Category: bussines

KARACHI: Bullish momentum continued to dominate trading at the Pakistan Stock Exchange (PSX) on Wednesday, where the benchmark KSE-100 index advanced a further 931 points, despite some volatility. Banking and other heavyweight financial stocks set the tone in early dealings as institutional buying in key names helped overcome the initial hesitation. Market participants pointed to improved risk appetite, with banking, fertiliser and select blue-chip sectors contributing significantly to the positive trend. There was volatility too as investors digested mixed macro signals and global cues. Despite that, bulls held firm control,…

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ISLAMABAD: Pakistan has formally assumed the presidency of the Digital Cooperation Organisation (DCO). Federal Minister for Information Technology and Telecommunications Shaza Fatima Khawaja, after taking over the role, said that Pakistan would promote joint global efforts in the areas of digital cooperation, cybersecurity, digital inclusion and artificial intelligence. A ceremony was held in Kuwait during the fifth General Assembly of the DCO, which was attended by senior officials from 16 member countries. According to a statement issued by the Ministry of IT on Thursday, the DCO was established to strengthen…

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SINGAPORE/LONDON: Bitcoin tumbled through the key $70,000 level on Thursday as a slide in the world’s largest cryptocurrency showed no signs of stopping. Bitcoin fell by as much as 3.8% to a low of $69,858, its weakest since November 2024, when Republican Donald Trump won the US presidential election, having signalled his intention to support crypto on the campaign trail. Bitcoin has already fallen nearly 8% for the week, taking its losses for the year so far to nearly 20%. Ether, which was down nearly 2% at $2,090, is down…

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KARACHI: The Pakistan Stock Exchange (PSX) on Monday ended trading on a firmer note as the KSE-100 index staged a rebound, supported by easing geopolitical tensions and selective buying. The session began with cautious investor optimism rather than aggressive risk-taking. The index oscillated within a wide band, touching the intra-day high of 185,612 and low of 182,792, reflecting active participation on both sides. A calmer global backdrop encouraged investors to engage in selective activity as signals from Washington and Tehran pointed towards diplomatic engagements. The improvement in sentiment triggered buying…

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ISLAMABAD: Pakistan and Uzbekistan on Monday agreed to accelerate efforts to raise bilateral trade to $2 billion as the 10th Session of the Pakistan–Uzbekistan Intergovernmental Commission (IGC) on Trade, Economic and Scientific-Technical Cooperation concluded in Islamabad. According to a statement issued by the Ministry of Economic Affairs, the session was co-chaired by Haroon Akhtar Khan, Special Assistant to the Prime Minister (SAPM) for Industries and Production, and Laziz Kudratov, Minister of Investment, Industry and Trade of Uzbekistan. Both sides expressed satisfaction over steady progress in bilateral engagement and reaffirmed their…

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ISLAMABAD: The federal government has decided to introduce a comprehensive five-year plan aimed at promoting the export and regularisation of Pakistan’s precious gemstone sector, which officials estimate to be worth billions of dollars. Under the plan, 610 exporters will be facilitated to participate in exhibitions in international markets over the next five years to expand market access and promote legal trade. The plan also proposes the establishment of a central authority responsible for business registration, provincial coordination and facilitation across the gemstone value chain. According to sources, the authority will…

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ISLAMABAD: Ajay Banga, President of the World Bank Group, called on Prime Minister Muhammad Shehbaz Sharif in Islamabad on Monday, with both sides emphasising the need to fast-track implementation of reform-linked development projects and strengthen oversight to ensure timely results. The prime minister welcomed Banga on his first official visit to Pakistan as president of the World Bank Group. According to an official statement, the premier appreciated the World Bank Group’s long-standing partnership with Pakistan and its continued support for the country’s development priorities, particularly through the 10-year World Bank…

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ISLAMABAD: Mounting tensions between the United States and Iran have impeded the launch of ferry service between Pakistan and Iran. Pakistan has already issued its first-ever international ferry service licence, paving the way for licensed passenger ferry operations between Pakistan and member countries of the Gulf Cooperation Council (GCC), including Oman, the United Arab Emirates and Bahrain, as well as Iran. This licensing framework is expected to provide regulatory clarity, encourage private-sector participation and boost maritime trade and connectivity in the region. The first ferry licence, approved by the Ministry…

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Commodities markets slumped on Monday, led by deep losses in gold, silver, oil and industrial metals as the choice of Kevin Warsh as the next Fed chair set off a wave of selling in risk assets that sent precious metals tumbling for a second session. Gold slid 9 per cent to its lowest in more than two weeks, while silver fell more than 13 per cent after both metals hit records last week. Oil dropped nearly 5.5 per cent, easing from multi-month highs, and London Metal Exchange copper fell almost…

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