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PSX crosses 167,000 level on $3b Saudi deposit extension | The Express Tribune

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PSX crosses 167,000 level on b Saudi deposit extension | The Express Tribune



KARACHI:

The Pakistan Stock Exchange remained in consolidation mode as the benchmark KSE-100 Index closed just above the 167,000 level, buoyed by improved external support and easing political uncertainty.

At the end of the trading day, the KSE-100 Index closed at 167,086 points, posting a gain of 802 points or 0.48%.

“Throughout the day, the benchmark largely remained in positive territory, supported by key developments,” said Ali Najib, Deputy Head of Trading at Arif Habib Ltd. Saudi Arabia extended its $3 billion deposit with Pakistan for another year, providing much-needed external sector comfort. 

Additionally, the president’s assent to the summary for the appointment of the Chief of Defence Staff helped ease uncertainty on this front.

On the corporate front, Service Industries announced that its subsidiary, Service Long March Tyres (SLM), has decided to raise capital through an initial public offering and pursue listing on the PSX.

Among major movers, FFC, PPL, OGDC, UBL and SYS collectively contributed 551 points to the index, while MCB, PIOC, FABL, NBP and BOP jointly shaved off 138 points.

Market activity remained moderate, with 685.9 million shares traded and a total turnover of Rs 41.6 billion. TELE topped the volume chart with 58 million shares.

PSX gains 408 points in a week

PSX wrapped up the week on a flattish note, recording a gain of 408 points or 0.26%. The KSE-100 Index opened at 167,229, touched a weekly high of 169,289, and posted a low of 165,886 during the week. The benchmark eventually settled at 167,086, reflecting a period of consolidation with limited directional movement. 

Going forward, the market is expected to make an attempt at a new all-time high, with the energy sector likely to lead the rally. 

The expectation is driven by market sentiment surrounding a potential circular debt disbursement anticipated in the coming week, which could fuel fresh buying interest in key E&P and power sector stocks.



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Elon Musk’s X fined €120m over ‘deceptive’ blue ticks

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Elon Musk’s X fined €120m over ‘deceptive’ blue ticks


Elon Musk’s social media platform X has been fined €120m (£105m) by the EU over its blue tick badges.

The European Commission said by allowing allowing people to pay for a blue verified check mark on their profile, the social media platform “deceives users” because the firm is not “meaningfully verifying” who is behind the account.

“This deception exposes users to scams, including impersonation frauds, as well as other forms of manipulation by malicious actors,” it said.

The BBC has approached X for comment.

EU regulators said the platform was also failing to provide transparency around its adverts, and it was not giving researchers access to public data.

“The fine issued today was calculated taking into account the nature of these infringements, their gravity in terms of affected EU users, and their duration,” it said.

The action constitutes the Commission’s first decision on a platform’s “non-compliance” with its Digital Services Act (DSA) – one of two rulebooks online firms must follow in order to operate their services in the EU.

The DSA sets out obligations for platforms around content, data and advertising, while the Digital Markets Act establishes how companies should operate in order to benefit consumers and competition.

Such rules have come under increased scrutiny from US leaders, who warned against tougher regulation of tech firms by governments and regulators.

US Vice President JD Vance lashed out at the EU amid rumours of its forthcoming fine on Thursday – claiming it was being punished “for not engaging in censorship”.

“The EU should be supporting free speech, not attacking American companies over garbage,” he said.



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IndiGo Crisis: Airline Fares Surges Up To Rs 85,000 For Key Cities Amid Shortage

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IndiGo Crisis: Airline Fares Surges Up To Rs 85,000 For Key Cities Amid Shortage


Amid the widespread cancellations and delays of IndiGo flights, airfares on other airlines have skyrocketed, in some cases touching prices comparable to Delhi–London tickets. The sudden spike in one-way economy fares has raised serious concerns among commuters.



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New Rent Rules 2025: Model Tenancy Act Clause -Rights That Tenants, Landlords Must Know

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New Rent Rules 2025: Model Tenancy Act Clause -Rights That Tenants, Landlords Must Know


New Rent Rules 2025: The Model Tenancy Act, 2021 is reshaping the rental landscape in India, bringing long-needed clarity, fairness and legal protection to both tenants and landlords. With rules on security deposits, written agreements, inspection rights, repairs and evictions now standardised, the Act aims to end informal practices and reduce disputes. As more states adopt its provisions, understanding these new guidelines has become essential for anyone renting or leasing property in India. Here are key pointers you must know:

1. Security Deposit Limits

* For residential properties, landlords cannot ask for more than two months’ rent as a deposit.

* For commercial properties, the maximum is six months’ rent.

* The deposit must be refunded when the tenant vacates, after deducting any legitimate dues.

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2. Written & Registered Agreement Is Mandatory

* Every tenancy must have a written rental agreement.

* It must be digitally stamped and registered online with the Rent Authority within two months of signing.

* No verbal or informal rental arrangements are allowed.


3. When Landlords Can Enter the Property

* Landlords must give at least 24 hours’ written notice before entering the property.

* Entry is allowed only for:

– repairs,

– inspection for habitability, or

– any reason clearly mentioned in the rental agreement.

* Entry cannot happen before sunrise or after sunset.

No notice is needed only in emergencies like fire, flood, earthquake, etc.

4. Eviction Rules Are Strict and Legal

* Tenants cannot be evicted without applying to the Rent Authority.

* Valid eviction grounds include:

– not paying rent for two consecutive months,

– misusing or damaging the property,

– making structural changes without permission.

If tenants stay after the agreement ends, they must pay enhanced rent.

5. Repairs & Maintenance Responsibilities

* Landlord must handle major structural work, including:

– painting,

– plumbing pipe replacements,

– major electrical wiring,

– structural repairs.

* Tenant must handle routine repairs, including:

– taps, drain cleaning, WC repairs,

– switches, geyser and small fixtures,

– garden and open space maintenance.

If the landlord doesn’t do essential repairs within 30 days of being notified, the tenant may fix it and deduct the cost from rent.

If the house becomes uninhabitable and the landlord refuses repairs,

the tenant can vacate after 15 days’ notice.

6. Rent Revision Rules

* Rent can be increased only once in 12 months. Landlord must give 90 days’ prior written notice before revising rent.

7. Harassment or Unlawful Actions Are Punishable

* Landlords cannot (without following legal process):

– change locks,

– cut electricity or water,

– threaten the tenant, or

– forcibly evict them

These actions are punishable under the Act.



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