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ARY NEWS

Anjum Wahab

  • Prolonged loadshedding: Protesters storm KE customer care centre

    Prolonged loadshedding: Protesters storm KE customer care centre

    KARACHI: Frustrated with prolonged loadshedding, enraged citizens stormed the K-Electric (KE) customer care centre on Karachi’s Abul Hassan Isphani Road, forcing the staff to flee, ARY News reported on Saturday.

    The protesters chanted slogans against K-Electric and pelted stones at the customer care centre, shattering windows.

    The demonstration was sparked by the worsening power crisis in Karachi, with residents demanding an end to the frequent load shedding. The protesters blocked both sides of the road, causing a massive traffic jam.

    Following the protest, the K-Electric staff abandoned their office and fled the scene, leaving the protesters to vent their anger.

    A day earlier, citizens staged protests in various city areas over the non-availability of electricity and water. Protesters staged a sit-in at North Karachi Power House Chowrangi and Gulzar-e-Hijri Scheme 33, blocking traffic and setting tires on fire.

    Read More: JI announces countrywide protest against power bills, load shedding

    A large number of residents of the area near North Karachi staged a protest against the load shedding of electricity, which caused traffic to come to a standstill on both tracks of Nagan Chowrangi and Surjani Town. The protesters demanded an end to load shedding and cable faults, and chanted slogans against the K Electric.

    Meanwhile, a large number of residents of Scheme 33, PCSIR Society, Sachal area, came out of their homes to protest against the non-availability of water, blocking traffic and chanting slogans against the Karachi Water and Sewerage Board, demanding immediate water supply. Protesters also set tires and other objects on fire, causing traffic jams and long queues of vehicles.

  • Bulls lead PSX to cross historic 80,000 mark

    Bulls lead PSX to cross historic 80,000 mark

    The Pakistan Stock Exchange (PSX) on Friday shattered another record as it crossed the 80,000 mark during intraday trading.

    The benchmark KSE-100 reached an all-time high of 80,001 from the previous close of 78,801 points.

    The KSE-100 index gained 1,199 points around 09.50am.

    Analysts attributed the upward trajectory to the government’s willingness to unlock a deal with the International Monetary Fund (IMF) after the budget.

    Analysts expect the budget for the fiscal year to June 2025 to set ambitious fiscal targets as it looks to strengthen the case for a new bailout deal with the International Monetary Fund (IMF).

    Read more: Pakistan’s foreign exchange reserves stand at US$14.41bn

    On Thursday, the 100-index of the Pakistan Stock Exchange (PSX) gained 2,094.76 points to close at historic level of 78,801.53 points against 76,706.77 points the previous trading day.

    A total of 452,637,253 shares valuing Rs.20.675 billion were traded during the day as compared to 395,897,996 shares valuing Rs. 21.366 billion the last day.

    Some 447 companies transacted their shares in the stock market; 256 of them recorded gains and 133 sustained losses, whereas the share prices of 58 remained unchanged.

  • In a historic first, PSX breaches 78,000 mark

    In a historic first, PSX breaches 78,000 mark

    The Pakistan Stock Exchange (PSX) reached new peaks as it crossed the 78,000 mark during the intraday trading on Thursday.

    The benchmark KSE-100 reached an all-time high of 78,115 from the previous close of 77,213.

    The KSE-100 index gained 1409 points around 10.55am.

    Analysts attributed the upward trajectory to the government’s willingness to unlock a deal with the International Monetary Fund (IMF) after the budget.

    Analysts expect the budget for the fiscal year to June 2025 to set ambitious fiscal targets as it looks to strengthen the case for a new bailout deal with the International Monetary Fund (IMF).

    Pakistan budget 2024-25

    Minister for Finance and Revenue Muhammad Aurangzeb last week presented Pakistan’s budget for the fiscal year 2024-25 with a total outlay of Rs18.877 trillion.

    MAJOR POINTS AND ANNOUNCEMENTS

    • GDP growth target set at 3.6pc
    • Inflation rate projected at 12pc
    • Development budget set at Rs1500bn
    • 18pc sales tax on smartphones
    • Reforms to control pension expenditure
    • 101pc increase in development budget
    • Development projects for Azad Kashmir, merged districts
    • 17 major development projects
    • 25pc increase in salaries for BPS1-16
    • 20pc increase in salaries for BPS17-22
    • 15pc increase in pensions for retired employees
    • Minimum monthly wage increased from Rs32,000 to Rs37,000
    • Privatisation top priority
    • Sales tax to be applied to various goods, services
    • 5pc FED proposed on new plots, residential commercial property
    • Establishment of Danish schools in AJK, GB, Balochistan and Islamabad
    • Penalty for selling smuggled cigarettes

    MAJOR ALLOCATIONS IN BUDGET 2023-24

    • Rs597 billion allocated for BISP
    • SME credit to be increased to Rs1100bn
    • Rs79bn allocated for IT sector
    • Rs267bn allocated for the energy sector
    • Rs206bn allocated for water resources
    • Rs7bn allocated for FBR reforms, digitalisation
    • Rs86.9bn allocated for promotion of remittances
    • Rs1,400 allocated for PSDP
    • Rs2,122bn to be provided for defence
    • Rs839bn for civil administration
  • SBP slashes interest rate to 20.5pc

    SBP slashes interest rate to 20.5pc

    KARACHI: In a big move, the State Bank of Pakistan announced on Monday to cut the interest rate by 150 basis points (bps) to 20.5 per cent.

    In a statement, the SBP said the central bank’s Monetary Policy Committee (MPC) had met earlier today and reviewed the current economic developments.

    The committee noted that “underlying inflationary pressures are also subsiding amidst tight monetary policy stance, supported by fiscal consolidation”.

    At the same time, the MPC highlighted “some upside risks to the near-term inflation outlook associated with the upcoming budgetary measures and uncertainty regarding future energy price adjustments”.

    “Second, reduction in the current account deficit has helped improve the foreign exchange (FX) reserves to around $9 billion despite large debt repayments and weak official inflows,” it added.

    The SBP last changed rates in an emergency meeting in late June last year, when it raised rates by 100 basis points to a record high of 22%.

    It is pertinent to mention here that Finance Minister Muhammad Aurangzeb, speaking at a business conference in China last week, said he expected rates to come down in the face of falling inflation.

  • Gold rates go up in Pakistan

    Gold rates go up in Pakistan

    The gold rates in Pakistan increased Rs500 taking the cost of 24-karat gold to Rs241,700, ARY News reported on Friday. 

    According to All Sindh Sarafa Jewellers Association, 10 grams of 24-karat gold price witnessed an increase of Rs429 and is being sold at Rs207,219.

    These movements are closely linked to changes in the value of the US Dollar, indicating the close relationship between currency values and gold prices. This underscores the impact of global economic factors on local gold markets.

    Internationally also, the gold price also witnessed an increase of seven dollars to reach 2342 dollars per ounce.

    Read more: Gold rates witness drop in Pakistan

    The recovery came after the release of weaker US growth data, which suggested inflation will remain contained and interest rates are more likely to come down.

    As a non-yielding asset, the expectation of lower interest rates is a positive for Gold.

  • MSC Anna: World’s largest cargo ship docks at Karachi Port

    MSC Anna: World’s largest cargo ship docks at Karachi Port

    The world’s largest cargo ship, MSC Anna, has reached Karachi port on Wednesday, marking a significant milestone in the port’s history.

    The colossal vessel, which arrived from India’s Port Mundra, anchored at Karachi port.

    According to the port administration, MSC Anna boasts impressive dimensions, measuring 400 meters in length and having a capacity of carrying 19,638 containers.

    The ship is carrying 19,638 containers, and after fulfilling the regulation process, the unloading of containers from the ship will start, KPT spokesperson said.

    The ship will unload its cargo and is scheduled to depart after a one-day stopover.

    The port administration has organised an arrival ceremony for MSC Anna. This event will celebrate the ship’s arrival and underscore the importance of Karachi port in international maritime trade.

  • Gold rates witness drop in Pakistan

    Gold rates witness drop in Pakistan

    The gold prices in Pakistan once again experienced a dip, taking the cost of 24-karat gold to Rs240,300 per tola after reporting a minor price drop of Rs500.

    According to All Sindh Sarafa Jewellers Association, 10 grams of 24-karat gold price witnessed decrease of Rs429 to trade at Rs206,181.

    These movements are closely linked to changes in the value of the US Dollar, indicating the close relationship between currency values and gold prices. This underscores the impact of global economic factors on local gold markets.

    Read more: Gold prices in Pakistan rise after five-day decline

    The price of 24-karat silver, however, remained stable at Rs2,800. Internationally also, the gold price witnessed a drop of $4, reaching $2,339 per ounce.

  • OGRA raises RLNG prices

    OGRA raises RLNG prices

    The Oil and Gas Regulatory Authority (OGRA) on Friday notified increase in the prices of Regasified Liquified Natural Gas (RLNG) for two Sui gas companies — SSGCL and SNGPL — for the current month.

    The RLNG’s price for Lahore-based Sui Northern Gas Pipelines Ltd (SNGPL) has been raised by $0.79 per mmBtu to $13.74 per mmBtu for May against $12.95 in April.

    Likewise, the RLNG sale price for Karachi-based Sui Southern Gas Company Ltd (SSGCL) has been increased by $0.85 to $14.05 mmBtu against $13.19 in April.

    Last month, the RLNG prices were raised by 1.03% and 1.06% for Sui Northern Gas Pipelines Limited and Sui Southern Gas Company Limited respectively, as per OGRA.

    As per the latest update, the new prices for SNGPL for transmission and distribution are $11.98/MMBtu and $12.95/MMBtu, respectively for April.

     

  • Gold rates see major drop in Pakistan

    Gold rates see major drop in Pakistan

    The gold prices in Pakistan continue to drop in line with the global market, ARY News reported on Thursday, citing the Sarafa Association.

    According to the Sindh Sarafa Jewellers Association, the per tola gold price clocked in at Rs242,000 after a single-day decline of Rs6,200.

    Similarly, the 10-gram gold was sold at Rs207476 after it shed Rs5,315, according to rates shared by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).

    The price of per tola silver remained constant at Rs2,850.

    In the international market, the gold price decreased by $60 to $2355 from $2,415, the association reported.

    READ: Gold prices fall in Pakistan following global market downturn

    Yesterday, the Gold prices in Pakistan witnessed downward momentum in line with the global market.

    According to all Sindh Sarafa Jewellers Association, the per tola gold price clocked in at Rs248,200 after a drop of Rs300.

    Whereas, the 10-gram gold was sold at Rs212,791 after it shed Rs236, according to rates shared by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA).