Connect with us

Pakistan

PSX soars to new high of 67,756 points fuelled by cyclic sector

Published

on


A broker looks at an index board showing the latest share prices at the Pakistan Stock Exchange in Karachi. — AFP/File

Pakistan’s stock market scaled a new peak on Wednesday as majority of investors cheered the government’s privatisation push amid hopes of a rate cut especially after signs that inflation was finally cooling down, traders said.

Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index ended at 67,756.03 after jumping by a massive 869.77 points or 1.30%.

The cyclic sector stole the show on Wednesday as investors parked a lot of money in the cement and steel companies, mainly after reports of a rise in local and international cement dispatches for March.

However sectors like transport, technology and communication and commercial banking, also remained on investors’ radar.

Moreover, the government’s privatisation plans especially its initiative to sell off some State-Owned Enterprises (SOEs) fed the market with optimism as the consensus is that these companies would turn around in terms of profitability and efficiency under private ownership.

It must be noted that the Privatisation Commission on Tuesday opened the door for selling off Pakistan International Airlines (PIA), inviting expressions of interest (EOIs) from potential buyers.

“Confidence [is] further improving after good progress on privatisation along with foreign portfolio investment in government papers,” said Mohammed Sohail, CEO of brokerage house Topline Securities, in a note during intra-day trading.

“Cements stocks are (also) in limelight amid expectations of rate cut in coming months,” he said.

Brokerage Arif Habib Limited (AHL) in its market wrap said strong moves in the cement sector saw the KSE-100 push further into unchartered territory.

“As many as 67 stocks rose while 24 fell with Engro (+4.88%), Engro Fertilizer (+3.9%), and Lucky Cement (+4.78%) emerging as the biggest contributors to index gains,” the brokerage said.

It further said the addition of the cement sector, which had been sideways since the start of the year, could add another dynamic to the bull market. “Cement and steel names are positioning themselves to potentially be outperformers in Q2,” the AHL report said.

Pakistan’s consumer price index (CPI) for March 2024 punched in at 20.7% year-on-year, as compared to 23.1% year-on-year in February 2024 and 35.4% year-on-year in March 2023, the latest data issued by the Pakistan Bureau of Statistics (PBS).

In March 2024, the CPI surged by 1.7% compared to a mere 0.03% rise in the previous month and a 3.7% increase in March 2023, marking a notable uptick in inflation. These inflation figures surpassed market forecasts.

Consequently, the average annual inflation for the first nine months of fiscal year 2024 stands at 27.2% year-on-year, aligning with the corresponding figures from the previous year.

According to JS Global, this marks the lowest inflation rate recorded since May 2022, when it was at 13.8%. Additionally, it is the first instance in over three years that the Consumer Price Index (CPI)-based inflation has fallen below the key policy rate, currently set at 22%.

Pakistan

Honda CD70 Dream Latest Price, Installment Plans – Sep 2024 Update – Pakistan Observer

Published

on

By


Honda remains leader in bikes market, with its top-selling units like CD 70, and that’s without making any major changes as the entry-level bikes look almost same for a long time. As the CD-70 remains its most selling model, bikes like the CD-70 Dream and Pridor are considered a niche products.

Despite failing to achieve top sales, CD 70 Dream is still in the market, featuring air-cooled, 4-stroke engine that delivers smooth performance and impressive fuel economy, often averaging around 60-70 km/l, making it ideal for daily commuting.

The bike looks better with stylish and modern design with attractive graphics, as compared to simple CD70. People also like its comfort as built quality remains optimum, comparing to other players.

Its pricing makes it accessible to a wide audience, including students and working professionals, solidifying its status as a favorite among motorcycle enthusiasts in Pakistan.

As bikes prices remain out of hands, people are having hard time to upgrade their ride while companies also face low sales.

Honda CD 70 Dream Price

The price of Honda CD70 Dream is Rs168,900 in September 2024.

Honda CD 70 Dream Installments

Installment Plans Monthly Payments 
3 months Rs56,300
6 months Rs28,300
9 months Rs21,890
12 months Rs17,200
24 months Rs10,170
36 months Rs7,800

 

You may like to read our these stories

Yamaha Bikes Latest Price in Pakistan May Update

Continue Reading

Pakistan

Check Property Ownership in Lahore, other Punjab cities Online – Pakistan Observer

Published

on

By


If you live in Lahore or any other city in Punjab; you might have faced difficulties in getting land record in previous years, but now the government made the land verification process smooth with digitization.

To curb the menace of land mafia and to help residents of Punjab, the government rolled out a systematic process and also eased the process of property transfers and real estate transactions.

A new verification system is Live by provincial authorities to check the legitimacy of properties available for purchase or investment across the region of 110 million people.

The relevant authority in this regard is Punjab Land Record Authority which oversees management and maintenance of land records. You can get different services, including ability to search for and view land records, as well as request copies of documents.

Check Property Ownership Online 2024

Here’s Step by Step Guide To Check property ownership

Step 1: Please visit PLRA portal at Punjab-zameen.gov.pk.

Step 2: Find ‘Property Registration,’ on home and click on https://rodportal.punjab-zameen.gov.pk/.

Step 3: It will ask you to select your district and service center.

Step 4: You can search by different options including Bahi number, ID card, registration number, or by person name.

Step 5: After entering details, please advance to ‘Search’ to get the land ownership.

With latest updates, you can check data on number of property transfers in last 36 months.

Beware of These Illegal Housing Societies in Lahore – September 2024 Update

Continue Reading

Pakistan

Suzuki Bolan discontinued in Pakistan after 36 years; Here’s replacement for ‘Carry Dabba’ – Pakistan Observer

Published

on

By


LAHORE – Finally, it’s time to say goodbye to the iconic Suzuki Bolan as Pak Suzuki pulled plugs to replace the minivan with another model. Over the last 3.5 decades, Suzuki Bolan enjoyed decent sales and was valued for its flexibility, serving a multi-passenger vehicle and for commercial purposes.

Amid shift in auto landscape in Pakistan, Bolan becomes latest drive to be discontinued after Suzuki Mehran, which you can still spot.

Pictures of Suzuki Bolan’s last batch surfaced online, and Pakistanis hit nostalgia as many grew up in this vehicle. The final chassis number marked as 01151691. The country’s oldest automaker and maker of Bolan also confirmed discontinuation of the 800cc Carry Dabba.

The company decided to replace Bolan for its outdated design and lack of safety features. Amid its low sales, consumer demand for a modern replacement like Changan Karvaan increased.

Suzuki Every to Replace Bolan

Suzuki earlier mentioned that Every will replace Bolan, and one of its recent model was unveiled at a recent auto show.

The launch of Every models faced delays due to import challenges and it is expected to launch in mid October.

Suzuki Bolan Price in Pakistan

 

Continue Reading

Pakistan

Gold prices reach historic high in Pakistan – Pakistan Observer

Published

on

By


Your source for latest Pakistan, world news. Stay updated on politics, business, sports, lifestyle, CPEC, and breaking news. Accurate, timely, and comprehensive coverage.

Continue Reading

Trending