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PSX extends losing streak as index plunges 2,062 points | The Express Tribune

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PSX extends losing streak as index plunges 2,062 points | The Express Tribune


A stock broker reacts while monitoring the market on the electronic board displaying share prices during trading session at the Pakistan Stock Exchange, in Karachi on July 3, 2023. Photo: Reuters/ File

The Pakistan Stock Exchange (PSX) witnessed a sharp downturn on Tuesday as early gains were wiped out by heavy profit-taking and weak investor sentiment, pushing the benchmark index deep into the red.

After opening on a positive note, the KSE-100 index climbed to an intra-day high of 163,380.67 points. However, momentum quickly reversed in the second half as investors booked profits from recent rallies. The index hit a low of 159,805.35 points before closing at 160,101.03, down 2,062.78 points or 1.27% from Monday’s close of 162,163.81.

Tuesday’s slump marked the fifth consecutive session of losses, underscoring persistent investor unease. The benchmark briefly dipped below the 160,000-point mark amid sustained selling pressure and a lack of positive triggers.

Read: Border clashes rattle stocks and PSX suffers major sell-off

Market participants attributed the downturn to fading confidence, macroeconomic uncertainty, and caution ahead of corporate earnings, following recent policy announcements.

Arif Habib Limited (AHL) noted that the bearish spell persisted with the fifth straight down close and an intra-day breach of the 160,000 level. Only 19 scrips gained while 79 declined, with Lucky Cement (+1.67%), Pakistan Services (+1.69%), and Service Industries (+1.69%) providing the most support.

On the flip side, Hub Power (-2.18%), Meezan Bank (-1.82%), and Habib Bank (-1.9%) were the biggest drags on the index.

In corporate results, Lucky Cement reported its highest-ever quarterly consolidated profit after tax (PAT) of Rs21.9 billion (+23% YoY), translating into an EPS of Rs15.01 for 1QFY26.

Read More: PSX slips 0.3% as selling offsets early gains

Indus Motor Company (+0.92%) also posted a record PAT of Rs6.72 billion (EPS: Rs85.49, +32% YoY) along with a record quarterly dividend of Rs51 per share. Pakistan State Oil (+0.65%) announced 1QFY26 EPS of Rs20.0, up 136% YoY.

AHL cautioned that Tuesday’s declines wiped out all gains made since mid-October, warning that “after a bounce, the October lows will likely come under threat.”

Overall market participation improved, with 1.01 billion shares traded, up from 1.0 billion on Monday. Traded value stood at Rs36.94 billion.

Out of 476 active scrips, 113 advanced, 324 declined, and 39 remained unchanged. K-Electric led the volumes chart with 94.6 million shares, losing Rs0.54 to close at Rs5.27.



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Ads for British beef and milk banned following Chris Packham complaint

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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.”



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Gen Z pros embrace ‘portfolio careers’ as side hustles surge – The Times of India

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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.



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Elon Musk said control of OpenAI should go to his children, Sam Altman tells jury

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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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