Tag: market decline

  • Car sales in Pakistan hit 15-year low in FY 2023-24: PAMA data

    Car sales in Pakistan hit 15-year low in FY 2023-24: PAMA data

    Car sales in Pakistan plummeted to their lowest level in 15 years during the fiscal year 2023-24, as reported by the Pakistan Automotive Manufacturers Association (PAMA).

    The data reveals that sales of cars, including light commercial vehicles (LCVs), vans, and jeeps, declined by 18.2 per cent year-on-year, amounting to 103,826 units by the end of the fiscal year on June 30, 2024.

    This marks the lowest sales figures since FY 2009.

    In comparison, 126,878 units were sold in the previous fiscal year, while the average sales over the past five years stood at 188,030 units.

    Furthemore, passenger car sales decreased by 15.7 per cent year-on-year to 81,577 units during the fiscal year, compared to 96,811 units recorded in the previous year.

    Total production of passenger cars was 79,573 units in FY24, a 22.0 per cent decline from the 101,984 units produced last year.

    The PAMA data also highlighted that the highest number of passenger car sales occurred in the ‘Below 1000cc’ category, with 38,657 units sold in FY24.

    Within this segment, Suzuki Alto led with 35,883 units sold, followed by Suzuki Bolan with 2,774 units.

  • Dramatic drop: Pakistan Stock Exchange crashes over 1,700 points amid economic concerns

    Dramatic drop: Pakistan Stock Exchange crashes over 1,700 points amid economic concerns

    On Thursday, the Pakistan Stock Exchange (PSX) encountered a challenging session as the primary index witnessed a substantial decline of 3.86 per cent, reflecting a loss of 1,784 points by 2:53 pm. This notable downturn was attributed to growing concerns pertaining to the nation’s economic landscape.

    Investors were worried about the rupee losing value against the dollar. This concern led them to sell off their shares, fearing that the economy could face trouble ahead.

    Right from the start of the trading day, the KSE-100 index saw a big fall of over 1,100 points, taking it below the 46,000 mark. Unfortunately, the index couldn’t bounce back due to low investor confidence.

    By 2:14 PM, the PSX had fallen to 45,139.34 points, a drop of 1,105.21 points compared to the previous day’s close of 46,244.55 points.

    Investors are also keeping an eye on the rupee’s decline, especially since the International Monetary Fund (IMF) won’t review the situation for a few more months. Additionally, there’s uncertainty about investments from the Gulf Cooperation Council (GCC).

    If the market keeps falling, some buyers might return, as the index is currently down 8 per cent from its recent high. But a real recovery would need clear information about politics and the economy.

    According to experts, the PSX is under pressure due to the rupee’s continuous slide.

    This could cause inflation to rise, which could affect the next Monetary Policy Committee (MPC) meeting in September. During that meeting, the central bank might consider raising interest rates again.

    The financial market is worried about public protests against higher power tariffs. If the government tries to please the public with short-term measures, it could complicate talks with the IMF.

    This report serves as an intraday update on the developments in the Pakistan Stock Exchange as of 2:53 pm.