Business
Stocks slide sharply at Pakistan stock exchange – SUCH TV
After days of buying momentum, selling returned to the Pakistan Stock Exchange on Tuesday, with the benchmark KSE-100 Index diving by 1,700 points during the opening hours of the trading.
After days of buying momentum, selling returned to the Pakistan Stock Exchange (PSX) on Tuesday, with the benchmark KSE-100 Index diving by 1,700 points during the opening hours of the trading
At 12:00 noon, the benchmark index was hovering at 159,894.96, down 1,643.44 points, or minus 1.03 percent.
Out of 454 active companies, 133 advanced, 309 declined, and 12 remained unchanged.
Selling pressure was witnessed in key sectors including automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs, power generation, and refinery. Index-heavy stocks, including HUBCO, MARI, OGDC, POL, PPL, PSO, MCB, MEBL, and NBP, traded in the red.Earlier on Monday, the Pakistan Stock Exchange (PSX) closed on a positive note as the benchmark KSE-100 index gained 1,945.50 points, a positive change of 1.22 percent, settling at 61,538.41.
According to PSX data, the ready market recorded a turnover of 783.287 million shares as compared to 768.833 million shares traded earlier, while the traded value increased to Rs 36.372 billion from Rs 30.735 billion. The market capitalization also rose to Rs 18.471 trillion from Rs 18.286 trillion.
F. Nat. Equities led the volume chart with 73.709 million shares, followed by Kohinoor Spinning with 54.808 million shares and Bank Makramah with 49.120 million shares.
Unilever Pakistan Foods Limited stood among the top gainers as its share price increased by Rs 360.13 to close at Rs 28,999.99, while Exide Pakistan Limited gained Rs 59.32 to close at Rs 652.51.
The major losers included PIA Holding Company Limited-B, which fell by Rs 1,507.77 to close at Rs 23,380.18, and Pakistan Services Limited, which declined by Rs 89.45 to settle at Rs 1,374.30.
It is thought that thousands of people may have lost their jobs at Oracle, one of the world’s largest tech companies.
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The US-Israel Iran war has halted almost all traffic in a key waterway and the price Brent crude has surged.
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Crunch talks between resident doctors and the Government are set to continue in a bid to avert strike action.
Sir Keir Starmer has given the resident doctors committee of the British Medical Association (BMA) a deadline to reconsider a deal on pay and jobs which includes an offer of thousands of extra NHS training posts.
It is understood the proposal will be removed from the deal if resident doctors in England press ahead with a six-day strike from April 7 in a row over jobs and pay.
Dr Jack Fletcher, chairman of the resident doctors committee of the union, said: “It is wrong for Government to withhold desperately-needed jobs as part of negotiating tactics.
“Anyone who works in the NHS knows that patients need these 4,000 jobs created as soon as possible.
“We made that very clear to Government in our meetings today.
“We are not interested in arbitrary deadlines – we will be looking to get this dispute ended right up to the last minute.
“We believe there is a deal there to be done if Government is willing to withdraw the changes it made at the last minute that reduced the funding for pay rises. Talks continue.”
It comes as senior medics announced they were escalating their disputes with the Government.
Consultants and other senior doctors are to be balloted on industrial action after ministers announced they would be getting a 3.5% pay award.
Simultaneous ballots of consultants and specialist, associate specialist and specialty (SAS) doctors will run from May 11 until July 6.
Addressing resident doctors, Prime Minister Sir Keir Starmer wrote in The Times: “The truth is this: no-one benefits from rejecting this deal.
“Resident doctors will be worse off. Instead of improved pay, progression and support, they will receive the standard pay award this year, with none of the reforms that would have strengthened their working lives.”
The deal sets out a minimum of 4,000 new additional specialty posts to be delivered over the next three years.
NHS England boss Sir Jim Mackey confirmed the offer to expand training places will “come off the table” if an agreement is not reached.
The walkout, which is due to run from 7am on April 7 until 6.59am on April 13, will be the 15th round of strikes by resident doctors in England since 2023.
In a letter to health leaders, Mike Prentice, national director for emergency planning at NHS England, wrote: “We expect this round to be challenging as there is a shorter notice period, bank holidays within the notice period and the action itself falling during the Easter holidays.
“This will represent a significant strain on staffing resources to provide safe cover.”
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