Current Final

Author: News Desk

  • December inflation may surpass 30% due to gas price hike

    December inflation may surpass 30% due to gas price hike

    In December, inflation is expected to surpass the 30 per cent threshold, driven by the recent increase in gas prices and the persisting adverse base effect, which continues to impact the consumer price index (CPI).

    The headline inflation for December is projected to settle at approximately 30.11 per cent year-on-year (YoY) and 1.18 per cent month-on-month (MoM), in contrast to the previous month’s figures of 29.2 per cent YoY and 2.7 per cent MoM.

    This monthly inflation rate is significantly lower than the 12-month average of 2.17 per cent MoM.

    Consequently, the average yearly inflation for the first six months of FY24 is estimated to be 28.87 per cent YoY, compared to 25.05 per cent YoY in the same period of FY23.

    The surge in inflation can be attributed to the adverse base effect and the notable increase in gas prices, which were not fully realised in the previous month.

    Conversely, food inflation is expected to exhibit a marginal decrease of 0.29 per cent MoM, driven primarily by the decline in prices of tomatoes, potatoes, chicken, and oil.

    Additionally, the transport index is forecast to undergo a 4 per cent MoM decrease, mainly due to the relief in petrol and high-speed diesel (HSD) prices.

    Post-December, inflation is anticipated to decline at a relatively faster pace, supported by the favorable base effect, the delayed impact of monetary tightening, and other administrative measures.

    The December spike is attributed to the lingering effects of the overdue gas price hike. Notably, unforeseen climate events, volatility in global commodity prices, especially oil, and external account pressures pose significant upside risks to the inflation outlook.

    Global oil prices are on the rise amid challenges in Red Sea shipping, potentially threatening the inflation outlook.

    Moreover, the successful completion of the International Monetary Fund (IMF) review, coupled with additional loan programmes, remains crucial.

    The outstanding amount of $1.8 billion under the stand-by arrangement (SBA) is yet to be released.

    The accompanying chart illustrates the yearly inflation trajectory based on different MoM CPI scenarios. At 0.5 per cent and 1 per cent MoM CPI, yearly inflation is projected to fall below the 22 per cent policy rate by February–March 2024.

    By the end of FY24, with 0.5 per cent and 1 per cent MoM CPI, it is expected to decrease to 15.29 per cent and 19.37 per cent, respectively, a significant change from the previous month’s forecasts of 12.9 per cent and 17.5 per cent.

    Considering the last 12-month average of 2.17 per cent MoM, the real interest rate is anticipated to remain in negative territory by the end of FY24.

  • PTA reveals drop in mobile data users amid increasing complaints

    PTA reveals drop in mobile data users amid increasing complaints

    In November 2023, data from the Pakistan Telecommunication Authority (PTA) indicates a decline in various telecom metrics and an increase in user complaints compared to October 2023.

    The total number of cellular subscribers saw a decrease from 189.77 million at the end of October to 189.26 million at the end of November. Additionally, 3G and 4G users in Pakistan decreased from 126.92 million to 126.24 million during the same period.

    Cellular teledensity witnessed a decline from 79.32 per cent in October to 78.98 per cent in November, contributing to the overall teledensity drop from 80.4 per cent to 80.06 per cent.

    Furthermore, Next Generation Mobile Service (NGMS) penetration decreased from 53.05 per cent to 52.68 per cent.

    Provider-specific data reveals a decline in Jazz’s 3G users from 3.731 million to 3.569 million and 4G users from 43.172 million to 42.754 million between October and November.

    Zong experienced a decrease in 3G subscribers but an increase in 4G users. Telenor observed a decline in both 3G and 4G users, while Ufone’s 3G users decreased but 4G users increased.

    User complaints against telecom operators surged in November, with the PTA receiving 14,471 complaints. Notably, 98.9 per cent of these complaints were successfully resolved.

    The complaints spanned various telecom operators, including cellular mobile operators (CMOs), Pakistan Telecommunication Company Limited (PTCL), long-distance international (LDI) operators, wireless local loop (WLL) operators, and internet service providers (ISPs).

    Cellular mobile subscribers constituted the majority of complaints, reaching 13,857, of which 99.1 per cent were addressed. Jazz, Telenor, Zong, and Ufone faced specific complaints, with resolution rates ranging from 98.2 to 99.7 per cent.

    Complaints against basic telephony and ISPs were also received, with resolution rates of 93.2 per cent and 95.2 per cent, respectively.

  • PSX faces record single-day plunge, shedding 2,534 points 

    PSX faces record single-day plunge, shedding 2,534 points 

    On Tuesday, Pakistan Stock Exchange’s (PSX) KSE-100 index experienced a significant downturn, plummeting by 2,534 points, or 4.11 per cent, culminating in a closure at 59,171—a record for the largest single-day drop in absolute points. 

    Since its zenith on December 13, the index has incurred a substantial loss of 7,923 points, reflecting an 11.81 per cent decline.

    The market correction intensified during today’s session, attributed to pronounced selling pressures in the final week of the year, compounded by prevailing political uncertainty. 

    In the latest session, the index showcased a wide trading range of 2,607.74 points, registering an intraday high of 61,634.55 (down by 70.54 points) and a low of 59,026.81 (down by 2,678.28 points). The total volume of the KSE-100 index reached 396.481 million shares.

    Within Tuesday’s session, 5 out of the 100 index companies closed higher, 91 closed lower, 1 remained unchanged, and 3 were untraded. 

    The decline of the KSE-100 index was particularly influenced by sectors such as oil and gas exploration companies (-508.87 points), commercial banks (-386.15 points), power generation and distribution (-271.96 points), cement (-211.88 points), and fertiliser (-194.77 points).

  • PKR appreciates 15.82 paisa to close at Rs282.37 against USD

    PKR appreciates 15.82 paisa to close at Rs282.37 against USD

    In Tuesday’s interbank session, the Pakistani rupee (PKR) strengthened by 15.82 paisa against the US dollar (USD), concluding the trade at PKR 282.37 per USD—improved from the previous closing of PKR 282.53 per USD. 

    The Pakistani currency experienced intraday fluctuations, reaching a high bid of Rs282.8 and a low ask of Rs282.4.

    Within the open market, Exchange Companies quoted the dollar at Rs282 for buying and Rs284.8 for selling. 

    Against major currencies, the PKR depreciated by 46.13 paisa against the Euro, closing at Rs311.27, compared to the prior value of Rs310.81. 

    The British Pound became more affordable by 17.27 paisa, closing at Rs358.48, in contrast to Rs358.66 from the preceding day.

    The Swiss franc demonstrated gains of 4.63 paisa, concluding at Rs329.89, a slight increase from Rs329.84 in the previous session. 

    Against the Japanese Yen, the PKR gained 0.23 paisa, settling at Rs1.9841 as opposed to Rs1.9864 a day ago. 

    The Chinese Yuan experienced a decline of 3.37 paisa, closing at Rs39.52 compared to Rs39.55 in the previous session.

    The Saudi Riyal concluded at Rs75.27, indicating a loss of 4.32 paisa from its previous value of Rs75.31. 

    Simultaneously, the UAE Dirham decreased by 4.73 paisa, transitioning from Rs76.89 a day ago to Rs76.93.

  • Gold soars in Pakistani markets: Local rates surge despite stable global prices

    Gold soars in Pakistani markets: Local rates surge despite stable global prices

    On Tuesday, gold rates in Pakistan experienced an ascent, reaching Rs219,600 per tola in the domestic market, reflecting a gain of Rs300 throughout the day. 

    The 10-gramme gold price in Pakistan rose to Rs188,272, marking a Rs258 increase, as reported by the All Pakistan Gems and Jewellers Sarafa Association (APGJSA). 

    In contrast, international gold prices maintained stability at $2,072 (with a premium of $20), as noted by the APGJSA. 

    Notably, silver retained its position at Rs2,650 per tola in the local market.

  • PML-N candidate courts controversy with oath on Holy Quran ahead of elections

    PML-N candidate courts controversy with oath on Holy Quran ahead of elections

    A video featuring Syed Basit Sultan, a Pakistan Muslim League Nawaz (PML-N) candidate from NA-177 and other constituencies, has sparked controversy on social media.

    The politician took oath from his supporters on the Holy Quran to swear allegiance to him ahead of the general elections scheduled for February 8.

    In a video that has now gone viral, Bukhari can be seen sitting with supporters who swore allegiance to him.

    The political journey of Sultan took a turn last year when he switched allegiances, leaving the Pakistan Tehreek-i-Insaf (PTI) to join the ruling coalition under the leadership of PML-N President Shehbaz Sharif.

    Recently, Sultan, accompanied by his wife and daughter, submitted nomination papers for NA-176, NA-177, PP-272, and PP-273.

    Responding to critics who questioned the unconventional oath-taking approach, Sultan defended his actions, stating that supporters, including former union council chairmen, voluntarily participated in the oath.

    He argued that the purpose was to dispel opposition propaganda suggesting a lack of support from constituents. Sultan explained that he initially resisted the idea of the oath but eventually yielded to the request of friends.

  • December 27: Holiday in Sindh

    December 27: Holiday in Sindh


    The caretaker government of Sindh on Tuesday announced a public holiday on December 27 (tomorrow) on account of the 16th death anniversary of former prime minister Benazir Bhutto.


    Sindh Caretaker Chief Minister Justice (Retd) Maqbool Baqar’s spokesperson made the announcement, declaring a public holiday across the province tomorrow.


    “The Government of Sindh has been pleased to declare 27th December 2023 (Wednesday) as a Public Holiday throughout the Province of Sindh on the occasion of Shahadat of Mohtarma Benazir Bhutto Shaheed for all offices, Autonomous, Semi-Autonomous Bodies, Corporations and Local Councils under the Administrative control of Government of Sindh, except the essential services,” said the notification issued today.

  • Shah Mahmood Qureshi arrested again in May 9 case

    Shah Mahmood Qureshi arrested again in May 9 case

    Pakistan Tehreek-e-Insaf (PTI) Vice-Chairman Shah Mahmood Qureshi was arrested again on Wednesday by Rawalpindi police from Adiala jail in connection with a case related to the May 9 riots.

    Earlier, Shah Mahmood Qureshi was detained for 15 days after the Deputy Commissioner (DC) Rawalpindi issued an order to that effect.


    According to the orders, the PTI leader will be detained owing to his involvement in attacking the GHQ, Rawalpindi Gate, on May 9.

    Priviously, there was news circulating that Shah Mahmood Qureshi can be released from Adiala Jail today as the Supreme Court (SC) had approved his bail last week on Friday.

    The former federal minister’s lawyer, Barrister Taimur Malik, reached Adiala jail today with required bail bonds.

    Judge Abual Hasnat Zulqarnain, who is hearing the cipher case, also arrived at Adiala jail in Rawalpindi.

    The wife of PTI founder Imran Khan, Bushra Bibi, and lawyers Umair Niazi and Rai Muhammad Ali were also present.

    The SC approved the post-arrest bail of PTI leaders in the cipher case as well as the apex court also determined that Islamabad High Court (IHC) incorrectly exercised discretion deny the bail of petitioners in the said case.

    After examining the material available on record, the court found that there was no sufficient incriminating material available at this stage to show that Khan communicated the information contained in the cipher telegram received from PAREP (Ambassador), Washington, USA, to the public at large with the intention or calculation, directly or indirectly, in the interest or for the benefit of a foreign power, nor the disclosed information related to any of the defence installations or affairs, nor did he disclose any secret official code to the public at large.

  • Ayeza Khan safe after on-set accident

    Ayeza Khan safe after on-set accident

    Actress Ayeza Khan narrowly escaped in an incident where fire broke out during the shoot of a drama.

    Ayeza Khan has shared a video from the set on Instagram.

    In the video, the actor, following the director’s instructions, picks up a burning shawl and tosses it aside for the scene. However, as the shawl lands, flames spread on the ground. Unaware of the fire, Ayeza Khan continues moving backward, unintentionally stepping into the flames.
    A voice can then be heard calling Ayeza’s name to warn her. She quickly becomes careful and narrowly avoids an accident.
    Along with the video post, Ayeza thanked Allah for keeping her safe. She wrote that being an actor is not easy. “When the director says ‘action’ we forget what is going to happen next and just give our best. The quest to put on a performance dawns on us.”
    She wrote that sometimes unexpected things happen on the set which the on-screen viewers don’t see but Allah protects them.

    “I am thankful to Allah that He keeps me safe every day.”

  • PTI moves to court for reinstatement of bat symbol

    PTI moves to court for reinstatement of bat symbol

    In a major legal victory for the Pakistan Tehreek-e-Insaf (PTI), the Peshawar High Court (PHC) temporarily halted the Election Commission of Pakistan’s (ECP) directives and restored the iconic party symbol ‘bat’.

    The PHC also stated while announcing the verdict that a double bench will hear the matter after winter vacations.

    PHC judge, Kamran Hayat Miankhel, said the election symbol can’t be revoked after the release of the election schedule.

    Earlier, Pakistan Tehreek-e-Insaf (PTI) filed a petition in Peshawar High Court (PHC) to challenge the Election Commission of Pakistan’s (ECP) order declaring intra-party polls illegal and revoking its electoral symbol, the cricket bat.

    Justice Kamran Hayat Miankel of the PHC will hear the petition filed by PTI today after the party requested an urgent hearing in court.

    According to the petition filed by PTI, the ECP has no authority to decide about the intra-party elections, adding that the complainant who challenged intra-party polls is not a member of the party.

    “The ECP withdrew the electoral symbol ‘bat’,” it read asking the court to form a bench comprising senior judges and hear the plea on Tuesday (today).

    In discussing the recent decision, the chairman of the PTI, Gohar Khan, strongly criticised the ECP but expressed optimism that courts will support the request for its reinstatement.