Business

Pakistan Stock Exchange register highest weekly gain in a decade following record losses

KARACHI: The weekly update of the index of the Pakistan Stock Exchange stated that stocks gained 2,537 points during the outgoing week, recovering by 7.5% since fluctuations in the exchange rate and economic uncertainty wreaked havoc in the financial markets. The benchmark KSE-100 index closed the outgoing week at 35,703 points, gaining Rs 400 billion in share values and market...

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Pakistan foreign exchange reserves less to pay debts: Moody’s

A report by Moody said on Thursday that Pakistan does not have enough foreign exchange reserves to pay its public and private external debt due over this year. The Moody's Investor report further said in its report that “Foreign exchange reserves are low, and gross borrowing requirements are large in Pakistan and Sri Lanka, threatening the ability of these governments...

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Pakistan, World Bank sign $100m deal for ‘Sindh Solar Energy Project’

KARACHI: Pakistan and World Bank have signed an agreement worth US $ 100.0 million for "Sindh Solar Energy Project" in Islamabad today (Wednesday). The objective of the project is to increase solar power generation and access to electricity in Sindh Province. The project will support the deployment of solar power in Sindh Province spanning three market segments: utility scale, distributed...

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Wall Street set to open higher on trade deal hopes

U.S. stocks were set to gain for a third day on Tuesday, lifted by hopes that the United States and China would strike a deal to end their months-long trade war that has battered financial markets. Futures pointed to a 0.8 percent ESc1 opening gain for the S&P 500 .SPX, with the index set to add to a 4 percent...

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Gold price continues to rise in Pakistan

KARACHI: The price of gold has increased in Pakistan owing to a rise in the international market. The gold price in Pakistan shot up on Monday by Rs200 taking it to Rs67,300 per tola. In the local market, price of 10 grams gold has increased by Rs200 taking it to Rs57,700. The prices of one tola and 10 grams were...

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Pakistan, Saudi Arabia to sign MoU of multi-billion Dollar Oil Refinery

According to Saudi English Daily Arab News, Pakistan and Saudi Arabia are set to sign a Memorandum of Understanding (MoU) for the construction of a multi-billion dollar Saudi Aramco oil refinery in Gwadar. A cabinet member confirmed that Saudi Crown Prince Mohammad bin Salman would arrive in the country in the first week of February and an MoU for establishing a...

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US team to visit China for trade talks

A US government delegation will visit China next week for the first face-to-face talks since President Donald Trump and his Chinese counterpart agreed on a temporary truce in the trade war, Beijing said Friday. The US and China have exchanged tit-for-tat tariffs on more than $300 billion worth of goods in total two-way trade, locking them in a conflict that...

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Apple shares slide after iPhone maker issues rare revenue warning

Apple Inc shares fell as much as 9 percent in early trading after the iPhone maker blamed weak China demand for its revenue shortfall in the holiday quarter, a clear sign of the company’s struggles in the world’s largest smartphone market. The rare revenue warning - the company’s first in nearly 12 years - sent shockwaves through global financial markets...

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Qatar Airways acquires 5 percent of China Southern Airlines

DUBAI/BEIJING: Qatar Airways has acquired a 5 percent stake in China Southern Airlines, the state-owned Gulf carrier said on Wednesday, in a move to gain access to the fast-growing mainland Chinese market. Qatar Airways also owns a 20 percent stake in British Airways-parent International Consolidated Airlines Group, 10 percent of South America’s LATAM Airlines Group SA, 49 percent of Italy’s...

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Petrol, diesel prices slashed for January 2019

ISLAMABAD: The federal government on Monday has slashed petroleum product prices for the month of January 2019. According to the notification, petrol price has been cut by Rs4.86 per litre; Diesel by Rs 4.26 per litre; Light diesel oil Rs2.16 per litre and kerosene oil by Rs.52 per litre. Oil and Gas Regulatory Authority on Friday had recommended cut in...

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OGRA recommends cut petroleum prices by Rs9.50 per litre

ISLAMABAD:According to sources on Friday, Oil and Gas Regulatory Authority has recommended cut in petroleum product prices for the month of January 2019. The regulatory body has forwarded the summary to slash the prices from January 01 to Petroleum Division. Sources said OGRA has recommended Rs9.50 per litre cut in the price of petrol, diesel Rs15 per litre, light diesel...

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State Bak of Pakistan reserves fall by $591m

KARACHI: Accoring to the data released on Thursday, the foreign exchange reserves of the State Bank of Pakistan (SBP) fell by $591 million to $7.457 billion on Dec 21, the data released on Thursday showed. Holdings of commercial banks jumped by $23.8m to $6.56bn while the country’s total liquid reserves stood at $14.017bn during the period under review. The SBP...

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Wall Street surge provides relief to battered stock markets

Asian shares on Thursday rode a dramatic surge on Wall Street as markets, hammered by a recent drum roll of deepening political and economic gloom, cheered upbeat US data and the Trump administration’s effort to shore up investor confidence. In a buying frenzy that was as spectacular as the recent rout, US stocks soared with the Dow Jones Industrial Average...

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Pak-Argentina agree to boost trade relations in diverse fields

The Pakistani and Argentine officials have discussed ways and means to boost their bilateral relations in diverse fields at their talks in Islamabad on Wednesday. The Pakistan side was led by Secretary Commerce Younus Dagha while the Argentinean delegation was headed by its ambassador to Pakistan Rodolfo José Martin Saravia. The secretary commerce said that Pakistan and Argentine have two...

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Pakistan to receive UAE’s $3bn in one go, plus oil on credit: sources

ISLAMABAD: Pakistan is expected to receive $3 billion from the United Arab Emirates (UAE) in one go, sources said Sunday. The sources further explained that the interest rate on the amount the UAE will deposit in the State Bank of Pakistan (SBP) will be at an interest rate of 2.18 percent. The monetary package, courtesy of the Emirates, is expected to...

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UAE announces to deposit $3 billion in State Bank of Pakistan

ABU DHABI: On Friday, the United Arab Emirates has announced its intention to deposit US$3 billion in the State Bank of Pakistan to support the country’s financial and monetary policy. In a statement today, the Abu Dhabi Fund for Development, said it will deposit the amount in the coming days to enhance the country's liquidity and monetary reserves of foreign...

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Bullish trend witnessed at PSX as KSE-100 index gains 173 points

KARACHI: The KSE-100 Index closed today (Thursday) at 38236.52 points as compared to 38063.15 points on the last working day with a positive change of 173.37 points. The total turnover was 136,687,600 as compared to 101,040,340 on the last working day with P.T.C.L XD having the highest turnover of 11,839,500. Total 342 companies’ transacted shares in the Stock Market today...

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