Business

KARACHI. The selling of dollars to banks fell by $70 million in February, said currency dealers on Monday. The open market had been selling over $300m for most of the months in the current fiscal year. “In January we sold about $320m to the banks but it fell to around $250m in February,” said Malik Bostan, Chairman Exchange Companies Association …

KARACHI: Trading in the newly listed Mahaana Islamic Index Exchange Traded Fund (MIIETF), managed by Mahaana Wealth Ltd (MWL), began on Monday. The Pakistan Stock Exchange (PSX) said the ETF was aimed to track the performance of the Mahaana Islamic Index (MII30) whereby the index would be periodically rebalanced and reconstituted to provide long-term appreciation and dividend yield to investors. …

KARACHI: The benchmark KSE 100-share index continued to flirt with the 66,000-point level on an intraday basis but a close above that mark was still elusive despite a bullish beginning with a spike in trading volume on Monday. Topline Securities Ltd said the index remained in the green for most part of the session hitting an intraday high of 326 …

Despite the nation’s many hopes and expectation, the country’s political leadership has yet not been able to agree on a charter of economy or a common minimum agenda for the newly elected government to pursue for the next five years. However, ongoing developments indicate that the country’s multiple crises are likely to be addressed on an issue-to-issue basis either through …

The stars appear to be finally aligning for the long-awaited Iran-Pakistan (IP) gas pipeline. Driven by necessity and bolstered by the current global environment, Pakistan has set its sights on commencing and swiftly completing a small 80-kilometre stretch of the pipeline. Originally envisioned to span 785km in total, running from the Iran border through Balochistan to Sindh and extending to …

UNITED NATIONS: Pakistan has urged the United Nations to strengthen its commitment to supporting developing nations in tackling debt sustainability challenges. Stressing that this burden has notably impeded efforts related to climate change and gender equality, Pakistan highlights the need for increased assistance in these crucial areas. In a recent gathering organised by the Group of Friends on Gender Parity …

ISLAMABAD: The Federal Investigation Agency (FIA) has started an investigation into the allegations of illicit imports and operational irregularities within the liquefied petroleum gas (LPG) sector, following directives from the Special Investment Facilitation Council (SIFC). These allegations, purported to have caused losses worth billions of rupees to consumers and the country’s foreign exchange reserves, are now under scrutiny under the …

WASHINGTON: The country’s debt burden will feature prominently in talks as Pakistan engages with the International Monetary Fund (IMF) later this month to seek assistance in boosting its ailing economy. The first such engagement, expected this month, will focus on the release of the final tranche of the expiring $3 billion loan package. Pakistan will initiate another round of talks for …

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 …

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 …