Business
KSE-100 loses 385 points to close at 188,202 in volatile session | The Express Tribune
Macroeconomic uncertainty kept PSX volatile a day after SBP held the policy rate at 10.5%
PSX trading hall. PHOTO: FILE
Macroeconomic uncertainty continued to weigh on the Pakistan Stock Exchange (PSX) on Tuesday, as heightened volatility persisted a day after the State Bank of Pakistan’s (SBP) decision to maintain the key policy rate at 10.5%.
In the morning, trading commenced on a positive note, with the benchmark index gaining momentum in early hours; however, the optimism proved short-lived as selling pressure dominated key sectors. Automobile assemblers, cement, fertiliser, oil and gas exploration companies, oil marketing companies (OMC), power generation, and refinery stocks remained under pressure throughout the session.
Read More: Business community slams SBP for Holding Policy Rate at 10.5%
The benchmark KSE-100 index swung sharply during the session, touching an intra-day high of 189,521.32 before sliding to a low of 187,538.23. Ultimately, the index settled at 188,202.86, down 384.80 points, or 0.20% as investors adopted a cautious stance amid sector-specific profit-taking and subdued institutional participation.
KTrade Securities wrote in its market wrap the session remained largely range-bound, reflecting cautious investor sentiment. Selling pressure emerged following the SBP’s decision to keep the policy rate unchanged, which prompted profit-taking, particularly in cyclical stocks.
However, there came some positivity following the SBP’s move to reduce capital requirements for banks, resulting in strength across the banking sector. Meanwhile, the ongoing results season continued to influence investor behaviour, keeping overall market direction mixed.
On a point contribution basis, Fauji Fertiliser led gains, supported by Meezan Bank, Pakistan Petroleum, Systems Limited, and Bank Al Falah. Conversely, Engro Holdings, Engro Fertiliser, Hub Power, Lucky Cement, MCB Bank, and Maple Leaf Cement dragged the index lower, report added.
Sector-wise, fertilisers, commercial banks, and oil & gas stocks closed in the green, while cements, investment banks, and power stocks remained under pressure. Looking ahead, KTrade expected futures rollover activity to remain cautious, while geopolitical tensions between Iran and the US may continue to cap upside, keeping the market subdued in the near term.
Also Read: Gold surges past Rs532,000 on global rally
Overall trading volume decreased to 749.2 million shares versus Monday’s total of 870.4m. Stocks of 486 companies were traded. Of these, 160 rose, 278 fell and 48 remained unchanged. The value of shares traded during the day was Rs53 billion. K-Electric was the volume leader with trading in 90.2m shares, gaining Rs0.07 to close at Rs7.04.
Business
Ads for British beef and milk banned following Chris Packham complaint
Two ads promoting British beef and milk have been banned after television presenter and environmental campaigner Chris Packham complained that they misled consumers about the products’ carbon footprints.
Both ads for the Agriculture and Horticulture Development Board’s (AHDB) Let’s Eat Balanced campaign used the carbon footprint of British beef and milk to promote the products, firstly stating: “British beef not only tastes great, but has a carbon footprint that’s half the global average*.”
The asterisk linked to text that stated: “Full lifecycle emissions of CO2 eq (carbon dioxide equivalent) per kg of beef.”
The ad for milk stated: “British milk not only tastes good, but is also produced to world-class standards, and has a carbon footprint a third lower than the global average.”
Packham complained to the Advertising Standards Authority (ASA) that the ads, and specifically the carbon footprint claims, were misleading as they did not reflect the full environmental impact of British meat and dairy.
The AHDB said the ads’ mention of carbon emissions would be understood in relation to the environmental impact of beef and milk that occurred between the “cradle-to-retail” stages.
But the ASA said the average consumer “being reasonably well-informed, observant and circumspect” would understand the claims to apply beyond the retail stage and include actions such as cooking and wastage.
The ASA said: “While we acknowledged the potential difficulties in producing post-retail emissions data, the claims in the ads suggested those emissions were included and we therefore expected the evidence provided to also include them.
“We therefore concluded that the evidence presented was insufficient to support the full life-cycle claims in the ads, which was how the average consumer was likely to interpret them.
“We reminded AHDB that environmental claims should be based on the full life cycle unless the ad stated otherwise.”
AHDB’s director of communications and market development, Will Jackson, said: “Let’s Eat Balanced is doing what it was designed to do, providing clear, factual, evidence-led information about British food, nutrition and farming standards.
“Since the investigation began, we have conducted independent consumer research which found that the majority of respondents interpreted these adverts as relating to the production phase only, from farm to retail.
“This research provides important insight into consumer understanding and supports our belief that consumers were not misled by the information we shared in these two specific adverts.”
Business
Gen Z pros embrace ‘portfolio careers’ as side hustles surge – The Times of India
BENGALURU: India’s Gen Z workforce is embracing what experts describe as “portfolio careers” – balancing multiple professional identities and income streams simultaneously. New research from LinkedIn shows that 75% of Gen Z entrepreneurs in India now manage multiple income streams, significantly higher than the 62% among Gen X entrepreneurs. The findings point to a growing preference among younger professionals for flexibility, autonomy and diversified sources of income. “We’re also seeing the rise of the ‘portfolio era’, with more professionals creating multiple income streams and redefining what a career can look like. This shift is making entrepreneurship more accessible than ever before,” said LinkedIn India country manager Kumaresh Pattabiraman.Rather than depending on a single full-time role, many professionals are simultaneously building businesses, freelancing, consulting, creating online content and monetising specialised skills through digital platforms. The trend comes amid a broader rise in entrepreneurial activity in India. LinkedIn recorded a 104% year-on-year increase in members adding “Founder” to their profiles – the highest growth among all global markets.AI is also emerging as a major enabler of this shift. The report found that 85% of Gen Z entrepreneurs consider AI and digital tools important to their business operations.
Business
Elon Musk said control of OpenAI should go to his children, Sam Altman tells jury
Sam Altman said Elon Musk tried many times for total control of OpenAI, which he’s now suing.
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