Dealers reported that nervous investors panicked and sold on Monday, the Pakistan Stock Exchange (PSX) seeing its ninth-highest day-on-day (DoD) loss due to worries about the economy and the incoming regime. With 1,878 points dropped, the benchmark KSE-100 Shares Index closed at 61,065 on Friday, 2.98% lower than its previous close of 62,943 points. In […]
According to data issued by the central bank, the workers’ remittances in January 2024 clocked in at $2.40 billion in January. During Jan 24, workers’ remittances recorded an inflow of US$2.4 billion. For details see https://t.co/rPOvn9CTjfhttps://t.co/7XBd4uNES4#SBPRemittances pic.twitter.com/BJ79w2B0fs — SBP (@StateBank_Pak) February 12, 2024 However, the remittances have dropped by 3% in the first seven months […]
With ongoing tensions in the Middle East following Israel’s rejection of Hamas’ offer of a truce, oil prices increased on Friday and were expected to rise by about 7% on a weekly basis. By 1446 GMT, US West Texas Intermediate crude futures had increased $1.02, or 1.34%, to $77.24 a barrel, while Brent crude futures […]
The Board of Directors of MCB Islamic Bank Ltd. met recently under the direction of Mr. Raza Mansha in order to discuss the bank’s performance and approve its financial statements for the year that ends on December 31, 2023. The bank’s earnings before tax over the specified time was PKR 10.6 billion, a noteworthy increase […]
Shortly after opening on Friday, the Pakistan Stock Exchange (PSX) plummeted by 3.68%, or 2,362 points. Following the surprise result in the general elections, panic selling started in, sending the index to a 10-day low of 61,782 points. Topline Securities CEO Muhammad Sohail made a brief statement, saying, “PSX down…after unexpected election results.” Partial results […]
The ability of electric power distribution firms (Discos) to conduct business has been granted to the private sector under a concession deal that spans 20–25 years, as approved by the Cabinet Committee on Privatization (CCOP). A senior official who attended the meeting told The News on Wednesday that the private sector entities would be entitled […]
Many Pakistani businesses are facing serious obstacles right now; some are even considering closing their doors or making large personnel reductions as a result of their financial troubles. One such example is the delivery service startup Cheetay, which is apparently on the verge of closing down permanently. Dastgyr, an eCommerce platform that specializes in business-to-business […]
The plan to offer cellphones to the general people on easy installment plans has been met with resistance from two telecom carriers and cabinet members. The Ministry of Information Technology & Telecommunication brought up the issue at a cabinet meeting last month, proposing to issue a policy directive encouraging Cellular Mobile Operators (CMOs) and agencies […]
K-Electric is taking all necessary measures in preparation for the 2024 General Elections. Polling stations and other supporting offices identified by the Election Commission of Pakistan (ECP) will remain exempt from loadshed from 7th February to 9th February until the completion of the electoral process. A dedicated Power Monitoring Cell has been established within KE […]
Though its features are often copied by competitors, investors have long questioned Snap’s ability to hold its own against tech giants like Facebook owner Meta Platforms (META.O), opens new tab and Alphabet (GOOGL.O), opens new tab, which have more data to target ads. Meta’s advertising sales surged 25% in the December quarter. Google’s ad business […]
