Business
Stocks slip as profit-taking drags PSX lower | The Express Tribune
KSE-100 fell from its intra-day high to close 291 points lower, ending the session down 0.18%
The Pakistan Stock Exchange came under selling pressure on Tuesday as profit-taking in key sectors dragged the benchmark KSE-100 Index into negative territory, erasing early-session advances.
After hitting an intra-day peak of 162,819.85, the index failed to hold its upward trajectory. Midday selling pushed it down to 161,276.81 before it eventually settled at 161,692.49 — marking a loss of 291.59 points, or 0.18%, by the close.
Traders attributed the weak performance to a cautious mood prevailing in the market, with macroeconomic uncertainty and unclear policy direction prompting investors to secure profits from recent rallies. Activity slowed significantly through the session as investors avoided aggressive positions.
Pressure mounted particularly in index-heavy sectors including oil and gas exploration, banking, and power generation. The sustained bout of profit-taking from these segments steadily pulled the benchmark lower, despite brief phases of recovery in the afternoon.
Market participants noted that sentiment is likely to stay subdued until new triggers emerge. Analysts expect the benchmark to remain range-bound unless clarity surfaces on macroeconomic developments or policy cues that could restore investor confidence.
Read: Momentum fizzles at PSX as KSE-100 slips 118 points in range-bound session
In its post-market commentary, KTrade Securities said the PSX remained range-bound with “subdued participation,” as low volumes continued to restrict upward momentum. The brokerage highlighted that Engro Holdings, Pakistan Petroleum, National Bank of Pakistan, Bank Al Habib, and Hub Power were the biggest drag on the index.
However, the fertiliser sector provided some respite, led by gains in Fauji Fertilizer, alongside positive moves in Lucky Cement and Bank Alfalah, which helped offset some losses.
Looking ahead, KTrade anticipates that sentiment will likely remain cautious, with investors focusing on rollover-related flows and monitoring macroeconomic indicators. Progress on the next IMF tranche and regional geopolitical shifts are expected to play a critical role in shaping short-term market direction.
Overall trading volumes rose to 590.5 million shares compared to 490.3 million a day earlier, while the value of traded shares was recorded at Rs22.1 billion. WorldCall Telecom topped the volume chart with 59.2 million shares traded, slipping by Rs0.05 to close at Rs1.85.
A total of 477 companies came under the trading lens. Among them, 155 posted gains, 284 declined, and 38 closed unchanged.
The government on Thursday kept petrol and high-speed diesel (HSD) prices unchanged at Rs253.17 per litre and Rs257.08 per litre respectively, for the coming fortnight, starting from January 16.
This decision was notified in a press release issued by the Petroleum Division.
Earlier, it was expected that the prices of all petroleum products would go down by up to Rs4.50 per litre (over 1pc each) today in view of variation in the international market.
Petrol is primarily used in private transport, small vehicles, rickshaws, and two-wheelers, and directly impacts the budgets of the middle and lower-middle classes.
Meanwhile, most of the transport sector runs on HSD. Its price is considered inflationary, as it is mostly used in heavy transport vehicles, trains, and agricultural engines such as trucks, buses, tractors, tube wells, and threshers, and particularly adds to the prices of vegetables and other eatables.
The government is currently charging about Rs100 per litre on petrol and about Rs97 per litre on diesel.
One of Britain’s most prolific rail fare dodgers could face jail after admitting dozens of travel offences.
Charles Brohiri, 29, pleaded guilty to travelling without buying a ticket a total of 112 times over a two-year period, Westminster Magistrates’ Court heard.
He could be ordered to pay more than £18,000 in unpaid fares and legal costs, the court was told.
He will be sentenced next month.
District Judge Nina Tempia warned Brohiri “could face a custodial sentence because of the number of offences he has committed”.
He pleaded guilty to 76 offences on Thursday.
It came after he was convicted in his absence of 36 charges at a previous hearing.
During Thursday’s hearing, Judge Tempia dismissed a bid by Brohiri’s lawyers to have the 36 convictions overturned.
They had argued the prosecutions were unlawful because they had not been brought by a qualified legal professional.
But Judge Tempia rejected the argument, saying there had been “no abuse of this court’s process”.
JSW Jetour T2 Launch: JSW Motors Limited, the passenger vehicle arm of the JSW Group, is reportedly preparing to enter the Indian car market this year. It has partnered with Jetour, a China-based automotive brand owned by Chery Automobile, and the Jetour T2 SUV could be the company’s first product, according to the reports.
Media reports suggest that the launch will happen independently and not under the JSW MG Motor India joint venture. The SUV will wear a JSW badge and name, instead of the Jetour branding. The upcoming SUV will be assembled at JSW’s upcoming greenfield manufacturing facility in Chhatrapati Sambhaji Nagar, Maharashtra.
According to the reports, the company plans to have the vehicle on sale by the third quarter of this year. With this move, JSW aims to establish itself as a standalone carmaker in India.
Expected Powertrain
The SUV is likely to arrive with a 1.5-litre plug-in hybrid setup. Internationally, this hybrid powertrain is offered with both front-wheel drive and all-wheel drive options. It is still unclear which version will be introduced in India.
Design
In terms of design, the T2 is a large and rugged-looking SUV. It has a boxy and upright stance, similar to vehicles like the Land Rover Defender. Despite its tough appearance, it uses a monocoque chassis instead of a ladder-frame construction.
Size
The SUV measures around 4.7 metres in length and nearly 2 metres in width. This makes it larger than the Tata Safari, even though it is a five-seater. A longer 7-seat version is also sold in some markets.
Price
Pricing details for India are yet to be announced. For reference, the front-wheel-drive five-seat T2 i-DM is priced at AED 1,44,000 (around Rs 35 lakh) in the UAE.
Jetour
Jetour is a brand owned by Chinese automaker Chery. Launched in 2018, it focuses mainly on SUVs and is present in markets across China, the Middle East, Africa, Southeast Asia and Latin America.
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