Pakistan Stock Exchange (PSX) received a notice from Balochistan Wheel Limited (BWHL)with the following context.
“In furtherance to our earlier disclosure dated December 09, 2022, regarding the temporary closure of production activities due to a drop in our sales order from the OEMs [Original Equipment Manufacturers] owing to depressed demand of photos.”
It extended with the following words.
“It is now informed that closure of the company’s production activities shall continue till Friday, December 30, 2022.”
The company is doing so due to an alarming economic crisis in Pakistan. There is a noticeable decrease in demand due to inflation across the country. Moreover, their international demand also lowers the head. BWHL is engaged with the production and marketing of automotive vehicle rims.
Besides the BWHL, many other industries are looking to do so. As there is another notification from Indus Motor Company (IMS), an assembler of Toyota in Pakistan, with the words
“The company will completely shut down their production from 20th to 30th December.”
The demand for automobiles decreased at a rate of 39% in 2022 first 5 months compared to 2021’s first 5 months.