Connect with us

Business

PSX sinks over 1,200 points amid profit-taking, IMF concerns | The Express Tribune

Published

on

PSX sinks over 1,200 points amid profit-taking, IMF concerns | The Express Tribune


The Pakistan Stock Exchange (PSX) closed sharply lower on Monday as heavy profit-taking dragged the KSE-100 index down by 1,237.67 points, or 0.73%, to settle at 167,752.40.

The sell-off came amid investor caution following reports that the International Monetary Fund (IMF) raised concerns over discrepancies in trade data reported by Pakistan Single Window (PSW) and Pakistan Revenue Automation Limited (PRAL), putting recent macroeconomic progress under scrutiny.

Analysts termed the phase as a temporary pause and expected  a renewed investor confidence to reurn soon.

Read: PSX maintains record-breaking drive

Market experts attributed the drop to a combination of domestic and geopolitical factors. M. Waqas Ghani, Head of Equity Research at JS Global, said stocks came under pressure due to a widening trade deficit and IMF reservations on select policy items, though he expects sentiment to improve once the next IMF disbursement arrives.

Mohammed Awais Ashraf, Director Research at AKD Securities, noted investor caution over the reported trade data gaps but added that SBP data shows no cause for concern, reflecting the actual flow of dollars in and out of the country.

Trading details

Overall volumes decreased to 1.27 billion shares from 1.57 billion in the previous session, with a total stock value of Rs60.5 billion. Stocks of 487 companies were traded, of which 108 closed higher, 348 declined, and 31 remained unchanged. The Bank of Punjab led trading volumes with 131.4 million shares, rising Rs0.96 to Rs34.46.

Equity trader Ahmed Sheraz highlighted heightened volatility, driven by geopolitical tensions with India and domestic uncertainty due to Pakistan’s partial non-compliance with IMF targets. He added that the IMF has requested clarification on an $11 billion discrepancy in trade data reported by two government entities over the past two fiscal years, raising concerns over the credibility of official financial statistics.



Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Lidl and Iceland ads banned under new ‘less healthy’ food rules

Published

on

Lidl and Iceland ads banned under new ‘less healthy’ food rules


Ads for supermarkets Lidl and Iceland have become the first to be banned under new rules governing “less healthy” food and drink.

The rules, which came into effect at the beginning of the year, are part of Government efforts to tackle childhood obesity by preventing ads for food and drink that is high in fat, salt and sugar (HFSS) appearing on television between 5.30am and 9pm, and online at any time.

The new ban applies to products that fall within 13 categories considered to play the most significant role in childhood obesity, including soft drinks, chocolates and sweets, pizzas and ice creams, but also breakfast cereals and porridges, sweetened bread products, and main meals and sandwiches.

Undated handout photo issued by the Advertising Standards Authority (ASA) of an Emma Kearney Lidl Instagram post. (ASA/PA Wire)

Products that fall into these categories are than also assessed as to whether they are “less healthy” based on a scoring tool that considers their nutrient levels and whether products are high in saturated fat, salt or sugar.

Only products that meet both of the two criteria are included in the restrictions.

The Advertising Standards Authority (ASA) said an Instagram post for Lidl Northern Ireland by influencer Emma Kearney featured the grocer’s cheese pretzel, which was not categorised as HFSS and therefore did not fall within the restrictions, and its Pain Suisse product, which was classified as both HFSS and a sweetened bread product and was therefore banned under the new rules.

Lidl said the ad had been removed and they had liaised with their marketing agency to ensure that all future ads complied with the new rules.

In a separate case, Iceland confirmed that two ads included a tub of Swizzles Sweet Treats, a packet of Chupa Chups Laces, a bag of Chooee Disco Stix and a bag of Haribo Elf Surprises, which were all classified as HFSS.

They also provided nutrient profile information from their supplier which confirmed that Pringles Sour Cream & Onion crisps, also included in the ads, were not an HFSS product.

Iceland’s Luxury Aberdeen Angus Beef Roasting Joint, Vegetable Spring Rolls, Sticky Chicken Skewers and Lurpak Spreadable Butter, which were also included in the ads, did not fall within the new restrictions.

(PA)

The ASA did not uphold a complaint against an Instagram post by influencer John Fisher – known to many as Big John – which featured him promoting menu items at a new German Doner Kebab outlet because the specific items shown in the ad were not classified as less healthy foods.

The watchdog also cleared a TV ad for On The Beach promoting free airport lounge access which featured a boy approaching a buffet and taking a chocolate ring doughnut.

The ASA said viewers would see the ad as showing an example of what was available in the lounge rather than for the doughnut itself, meaning it did not break the rules.

ASA chief executive Guy Parker said: “As the ad regulator, our role is to remain impartial and independent, making sure our new LHF rules, which reflect the law, are applied fairly and consistently.

“These initial rulings are an important step in building a clearer picture of how the rules are applied in reality.

“We’ll be continuing to play our role in administering and enforcing them, including by using tech-assisted proactive monitoring.”

An Iceland spokesman said: “The products highlighted were part of a bigger range in the specific display ad and were featured due to a technical fault with a data feed from a third-party supplier.

“As the ASA has pointed out, these initial rulings are helping to build a clearer picture of how the new rules are applied, following the initial confusion and debate around the regulations.”



Source link

Continue Reading

Business

Crisis grants launched for struggling Bradford families

Published

on

Crisis grants launched for struggling Bradford families


At a meeting of the local authority’s executive on Tuesday, MacBeath said the scheme aimed to move beyond emergency aid by helping families become more financially “resilient”, offering advice on managing money, accessing benefits, reducing debt and finding work.



Source link

Continue Reading

Business

Help to Buy mostly helped high earners, IFS says

Published

on

Help to Buy mostly helped high earners, IFS says



People with lower incomes benefitted less from the house-buying scheme than those with high incomes, the influential think tank says.



Source link

Continue Reading

Trending