Category: bussines

ISLAMABAD: The federal government has expressed optimism about a reduction in electricity prices by Rs10-12 per unit amid ongoing talks with the International Monetary Fund (IMF) on captive power plants. “The matter regarding the captive power plants is nearing resolution,” Federal Minister for Energy (Power Divison) Awais Leghari said while speaking at a session of the National Assembly’s Standing Committee on Energy on Thursday. The minister revealed plans to review eight bagasse-based power plants and an additional 16 plants. He noted that these evaluations would be followed by an assessment…

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ISLAMABAD: Amid the federal government’s arduous efforts to improve the economy, the Asian Development Bank (ADB) has revised Pakistan’s growth forecast to 3% during the fiscal year 2024-25 as from the previously projected 2.8% in September 2024. The report says that greater macroeconomic stability, following the approval of the new International Monetary Fund (IMF) programme under the Extended Fund Facility, will support economic recovery. Meanwhile, it projects industrial output growth to accelerate with the suspension of import management measures, higher investor confidence, and easier access to foreign exchange. It further says industrial…

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The capital market experienced continued bearish trend on Thursday, weighed down by concerns over political instability, policy uncertainty, and structural challenges. The market saw modest gains early in the session, but the lack of sustained buying pressure, coupled with bearish drivers, kept investors cautious. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index ended the session at 112,638.26, recording a loss of 1,510.19 points, or -1.32%, from the previous close of 114,148.45. The market touched an intraday high of 114,329.95 points but retreated sharply to a low of 112,594.66 points. “Pressure…

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ISLAMABAD: Senator Aimal Wali Khan on Wednesday made some appalling claims during a high-level food security meeting, leaving participants recoiling in disbelief and calling for stringent measures to halt such malpractices immediately. His disturbing revelations came to the fore during a meeting of the Senate Standing Committee on National Food Security, chaired by Senator Syed Masroor Hassan, to address challenges in the country’s basmati rice exports to the European Union (EU). During the session, the Awami National Party (ANP) senator claimed that plastic rice and meat from donkeys, dogs and…

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The stock market surged at the opening of Wednesday’s session, snapping a two-day losing streak, fuelled by an upward correction. The capital market kicked off Wednesday’s session on a positive note, rebounding after two consecutive sessions of losses, driven by an upwards correction. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index gained 1,697.54 points, or 1.46%, to reach an intraday high of 117,750.22 points. “The initial bounce can be attributed to an upwards correction from yesterday’s 2,500-point drop and a recovery in energy stocks,” Ismail Iqbal Securities CEO Ahfaz Mustafa…

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ISLAMABAD: As the government aims to reduce expenditures and improve efficiency, Finance Minister Muhammad Aurangzeb on Tuesday expressed confidence in completing analysis and implementation plan of rightsizing 42 ministries by June 30. “We have decided to bring five or six departments under rightsizing in each phase,” said the finance minister while speaking during the press conference while sharing the six-month performance of the High-powered Committee on Rightsizing. He was accompanied by Convener of the National Parliamentary Taskforce on Sustainable Development Goals (SDGs) Bilal Azhar Kayani and Ambassador at Large Dr Salman…

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ISLAMABAD: The federal government has started working on various options, including tariff revision for eight power plants, to reduce power rates by up to Rs10 per unit, Geo News reported citing sources on Tuesday. According to the sources, the government’s first option involves negotiating with Independent Power Producers (IPPs) to pass on the benefits to the public. By terminating agreements with five IPPs, the government is projected to save a total of Rs411 billion, with an annual saving of Rs70 billion. Sources within the Ministry of Energy have disclosed that revising the…

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The capital market extended its downward trend on Tuesday as profit-taking, driven by mutual fund redemptions, and pressure on energy stocks dampened investor confidence. Concerns about circular debt in the gas sector and the government’s escalating debt levels further contributed to the cautious market sentiment. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index showed early gains, climbing 588.29 points, or 0.51%, to an intraday high of 116,843.41. However, selling pressure dragged the index to a low of 113,677.5, reflecting a decline of 2,577.62 points, or -2.22%, from the previous close.…

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The stock market lost momentum to kicked off the week on Monday with a volatile start, as investors weighed the optimism of improving economic indicators against looming uncertainties over potential policy measures. The market saw significant selling pressure as concerns over potential gas price hikes weighed heavily on investor sentiment. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index closed at 116,255.12, marking a decline of 1,331.86 points, or -1.13%, from the previous session’s close of 117,586.98. Market pressures emerged following reports of a potential gas price hike. Ismail Iqbal Securities…

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Pakistan Oilfields Limited (POL), a private joint venture partner in Kohat’s Razgir field, opposed a proposed gas sale deal between a Hungarian gas company and a privately-owned firm. These objections were raised in a letter sent to the Petroleum Division and other companies in the joint venture by the private partner POL, which is a 25% shareholder in the Kohat gas field. The gas field has a 65% ownership of the state-owned entities (SOEs). In its letter, the Rawalpindi-based POL stated that the Hungarian company, which has 10% shares in…

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