Category: bussines

Pakistan has agreed to cancel 21 LNG cargoes under its long-term Eni contract and is seeking to renegotiate Qatari supplies as the country grapples with a surplus of imported gas, according to an official document and two sources. The document from state-owned Pakistan LNG Ltd (PLL) to the country’s Ministry of Energy, dated October 22, said 11 cargoes planned for 2026 and 10 for 2027 would be cancelled at the request of gas distributor SNGPL. Only the planned January shipment in both years, and the December shipment in 2027, would…

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Stocks lost ground Tuesday as earnings tailwinds faded, a higher-than-expected October consumer price index (CPI) and possible constitutional changes doused risk. “The result season is close to an end, and inflation has come in higher than expected. This has caused a period of consolidation,” said Ahfaz Mustafa, CEO of Ismail Iqbal Securities. “We will see movement in the market depending on the new flow, especially pertaining to the 27th amendment and the NFC [National Finance Commission] award,” he added. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index settled at 161,281.76…

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Finance Minister Muhammad Aurangzeb has called Pakistan’s blue economy a “game-changing sector” with huge potential, saying it currently contributes around 0.4% to 0.5% of GDP, roughly one billion dollars. Speaking at a virtual maritime conference, he said the Ministry of Maritime Affairs has set an ambitious but achievable target to grow the sector to $100 billion by 2047. “This billion dollars getting to a 100 billion blue economy number by the time we get to 2047 is transformational, and it’s the right ambition that we have set ourselves as we…

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ISLAMABAD: Finance Minister Muhammad Aurangzeb on Monday said that Pakistan’s economy was on a positive trajectory, stressing that the government’s primary goal was to achieve long-term, sustainable stability. Speaking at a press conference alongside the government’s economic team, Aurangzeb said the government has made “notable progress” toward achieving macroeconomic stability, noting that the recently concluded staff-level agreement with the International Monetary Fund (IMF) reaffirms Pakistan’s ongoing economic recovery efforts. He said that the government’s primary objective is to ensure sustainable economic stability through structural reforms. “Fundamental reforms in the tax…

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The bourse advanced as the market leaned into an approaching International Monetary Fund (IMF) payout and signs of regional stabilisation, while earnings momentum, rupee stability and rising oil boosted confidence. “Bullish activity witnessed on strong earnings outlook and imminent receipt of IMF tranche,” said Ahsan Mehanti, Managing Director and CEO of Arif Habib Commodities. “Rupee stability and surging global crude oil prices played a catalyst role in bullish activity at PSX,” he added. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index settled at 162,803.15 points, up 1,171.42 points, or 0.72%,…

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The petrol price has been raised by Rs2.43 per litre for the next fortnight, effective from November 1, following recommendations from the Oil and Gas Regulatory Authority (OGRA) and the relevant ministries. Petrol has been set at Rs265.45 per litre for the next fifteen days, the Finance Division said in a notification based on the authority’s latest review. High-speed diesel (HSD) has also become costlier, climbing by Rs3.02 to Rs278.44 per litre, a change officials say reflects adjustments recommended by the relevant ministries. Meanwhile, sources said kerosene edged up by…

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The Ministry of Energy on Friday announced that the country has awarded 23 offshore exploration blocks to four consortia, in the first bidding round after 18 years. In a statement, the energy minister stated that the bids were awarded to consortia led by local energy companies, while some partnered with foreign firms, including Turkiye’s national oil company TPAO. The 23 offshore blocks offered, out of the 40, cover around 53,500 square kilometres, it added. The energy ministry listed state-run Oil and Gas Development Co. Ltd (OGDCL), Pakistan Petroleum Ltd (PPL)…

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Equities advanced on Friday, with sentiment boosted by ceasefire assurances between Pakistan and Afghanistan and further underpinned by earnings chatter. “Bullish activity witnessed after reports of Pak[istan] Afghan agree to maintain ceasefire in the cross border conflict,” said Ahsan Mehanti, Managing Director and CEO of Arif Habib Commodities, said the bullish activity was witnessed after reports that Pakistan and Afghanistan agreed to maintain ceasefire. “Speculations in the earnings season played a catalyst role in bullish activity at PSX,” he added. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index climbed to…

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ISLAMABAD: The government expects to conclude the privatisation of Pakistan International Airlines (PIA) by December, the  Senate Standing Committee on Privatisation, chaired by Senator Afnanullah, was informed on Thursday. Officials from the Privatisation Commission informed the committee that the process for Pakistan International Airlines’ (PIA) privatisation is in progress and expected to be completed by December this year. The commission’s representatives said that the site due diligence process is nearing completion. They added that the privatisation will be finalised within the set timeline as per the government’s plan. According to…

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The bourse remained under selling pressure on Thursday, with investors cashing in gains as geopolitical tensions flared. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index closed at 156,732.87 points, down 1,732.18 points, or -1.09%, from the previous close of 158,465.05. During the session, the index climbed to an intraday high of 159,507.41 points, gaining 1,042.36 points, or 0.66%, before dropping to a low of 156,327.6 points, reflecting a decline of 2,137.45 points, or 1.35%. Samiullah Tariq, Head of Research at Pak-Kuwait Investment Company, gave profit taking and geopolitical tensions as…

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