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Shares at the Pakistan Stock Exchange (PSX) reached a new all-time high on Wednesday. The benchmark KSE-100 index crossed the 87,000-point barrier, closing at 87,194.53 points. This marked an increase of 727.96 points or 0.84% from the previous close of 86,466.57 points. The index even reached an intraday high of 87,309.22 points. Mohammed Sohail, CEO …
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The 5th edition of TEXPO Pakistan 2024 began on 23rd October in Karachi. Federal Minister for Commerce Jam Kamal inaugurated the event at Expo Center Karachi. Governor of KPK Faisal Karim Kundi and Sindh Chief Minister Syed Murad Ali Shah also attended the opening ceremony. Key figures such as TDAP Chief Executive Muhammad Zubair Motiwala …
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Finance Minister Muhammad Aurangzeb said Pakistan is getting an “encouraging” response from China on its request to reprofile power sector debt. Speaking to Bloomberg at the IMF and World Bank meetings, he mentioned that discussions had started. So far, the response has been positive. However, he added that the talks are still in their early …
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Japan’s stock market saw a shares fall on Tuesday, with the Nikkei 225 falling by 1.39% as investors focused on upcoming national elections and key corporate earnings reports. Concerns about both domestic and U.S. political events contributed to the drop, while China’s markets showed marginal gains. China Sees Slight Gains Amid Earnings Season In China, …
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KARACHI: The Pakistan Stock Exchange (PSX) surged to a new all-time high on Tuesday, driven by strong post-26th Amendment gains. The KSE-100 index rose 409 points, or 0.48%, to close at 86,466, surpassing yesterday’s close of 86,057. Early in the day, the index reached a new peak, climbing 798 points to 86,846 during intraday trading. …
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ISLAMABAD: A Pakistani delegation briefed the International Monetary Fund (IMF) on Tuesday about the steps taken to expand fiscal space through tax and energy reforms. The delegation, currently in Washington, met with IMF’s Deputy Managing Director Kenji Okamura to highlight key measures aimed at improving the economy. According to a notification from the finance ministry, …
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KARACHI: The Sindh government has officially notified a new minimum wage of Rs37,000 per month for workers, effective from July 2024. sources reported the announcement on Tuesday. According to the notification, all industrial and business firms in the province must comply with the new minimum wage standard. Employers are required to ensure their workers receive …
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The recently passed 26th Constitutional Amendment Bill, 2024, has set a firm deadline of January 1, 2028, to eliminate interest-based banking (Riba) in Pakistan. The decision reflects a major shift towards an Islamic banking system, in line with religious principles. Moreover, the Jamiat Ulema-e-Islam-Fazl (JUI-F), led by Maulana Fazl-ur-Rehman, played a pivotal role in pushing …
Gold prices in Pakistan rose on Monday, according to data from FXStreet. The price per gram surged to PKR 24,325.02, compared to PKR 24,246.26 on Friday. Similarly, the price of gold per tola jumped to PKR 283,721.20 from PKR 282,803.60 on Friday. Gold prices for other units also saw an increase on Monday. For 10 …
The data from the International Labour Organization (ILO) highlighted, on October 18, 2024, the world’s top countries by GDP per hour worked. The measure, known as labor productivity, shows the efficiency of workers in producing output relative to hours worked. This data provides key insights into economic growth and human capital efficiency. Labor Productivity Overview …
In a significant move to tackle inflation, Punjab Chief Minister Maryam Nawaz Sharif has approved a new price control mechanism aligned with international standards. During a recent meeting, she ordered the establishment of a special monitoring unit (SMU) to be fully operational within six months. The meeting provided a comprehensive briefing on the new mechanism …
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At GITEX Global 2024, a significant discussion took place between H.E. Faisal Niaz Tirmazi, Pakistan’s Ambassador to the UAE, and Usman Asif, CEO of Devsinc. This meeting focused on the evolving IT landscape in the Middle East and highlighted the role of Pakistan’s tech sector in this transformation. During their conversation, they emphasized the need …
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KARACHI: Brigadier Muhammad Asad, the Administrator of the Pakistan Economic Zone Development and Management Company (PEZDMC), announced plans for the Malir Industrial Park (MIP) during a visit to the Korangi Association of Trade and Industry (KATI). The park aims to jumpstart industrial activity and foster economic stability in Karachi. Brigadier Asad revealed that land allotment …
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KARACHI: K-Electric has launched its state-of-the-art 500 kV KKI Grid, enabling the dispatch of reliable and affordable electricity from the National Grid to Karachi. This significant interconnection aims to enhance energy security for local industries and the southern region. The project marks a pivotal milestone for Karachi’s energy infrastructure. The KKI Grid is expected to …
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KARACHI: The Pakistani rupee (PKR) appreciated by 18 paisa against the US dollar (USD) in interbank trading on Friday. The rupee closed at Rs277.61, improving from the previous day’s closing of Rs277.79. The Forex Association of Pakistan (FAP) reported that the buying and selling rates of the US dollar in the open market stood at …
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Mega Motor Company (Private) Limited, a subsidiary of The Hub Power Company Limited (PSX: HUBC), has finalized a landmark deal with China’s BYD Auto Industry Company Limited. The agreement aims to manufacture, market, distribute, and sell BYD electric passenger vehicles in Pakistan. This partnership marks a significant step toward boosting the country’s electric vehicle (EV) …
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KARACHI: The Pakistan Stock Exchange (PSX) has achieved a significant milestone by surpassing the PKR 1 trillion mark in the issuance of GoP Ijarah Sukuk (GIS). This landmark achievement was reached after the successful conclusion of the 13th GIS auction on September 16, 2024, which raised an additional PKR 207 billion for the Ministry of …
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Raast, Pakistan’s instant payment system, has processed 892 million transactions, with a total value of PKR 20 trillion. The system, developed by the State Bank of Pakistan (SBP), continues to break records. Notably, the most recent trillion was processed in just 16 days. This rapid growth highlights SBP’s dedication to revolutionizing digital payments in Pakistan. …
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The State Bank of Pakistan (SBP) released the Annual Report on the State of Pakistan’s Economy for the fiscal year 2023-24 today. According to the Report, Pakistan’s macroeconomic conditions improved, supported by stabilization policies, successful engagement with the IMF, reduced uncertainty, and favourable global economic environment. The increase in domestic agricultural productivity also contributed to …
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The Federal Investigation Agency (FIA) has arrested a key suspect involved in a multimillion fraud case in Jaranwala. The suspect, Atif Shehzad, was apprehended while withdrawing money from an ATM. During the arrest, the FIA recovered 64 debit cards from various banks, two packets of ATM cards, and a mobile phone. The discovery highlights the …
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ISLAMABAD: The Central Directorate of National Savings, also known as Qaumi Bachat Bank, has reduced the profit rates on several certificates starting from October 2024. The profit rate on Regular Income Certificates (RICs) has been lowered to 12.72 percent. This change reduces the monthly profit to Rs1,220 on an investment of Rs100,000 from the Qaumi …
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Prime Minister Shehbaz Sharif has proposed introducing a common currency for the Shanghai Cooperation Organization (SCO) member countries. He made this suggestion during the 23rd SCO Heads of Government meeting, held virtually. In his address, Sharif emphasized the importance of economic cooperation among SCO nations. He stated that a unified currency would facilitate smoother trade …
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Gold prices have surged sharply in both global and local markets. On Wednesday, local gold markets reported a notable increase in prices. The cost of 24-carat gold per tola rose by Rs2,200, bringing the total to Rs277,200. Meanwhile, the price per 10 grams increased by Rs1,886, reaching Rs237,654. In the international bullion market, gold prices …
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