Business

After a day of trading in red, the Pakistan Stock Exchange’s benchmark KSE-100 index recovered some of its losses on Wednesday. As of 11:42am, the KSE was up 381.55, or 0.75 per cent. Yesterday, it had closed at 51,027.94 points. By close, however, the index settled 149.19 points, or 0.29pc ahead. On Monday, the stocks rallied in anticipation of a …

KARACHI: Pakistan has substantial potential for emission reductions in energy, transport, industry and agriculture, which makes its marginal abatement cost “considerably lower” than that of many other countries. Speaking at a seminar on Tuesday about “Leveraging carbon markets to enable private investment,” National Disaster Risk Management Fund CEO Bilal Anwar said stakeholders should identify potential sectors for carbon trading. Pakistan …

ISLAMABAD: In a significant development on Monday, the Economic Coordination Committee of the Cabinet greenlighted a substantial hike in natural gas prices, escalating by up to 194 per cent which will be implemented from Nov 1. In addition to this, consumers will also witness an unprecedented surge in fixed monthly charges, up to 3,900pc for protected and non-protected consumers. Caretaker …

NEW YORK: Oil prices fell over two per cent on Monday as diplomatic efforts in the Middle East intensified in an attempt to contain the conflict between Israel and Hamas, easing investor concerns about potential supply disruptions. Brent crude futures settled down $2.33, or 2.5pc, at $89.83 a barrel. US West Texas Intermediate crude futures were down $2.59, or 2.9pc, …

KARACHI: The share market witnessed another positive session on Monday with the benchmark index hitting a six-year high. The index closed above the psychological barrier of 51,000 points primarily because of the current optimistic market sentiment, said Topline Securities Ltd. Major sectors that contributed positively to the index rise were oil and gas, fertiliser and automobile. According to Alpha Beta …

KARACHI: National Resources Ltd (NRL) has received an exploration lease for minerals in the Chagai district of Baloc­histan, a press release said on Monday. A subsidiary of YB Pakistan Ltd, Reliance Commodities Ltd and Liberty Mills Ltd, NRL has received the lease for an area of 500 square-kilometres in Chagai. It applied for the lease in early 2022. The project …

TAIPEI: Foxconn, a major supplier of Apple’s iPhones, is facing a tax probe in China, two sources close to Foxconn confirmed on Monday, saying they believed it was disclosed by a state-backed paper for political reasons tied to Taiwan’s upcoming elections. On Sunday, China’s state-backed Global Times tabloid said some of Foxconn’s key subsidiaries in China were the subject of tax audits …

RAWALPINDI: Once a profitable entity and the pride of a nation, the national flag carrier’s fortunes plummeted to an all-time low on Sunday, when its operations ground to a halt yet again, due to a lack of fuel. While Pakistan International Airlines (PIA), suffering losses to the tune of Rs750 billion, is no stranger to recurring crises, the current situation …

ISLAMABAD: Before seeking final dates for the second review of the ongoing IMF loan programme, the government has convened a special meeting of the Economic Coordination Committee (ECC) on Monday (today) to discuss and clear an unprecedented surge of 3,900 per cent in fixed monthly charges and a 194pc hike in consumer rates for natural gas. These price adjustments, set …

Pakistan Stock Exchange’s KSE-100 index maintained a bullish trend on Monday, increasing by more than 650 points during intraday trade to raise trade volume above 51,000 — the highest in six years. Despite the trend, analysts cautioned that the market value of the stock market currently is still far below what was achieved in 2017, despite having a similar trade …