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ISLAMABAD: Owing to consistent efforts and timely actions by the Power Division to promote transparency and competition, the prices of smart meters for power distribution companies have been reduced by up to 40%. “This reduction will result in estimated annual savings of Rs150 billion at the national level,” said Federal Minister for Power Awais Ahmed Leghari. The federal minister made these remarks on Monday after a report on smart meters was presented. He stated that the adoption of transparent and internationally competitive procurement processes had reduced the price of a…

KARACHI: Gold prices in Pakistan rose on Monday, tracking gains in the international market, where spot gold hovered near a seven-week high, supported by a softer dollar and expectations of US interest rate cuts ahead of key economic data. In the domestic market, gold per tola surged to Rs454,862, gaining Rs2,600 during the day. Similarly, 10-gram gold was sold at Rs389,970, up Rs2,229, according to the All-Pakistan Gems and Jewellers Sarafa Association. On Saturday, the gold price per tola had closed at Rs452,262 following a decline of Rs2,000. Meanwhile, silver…

KARACHI: Despite the State Bank of Pakistan (SBP) cutting the policy rate by 50 basis points, contrary to market expectations, the business community has expressed widespread disappointment over the central bank’s decision to reduce the rate modestly from 11% to 10.5%. Industry leaders have termed the modest reduction insufficient to provide meaningful relief to businesses struggling under high production costs, rising energy tariffs and a challenging economic environment. President of the Karachi Chamber of Commerce & Industry (KCCI), Muhammad Rehan Hanif, described the move as “far below what is urgently…

KARACHI: The Pakistan Stock Exchange (PSX) opened the week on Monday with renewed optimism and rose to a record high above 170k, reflecting the extension of bullish momentum from the previous week. Investors remained somewhat upbeat ahead of the monetary policy announcement later in the day, when the central bank unexpectedly cut its policy rate by 50 basis points. The rally was largely driven by buying interest in energy stocks, alongside expectations of a reduction in the policy rate. The session saw wild swings as the KSE-100 index traded between…

KARACHI: The State Bank of Pakistan (SBP) on Monday reduced the policy rate by 50 basis points to support sustainable economic growth, delivering a surprise to markets and marking a move that diverged from the International Monetary Fund’s (IMF) more cautious stance, which had emphasised maintaining the policy rate. Announcing its decision after the Monetary Policy Committee (MPC) meeting, the central bank said headline inflation had remained within the target range of 5-7% during July-November FY26, creating limited space for calibrated monetary easing. The MPC, however, acknowledged that core inflation…