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Asif Khaliq drives blue-eyed Chaiwala Arshad Khan’s London success Munir and Naqvi Join Makkah Pact Talks in Tehran Iran Says the Border Is Open as Pakistan Ships LPG by Sea Six Militants and Two Soldiers Killed in DI Khan Imran Khan’s Sisters Held for Another 30 Days Rights Commission Calls for the KP Emergency to End Makkah Pact Officials Head to Tehran for Security Talks Riyadh Airport Partly Reopens Two Weeks After Attack Indian Duty-Free Access Threatens Pakistan’s Textile Edge Peshawar Begins Polio Drive for 1.11 Million Children KSE-100 Loses 4,045 Points Over the Week Task Force Asks Industry for Export Proposals PTI Weighs Talks Against Protest Over KP Seven of One Family Killed in Murree Road Accident Mir Raza’s Father Asks for a JIT Member to Be Replaced Pakistan Rejects a $490m Loan as Too Expensive Minister Seeks Loan Rescheduling as Rates Bite at 25pc 31,000 Consumers Denied the Petrol Subsidy Portal Glitch Blocks Returning Pakistanis From Filing LPG Cargoes Down to Two as Senate Presses on Winter Fuel

Articles for tag: breakout, gradually, KSE-100 index, PSX, rising, week

March 24, 2024

News Desk

PSX is gradually rising in breakout week

KARACHI: The Pakistan Stock Exchange (PSX) made incremental progress last week as it added nearly 350 points to its tally but could not break through the 66,000 resistance level. The market remained volatile throughout the week with a mix of positive moves and profit taking on higher equity valuations. Caution prevailed at the start of the week as market players awaited the monetary policy announcement. However, the staff-level agreement between Pakistan and the International Monetary Fund (IMF) after the latest review under the $3 billion stand-by agreement (SBA) gave a boost to the stock market. Similarly, Pakistan’s current account surplus

March 7, 2024

News Desk

Rising energy costs halt growth at 0.29%

LAHORE: The National Electricity Regulatory Authority (NEPRA) revealed that the high cost of electricity was one of the factors that contributed to the reduction in the rate of economic growth to just 0.29% in the financial year 2022-23. According to NEPRA’s State of the Industry Report 2023, the high cost of electricity in Pakistan has emerged as a critical challenge affecting all sections of society. The report states: “Apart from residential consumers, the high price of electricity has had a significant impact on the trade, industry, agriculture and service sectors.” NEPRA has revealed that the rising cost of fuel along

March 2, 2024

News Desk

SPI rises to 7-week high amid rising gas prices

KARACHI: Pakistan’s inflation rose to a seven-week high of 1.27% in the week ended February 29, mainly due to the government’s recent significant hike in natural gas prices, which weighed heavily on short-term inflation figures. Weekly SPI (Sensitive Price Indicator) inflation had slowed to 0.04% in the previous week ending February 22, 2024. According to Pakistan Bureau of Statistics (PBS) data, inflation increased by 32.73% in the week under review compared to the same week last year, indicating that short-term inflation remained high. The SPI rose 1.27% weekly on the back of a 15.52% rise in natural gas prices to

February 28, 2024

News Desk

Businesses are sounding the alarm over rising electricity prices

LAHORE: Different business groups have expressed concern over a recent hike in fuel adjustment price of electricity, which is Rs 7.05 per unit, calling it an unexpected increase by the National Electricity Regulatory Authority (NEPRA). This increase will cost the people of Pakistan Rs 70 billion, they said. They also said that apart from domestic consumers, the industrial sector, especially the export sector, would suffer huge foreign exchange losses. “Repeated hikes in electricity tariffs are hitting exports and local businesses alike. The government has hiked the electricity rates several times and most people have been sent bills of multiples of

February 24, 2024

News Desk

Food inflation, energy costs are rising

KARACHI: The weekly inflation reading rose 0.04 percent on the back of rising food and energy prices in the week ended Feb. 22, ending the contraction recorded for the past three consecutive weeks. According to the Pakistan Bureau of Statistics (PBS) data, the inflation gauge slowed to a 13-week low of 30.68% for the week compared to the same week last year, but remained elevated as many staples continued to become expensive for various reasons, significantly compressing the purchasing power of citizens. The bureau said tomatoes registered the biggest increase of 22.71% in a week at Rs 132.54/kg compared to

February 21, 2024

News Desk

Electricity production falls 2.4% in January amid rising fuel costs

KARACHI: Pakistan’s electricity generation fell by 2.4% to 8,314 Gigawatt hours (GWh) in January 2024 due to low demand on the system during the winter month. However, the cost of its fuel component in total production rose a staggering 23% to Rs 13.79 per unit due to increased reliance on expensive fuels such as imported gas, furnace oil and diesel.According to data compiled by Arif Habib Limited, electricity generation fell by 2.4% in the month under review compared to 8,515 GWh in January 2023. Despite low demand in the system, Pakistan has increased generation from expensive fuel-fired power plants, while

January 16, 2024

News Desk

Messi steals the spotlight at FIFA awards despite rising stars

LONDON: Lionel Messi may have left the European football spotlight behind, but he remains a magnet for the game’s biggest awards after being crowned FIFA’s best men’s player for 2023 on Monday. The 36-year-old’s selection over crown contenders Erling Haaland and Kylian Mbappe was controversial in a year when Messi made what many see as a departure from the norm to join Inter Miami in Major League Soccer. However, Messi’s pulling power was still evident last year as he quickly took the United States by storm. The eight-time Ballon d’Or winner dragged a struggling team to the first ever trophy

January 13, 2024

News Desk

Weekly inflation surges to 7-month high on rising fuel prices

Of the 51 items monitored by SPI, 21 increased, 8 decreased, and 22 remained stable A shopkeeper at a shop in this undated picture. — Reuters/File SPI rose 1.36% in the week ended January 11. The SPI inflation index jumps to 44.16% year-on-year. The main contributors to weekly inflation are food. Islamabad: Weekly inflation jumped to the highest level in more than seven months, official data showed on Friday, as soaring food prices fueled by currency devaluation and rising energy costs squeezed household budgets. The Sensitive Price Indicator (SPI), which tracks the prices of 51 basic items, rose 1.36 percent

November 24, 2023

News Desk

China is grappling with rising respiratory diseases

SHANGHAI: China called for vigilance on Friday as an outbreak of respiratory illnesses hit schools and hospitals, and the World Health Organization, which asked the government for disease data, said no unusual or new pathogens had been identified. China is grappling with an outbreak of respiratory diseases as it enters its first full winter season since lifting strict Covid-19 restrictions in December, with cases among children appearing particularly high in northern regions such as Beijing and Liaoning province where hospitals warn of long waits. The State Council said influenza will peak this winter and spring, and mycoplasma pneumonia infection will

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