Category: bussines

KARACHI: Macroeconomic uncertainty continued to weigh on the Pakistan Stock Exchange (PSX) on Tuesday as the market remained volatile after the State Bank of Pakistan (SBP), contrary to expectations, left its policy rate unchanged at 10.5%. In the morning, trading commenced on a positive note and following a brief dip the benchmark index touched the intra-day peak at 189,521 in the first hour of trading. However, the optimism proved short-lived as selling pressure pulled the market down, wiping out all the early gains. The KSE-100 index slid to the intra-day…

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ISLAMABAD: The International Monetary Fund (IMF) review mission is set to visit Pakistan next month to negotiate the third economic review of the ongoing loan programme. The completion of the third review would unlock the next $1 billion tranche for Pakistan under the programme. According to officials, Pakistan’s economic team has accelerated preparations for the review process and has already shared key economic and fiscal data with the IMF. On the prime minister’s directives, the Ministry of Finance has also decided to redefine negotiation priorities for the upcoming talks with…

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KARACHI: Gold prices in Pakistan eased Rs1,500 on Tuesday, diverging from a powerful rally in international markets where bullion surged beyond the historic $5,000 per ounce threshold, driven by intensifying economic and geopolitical uncertainty and sustained safe-haven demand. In the domestic market, the price of gold per tola declined by Rs1,500 to Rs530,562, according to rates issued by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). Similarly, the price of 10-gram gold fell by Rs1,286 to Rs454,871. The modest pullback followed Monday’s sharp rally, when gold surged by Rs10,900 per…

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Gold and silver prices in Pakistan surged to historic levels on Wednesday following heightened geopolitical tensions and uncertainty in global markets. The spike comes amid strained relations between the European Union and the United States, the arrival of a US aircraft carrier in the Middle East, and Iranian military exercises near the Strait of Hormuz. In the international bullion market, the price of gold per ounce jumped $211 to $5,293. This pushed 24-carat gold per tola in local markets up by Rs21,100 to Rs551,662, setting a one-day record. The price per…

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ISLAMABAD: The World Bank says Pakistan is among the countries facing severe water scarcity, with large volumes of water wasted due to inefficient irrigation systems and ineffective agricultural practices. Emphasising the need for improvements in the tax system, more efficient use of water and subsidy reforms, the Bank has identified wide-ranging reform requirements in the agricultural and social sectors. According to details, the World Bank has released its report on development in South Asia, highlighting the need for reforms in Pakistan’s tax system, improved water management and rationalisation of subsidies.…

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FAISALABAD: Over 150 industries in Faisalabad have shut down due to security concerns and policy-related issues, leading to unemployment for nearly 150,000 workers, representatives of the business community told Federal Minister for Board of Investment Qaiser Ahmed Sheikh during his visit to the city. The issue was raised during a meeting between the federal minister and office-bearers of the Faisalabad Chamber of Commerce and Industry (FCCI), where industrialists said several businesses had also relocated their units abroad amid mounting challenges faced by the sector. Earlier, the federal minister visited the…

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ISLAMABAD: Pakistan has found an alternative oil supply route as a $430 million US crude deal by the private sector has helped reduce reliance on the Hormuz route and narrow the trade gap. In a notable private sector development with broader economic implications, Cnergyico Pk has executed a commercial transaction for the import of six million barrels of US West Texas Intermediate (WTI) crude valuing at around $430 million. The deal, one of the largest private sector crude oil import arrangements between Pakistan and the US, reflects a gradual shift…

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KARACHI: The local apparel and value-added textile sector has expressed concern over the government’s decision to include the rice sector, whose share in exports is only $3 billion, in the Export Development Fund (EDF) and the Duty Drawback of Local Taxes and Levies (DLTL) mechanism involving large allocations, while exporters from the apparel and value-added textile sector remain ignored. The sector has demanded that the government extend EDF and DLTL facilities on an equitable basis to this key sector, which accounts for $18 billion in exports. PHMA Central Chairman Babar…

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