Business

KARACHI: Stocks suffered losses for the fourth straight session on Wednesday, driven by rumours about a steep hike in the interest rates, economic uncertainty and unrelenting rupee depreciation. The market witnessed a sharp drop after rumours circulated that the State Bank of Pakistan is set to convene an emergency meeting in which it is expected to raise interest rates by …

ISLAMABAD: In a reality check following almost week-long consultations, caretaker Finance Minister Dr Shamshad Akhtar on Wednesday told senators and the electricity consumers to “manage (their) expectations” raised by caretaker Prime Minister Anwaarul Haq Kakar for relief in excessive power bills, saying the country’s fiscal space did not permit any subsidy or relief. “Please manage your expectations,” she said apparently …

Stocks suffered losses for the fifth straight session on Thursday, bleeding more than 1,700 points on the back of rumours of a hike in interest rates, economic uncertainty, and the unrelenting depreciation of the rupee. The bourse stayed flat for 10 minutes after the opening bell. However, at 9:40am, the market began its gradual slide with the KSE-100 eventually losing …

The Pakistani rupee continued its downward march on Wednesday, sliding Rs1.45 against the US dollar in the interbank market. According to the currency rate list of the Exchange Companies Association of Pakistan, the dollar was changing hands in the interbank market for Rs304.50 at 12pm. It had closed yesterday at Rs303.50, according to State Bank of Pakistan (SBP) data. In …

ISLAMABAD: With the nationwide protests over massive power bills growing, the caretaker government has failed to come up with any relief measures as it tries to strike a balance between avoiding drawing the IMF’s ire and causing more citizens to blow a fuse. In the cabinet meeting presided over by Caretaker Prime Minister Anwaarul Haq Kakar on Tuesday, the interim …

LAHORE: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has expressed grave concerns over the ongoing mass protests and said that Pakistani households and businesses are facing mounting power prices. At a press conference, FPCCI President Irfan Iqbal Sheikh quoted Nepra’s latest forecast for power purchase prices for the fiscal year 2023-24 that reveals a substantial financial burden, with …

ISLAMABAD: Caret­aker Federal Minister for IT and Telecommunication Dr Umar Saif and Pakistan Telecomm­unication Auth­ority (PTA) Chairman retired Maj Gen Hafeezur Rehman on Tuesday decided that the 5G services will be launched within 10 months. Dr Umar Saif said that all the hurdles in the launch of 5G services will be removed on a priority basis, adding that issues relating …

ISLAMABAD: With the expiry of exclusivity of the existing distribution companies (Discos) and K-Electric, private entities have started seeking distribution licences for the supply of electricity to bulk power consumers (BPCs) at the retail stage. The exclusive distribution licences of all the public sector Discos of formerly Wapda and KE have already expired and now are operating on temporary extensions …

The Pakistan Stock Exchange (PSX) witnessed accelerated selling pressure on Tuesday as the benchmark KSE-100 index registered a loss of over 700 points by the end of the trading session. The market stood at 47,344.53 at 10am and slid to 46,634.48 by 1:40pm, 844.13 points below the closing rate of the previous session. It eventually settled at 46,770.41, 708.20 points …

ISLAMABAD: The Senate Standing Committee on Power on Monday joined public criticism of the “unprecedented electric bills” and directed the Power Division to provide lists of electricity defaulters and outstanding dues to all the distribution companies (Discos). The meeting of the panel presided over by Senator Saifullah Abro discussed the unprecedented electric bills that have led to nationwide protests. On …