Business

Bears continued to weigh on the Pakistan Stock Exchange (PSX) on Thursday as the benchmark index extended losses for a fourth consecutive session this week. According to the PSX website, the KSE-100 index declined by 513.19 points at 2:30pm to stand at 61,934.82, down 0.82 per cent from the previous close of 62,448.01 points. The index limped to recovery and managed …

ISLAMABAD: Pakistan has won the arbitration initiated by Tuwairqi Steel against the federation at the Per­m­anent Court of Arbitration in The Hague, Netherlands, the government said in a statement on Tuesday. The claim was brought by the Saudi investors, namely Dr Hilal Hussain Al Tuwairqi and Al Ittefaq Steel Products Company Ltd, under the Organisation of Islamic Cooperation (OIC) investment …

KARACHI: The government borrowed seven times more from banks during the first five months of the current fiscal year while the budgetary borrowing is reaching close to the amount it borrowed during the entire FY23. The latest data issued by the State Bank of Pakistan (SBP) on Tuesday showed that the government borrowed Rs3.585 trillion from July 1 to Dec …

ISLAMABAD: Despite a record 83 per cent power generation from che­aper domestic fuels, the Central Pow­er Purchasing Agency (CPPA) on Tuesday sought a massive Rs4.66 per unit additional fuel cost adjustment (FCA) for ex-Wapda distribution com­panies (Discos) — almost 100pc higher than target — to generate ano­ther Rs34 billion in January 2024. This increase in FCA is on top of …

The World Bank’s board of executive directors approved $350 million in financing for the Second Resilient Institutions for Sustainable Economy (RISE-II) operation in Pakistan on Tuesday. Najy Benhassine, World Bank’s country director for Pakistan, in a statement highlighted that this project completes the initial phase of “tax, energy and business climate reforms” aimed at improving fiscal revenues and stimulating competition and investment. …

Bears continued their dominance on the trading floor of the Pakistan Stock Exchange (PSX) on Wednesday, with analysts attributing the sell-off to pre-election uncertainty and high leverage costs. According to the PSX website, the KSE-100 index plunged by 1484.58 points at 1:40pm to sink to 61,345, down 2.21 per cent from the previous close of 62,833.03. The index managed to recover …

ISLAMABAD: The first five months of the current fiscal year witnessed a double-digit growth of 16.3 per cent in exports to nine regional countries, mainly driven by an increase in shipments to China, data compiled by the State Bank of Pakistan showed on Monday. The country’s exports to Afghanistan, China, Bangladesh, Sri Lanka, India, Iran, Nepal, Bhutan and the Maldives …

ISLAMABAD: Despite the International Monetary Fund (IMF) onboard, Pakistan received about $4.285 billion in foreign loans, less than one-fourth of the annual budget estimate in the wake of poor credit rating and adverse conditions in the global financial markets. In its monthly report on Foreign Economic Assistance (FEA), the Economic Affairs Division (EAD) on Monday said the country received just …

LAHORE: Cotton arrivals crossed eight million bales on Dec 15, showing an increase of 63 per cent over and above the total production of the last crop year, reveals the fortnightly data released by the Pakistan Cotton Ginners Association (PCGA) on Monday. A total of 8.02 million bales of cotton had been ginned across the country by Dec 15 compared …

KARACHI: The State Bank of Pakistan (SBP) on Monday reported the first current account surplus for the ongoing fiscal year in November. Despite low inflows and higher outflows for debt servicing, the current account was in surplus by $9 million in November compared to a deficit of $157m noted in the same month last year. However, the current account deficit …