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Category: Business

  • Gold price increases by Rs1,200 to Rs246,800 per tola

    Gold price increases by Rs1,200 to Rs246,800 per tola

    On Thursday, gold prices in Pakistan saw a notable increase, reflecting global market dynamics. According to the Karachi Sarafa Association, 24-karat gold was priced at Rs246,800 per tola, marking a Rs1,200 rise per tola.

    Notably, despite this uptick, the price remains Rs2,500 below its actual cost due to prevailing economic conditions impacting purchasing power.

    For 10-gramme quantities, the price of 24-karat gold stood at Rs211,591, up by Rs1,029 per tola. Meanwhile, 22-karat gold was quoted higher at Rs193,959 per 10 grammes.

    In contrast, silver prices remained steady within the domestic market. The price of 24-karat silver was reported at Rs2,900 per tola and Rs2,486 per 10 grammes.

    Internationally, spot gold prices near $2,382 per ounce showed a modest increase of $9.6 or 0.41 per cent from the previous session.

    This latest movement in precious metal prices underscores both local economic factors influencing consumer buying power and broader global trends impacting commodity markets.

  • PAMA reports over 18% decline in car sales in Pakistan for FY24

    PAMA reports over 18% decline in car sales in Pakistan for FY24

    Car sales in Pakistan experienced a significant decline of 18.2 per cent during the fiscal year 2023-24, as reported by the Pakistan Automotive Manufacturers Association (PAMA).

    The total number of vehicles sold dropped to 103,826 units, down from 126,878 units in the previous fiscal year.

    Despite the annual drop, June 2024 brought a surprising surge in car sales. The month saw a remarkable 120.2 per cent increase, with 13,284 units sold compared to just 6,033 units in June 2023.

    This spike also represented a 21.3 per cent increase from the 10,949 units sold in May 2024, indicating a potential recovery in the market.

    However, the overall picture for the year was less optimistic. Passenger car sales decreased by 15.7 per cent year-on-year, with 81,577 units sold compared to 96,811 units in the previous year. The production of passenger cars also saw a decline, with only 79,573 units produced in FY24, a 22.0 per cent drop from the 101,984 units manufactured last year.

    Diving deeper into the data, the ‘Below 1000cc’ category led the market with 38,657 units sold in FY24. Within this category, the Suzuki Alto was the star performer, with an impressive 35,883 units sold. The Suzuki Bolan followed with 2,774 units.

    The ‘1300cc and Above’ category also saw substantial sales, with 35,447 units sold. Toyota (Corolla & Yaris) dominated this segment, selling 16,305 units.

    Honda Cars (Civic & City) came next with 11,501 units, followed by Suzuki Swift with 5,567 units, and Hyundai Elantra with 1,193 units.

    A total of 7,473 units were sold in the 1000ccc segment in FY24. The Suzuki Cultus led this category with 3,878 units, while the Suzuki WagonR followed with 3,595 units.

    These statistics reveal a complex and shifting landscape in Pakistan’s automotive market. While the year saw a notable decline in sales and production, the significant surge in June suggests that the market might be on the path to recovery.

    For industry stakeholders and consumers alike, these trends will be crucial to watch in the coming months.

  • 24 karat gold price increases by Rs600 to Rs245,600 per tola

    24 karat gold price increases by Rs600 to Rs245,600 per tola

    Gold prices in Pakistan witnessed a slight rise on Wednesday, following a similar trend in international markets.

    According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola increased by Rs600, bringing it to Rs245,600.

    The price for 10 grammes of gold also saw a modest uptick, gaining Rs514 to reach Rs210,562.

    This increase comes after a minor decline on Tuesday when the price per tola dropped by Rs100.

    Internationally, gold prices also climbed on Wednesday. The APGJSA reported that the global rate for gold stood at $2,372 per ounce, inclusive of a $20 premium, after a $10 increase.

    In contrast, silver prices remained stable, with the rate per tola holding steady at Rs2,900.

    It is noteworthy that in April, gold prices in the local market hit an all-time high of Rs252,200 per tola.

  • SBP data reveals govt borrowed Rs8.3 trillion from banks in FY24

    SBP data reveals govt borrowed Rs8.3 trillion from banks in FY24

    The Pakistani government significantly increased its domestic borrowing in the fiscal year 2023-24, according to the latest data from the State Bank of Pakistan (SBP). This period saw the government borrowing Rs8.3 trillion from scheduled banks, a substantial rise from Rs3.6 trillion in FY23 and Rs3.3 trillion in FY22.

    The Federal Government accounted for the bulk of this borrowing, taking Rs8.56 trillion, while the Provincial Government retired Rs261.27 billion. The two primary sources of budgetary support financing are the SBP and scheduled banks.

    In FY24, the government repaid a net amount of Rs694.85 billion to the central bank, bringing the net borrowing figure to Rs7.49 trillion. Government sector borrowings are categorized into three main areas: budgetary support, commodity operations, and others.

    For FY24, the net borrowing for budgetary support stood at Rs7.61 trillion. In contrast, there was a net retirement of Rs107.59 billion for commodity operations and Rs6.18 billion for other categories.

    This notable increase in domestic debt highlights the government’s reliance on internal sources to manage its fiscal requirements amid challenging economic conditions.

  • Major relief announced for power consumers using less than 200 units

    Major relief announced for power consumers using less than 200 units

    Prime Minister Shehbaz Sharif has unveiled a substantial relief package worth Rs50 billion aimed at domestic electricity consumers.

    This initiative, set to benefit those using up to 200 units per month, will be in effect for the months of July, August, and September.

    The announcement was made during a ceremony on energy sector reforms held in Islamabad this afternoon. According to the Information Ministry, the relief package is designed to assist 25 million domestic consumers, which constitutes 94 per cent of the total domestic user base.

    Under the terms of the package, the cost of electricity per unit will range between Rs4 and Rs7. This subsidy will also extend to K-Electric consumers. The PM noted that the funding for this initiative will come from the development fund.

    “This decision has been taken to provide relief to the common man in the wake of rising electricity prices,” PM Shehbaz stated

    He acknowledged that the summer months are particularly challenging due to higher electricity consumption. However, he expressed optimism that from October onwards, as the weather cools, electricity usage will naturally decrease.

    PM Shehbaz also reiterated his commitment to addressing the country’s economic challenges, emphasising that tackling corruption is essential for economic recovery. He assured the public that the coalition government is united in its efforts to overcome these difficulties.

  • PSX closes at new record high despite fire incident

    PSX closes at new record high despite fire incident

    On Monday, a fire incident caused a temporary halt in trading at the Pakistan Stock Exchange (PSX), yet the benchmark KSE-100 index continued its bullish run, closing at a new record high.

    The index remained relatively stable during the first hour of trading but faced a suspension from 10:25 am to 12:30 pm due to a fire outbreak at the main building, which houses several brokerage offices.

    Once trading resumed, the market quickly regained momentum. The KSE-100 index surged to an intra-day high of 80,737.71 points, adding 524.92 points. By the close of trading, the benchmark index settled at 80,566.21 points, marking an increase of 353.41 points or 0.44 per cent.

    Key sectors, including automobile assemblers, cement, commercial banks, oil and gas exploration companies, and oil marketing companies, saw significant buying activity. Prominent stocks such as OGDC, PPL, PSO, SHEL, HBL, and NBP ended the day in positive territory.

    The PSX had already been on a bullish trend the previous week, driven by aggressive buying from both local and foreign investors, as well as institutional support. The KSE-100 index had gained 1,767.83 points on a week-on-week basis, crossing the 80,000 mark to close at 80,212.79 points.

  • Gold price drops by Rs1,300 per tola to Rs245,100 per tola

    Gold price drops by Rs1,300 per tola to Rs245,100 per tola

    Gold prices in Pakistan experienced a notable drop on Monday, mirroring a decrease in international markets.

    The All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) reported that the price of gold per tola fell by Rs1,300, bringing it down to Rs245,100. Similarly, the rate for 10 grammes of gold decreased by Rs1,113, settling at Rs210,134.

    On the global stage, the price of gold was set at $2,376 per ounce, including a $20 premium, after a decline of $12 during the day.

    In contrast, silver prices in Pakistan remained steady, with rates holding firm at Rs2,900 per tola.

    Moreover, the Pakistani rupee on the first trading day of the week declined by Rs12.74 paisa to Rs278.5 against the US dollar.

  • FIA directed to identify and suspend officials involved in overbilling electricity consumers

    FIA directed to identify and suspend officials involved in overbilling electricity consumers

    Prime Minister Shehbaz Sharif has announced stringent measures against officials responsible for overcharging electricity consumers.

    During a meeting in Islamabad on Saturday, attended by Minister for Power Sardar Awais Ahmed Leghari, Minister for Information and Broadcasting Attaullah Tarar, and other relevant officials, the Prime Minister directed the Federal Investigation Agency (FIA) to identify and suspend such officials.

    He emphasised that these actions will not be tolerated, labelling the perpetrators as “enemies of the people.”

    In the same session, the Cabinet Committee on Energy (CCoE) revealed that the circular debt in the power sector had soared to Rs2,655 billion by May 2024.

    The committee, chaired by Prime Minister Sharif, approved the creation of a support unit aimed at enhancing the efficiency of electricity distribution companies (DISCOs), curbing electricity theft, and ensuring timely bill collection.

    This support unit, which will operate for two years after receiving federal cabinet approval, will begin its work with the Multan Electric Power Company (MEPCO).

    The government’s initiatives aim to address systemic issues in the power sector, thereby alleviating financial pressures and improving service delivery.

  • PM Shehbaz orders immediate action to tax 4.5 million non-filers

    PM Shehbaz orders immediate action to tax 4.5 million non-filers

    Prime Minister Shehbaz Sharif has mandated immediate action to bring 4.5 million identified non-filers into the tax net.

    Chairing a review meeting on Federal Board of Revenue (FBR) reforms, he stressed the need for swift implementation of measures to ensure these potential taxpayers are registered and contributing their due share.

    During the meeting, officials updated the prime minister on the ongoing reforms and digitisation efforts within the FBR. The implementation of Sharif’s directives is progressing rapidly, with a comprehensive review of the FBR’s existing systems and manpower nearing completion.

    Initial steps have already led to the identification and cessation of fraudulent sales tax refund claims by approximately 4,000 companies.

    The prime minister underscored the importance of ending discretionary powers of customs appraisers, instructing the FBR chairman to ensure compliance and report back within 24 hours. He highlighted that more than 300,000 new taxpayers have submitted their returns in recent weeks, a testament to the government’s initiatives.

    PM Shehbaz also called for strict action against individuals and officials involved in tax evasion, emphasising that those who facilitate such crimes will be punished. Conversely, taxpayers who comply with their obligations will be acknowledged.

    To enhance transparency and reduce corruption, the prime minister directed the installation of modern, international-quality scanners at ports. He reiterated that the digitisation of the tax system is a top government priority to prevent billions in tax evasion.

    PM Shehbaz also recommended the creation of a dashboard to monitor the progress of digitisation and reforms.

  • Fourth consecutive surge pushes gold price to Rs246,400 per tola in Pakistan

    Fourth consecutive surge pushes gold price to Rs246,400 per tola in Pakistan

    Gold prices in Pakistan rose for the fourth consecutive session on Saturday, mirroring an uptick in the international market.

    The price of gold per tola in the local market climbed by Rs2,000, reaching Rs246,400, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA).

    Similarly, the price of 10-gramme gold increased by Rs1,740, selling at Rs211,247. This follows a Rs1,100 rise in the price per tola observed on Friday.

    Internationally, gold prices also saw an increase on Saturday. The rate, as reported by APGJSA, was $2,388 per ounce (including a $20 premium), marking a $24 gain for the day.

    Silver prices also saw an upward trend, rising by Rs50 to settle at Rs2,900 per tola.

    In April, the price of gold in the local market hit a record high of Rs252,200 per tola.