KARACHI: The State Life Insurance Corporation (SLIC) Pakistan has launched an innovative Golden Endowment Plan for catering modern day needs of policy holders, an official said on Friday. SLIC Chairman Shoaib Javed Hussain said that it is a comprehensive limited premium payment term plan that offers enhanced financial benefits. “One of the major reasons why … Read more
KARACHI: The Pakistani rupee shed Rs1.59 to reach Rs202.35 against the dollar on Friday as the foreign exchange reserves of the country touched the 30-months low. The local unit fell Rs1.59 to close at Rs202.35 to the dollar from Thursday’s closing of Rs200.76 in the interbank foreign exchange market. The rupee recorded the historic low … Read more
KARACHI: The inflows of workers’ remittances fell 25 per cent a month-on-month basis to clock-in at $2.3 billion in May, the State Bank of Pakistan (SBP) said on Friday. The workers’ remittances have continued to remain above the $2 billion mark since June 2020. In terms of growth, the remittances decreased 25.4 per cent on … Read more
KARACHI: The Pakistani rupee gained 76 paisas to reach Rs200.76 against the dollar on Thursday after the government banned import of luxury items and increased fuel prices. The local unit recovered 76 paisas to close at Rs200.76 to the dollar from Wednesday’s closing of Rs201.52 in the interbank foreign exchange market. The rupee recorded the … Read more
KARACHI: The government is expected to take harsh tax measures in the federal budget 2022/23 scheduled on June 10, 2022, in order to meet expenses and improve fiscal condition. Analysts at Arif Habib Limited outlined the expected tax measures to be announced by the government to generate additional up to Rs450 billion. According to the … Read more
KARACHI: The Pakistan equity market closed flat on Wednesday amid thin trade on pre-budget uncertainty and World Bank projection of moderate growth rate of 4 per cent for fiscal year 2023. Ahsan Mehanti at Arif Habib Corp said that mid-session support was witnessed in the market due to rupee recovery against the dollar in the … Read more
KARACHI: The Korean International Cooperation Agency (KOICA) has assured to support the textile industry of Pakistan in promoting manufacturing and export of non-woven fabric and technical textiles, a statement said on Wednesday. A five members delegation of KOICA visited All Pakistan Textile Mills Association (Aptma) Lahore office where it held discussions with the senior Aptma … Read more
KARACHI: The Pakistani rupee gained Rs1.31 to reach Rs201.52 against the dollar on Wednesday as speculation cooled down regarding the government freezing foreign currency accounts. The local unit recovered Rs1.31 to close at Rs201.52 to the dollar from Tuesday’s closing of Rs202.83 in the interbank foreign exchange market. The rupee recorded the historic low of … Read more
KARACHI: The All Pakistan CNG Association (APCNGA) urged the government to allocate 50mmcfd to the CNG sector till the commencement of private liquefied natural gas (LNG) import for compressed natural gas (CNG) sector, a statement said. APCNGA Group Leader Ghiyas Abdullah Paracha said that he wanted to present this plan before the incumbent government to … Read more
KARACHI: The Pakistani youth should carefully choreograph a sellable narrative in Europe and portray the real face of Pakistan before the world, an official said on Tuesday. A delegation of Youth Parliament Pakistan visited Islamabad Policy Research Institute (IPRI), and was debriefed on the activities and scope of Pakistan’s premier think tank. President Youth Parliament … Read more
KARACHI: The Pakistani rupee fell Rs2.77 to touch the historic low of Rs202.83 against the dollar on Tuesday as speculation regarding the upcoming budget and the government freezing foreign currency accounts intensified. The local unit declined Rs2.77 to close at Rs202.83 to the dollar from Monday’s closing of Rs200.06 in the interbank foreign exchange market. … Read more
KARACHI: The State Bank of Pakistan (SBP) on Tuesday allowed the development finance institutions (DFIs) to participate in the open market operations (OMOs) to facilitate them in their liquidity management. According to a circular, the DFIs would also be eligible to participate in OMOs as per the instructions and procedure stipulated in the master circular … Read more
LAHORE: The newly-appointed Trade officers of Pakistan have sought assistance and cooperation from the All Pakistan Textile Mills Association (Aptma) to promote textile exports of the country and to explore investment potential in the sector. In this regard, a 14-member delegation of officers selected from different occupational groups for posting in Pakistan missions abroad as … Read more
KARACHI: The Pakistan stocks witnessed a range-bound session on Monday, gaining points, while the market is expected to remain range-bound in the upcoming days due to a lack of positive triggers and the upcoming major events such as budget announcement, meetings with the IMF team and the Financial Action Task Force, analysts said. Ahsan Mehanti … Read more
KARACHI: The rupee plunged by Rs2.14 against the dollar on Monday, owing to a steep fall in the foreign exchange reserves and the rumours of freezing foreign currency accounts, dealers said. The exchange rate ended at Rs200.06 against the greenback from last Friday’s closing of Rs 197.92 in the foreign exchange market. The dealers said … Read more
KARACHI: The State Bank of Pakistan (SBP) on Monday said that the government of Pakistan and the State Bank has assured all the accountholders maintaining foreign currency accounts (FCA), Roshan Digital Accounts (RDA) and safety deposit lockers in banks in Pakistan that their accounts and lockers are completely safe and there is no proposal under … Read more
KARACHI: The Pakistan Stock Exchange (PSX) has joined the Sustainable Stock Exchanges (SSE) Initiative, a partnership programme under the auspices of the United Nations (UN), a statement said on Monday. The initiative is organised by the United Nations Conference on Trade and Development (UNCTAD), the UN Global Compact, United Nations Environment Programme Finance Initiative (UNEP-FI) … Read more
KARACHI: The Union of Small and Medium Enterprises (Unisame) has said that the exorbitant rise in the fuel prices is a terrible blow and setback to the logistics of the country and supply chain already hit by hyperinflation, a statement said on Monday. Unisame President Zulfikar Thaver said that the latest increase in the prices … Read more
KARACHI: The Trade Development Authority of Pakistan (TDAP) Lahore organised the first of a series of workshops on ‘Market Analysis Tools’ for the capacity building of women entrepreneurs, a statement said. Held at the Women Resource Centre and Incubator, the purpose of the workshop was to support women in trade and prepare them for export … Read more
KARACHI: The Universal Service Fund Pakistan (USF) and Pakistan Telecommunication Company Limited (PTCL) signed an agreement for optic fiber cable in interior Sindh, including Dadu, Jamshoro, Hyderabad and Larkana, a statement said. Chief Minister of Sindh, Murad Ali Shah attended the signing ceremony between USF and PTCL for the optic fiber cable project being initiated … Read more
KARACHI: The equity stocks nosedived on Friday after Moody’s downgraded Pakistan’s outlook to negative on fiscal risks amid delays in the International Monetary Fund (IMF) bailout and concerns over global equity selloff. Ahsan Mehanti at Arif Habib Corp said that the dismal data of $43.33 billion trade deficit for the period of July-May during fiscal … Read more
KARACHI: The gas supply shutdown to the Punjab textile sector will worsen the balance of payment crises as the sector is a big contributor in bringing foreign exchange in the country, an official said on Friday. All Pakistan Textile Mills Association (Aptma) Chairman Rahim Nasir said that the gas or regasified liquefied natural gas (RLNG) … Read more
KARACHI: The Pakistani rupee fell 33 paisas to reach Rs197.92 on Friday as the foreign exchange reserves of the country declined to a record low besides Moody’s downgrading Pakistan’s outlook to negative from stable. The local unit declined 33 paisas to close at Rs197.92 to the dollar from Thursday’s closing of Rs197.59 in the interbank … Read more
KARACHI: The K-Electric defaulted in payment of its last bill to the Sui Southern Gas Company (SSGC) and an amount of Rs2.46 billion is overdue, while another payment of Rs8.6 billion will become due on June 3, 2022, a statement said. According to the statement released by the SSGC, the company will have to either … Read more
KARACHI: Moody’s on Thursday downgraded Pakistan’s outlook from stable to negative due to the country’s external vulnerability risk and uncertainty around the country’s ability to secure additional financing to meet its needs, a statement said. Pakistan’s external vulnerability risk has been amplified by rising inflation, which puts downward pressure on the current account, currency and … Read more
KARACHI: The equity market closed lower on Thursday where selling momentum was witnessed as 3 months T-Bills yields went up 75 basis points to 15.25 per cent raising concerns over a possible hike in the policy rate. An analyst at Arif Habib Limited said the KSE-100 Index made an intraday low of 623 points as … Read more
KARACHI: The Pakistani rupee gained 28 paisas to reach Rs197.59 on Thursday on the back of positive sentiments on the economic and political front in the country. The local unit recorded an increase of 28 paisas to close at Rs197.59 to the dollar from Wednesday’s closing of Rs198.87 in the interbank foreign exchange market. The … Read more
KARACHI: The total petroleum products sales in Pakistan showed a growth of 28 per cent to reach 2.17 million tonnes during the month of May, a report by Arif Habib Limited showed. The growth in the sales volumes came on the back of growth in auto sales leading to higher demand of Motor Spirit (MS) … Read more
