Bulls take charge as KSE-100 rallies 5,000 points – Business
The Pakistan Stock Exchange’s (PSX) benchmark index rallied over 5,000 points on Tuesday, a day after shedding more than 6,000 points. The KSE-100 index surged by 5,043.51 points, or 3.14 per cent, to close at 165,634.84 points, from the previous close of 160,591.33 points. The index recorded an intraday low of 165,763.81 points at around […]
Govt announces more than 2 hours of daily loadshedding amid fuel constraints – Business
ISLAMABAD: Amid fuel constraints, the government on Tuesday formally announced more than two hours of daily loadshedding “during peak hours” to prevent a sharp increase in electricity tariffs. “The government has decided to suspend the electricity supply for about 2.25 hours daily between 5:00pm and 1:00am,” the Power Division said in a statement. “This step […]
Exports to EU states fall despite GSP+ status – Business
ISLAMABAD: Pakistan’s exports to European countries have begun to dip in the current fiscal year despite a GSP+ status that allows duty-free entrance into European markets for the majority of its products. In absolute terms, Pakistan’s exports to European countries dipped year-on-year by 6.89 per cent in the first eight months of the current fiscal […]
Pakistan to discuss Extended Fund Facility with IMF next month, says finance minister – Business
Pakistan will discuss an Extended Fund Facility (EFF) with the International Monetary Fund (IMF) in Washington next month, Finance Minister Muhammad Aurangzeb said on Friday, as the country looks to alleviate a full-scale economic crisis. The standby $3 billion arrangement with the global lender expires on April 11, and the two sides reached a staff-level […]
Macroeconomic stability unachievable without another IMF programme: PM Shehbaz – Business
Prime Minister Shehbaz Sharif on Thursday said that macroeconomic stability in the country needed to be advanced further, which he said would not be possible without another bailout programme with the International Monetary Fund (IMF). A day ago, while announcing the staff-level agreement (SLA) on the successful completion of an existing short-term facility, the IMF […]
Key allies assure govt of support to shore up economy – Business
ISLAMABAD: Pakistan’s key diplomatic allies have begun discussions with the new government’s economic team to foster bilateral and multilateral economic and financial cooperation. European Union Ambassador to Pakistan Dr Riina Kionka, US and China’s envoys Donald Blome and Jiang Zaidong met Finance Minister Muhammad Aurangzeb in the last four days. The three envoys met the […]
PM consults experts to bring financial stability – Business
ISLAMABAD: With the country set to approach the International Monetary Fund (IMF) for a fresh programme, Prime Minister Shehbaz Sharif on Wednesday decided to include global experts and all stakeholders in a consultative process aimed at improving the country’s economic health and financial stability. Chairing a meeting on economic revival and reforms, the PM said […]
Shares at PSX climb 400 points after staff-level agreement with the IMF – Business
Bullish momentum continued at the Pakistan Stock Exchange (PSX) on Wednesday as shares gained over 400 points after Pakistan and the IMF reached a staff-level agreement. The KSE-100 index started on a positive note after the bell, climbing more than 400.04, or 0.61 per cent, to stand at 65,902.63 points from the previous close of […]
IMF, Pakistan reach staff level agreement on final bailout review – Business
The International Monetary Fund (IMF) has reached a staff-level agreement with Pakistan on the final review of a $3 billion bailout, where the country will receive $1.1 billion after approval from the Fund’s Executive Board, the lender said on Wednesday. “The agreement recognises the strong program implementation by the State Bank of Pakistan and the […]
Shares at PSX gain over 600 points as inflation indicators improve – Business
Bulls maintained their position at the Pakistan Stock Exchange (PSX) on Tuesday as shares gained over 600 points in intraday trade. The KSE-100 index gained 680.68 points, or 1.05 per cent, to stand at 65,571.18 points at 12:55pm from the previous close of 64,890.50. Faran Rizvi, head of equity sales at JS Global, said that […]