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The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 closed marginally lower after the index failed to sustain the gains it had made during intra-day trading on Wednesday. The KSE-100 started the session positive, hitting an intra-day high of 114,661.89, followed by some selling that pushed the index to an intra-day low of 114,001.50. At close, the benchmark index settled at 114,084.54, marginally down by 93.12 points or 0.08%. The positive movement was primarily fuelled by MARI, BAHL, MLCF, PABC, and DGKC, which together contributed 147 points to the index. Conversely, FFC, OGDC, and ENGROH weighed on the market, pulling the index…
Buying activity returned to the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining over 200 points during intra-day trading on Wednesday. At 11:05am, the benchmark index was hovering at 114,411.13, an increase of 233.48 points or 0.2%. Buying was observed in key sectors including oil and gas exploration companies, OMCs, refinery and power generation. Index-heavy stocks including HUBCO, ARL, PSO, OGDC, PPL and MCB traded in the green. In a key development, Prime Minister Shehbaz Sharif on Tuesday said the second tranche of about $1 billion from the International Monetary Fund (IMF) is critical, asserting that the government’s…
China has summoned executives of Walmart for regulatory talks, bringing the business practices of one of the United States’ most prominent companies under scrutiny and – in the wake of tariff increases from US President Donald Trump – suggesting more punitive action could come in advance of bilateral trade negotiations.Officials from the Ministry of Commerce and other authorities in Beijing held discussions with representatives of the company on Tuesday to address rumours the world’s largest retailer is demanding some of its Chinese suppliers significantly lower their prices.This, according to Yuyuantantian – the social media account of state broadcaster CCTV -…
Rupee’s Performance Against US Dollar Since 17 Jan 2025 The Pakistani rupee remained largely stable against the US dollar, depreciating 0.01% in the inter-bank market on Wednesday. At close, the currency settled at 279.97, a loss of Re0.02 against the greenback. On Tuesday, the rupee had closed at 279.95. Internationally, the US dollar languished near a five-month low versus major peers on Wednesday, as worries about the US economy continued to simmer under President Donald Trump’s unpredictable trade policies. The euro hovered close to a five-month peak on increased optimism for an end to the war in Ukraine. The Canadian…
Rupee’s Performance Against US Dollar Since 17 Jan 2025 The Pakistani rupee remained largely stable against the US dollar, depreciating 0.01% in the inter-bank market on Wednesday. At close, the currency settled at 279.97, a loss of Re0.02 against the greenback. On Tuesday, the rupee had closed at 279.95. Internationally, the US dollar languished near a five-month low versus major peers on Wednesday, as worries about the US economy continued to simmer under President Donald Trump’s unpredictable trade policies. The euro hovered close to a five-month peak on increased optimism for an end to the war in Ukraine. The Canadian…
Oil & Gas Development Company Limited (OGDCL), Pakistan’s leading exploration and production company, has successfully revived hydrocarbon production at Rajian-11, a heavy oil well in the Chakwal district of Punjab. The E&P disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Wednesday. The company said that it achieved this by installing an Electrical Submersible Pump (ESP). “This initiative aligns with OGDCL’s broader strategy to enhance production using advanced artificial lift techniques,” it said. “Extending to 3,774 meters, Rajian-11 had remained suspended since 2020 due to formation challenges. The company successfully completed the well with an ESP…
The Economist World-News – The Global Economic Growth Virtual Summit, held yesterday, marked a historic turning point in the global economic landscape, with about 165 nations officially participating in the groundbreaking event that promises to redefine the future of economic prosperity. Hosted by the World Subnationals and Nations (WSANDN), the summit featured the official unveiling of the Economic Growth Capital Resource (EGCR), an ambitious initiative set to unlock an astonishing $300 trillion in value across local economies around the world. The summit was filled with monumental announcements, including the launch of the Global Economic Council (GEC), a newly formed coalition…
The Japanese yen rose in Asian trade on Tuesday against major rivals, extending the gains for the second straight session against the dollar and hitting a five-month high on mounting risk aversion and haven demand with massive US stock selloffs. The gains are also underpinned by a drop in US 10-year treasury yields, which boosted the odds of a Fed rate cut in the first half of the year. The Price The USD/JPY fell 0.5% today to 146.54 yen per dollar, the lowest since October 2024, with a session-high at 147.27. The yen rose 0.5% on…
The Japanese yen rose in Asian trade on Tuesday against major rivals, extending the gains for the second straight session against the dollar and hitting a five-month high on mounting risk aversion and haven demand with massive US stock selloffs. The gains are also underpinned by a drop in US 10-year treasury yields, which boosted the odds of a Fed rate cut in the first half of the year. The Price The USD/JPY fell 0.5% today to 146.54 yen per dollar, the lowest since October 2024, with a session-high at 147.27. The yen rose 0.5% on…
ISLAMABAD: In a significant development, the Federal Board of Revenue (FBR) has recorded a 54 per cent increase in sales tax collection from the sugar sector over the past two months, owing to the recovery of arrears and ongoing reforms in the industry. But this progress contrasts sharply with the government’s apparent inability to curb retail prices of sugar, leaving consumers to bear the brunt of rising costs. Sugar, which sells for about Rs170 per kg on the market, is one of the major factors in the FBR’s increased sales tax revenue. Analysts attribute this trend to ongoing sugar exports,…