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Business & Finance

Pakistan’s freelancers earn over $950m foreign exchange in 10 months

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Pakistan’s freelancers

KARACHI: Pakistani freelancers earned more than $950 million in foreign exchange during the first 10 months of the current fiscal year despite facing multiple local and global challenges, according to official data.

The State Bank of Pakistan said earnings from computer and information services through freelancing reached $959 million during July 2025 to April 2026, compared to $642 million in the same period last fiscal year.

This reflects a year-on-year increase of 49%, or $317 million, highlighting strong growth in the country’s digital services exports.

During the period, Pakistani freelancers reportedly outperformed counterparts in countries including India, China and the United Arab Emirates, according to industry sources.

Pakistan Freelancers Association President and CEO Dr. Imran Bataada said the rise in earnings was driven by increased participation of Pakistani freelancers on global platforms such as Upwork, Fiverr and social media-based work channels.

He said growing awareness of freelancing in Pakistan over recent years has enabled a large number of individuals to acquire skills through online learning, private institutions, government training programs and NGO initiatives.

Bataada, a five-time Global CIO Award winner, said he has trained more than 25,000 freelancers.

He added that Pakistan’s freelancing community now comprises around 3 million people and urged stronger collaboration between the government, banking sector and other stakeholders to further expand the sector in a structured manner.

Global oil prices drop sharply amid hopes of US-Iran agreement

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Global oil prices

Global oil prices fell significantly after prospects of a possible agreement between the United States and Iran raised hopes for easing tensions in the Middle East.

According to international media reports, oil prices dropped by more than 5% during early trading in Asian markets on Monday.

The price of Brent crude declined 5.1% to $98.22 per barrel, while US West Texas Intermediate (WTI) crude fell 5.2% to $91.57 per barrel.

Market analysts said the decline came amid expectations of a potential agreement between United States and Iran aimed at ending conflict in the Middle East, although US President Donald Trump downplayed the chances of an immediate breakthrough.

In a statement posted on social media on Sunday, Trump said he had instructed his representatives not to rush into any agreement.

Pakistan’s mobile phone imports rise over 30% in first 10 months

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Pakistan’s mobile phone

ISLAMABAD: Pakistan recorded a further increase in dependence on imported mobile phones during the current fiscal year, according to official documents.

The documents showed that Pakistan imported mobile phones worth Rs455.73 billion during the first 10 months of the fiscal year, registering a 30.29% increase compared to the same period last year.

According to the data, mobile phone imports on a year-on-year basis surged 40.71% in April 2026, while imports also increased 18.70% on a monthly basis.

During the period from July 2025 to April 2026, total mobile phone imports stood at Rs455.73 billion, compared with Rs349.77 billion recorded during the corresponding period of the previous fiscal year.

The documents further stated that Pakistan imported mobile phones worth Rs49.415 billion in April 2026, up from Rs41.63 billion in March 2026.

In April 2025, the country had imported mobile phones valued at Rs35.12 billion.

PSX surges over 4,000 points ahead of Eid holidays

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PSX surges

KARACHI: Pakistan Stock Exchange witnessed a strong bullish trend on Monday as investors accelerated buying activity ahead of the Eid holidays.

The benchmark KSE-100 Index recorded a massive gain of 4,013 points during trading, driven by renewed investor confidence and positive regional market sentiment.

Market analysts said optimism grew after reports emerged regarding a possible agreement between the United States and Iran, which supported investor sentiment across financial markets.

Following the sharp rally, the KSE-100 Index climbed to 171,857 points.

Meanwhile, Asian stock markets also traded in positive territory amid improving global investor confidence.

KSE-100 falls 670 points as PSX closes lower

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KSE-100 falls

KARACHI: The Pakistan Stock Exchange (PSX) ended in negative territory on Friday as selling pressure pushed the benchmark index down by 670 points.

The benchmark KSE-100 Index closed at 167,844 points, compared to the previous close of 168,514 points.

During intraday trading, the index also touched a high of 169,624 points before declining later in the session.

Overall trading activity remained strong, with shares worth Rs22 billion changing hands as 478.7 million shares were traded.

A total of 563 companies participated in trading during the session. Of these, 160 companies recorded gains, while 280 witnessed declines.

Market analysts noted that the session reflected mixed investor sentiment as profit-taking dominated later in the day, leading to a negative close.

Elon Musk nears trillionaire status as SpaceX eyes massive IPO

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Elon Musk

NEW YORK: Elon Musk, already regarded as the world’s richest person, is moving closer to becoming the world’s first trillionaire as SpaceX prepares for a potential public offering at a reported market valuation of $1.75 trillion.

Musk holds a major stake in SpaceX, and analysts believe the company’s proposed valuation could significantly boost his personal wealth if the share offering moves forward as planned.

The billionaire entrepreneur is reportedly considering listing SpaceX shares on the U.S. stock market, a move that could push his net worth beyond the $1 trillion mark.

According to reports, SpaceX is targeting mid-June 2026 for its initial public offering (IPO). Company documents state that the fundraising effort is aimed at supporting long-term plans to send humans to the Moon and Mars, citing concerns about the long-term survival of humanity on Earth.

The documents reportedly state that the company does not want humanity to face the same fate as dinosaurs.

While the filings do not specify how much capital SpaceX intends to raise, several reports suggest Musk is aiming to secure around $75 billion in investment funding for future projects.

SpaceX has become one of the world’s leading private aerospace companies after successfully developing reusable rockets and building the large-scale Starlink satellite network.

Meanwhile, Musk could also potentially reach trillionaire status through Tesla, which previously approved a compensation package tied to ambitious performance targets.

However, analysts say major challenges remain. Tesla’s market value would need to climb to nearly $8.5 trillion from its current level of around $1.5 trillion for Musk to fully unlock parts of that package.

Similarly, SpaceX would face pressure to significantly grow revenues and justify a $1.75 trillion valuation if the IPO proceeds.

Gold prices surge in local markets after one-day decline

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Gold prices

KARACHI: Gold prices witnessed a sharp rebound in both international and local markets on Thursday after declining a day earlier.

In the international bullion market, the price of gold rose by $50 per ounce, pushing the global rate to $4,530 per ounce.

Following the upward trend in the global market, local bullion markets also recorded a significant increase in gold prices during the fourth trading day of the week.

The price of 24-karat gold per tola surged by Rs5,000, reaching Rs475,362 in the local market.

Similarly, the price of 10 grams of gold increased by Rs4,287 to settle at Rs407,546.

Meanwhile, silver prices also moved upward across the country. The price of silver per tola climbed by Rs60 to Rs8,034, while the rate for 10 grams of silver increased by Rs51 to Rs6,887.

A day earlier, gold prices had dropped sharply, with the international market declining by $68 per ounce to $4,480. In the domestic market, gold prices had fallen by Rs6,800 per tola to Rs470,362, while the price of 10 grams had decreased by Rs5,830 to Rs403,259.

Oil prices drop as Trump signals progress in Iran talks

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Oil prices drop

WASHINGTON: Global oil prices fell sharply after U.S. President Donald Trump expressed optimism over progress in negotiations with Iran, easing investor concerns over potential supply disruptions.

International media reported that Brent crude dropped more than 5%, falling to around $105 per barrel, while U.S. West Texas Intermediate also recorded a noticeable decline.

Speaking to reporters on Wednesday, Trump said talks with Iran were in their final stages and voiced hope that an agreement could soon be reached. His remarks helped calm market sentiment and reduced pressure on global energy prices.

However, analysts warned that geopolitical risks in the Middle East remain elevated, particularly around the Strait of Hormuz, a critical route for global oil shipments. Any disruption in maritime traffic through the chokepoint continues to pose a major risk to supply stability.

Financial institutions cautioned that failure in negotiations or renewed military escalation in the region could push oil prices back toward $120 to $200 per barrel.

Despite the recent decline, volatility in global energy markets has persisted throughout the year due to ongoing tensions involving Iran and broader Middle East uncertainty.

Electricity prices to remain unchanged in June, says Power Division

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Electricity prices

ISLAMABAD: Pakistan’s Power Division said Monday that electricity prices will remain unchanged in June, crediting timely and effective measures for shielding consumers from a potential increase.

In a statement, the ministry said consumers were spared a monthly fuel adjustment impact of Rs5 to Rs6 per unit. It added that despite the shutdown of LNG supplies and the use of expensive furnace oil, no additional burden would be passed on to electricity users.

The Power Division said consumers were protected from an estimated Rs38 billion in additional costs, as the monthly fuel adjustment was contained at an increase of Rs1.73 per unit.

Officials said consistent policy measures, rising electricity demand management and a special relief package helped stabilise prices. They added that additional domestic gas supply and generation from imported coal plants also helped reduce load management pressures.

The ministry said consumers received Rs65 billion in refunds during the first quarter, while quarterly adjustments provided a relief of Rs1.93 per unit.

It further stated that the quarterly adjustment not only offset the impact of monthly fuel charges but also delivered additional relief despite challenging conditions.

Officials added that there would be no increase in the reference tariff next month, and consumers could even see a slight relief of around 20 paisa per unit.

PSX Weekly Wrap: KSE-100 drops 3.23% as loses over 5,500 points

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PSX Weekly Wrap

KARACHI: The Pakistan Stock Exchange (PSX) witnessed a bearish week as the benchmark KSE-100 Index declined by 3.23%, losing 5,519 points during the weekly trading session.

The index fell from 171,115 points to 165,596 points by the end of the week, while during intraday trading it touched a high of 171,571 points and a low of 165,291 points.

Market volatility resulted in the loss of six key psychological levels over the week, reflecting sustained pressure on investor sentiment.

Market capitalization also declined significantly, dropping by Rs 513 billion to close at Rs 18,389 billion.

Average daily trading volume stood at 827 million shares, while the average daily traded value was recorded at Rs 25 billion. Overall investor activity remained subdued throughout the week.

Analysts attributed the bearish trend to geopolitical uncertainty, including the stalled progress on a US-Iran peace understanding, which weighed on market confidence and triggered cautious trading behavior.