Mobile phone imports rose by 181.26% from July to March
During the first nine months of the fiscal year 2023-24 (July-March), the country imported mobile phones worth $1.301 billion, marking a significant growth of 181.26 percent compared to $462.700 million during the same period in the previous fiscal year.
According to data released by the Pakistan Bureau of Statistics (PBS), mobile phone imports in Pakistan experienced a month-on-month decline of 4.87 percent in March 2024. The imports stood at $153.051 million, down from $160.90 million in February 2024.
In March 2024, mobile phone imports witnessed a year-on-year growth of 930.92 percent, amounting to $153.051 million, in contrast to $14.846 million in March 2023.
Overall, the telecom imports for the period of July-March 2023-24 reached $1.623 billion, indicating a substantial growth of 117.90 percent compared to $744.971 million during the same period in the previous fiscal year.
On a year-on-year basis, telecom imports recorded a growth of 422.58 percent in March 2024, amounting to $189.042 million, compared to $36.175 million in March 2023.
However, there was a 1.13 percent negative growth in overall telecom imports on a month-on-month basis in March 2024, as imports amounted to $191.201 million in February 2024.
In the first two months of the calendar year 2024 (January-February), local manufacturing/assembling plants produced 6.1 million mobile handsets, while only 0.3 million were imported commercially, according to official data.
In February, local manufacturing/assembling plants manufactured/assembled 3.83 million mobile handsets, while only 0.06 million were imported commercially.
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Out of the total 6.1 million mobile phone handsets manufactured/assembled locally, 2.78 million were 2G phones and 3.35 million were smartphones. The Pakistan Telecommunication Authority (PTA) data indicates that 60 percent of mobile devices on the Pakistan network are smartphones, while 40 percent are 2G phones.
Local manufacturing/assembling of mobile handsets experienced a decline of approximately four percent in the calendar year 2023 due to import restrictions on mobile phone accessories, which led to limitations in opening letters of credit (LCs).
However, despite these restrictions, official data reveals that commercial imports of mobile handsets increased during this period.
Shares trade at highest-ever level at Pakistan Stock Exchange
There was no looking back for the enthusiastic investors currently on a buying spree at the Pakistan Stock Exchange (PSX) as share prices rocketed to another all-time high during trading on Monday, reported 24NewsHD TV channel.
As soon as the business started, the buyers were on the rampage taking the benchmark KSE-100 index to another historic mark, smashing through the 73,000 psychological barrier.
Sharie prices soared by 392 points or 0.53% in the morning session taking the index to record high of 73,134.
The experts were of the view that the stock market was building in expectations of a cut in interest rate by the State Bank and the IMF was also due to give approval to the last tranche of the $3 billion loan programme.
On the last trading day on Friday, the Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index had soared by over 700 points on hopes of a cut in the key policy rate. The benchmark KSE-100 index had gained 771.34 points, or 1.07 percent, to stand at 72,742.74 points at the day’s close.
The State Bank of Pakistan (SBP)’s monetary policy committee (MPC) will meet on April 29 (today) to take a decision regarding the key interest rate policy. Last month, the committee had chosen to maintain the status quo by upholding the key policy rate at 22 percent for the sixth policy meeting in a row.
A Topline Securities survey from last week stated that 51pc of participants expect the policy rate will remain unchanged at 22pc, while the remaining 49pc anticipate a policy rate cut.
Pakistan’s key rate was last raised in June to fight persistent inflationary pressures and to meet one of the conditions set by the International Monetary Fund (IMF) for securing the bailout.
On Friday, across-the-board buying was witnessed with sectors including automobile assemblers, cement, fertiliser, oil and gas exploration companies and refinery sector, while index-heavy stocks including DGKC, OGDC, PPL and MARI traded in the green.
Volume on the all-share index decreased to 541.14 million from 798.52 million a session ago. The value of shares also increased to Rs27.54 billion from Rs22.59 billion in the previous session.
Askari Bank was the volume leader with 39.17 million shares, followed by K-Electric Ltd with 31.23 million shares, and WorldCall Telecom with 30.15 million shares.
Shares of 377 companies were traded on Friday, of which 177 registered an increase, 175 recorded a fall, while 25 remained unchanged.
