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Stock market manages to post modest gain in mixed week


March 10, 2024

KARACHI: The stock market managed to close the topsy-turvy week in the green. Heralding political stability after Shehbaz Sharif took oath as the 24th prime minister of Pakistan, the market staged a robust rally of 626 points in the first session of the outgoing week which propelled the benchmark KSE 100-share index briefly above 66,000 points but settled below this …

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Onion, banana exports banned for Ramazan, capsicum price doubles


March 10, 2024

KARACHI: As the government has finally imposed a ban on the export of onions and bananas till April 15, the price of capsicum on Saturday hit an all-time high of Rs800 per kg from Rs400 a day back while it was available at Rs200 per kg a week back. Though late, the Ministry of National Food Security and Research on …

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Ogra watches helplessly as LPG prices soar ahead of Ramazan


March 10, 2024

ISLAMABAD: The Oil and Gas Regulatory Auth­o­rity (Ogra) appears helpless in the face of escalating prices of liquefied pet­ro­leum gas (LPG), whose market rate has surged by over Rs40 per kilogram above the official rate, with prices expected to climb further as Ramazan nears. For March, Ogra has set the consumer prices of LPG at Rs257.59 per kilogram, which puts …

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Govt gets room to ‘manage’ exchange rate as IMF looks the other way


March 10, 2024

KARACHI: The Internatio­nal Monetary Fund (IMF) has ignored the ‘managed exchange rate’ in Pakistan, providing space for policymakers to stabilise the economy, sources in the financial sector with close contacts in the Ministry of Finance said. For over two and a half months, the exchange rate has remained almost stable around Rs280, despite the poor performance of the economy and …

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Trade deficit with nine regional states widens


March 10, 2024

ISLAMABAD: Pakistan’s trade deficit with the nine regional countries slightly went up 0.5 per cent to $4.539 billion in the first seven months of the current fiscal year from $4.516bn over the corresponding period of last year, mainly due to an increase in imports from China and India. Exports to regional countries, particularly China and Sri Lanka increased significantly over …

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Pre-Ramazan price hikes leave consumers in a bind


March 9, 2024

KARACHI: Already grappling with steep utility bills, consumers are facing a fresh wave of inflation as the prices of vegetables and fruits have surged in the days leading up to Ramazan amid the government’s lacklustre efforts to curb profiteering practices. The price of onions, for instance, has shot up from Rs150 per kg to as much as Rs300, with some …

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Remittances jump 13pc n February


March 9, 2024

KARACHI: The remittances sent by overseas Pakistanis increased year-on-year in February, while the cumulative inflows for the first eight months of FY24 fell by 1.2 per cent. The State Bank of Pakistan’s data released on Friday revealed that the country received $2.249 billion in February, a decrease of $148 million or 6pc compared to $2.397bn in January. However, February witnessed …

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Govt mulls initiative to shield expats from fraud


March 9, 2024

ISLAMABAD: The federal government plans to unveil a digital initiative to help overseas Pakistanis with property-related transactions in an attempt to attract investments and encourage remittances from the diaspora. The initiative will provide digitised land records, mutation certificates, and electronic registration for property sales, purchases, and transfers, all accessible through video facilities at Pakistani diplomatic missions worldwide. The service would …

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Bitcoin briefly rallies to record high


March 9, 2024

LONDON: Bitcoin briefly rallied to a record high on Friday in volatile trading, as crypto mania continued to sweep through the investment community. The leading crypto currency topped the $70,000 mark for the first time, boosted by investor dem­and for new US spot exchange-traded crypto products and expectations for global interest rates to fall. It rose to as high as …

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Short-term inflation steady at 32.4pc


March 9, 2024

ISLAMABAD: The short-term inflation remained almost unchanged at 32.39 per cent year-on-year in the week ending March 7 amid increase in petroleum prices. On a week-on-week basis, the SPI witnessed a 1.11pc increase. The weekly inflation measured by the Sensitive Price Index (SPI) hit a record 48.35pc year-on-year in early May 2023 but then decelerated as low as 24.4pc in …

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