BREAKING NEWS
Indian actor Pradeep Rawat dies at 74 after cancer battle • Mrunal Thakur warns of legal action over AI-generated deepfake content • Fazlur Rehman warns against politicizing debate over new provinces • Pakistan posts 387, secures first-innings lead over West Indies • Pakistan exempt from new US visa bond program • Trump voices concern over oil company profits amid Iran conflict • West Indies all out for 344 against Pakistan in first innings • Cristiano Ronaldo reportedly set to marry Georgina Rodriguez on Aug 8 • Trump says Gulf States backed diplomatic path with Iran • Fuel theft surges across UK as rising prices drive daily losses • Why ‘Inception’ remains one of Hollywood’s most rewatchable films • ‘Spider-Man: Brand New Day’ opens with $355m worldwide • Secret wedding allegation involving Varma and Urmila resurfaces • Bilawal Bhutto alleges rigging in AJK elections • PM orders comprehensive performance review of federal ministries
Advertise with us >

Business & Finance

PSX records weekly gains as market sentiment improves

by
PSX records

KARACHI: The Pakistan Stock Exchange (PSX) witnessed a strong upward trend during the past week, with the KSE-100 Index climbing 2,779 points over the five-day trading period. The index closed at 169,864 points, up from 167,085 points at the start of the week.

During the week, the market saw two days of decline and three days of gains, reaching a record high of 170,697 points, while the weekly low stood at 167,386 points. Market capitalization increased by PKR 28.2 billion, taking the total to PKR 19,321 billion.

Investors showed renewed confidence following the IMF installment approval, with 48.38% of shares recording price gains across the board. Analysts noted that the market’s psychological thresholds were restored, contributing to the bullish momentum.

The week highlighted a recovery in investor sentiment and optimism over economic stability, reflecting positively on both the KSE-100 Index and overall market performance.

Pakistan receives $1.2b tranche from IMF

by
Pakistan receives

ISLAMABAD: The State Bank of Pakistan (SBP) has received a $1.2 billion installment from the International Monetary Fund (IMF).

Sources confirmed that the funds have been transferred to the SBP account. The IMF had approved the disbursement for Pakistan on 8 December.

The amount represents the third tranche under the current IMF loan program. In addition, the IMF has released an extra $20 million for Pakistan to support climate change-related initiatives.

FBR Chairman Rashid Langrial vows strict action against tax evaders

by
FBR Chairman

ISLAMABAD: Federal Board of Revenue (FBR) Chairman Rashid Langrial said that strict actions against tax evaders are being carried out across the country on a daily basis.

Speaking informally to the media in Islamabad, he provided details on ongoing operations against tax evasion and smuggling.

He stated that 30 individuals who were underreporting their tax returns have already received notices, and complete data has been compiled for those failing to file or submitting incorrect returns.

Langrial added that a Chief Commissioner for Enforcement has been appointed to oversee all operations, with daily reports on action against tax evaders being prepared.

He highlighted that the sugar industry has contributed an additional Rs40 billion annually in sales tax, noting that previously there were separate rates for taxed and untaxed sugar across the country. Now, strict action will be taken against anyone holding untaxed sugar stock, as Prime Minister Imran Khan reportedly has no leniency for tax offenders.

The FBR Chairman also emphasized that strict measures are ongoing to prevent smuggling of goods. He mourned the loss of two tax officials who were martyred during anti-smuggling operations.

IMF board to review $1.2b aid tranche for Pakistan today

by
IMF board

NEW YORK: The International Monetary Fund (IMF) Executive Board is scheduled to meet today to consider approval of a $1.2 billion aid tranche for Pakistan under the Extended Fund Facility (EFF).

The package includes $1 billion for general support and $200 million to enhance disaster resilience and sustainable development.

Ahead of the meeting, Pakistan released an IMF-backed report on corruption and governance, fulfilling the Fund’s pre-condition for board approval.

The report follows staff-level agreements reached between Pakistan and the IMF in October, after negotiations held from September 24 to October 8 in Karachi, Islamabad, and Washington.

The discussions reviewed Pakistan’s fiscal performance, financial policies, reforms, and climate-related measures, with the IMF staff mission expressing satisfaction over the country’s economic progress. The Fund also praised the State Bank of Pakistan’s strict monetary policy, recommending its continuation.

Economic experts note that IMF bailout packages are crucial for Pakistan, which has long relied on financial support from bilateral partners such as Saudi Arabia, China, and the UAE, as well as multilateral institutions including the World Bank, Asian Development Bank, and Islamic Development Bank.

Pakistan continues to face a prolonged macroeconomic crisis affecting foreign reserves, fiscal resources, and the balance of payments. However, since 2022, Islamabad has achieved some successes, including a current account surplus and a significant reduction in inflation.

Weekly Report: Pakistan Stock Exchange ends week on positive note

by
Weekly Report

KARACHI: The Pakistan Stock Exchange (PSX) witnessed a mixed trend throughout the trading week, ultimately closing with notable gains.

Despite fluctuations, the 100-Index recorded an overall increase of 408 points, rising from 166,677 to close at 167,085 points by the week’s end.

During the week, the index regained one psychological barrier, while trading remained positive on three sessions and negative on two sessions. The benchmark index touched a weekly high of 169,289 points, whereas the lowest level stood at 165,886 points.

Market capitalization expanded by Rs172 billion, reaching Rs19,038 billion over the five-day trading period. According to market data, 44.05% of shares witnessed price appreciation, with 1,053 companies closing higher, while 1,109 scripts ended in decline.

Experts attribute investor confidence to improved financial sentiment and the extension of Saudi fund deposits for one year, keeping market activity vibrant throughout the week.

NFC to hold talks on resource allocation today

by
NFC

ISLAMABAD: The 11th meeting of the National Finance Commission (NFC), tasked with distributing resources between the federal government and provinces, has commenced.

The session is being chaired by Federal Finance Minister Muhammad Aurangzeb, with the IMF also on board for discussions regarding the new NFC award.

According to sources from the Ministry of Finance, all four provincial finance ministers, technocrats, and commission members are participating. The provincial representatives include Nasser Mahmood Khosa from Punjab, Asad Saeed from Sindh, Mahfooz Khan from Balochistan, and Musharraf Rasool from Khyber Pakhtunkhwa. All NFC members have been invited to the meeting, while the Federal Secretary of Finance is serving as the official expert for the commission.

The agenda includes reviewing recommendations for the new award, considering the formation of sub-groups, and setting the roadmap for future meetings. Finance Minister Aurangzeb stated, “We will approach the meeting with a ‘Pakistan First’ mindset, listen to the provinces, and present the federal financial position transparently.”

The current seventh NFC award has been in effect since July 2010. The Constitution mandates a review every five years, but the scheduled 2015 meeting did not take place until now.

A day prior, a key consultative meeting was held under the chairmanship of Khyber Pakhtunkhwa Chief Minister, Sohail Afridi, to prepare for the NFC session.

During the briefing, the CM was informed about the province’s financial and constitutional rights in NFC discussions. He emphasized that despite the administrative merger of former FATA, financial integration has not yet occurred.

Under the NFC, the merged districts are entitled to PKR 1,375 billion, which has not been provided. At the time of merger, an annual allocation of PKR 100 billion was promised, which now totals PKR 700 billion. Of this, only PKR 168 billion has been disbursed by the federal government, leaving a balance of PKR 531.9 billion.

CM Sohail Afridi stressed that withholding the merged districts’ share violates the Constitution, and the province’s financial and constitutional rights will be fully protected.

Govt announces new petrol prices for next 15 days

by
Govt announces

ISLAMABAD: The government has announced the revised prices of petroleum products for the next 15 days.

According to a notification issued by the Petroleum Division, prices of key petroleum products have been adjusted.

As per the notification, the price of petrol has been reduced by Rs2 per litre, bringing the new price to Rs263.45 per litre.

The price of high-speed diesel has been cut by Rs4.79 per litre, setting the new rate at Rs279.64 per litre.

The revised petroleum prices will take effect from today.

Global market momentum pushes gold prices upward

by
Global market

KARACHI: The gold prices have climbed sharply in the past week due to sustained global market momentum, with domestic market activity lagging behind.

In the international market, gold climbed $123 over the week to trade at $4,165 per ounce, leading to a surge in local prices.

In Pakistan, the price of one tola of gold increased by PKR 12,300, reaching PKR 438,862, while the price of 10 grams of gold rose by PKR 10,542, hitting PKR 376,253.

Silver prices also saw an increase, rising by PKR 420 per tola over the week to PKR 5,642 per tola.

Despite the rising gold prices, shopkeepers report that local market demand has slowed, with investors closely monitoring global market trends before making purchases.

Weekly Report: Pakistan Stock Exchange surges by 4,575 points

by
Weekly Report

KARACHI: The Pakistan Stock Exchange (PSX) witnessed a strong bullish trend during the past trading week, with the KSE-100 Index rising by 4,575 points.

The index closed the week at 166,677 points, up from 162,102 points at the start of the week. During the week, the market recovered four psychological levels, reflecting investor confidence.

Over the five trading days, the market saw three days of gains and two days of declines. The highest level of the KSE-100 Index during the week was 167,005 points, while the lowest level was 160,564 points.

Market capitalization increased by PKR 353 billion, bringing the total to PKR 18,866 billion.

Around 42.21% of listed stocks recorded price increases. Shares of 1,009 companies gained, while 1,172 companies saw declines.

Analysts attributed the market rally to renewed buying interest from local institutions and individual investors, which helped sustain the bullish momentum.

Petrol, Diesel prices expected to drop notably from Dec 1

by
Petrol

ISLAMABAD: Petroleum prices in Pakistan are projected to fall from December 1, marking a notable decrease for the next two weeks.

According to industrial and government sources, petroleum prices may drop by up to Rs 6.35 per litre from December 1.

The anticipated relief is attributed to increased global supply following the restoration of several units at Kuwait’s Al-Zour refinery, one of the Gulf region’s largest refining complexes.

Based on preliminary calculations using 13 days of data, petrol prices may decrease by Rs 3.70 per litre, bringing the current price down from Rs 265.45 to approximately Rs 261.75 per litre.

On the other hand, the price of high-speed diesel is likely to decrease by Rs 4.28 per litre, after which the price may decrease from Rs 284.44 to around Rs 280.16 per litre.

 A slight decrease in the price of kerosene (kerosene) is expected, i.e. after a decrease of Rs 0.73, the price of kerosene may decrease from Rs 194.34 to approximately Rs 193.61 per litre.

According to sources, light diesel oil price is expected to decrease the most, after a reduction of Rs 6.35 per liter from Rs 170.80 to Rs 164.45 per litre.