Day: June 24, 2025

Investor sentiment soared on Tuesday as hopes for regional stability and easing oil costs sparked a rebound at the bourse, reversing the previous session’s sharp losses. “The ceasefire and the subsequent plunge in oil prices have triggered the rally today,” said Ahfaz Mustafa, CEO of Ismail Iqbal Securities. “The falling oil prices and the ending of the threat of a prolonged conflict in the Middle East has calmed the markets. They are giving investors the confidence to re-enter the market.” The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index surged to…

Oil prices tumbled $5 a barrel, or over 6%, on Monday after Iran attacked a US military base in Qatar in retaliation for US attacks on its nuclear facilities at the weekend, and took no action to disrupt oil and gas tanker traffic through the Strait of Hormuz. Brent crude futures LCOc1 were down $4.90, or 6.3%, at $72.19 a barrel by 2:13pm ET (1813 GMT). US West Texas Intermediate crude (WTI) CLc1 eased $4.60, or 6.2%, to $69.23. Global benchmark Brent had kicked off the week with nearly 6%…

Federal Minister for Petroleum Ali Pervaiz Malik on Monday confirmed that the government was mulling alternative routes for oil imports if the Israel-Israel conflict lead to closure of the Strait of Hormuz. His statement came after Iran initiated moves to block the strait in response to the US strikes on nuclear sites which increased tensions in the Middle East. Speaking to Geo News, Malik said that the government was reviewing the situation of petroleum products daily amid the evolving regional situation. Rejecting reports of fuel rationing, he assured that the country…

ISLAMABAD: The FY2025–26 budget strikes a balance between relief and reform, Finance Minister Muhammad Aurangzeb said Monday, highlighting measures to ease public burden, support industry, boost revenue, and ensure fair taxation for long-term, export-driven growth. While concluding the debate on the general discussion of the budget, the minister announced several tax and relief measures that were incorporated into the budget following suggestions from the finance committees of both the National Assembly and the Senate. He said the government was committed to economic stability amid regional uncertainty. Aurangzeb said the government…

A new generation of collectors is expected to boost the global art market, which is not immune to the current geopolitical and economic pressures. The world’s leading contemporary art fair, Art Basel, saw some significant deals last week. One such deal was made by London’s Annely Juda Fine Art gallery, which sold a David Hockney work for between $13 and $17 million without revealing the precise amount. The David Zwirner gallery sold a sculpture by Ruth Asawa for $9.5 million and a Gerhard Richter painting for $6.8 million. An Art…