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Profit-selling puts mixed PSX in tight spot

Stocks on Wednesday moved both ways to end flat mainly owing to profit-taking in cement, steel, technology, and energy sectors, dealers said.Pakistan Stock Exchange’s KSE-100 Shares Index.

Market watch: Stock market undergoes correction

Market watch: Stock market undergoes correction Benchmark KSE-100 index drops 64.36 points to close at 48,126.90 KARACHI: The three-day winning streak at the Pakistan Stock Exchange (PSX) came to an end on Wednesday with a slight drop of over 60 points in the benchmark KSE-100 index amid a lack of positive triggers. The index displayed volatility and moved between intra-day high and low of 95 and 231 points respectively. Absence of positive cues kept investors cautious throughout the trading session. Profit-booking was noted in cement, exploration and production and fertiliser sectors. Earlier, taking cue from Tuesday’s performance, stock trading began on a bullish note, but bears soon took over and dominated market proceedings throughout the session.

Car Sales Nose Dive in April 2021: PAMA Report

Car Sales in Pakistan Nose Dive in April 2021 The Pakistan Automotive Manufacturers Association (PAMA) has released car sales data for April 2021. The data has shown an interesting trend this month as the auto industry has recorded 17,233 vehicle sales in April of 2021,  resulting in a Month-on-Month (MoM) decrease of 17.2 percent compared to March 2021, after several months of increase in sales. The data shows that Toyota Indus Motor Company (IMC) sold 5,355 vehicles in April 2021, recording an MoM sales decrease of 20 percent. Honda Atlas Cars sold 2,287 vehicles the previous month, recording an MoM sales decrease of 27 percent, whereas Pak-Suzuki Motor Company (PSMC) recorded an MoM sales decrease of 15 percent.

On-Money , Late Deliveries, and Hefty Prices Plague Pakistan s Auto Industry

Although the production and sales of new vehicles have been on the rise as of late, evidently so has the menace of ‘On-Money’ and late deliveries. Along with that, the customers have to buy cars that are at least double in price compared to last time when the dollar rate was around Rs. 152. As per data shared by Pakistan Automotive Manufacturer’s Association (PAMA), up till the 9th month of the 2021 fiscal year, the automakers have collectively sold 106,439 units, whereas, during the same period last year, the number of units sold was 86,628. It bears mentioning here that PAMA’s data only accounts for the production and sales figures achieved by Pak Suzuki Motor Company (PSMC), Toyota Indus Motor Company (IMC), Honda Atlas Cars (HCAR), and Hyundai Nishat. The sales figures of new car makers like KIA Lucky Motors, Prince-DFSK, Master-Changan, MG, and Al-Haj Proton are still unknown.

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