities CEO Mohammed Sohail. "They are a big source of support for both economies, helping bridge external gaps and boosting household incomes." However, the latest data for June 2025 reveals several emerging challenges. One of the most notable concerns is the MoM decline of 7.6% as remittances dropped to $3.406 billion in June from $3.686 billion in May. This drop, occurring right after Eidul Azha, points to a pattern of volatility that continues to affect the stability of inflows. Although fiscal year 2025 ended with a record $38.3 billion, monthly dips signal that Pakistan's remittances remain highly seasonal and potentially vulnerable to external shocks. Country-wise data further highlights key risks. Remittances from the US declined 10.5% MoM and 12.7% YoY, indicating a significant downturn in inflows from a major contributor. Similarly, the United Kingdom and the UAE reported monthly declines of 8.6% and 4.9%, respectively. This is concerning given that these three countries, along with Saudi Arabia, account for nearly 70% of total remittances. Such concentration poses a serious risk – any geopolitical, economic or regulatory changes in these countries could disproportionately impact Pakistan's external financing position. Additionally, remittances from the Gulf Cooperation Council (GCC) countries, excluding Saudi Arabia and the UAE, saw a steep 16.1% MoM decline. While these countries posted overall growth for FY25, their dependence on oil revenues and increasingly localised labour policies could create future uncertainties for Pakistani workers. The decline in flows from developed countries like Japan (-30.4% YoY), Canada (-8.6% YoY) and Norway (-4.3% YoY) also points to stagnation in these corridors, possibly due to integration challenges, inflationary pressures or reduced remitter incomes. Moreover, inflows from "other countries", which include less traditional destinations, fell 9% MoM in June, suggesting under-diversified diaspora engagement. Another structural issue is the country's reliance on seasonal inflows, particularly during Ramazan and Eid months. For example, March to May 2025 saw a surge, peaking at $4.1 billion, but the subsequent drop in June reflects over-dependence on religious occasions to drive remittances. Experts suggest that to ensure stable inflows, Pakistan must diversify remittance sources, boost skilled labour exports and strengthen incentives for formal channels.
Egypt Today
12-06-2025
- Business
- Egypt Today
Stock market lands in the red on Thursday, Market cap. slips to LE 2.296Trn
Cairo – June 12, 2025: The Egyptian Exchange (EGX) broke its post-Eid vacation green streak as indices plunged before the weekend. EGX 30 fell by 1.29 percent to hit 32,511.68 points during Thursday's session. The Shariah index (EGX 33) dropped by 1.86 percent to end the session with 3,370.16 points. EGX 70 plummeted by 2.63 percent to 9,605.19 points, followed by EGX 100 slipping by 2.31 percent to close the session with 13,070.09 points. Thursday's session reported 1.89 billion shares exchanged with a turnover of LE 5.70 billion. Market capitalization was recorded at LE 2.296,2 trillion. Trading on securities saw Egyptian investors as net sellers with LE 63.1 million. Foreign and Arab traders were net buyers with LE 32.7 million and LE 30.4 million, respectively. Individual traders controlled the majority of trades with 72.46 percent of overall activity. The top gains of the session were by Samad Misr -EGYFERT which climbed by 10.57 percent, Misr Beni Suef Cement by 3.69 percent, and Gulf Canadian Real Estate Investment Co. by 2.76 percent.
News18
08-06-2025
- Lifestyle
- News18
Beyond Eid: Flavourful Recipes to Relive the Festive Warmth
Last Updated: Whether you're hosting loved ones or simply craving soulful comfort food, these recipes are perfect to recreate that post-Eid magic any day of the year. These indulgent yet nourishing recipes like the rich and smoky Dal Gosht, the citrus-kissed Sheer Khurma, and the comforting yet celebratory Mutton Poha Biryani invite you to revisit the warmth and generosity of the festive table Even though Eid has passed, the joy of festive cooking lingers on. These indulgent yet nourishing recipes—like the rich and smoky Dal Gosht, the citrus-kissed Sheer Khurma, and the comforting yet celebratory Mutton Poha Biryani—invite you to revisit the warmth and generosity of the festive table. Curated by Chef Deepak, Inhouse Culinary Chef R&D at Tata Consumer Products Ltd., these dishes are a tribute to tradition, reimagined with wholesome ingredients and creative flair. Whether you're hosting loved ones or simply craving soulful comfort food, these recipes are perfect to recreate that post-Eid magic any day of the year. Smoky Dal Gosht Ingredients For the Lentils 100g Tata Sampann Unpolished Masoor Dal (½ cup) 50g Tata Sampann Unpolished Toor Dal (¼ cup) 2g Tata Sampann Turmeric Powder (½ tsp) 600ml Water (2½ cups) For the Mutton 500g Mutton (bone-in) 20g Ghee (1½ tbsp) 200g Onion, thinly sliced (2 medium) 150g Tomato, chopped (1 medium) 20g Ginger-Garlic Paste (2 tsp) 5g each: Tata Sampann Red Chili, Cumin, Coriander, Garam Masala Powder (1 tsp each) 250ml Water (1 cup) Final Enhancements 30ml Coconut Cream (2 tbsp) 2g Tata Sampann Kasuri Methi (1 tsp) 15g Fresh Coriander, chopped 20g Fried Onion (2 tbsp) 1 piece Charcoal (~25g) + 1 tsp Ghee (for smoke infusion) Instructions 1. Cook the Lentils Soak dals for 15 mins. Pressure cook with turmeric and water for 4–5 whistles or until soft. Blend into a smooth puree. Set aside. 2. Cook the Mutton Heat ghee, sauté onions till golden. Add ginger-garlic paste and cook for a minute. Add mutton, sear for 4–5 mins. Add tomatoes and cook till soft. Add powdered spices and salt. Stir in water. Pressure cook for 4–5 whistles or simmer till mutton is tender. 3. Combine & Simmer Mix blended lentils into cooked mutton. Add coconut cream and simmer for 10 mins. Add crushed Kasuri methi. Simmer for 2 more mins. 4. Infuse Smoky Flavor (Dhungar) Heat charcoal until red-hot. Place it in a small bowl inside the pot. Drizzle ghee on charcoal and immediately cover. Let it smoke for 2–3 mins. Remove charcoal. 5. Garnish & Serve Top with coriander and fried onions. Serve hot with rice or naan. Sheer Khurma with Orange Twist Ingredients 1 cup Tata Sampann Vermicelli (Seviyan) 1 liter Milk ¼ cup Sugar (adjust to taste) 1 tsp Orange Zest (+ extra for garnish) 6–8 Tata Sampann Dates, chopped ¼ cup Mixed Nuts (almonds, pistachios, cashews), chopped ½ tsp Cardamom Powder A few strands Tata Himalayan Saffron 2½ tbsp Ghee Instructions Roast Vermicelli: In ghee, sauté vermicelli until golden and aromatic. Boil Milk: In another pot, bring milk to a boil. Add roasted vermicelli and simmer for 5–7 mins. Flavor Base: Add sugar, cardamom powder, saffron, and orange zest. Mix well. Add Dates: Stir in chopped dates to infuse natural sweetness. Sauté Nuts: In ½ tbsp ghee, sauté chopped nuts until golden. Finish: Stir nuts into Sheer Khurma. Top with a pinch of orange zest. Serve warm or chilled. Mutton Poha Biryani (Perfect for Eid) Ingredients Mutton Preparation 500g Mutton (bone-in) 2 tbsp Ginger-Garlic Paste 2 large Onions, thinly sliced 4 Green Chilies, sliced 1 tsp Tata Sampann Red Chili Powder ½ tsp Tata Sampann Turmeric Powder 1 tsp Tata Sampann Garam Masala Whole spices: 2 Bay Leaves, 1" Cinnamon, 4–5 Cloves, 2–3 Cardamoms, 1 tsp Cumin Seeds ½ cup Yogurt 1 tbsp Lemon Juice Salt to taste 3 tbsp Ghee Poha Layer 2 cups Tata Sampann Thick Poha Water to rinse ½ tsp Tata Sampann Turmeric Powder Garnishing 2 tsp Saffron Strands in Warm Milk 1 tbsp Mint Leaves, chopped 2 tbsp Fresh Coriander, chopped ¼ cup Fried Onions 1 tbsp Tata Sampann Cashews (Fried) Instructions 1. Cook the Mutton In ghee, sauté whole spices until fragrant. Add onions and cook till golden. Add ginger-garlic paste. Sear mutton for 5 mins. Mix in powdered spices, salt, yogurt, and chilies. Cook until oil separates. Add water as needed. Pressure cook for 3–4 whistles or simmer till tender. Finish with lemon juice. 2. Prepare the Poha Rinse poha under cold water and drain. Sprinkle turmeric. Set aside. 3. Assemble & Layer In a heavy pan, layer half the mutton, then half the poha. Repeat. Ensure poha is the top layer. Drizzle saffron milk on top. 4. Garnish & Cook Top with mint, coriander, fried onions, and cashews. Cover and cook on low heat for 10 mins to let flavors meld. top videos View all 5. Serve Mix layers gently before serving. Serve hot with cucumber raita and Sheer Khurma. About the Author Swati Chaturvedi Swati Chaturvedi, a seasoned media and journalism aficionado with over 10 years of expertise, is not just a storyteller; she's a weaver of wit and wisdom in the digital landscape. As a key figure in News18 More The News18 Lifestyle section brings you the latest on health, fashion, travel, food, and culture — with wellness tips, celebrity style, travel inspiration, and recipes. Also Download the News18 App to stay updated! Location : New Delhi, India, India First Published: June 08, 2025, 06:21 IST News lifestyle » food Beyond Eid: Flavourful Recipes to Relive the Festive Warmth
Arab Times
01-06-2025
- Business
- Arab Times
Despite High Supply, Sacrificial Sheep Prices Remain Elevated In Kuwait
KUWAIT CITY, June 1: As Eid Al-Adha approaches, the demand for sacrificial sheep has led to a notable increase in prices across Kuwait's livestock markets. Prices for sacrificial animals now range between KD 100 and KD 180, depending on factors such as breed, age, and origin. A seasoned worker at a prominent sheep market in Jleeb Al-Shuyoukh reported that sacrificial animals are plentiful this year from multiple sources, leading to relatively lower prices compared to last year. He attributed this to increased supply, despite the special requirements for sacrificial animals — free from defects and of a specific age. He noted that traders invest months preparing animals for the season, aiming for modest profits of around KD 10 per animal. Another trader explained that while prices vary from KD 100 to KD 180, public attention tends to focus only on the highest prices. He cited factors such as high feed costs and losses due to weather as contributors to price fluctuations. He expressed optimism given the ample supply. A Sudanese seller with stock from four different countries said this year's market has more options, with sheep sold both in markets and directly from barns. He emphasized the wide availability as a positive for buyers. However, not all feedback was optimistic. A Kuwaiti shopper criticized the high prices, saying that despite government subsidies on feed and livestock facilities, prices continue to rise. He urged better regulation to prevent monopolistic practices. Another Kuwaiti citizen echoed similar concerns. He claimed local traders have lost control over the market, now dominated by expatriate sellers who manipulate prices. He said genuine local sellers offer lower prices in personal barns, though their quantities are limited. He argued that prices should range between KD 90 and KD 120, noting that post-Eid prices often drop by 20 to 30 dinars. A local resident also voiced frustration, calling for stricter government oversight. She pointed out that while sacrificial animals are widely available from several countries, prices remain unjustifiably high. Previously able to purchase up to six animals, she now plans to buy fewer due to inflated costs, citing a Syrian Naimi priced at KD 1,000. Despite high supply, market prices have not adjusted accordingly, with calls mounting for regulatory intervention to protect consumers during the holiday season.
