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148 dead in Nepal floods after relentless monsoon rains
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SOUTH WAZIRISTAN: An alleged drone attack in the Konrai Raghzai area of Sararogha Tehsil of Upper So
SOUTH WAZIRISTAN: An alleged drone attack in the Konrai Raghzai area of Sararogha Tehsil of Upper South Waziristan district on Tuesday evening killed one person and injured three others. Local sources confirmed the drone attack, identifying the deceased as Saifullah Mehsud. The injured were identified as Murtaza, Hameed Khan and Abid. However, there was no official confirmation of the drone strike. The injured were taken to hospital in Dera Ismail Khan for treatment. Deputy Commissioner of Upper South Waziristan Saleem Jan, when contacted, said it was a bomb blast that injured four people. He said that an investigation was underway, following the blast.
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 said the KSE-100 index experienced a bullish week, driven by anticipation of $7bn from the IMF Executive Board, for which a meeting is scheduled on Sept 25. Moreover, the first rate cut of 50bps by the US Fed since 2020 boosted market participation across Asian markets, including local bourses. The Large-Scale Manufacturing Industries (LSMI) output witnessed an increase of 2.4pc year-on-year in July, while on month-on-month, it shrank by 2.1pc. After four months, the country posted a current account surplus of $75m in August. The government rejected all bids in the T-bill auction on Wednesday. Moreover, the Pakistan Investment Bonds auction witnessed a , ranging from 190-335bps across all tenors. The State Bank of Pakistan’s foreign exchange reserves increased by $43m, reaching $9.5bn. Furthermore, the rupee appreciated 0.12pc against the dollar to Rs277.81. As a result, the market closed at 82,074.45 points, marking an increase of 2,741 points or 3.5pc week-on-week. Sector-wise positive contributions came from commercial banks (1,139 points), exploration and production (637 points), fertiliser (631 points), cement (161 points) and oil and gas marketing companies (74 points). Meanwhile, the sectors that mainly contributed negatively were refinery (30 points), engineering (29 points) and glass and ceramics (24 points). Scrip-wise positive contributors were Mari Petroleum (567 points), Fauji Fertiliser Company (324 points), Meezan Bank Ltd (304 points), Engro Fertiliser (287 points), and MCB Bank (278 points). Meanwhile, scrip-wise negative contributions came from National Bank of Pakistan (33 points), Pakistan Petroleum Ltd (29 points), DGKC (27 points), Fauji Fertiliser Bin Qasim (23 points) and Tariq Glass Industries (22 points). Aggressive selling by foreigners clocked in at $23m compared to a net sell of $7.5m last week. Major selling was witnessed in fertiliser ($9.8m), E&P’s ($6.1m) and banks ($2.8m). On the local front, buying was reported by mutual funds ($15.5m), followed by individuals ($4.4m) and banks ($3.3m). The average volume dipped 22.6pc to 469m shares while the value traded jumped 20.9pc to $66m week-on-week.
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Recommended Reads and Indus Motor Company (IMC). PSMCL had kept its plant closed from Aug 1-23 and IMC from Aug 6-8. While financing for small cars has seen positive signs, electricity bills are higher than monthly instalments, deterring buyers According to Top Line Securities, IMC, in its corporate briefing held on Sept 11, said auto financing contribution to sales has decreased from 30pc to around 13-14pc. The declining interest rates, falling inflation and improved auto financing conditions are expected to increase car volumes. However, this outlook is highly dependent on political stability and other macroeconomic factors. Dealers still feel that the prices of locally assembled vehicles are still unaffordable. The State Bank of Pakistan’s (SBP) strict regulations to suppress the demand for vehicles by putting an upper limit of Rs3m and a substantial reduction in loan repayment period from seven to three years may keep many buyers away from bank financing. Head of Corporate Affairs, Pak Suzuki Motor Company Limited (PSMCL), Shafiq Ahmed Shaikh, believes that a single-digit interest rate will augur well for car sales, but the State Bank also needs to bring flexibility by jacking up the upper financing limit of vehicles and enhancing loan payment period. “The share of auto financing in the overall sales of was around 50pc based on single-digit interest rates a few years back, which is now unexpectedly very low,” he recalled. A car dealer said, “Currently, the market lacks buyers’ enthusiasm as they are still expecting a greater decline in the interest rate after the downward trajectory in food inflation.” The State Bank’s curbs on auto financing hold no charm among the buyers who desire to buy vehicles worth Rs5m to Rs10m, he explained, adding that small cars with price tags of Rs3m to Rs4m may attract buyers towards bank leasing. In case the interest rate further comes down, then it will take at least two months to witness its impact on auto sales, he said, adding that salaried group are still hesitant towards buying new vehicles due to vehicles’ high prices, unbearable loan instalment due to limited years, and soaring cost of living as a result of inflated power bills. “In reality, exorbitant power bills have surpassed monthly auto loan instalments in many cases. It is impossible to go for financing when a consumer pays an Rs20,000-25,000 monthly electricity bill,” another auto dealer remarked, adding that auto financing may remain under pressure as long as the Rs3m cap and thin duration of loan payment remain in place. Auto sector expert Mashood Ali Khan said the reduction in interest rates is a positive step, but it is unlikely to bring a significant improvement in the auto industry alone. The industry still faces several challenges, especially high vehicle prices and increased maintenance costs, which are hitting middle-income families hard, he said, adding SBP’s restriction on financing above the vehicle price of Rs3m along with reduced purchasing power further constrains the market. Mr Mashood said other industries that typically support have halted new vehicle purchases for employees, and several banks have closed their car financing departments during the last two years. “Until the SBP reduces interest rates to a single digit, a major sales recovery seems unlikely,” he said. The government is still facing a significant challenge in bringing in dollars and rebuilding trust with industrialists. Strengthening economic policies and fostering a supportive environment for industries is crucial to overcoming these obstacles. Another car dealer said a sort of uncertainty still prevails in the auto market despite lowering interest rates thrice. In a volatile foreign exchange situation, an increase in demand for vehicles means a rising import of auto parts and accessories by the assemblers amid claims of higher localisation. As a result, the central bank may either keep restrictions on auto financing intact or come out with new curbs to control the outflow of dollars and current account deficit. After an 18pc , light commercial vehicles, pickups and vans during FY24 to 103,827 units year-on-year, sales during 2MFY25 sales surged by 36pc to 17,288 units from 12,671 in the same period last fiscal.
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