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The Japanese yen dropped in Asian trade on Wednesday on track for the second straight loss against the dollar, moving away from five-month highs on profit-taking.   Recent bullish remarks from some Bank of Japan officials hurt the odds of a Japanese rate hike in March as markets now await more data.   The yen is also pressured by higher US 10-year treasury yields before a series of important US labor data.   The Price   The USD/JPY pair rose 0.25% today to 150.18 yen per dollar, with a session-low at 149.57.   The yen lost 0.2% on Tuesday against…

Narowal Energy Limited (NEL), a wholly owned subsidiary of the Hub Power Company Limited (HUBCO), has formally executed the Amendment Agreement reached with the government last month. The development was disclosed by HUBCO, Pakistan’s largest Independent Power Producer (IPP), in its notice to the Pakistan Stock Exchange (PSX) on Wednesday. “Upon the request of the task force constituted under the Prime Minister’s Office, to revise the tariff and to convert the existing tariff to ‘Hybrid Take and Pay’ model, Narowal Energy Limited (NEL), a wholly owned subsidiary of the HUBCO, has executed an Amendment Agreement dated February 14, 2025 with…

The sale of HOBC (high octane blending component) hit record high at around 33,000 metric tons in Pakistan in the wake of discounts offered by the oil marketing companies (OMCs) in February 2025, attracting commuters to buy the better quality fuel in place of comparatively cheaper oil i.e. MS petrol. Citing Oil Companies Advisory Council’s (OCAC) data, Optimus Capital Management (OCM) reported the sale of HOBC stood at around 15,000 metric tons in September 2024. It continued to surge every passing month since then, hitting a record high sale in February 2025. Govt reduces petrol, diesel prices for next fortnight…

Oilboy Energy Limited, formerly Drekkar Kingsway Limited, said on Wednesday it will raise Rs250 million through a rights issue of nearly 25 million shares for Rs10 per share. The listed company disclosed the development in a notice to the Pakistan Stock Exchange (PSX). The company said that the market price of ordinary shares is Rs11.00 as of December 27, 2024. “However, the management of the company has decided to offer the right share at a face/nominal value of Rs10 per share.” It added that the quantum of the right issue is 100.00% of the existing paid-up capital of the company…

Rupee’s Performance Against US Dollar Since 15 Jan 2025 The Pakistani rupee recorded marginal decline against the US dollar, depreciating 0.04% in the inter-bank market on Wednesday. At close, the rupee settled at 279.87, a loss of Re0.10 against the greenback. On Tuesday, the rupee had closed at 279.77. Internationally, the US dollar hovered near a three-month low versus major peers on Wednesday after the latest round of US tariffs and countermeasures from Canada and China stoked fears of an escalating trade war. China’s yuan was firm in offshore trading following a rally of about 0.7% in the prior session,…

Buying rally continued at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining nearly 500 points during the opening hours of trading on Wednesday. At 9:40am, the benchmark index was hovering at 13,221.38 level, an increase of 477.59 points or 0.42%. Across-the-board buying was observed in key sectors including automobile assemblers, cement, chemical, commercial banks, oil and gas exploration companies, OMCs, power generation and refinery. Index-heavy stocks including NRL, HUBCO, SNGPL, OGDC, PPL, MARI, MCB, MEBL and UBL traded in the green. In a key development, Finance Minister Muhammad Aurangzeb on Tuesday told Reuters that Pakistan was “well…

The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 closed lower by 490 points on Wednesday after selling in the second half erased the intra-day gains of nearly 600 points. The KSE-100 started the session positive, hitting an intra-day high of 113,327.12, followed by selling pressure in the latter hours, which pushed the index to an intra-day low of 112,146.10. At close, the benchmark index settled at 112,253.76, down by 490.04 points or 0.43%. “Investor sentiment remained mixed due to the ongoing Ramadan period,” brokerage house Topline Securities said in its post-market report. The upward movement was mainly driven by ENGROH, TGL,…

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The company announced overnight that it would sell 80 per cent of Hutchison Port Group which owns 43 container ports in 23 countries, including a 90 per cent stake in two Panama ports that have been the target of US President Donald Trump’s ire.The surprise sale came amid an unfolding trade war that Trump seems to be encouraging on multiple fronts as he vowed to slap tariffs on America’s trading partners from China to Mexico. An estimated 80 per cent of global commerce is shipped by sea, and CKH has been one of its biggest beneficiaries for several decades, operating…

SHANGHAI: As Starbucks tries to revive its faltering business in China, analysts say strategic partnerships and returning to its roots as a place where customers come for a coffee “experience” offer the best bet to beat intense competition and deflationary woes. The coffee giant is already under pressure globally with declining sales and earnings, but problems in its second-biggest market after the U.S. have been compounded by a weakened economy and consumers unwilling to spend amid a prolonged confidence-shattering property market downturn. That has seen Starbucks lose its market leader crown in China to local chain Luckin – its domestic…