Business
PSX succumbs to profit-taking as index loses 483 points | The Express Tribune

KARACHI:
The Pakistan Stock Exchange (PSX) kicked off the new trading week on Monday with a volatile performance as the benchmark KSE-100 index ended the day in the red.
Following late-session selling pressure owing to profit-taking and futures contract rollover, the benchmark KSE-100 index closed down by 482.71 points, or 0.31%, at 157,554.66.
The bourse opened the day on a positive note, climbing to the intra-day high of 158,850.34 points around midday as optimistic investors bought attractive stocks. However, the momentum faded as the session progressed, with investors opting to book profits, particularly in key sectors such as banking, cement and technology, pulling the index down to the low of 157,245.73.
Analysts attributed the downturn to a mix of caution ahead of key economic data and concerns over global market trends. Market participants awaited policy signals and corporate earnings announcements that could set direction for the coming sessions.
KTrade Securities, in its market wrap, wrote that the PSX experienced a volatile session, primarily driven by futures rollover pressure and profit-taking. The KSE-100 index dipped 483 points to close at 157,555.
Major laggards that contributed to the index’s decline were United Bank, Meezan Bank, Fauji Fertiliser and Lucky Cement. Despite the selling pressure, Pakistan State Oil, Hub Power, Oil and Gas Development Company and GlaxoSmithKline provided some support, it said.
Trading activity remained strong, where total volumes reached 1.67 billion shares. Though there was short-term consolidation pressure due to futures rollover, the PSX remained resilient, underpinned by investor confidence in the country’s long-term economic outlook and improving corporate earnings, KTrade added.
Arif Habib Limited (AHL) noted that the bourse started the new week with a loss of 0.31% in the KSE-100 index. Some 41 shares rose while 58 fell with Pakistan State Oil (+4.22%), Hub Power (+1.87%) and Oil and Gas Development Company (+1.22%) contributing the most to the index gains. In contrast, UBL (-2.5%), Engro Holdings (-1.68%) and Meezan Bank (-1.5%) were the biggest drags, it said.
In major news, Pakistan and Saudi Arabia initiated urgent efforts to elevate bilateral trade and economic cooperation to unprecedented levels. According to well-placed sources, a high-powered delegation comprising some of Saudi Arabia’s most prominent businessmen and industrialists was scheduled to visit Pakistan next month, AHL said.
In addition, the Federal Board of Revenue chairman ruled out the possibility of a mini-budget, stating that no proposal for additional taxes through a supplementary finance bill was under consideration.
AHL viewed it as an important week in terms of determining the future price action for the KSE-100 with the nearest support at 157k.
Overall trading volumes decreased to 1.67 billion shares compared to the previous session’s tally of 2.05 billion. The value of shares traded was Rs60.9 billion. K-Electric topped the volumes chart with trading in 236 million shares, rising Rs0.35 to close at Rs6.11.
Business
Star Health Insurance Restores Cashless Services From October 10 After AHPI Dispute Resolution

New Delhi: The Association of Healthcare Providers of India (AHPI) and Star Health and Allied Insurance Company on Sunday announced that cashless services will resume at AHPI member hospitals from October 10. In a joint statement, both organisations said they will work to resolve all remaining issues — including tariff revisions — by October 31, 2025.
The agreement follows weeks of negotiations after AHPI had earlier issued an advisory urging its members to suspend cashless facilities from September 22 in protest over pricing and other concerns. With the resolution, AHPI has revoked that advisory and confirmed efforts are underway to settle other pending matters within the next month.
To prevent similar disputes in future, AHPI plans to create a panel of industry leaders to work with insurers on an industry-level agreement that keeps patient interests at the forefront. “We are pleased that our dialogue with Star Health Insurance has resulted in this positive outcome,” said Dr. Girdhar Gyani, Director General of AHPI. “The restoration of cashless services will ease the burden on patients and their families, who deserve uninterrupted access to care.”
Anand Roy, MD & CEO of Star Health Insurance, echoed the sentiment: “At Star Health Insurance, our foremost priority is the well-being of our policyholders. We are glad to have resolved the issues through constructive engagement with AHPI. Restoring cashless services at member hospitals reflects our commitment to ensuring accessible, affordable, and seamless healthcare for our customers.”
The suspension of cashless services had caused significant disruption for patients at several major hospitals. Among the affected facilities were Care Hospitals (Ramnagar, Vizag), Manipal Hospitals (Delhi and Gurugram), Max Hospitals (North India), Metro Hospital (Faridabad), Medanta Hospital (Lucknow), Rajiv Gandhi Cancer Hospital (New Delhi), Sarvodaya Hospital (Faridabad), and Yatharth Hospitals. AHPI had earlier criticised the suspension as “arbitrary” and warned of patient distress.
With cashless services now set to resume, both AHPI and Star Health say they are committed to a more collaborative, patient-centric approach to healthcare delivery and insurance settlement going forward.
Business
Video: Elon Musk’s Father Accused of Child Sexual Abuse

new video loaded: Elon Musk’s Father Accused of Child Sexual Abuse
By John Eligon, Kirsten Grind, Karen Hanley, June Kim and Stephanie Swart•
Errol Musk has been accused of sexually abusing five of his children and stepchildren since 1993, a Times investigation found. Family members had appealed to Elon Musk for help.
Business
Jaguar Land Rover shutdown extended again after cyber attack

Jaguar Land Rover (JLR) has confirmed that production in its factories will remain suspended until next month at the earliest.
The business secretary and industry minister are visiting JLR on Tuesday for the first time since the cyber attack to meet with the company and firms in the beleaguered carmaker’s supply chain.
The company has been unable to produce cars since the cyber attack at the end of August forced it to shut down its IT networks, and fears are growing that the company’s suppliers could go bust without support.
JLR has confirmed that its factories – including its UK facilities in Solihull, Halewood and Wolverhampton – won’t resume operations until at least October 1.
“Our focus remains on supporting our customers, suppliers, colleagues, and our retailers who remain open,” JLR said in a statement confirming the shutdown extension.
“We fully recognise this is a difficult time for all connected with JLR and we thank everyone for their continued support and patience.”
Sources previously told the BBC the disruption could last into November.
Industry minister Chris McDonald said he was visiting JLR alongside Business Secretary Peter Kyle to “host companies in the supply chain, to listen to workers and hear how we can support them and help get production back online.”
He said in a statement: “We have two priorities, helping Jaguar Land Rover get back up and running as soon as possible and the long-term health of the supply chain.
“We are acutely aware of the difficulties the stoppage is causing for those suppliers and their staff, many of whom are already taking a financial hit through no fault of their own – and we will do everything we can to reassure them that the government is on their side.”
Suppliers are anxious to be heard, according to Johnathan Dudley, the head of manufacturing for accounting and consulting firm Crowe UK. The firm is based in the West Midlands, which is where the Solihull and Wolverhampton plants are.
“Obviously, they’re being very, very cautious because they don’t want to create panic, and equally, they don’t want to be seen to be criticising people further up the chain,” he told BBC Radio 4’s Today programme.
“It’s not a blame game, but it is a cry for help, because there are businesses now seeing people not paying [staff].”
The halt in production had hit profits by about £120m already, and £1.7bn in lost revenue, according to David Bailey, Professor of Business Economics at the University of Birmingham.
JLR is currently taking the lead on support for its own supply chain, rather than any state intervention.
One of the country’s largest trade unions, Unite, called for a furlough scheme for staff of JLR suppliers, after reporting that some workers were being told to apply for Universal Credit.
Unite said staff were being laid off with “reduced or zero pay” following the hack, which has forced the carmaker to shut down its IT networks and halt production.
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