US
PSX opens week with mixed sentiments amid gas price hike concerns
字号+ Author:Smart News Source:Sports 2025-01-15 06:49:29 I want to comment(0)
The stock market lost momentum to kicked off the week on Monday with a volatile start, as investors weighed the optimism of improving economic indicators against looming uncertainties over potential policy measures. The market saw significant selling pressure as concerns over potential gas price hikes weighed heavily on investor sentiment. The Pakistan Stock Exchange's (PSX) benchmark KSE-100 Index closed at 116,255.12, marking a decline of 1,331.86 points, or -1.13%, from the previous session's close of 117,586.98. Market pressures emerged following reports of a potential gas price hike. Ismail Iqbal Securities CEO Ahfaz Mustafa said: “The market is under pressure at midday due to the reports of gas price increase." "IMF has asked Pakistan to increase captive gas prices for industries which can potentially stress the balance sheets of all gas-related utilities and general industries,” he added. The proposed levy on gas supply to industrial captive power plants (CPPs) is part of the IMF’s structural benchmarks under the $7 billion Extended Fund Facility (EFF). Compliance with these measures is critical for Pakistan to secure the next $1 billion tranche in March. Pakistan is set to receive a $20 billion loan from the World Bank over the next decade under the Country Partnership Framework 2025-35. This funding aims to enhance sustainable economic development across key sectors. The loan programme, pending approval on January 14, aligns with the government’s National Economic Transformation Plan, which targets ambitious economic goals, including doubling GDP growth and halving poverty over five years. On the inflation front, short-term inflation, as measured by the Sensitive Price Indicator (SPI), showed a marginal weekly decline of 0.26% for the week ending January 2, 2025, while year-on-year inflation for the same week recorded a 3.97% increase. Meanwhile, textile exports during the first half of FY25 rose by 10% year-on-year to $9.9 billion, reflecting resilience in one of the country’s key sectors. The PSX’s KSE-100 Index demonstrated positive momentum on Friday, reaching an intraday high of 117,891.62 before closing at 117,586.98, up 467.33 points or 0.4% from the previous session’s close.
1.This site adheres to industry standards, and any reposted articles will clearly indicate the author and source;
Related Articles
-
Olympic champion Thomas beaten
2025-01-15 05:36
-
Why early vote counts in swing states ‘might be misleading’
2025-01-15 05:06
-
Trump projected to win in 5 swing states: NYT
2025-01-15 04:34
-
Pre-arrest bail of PTI MPA dismissed
2025-01-15 04:16
User Reviews
Recommended Reads
Hot Information
- CPI inflation clocks in at 6.9pc for September, marking 44-month low
- Ramzan Sugar Mills reference: ACE court to decide whether to pick thread from NAB hearing
- Michigan officials hoping for speedy vote count, say may see results by mid-day tomorrow
- Falling credit profile blamed for foreign banks’ exit
- Hamas spokesperson slams ceasefire proposals
- Americans gave Trump ‘crystal clear mandate for change’: Elon Musk
- Acid attack suspect on physical remand
- Israeli airstrikes kill at least 30 Palestinians in Gaza, medics say
- Reopened N-plant to power Microsoft
Abont US
Follow our WhatasApp account to stay updated with the latest exciting content