Category: bussines

Stocks fell on Wednesday as weak corporate earnings and economic uncertainty prompted cautious investors to cut positions, with the index moving both ways in choppy trade. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index hit an intraday high of 112,569.89 but failed to sustain the rally, closing at 111,487.36, down 543.00 points, or 0.48%. At its lowest point, the index touched 111,157.18, reflecting a decline of 873.18 points, or 0.78%, from the previous session’s close of 112,030.36. Arif Habib Limited’s Head of Research, Sana Tawfik, noted that lacklustre earnings weighed…

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The capital market continued its downward slide on Tuesday, with investors treading cautiously as corporate earnings season commenced. Disappointment over recent payouts in the oil sector, coupled with broader market uncertainty, weighed on investor sentiment. “Earnings season has started, and stocks are reactive to earnings and payouts. Disappointment on payouts kept the oil sector under pressure yesterday and caused pressure in the broader market,” Ismail Iqbal Securities CEO Ahfaz Mustafa said. “This pressure has carried on today as people have become cautious before earnings announcements,” he added. During trading, the…

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The less expensive AI technology from a new Chinese company, DeepSeek, is increasing investor scrutiny of the billions that the US Big Tech are pouring to build it as analysts predict that the technology will dominate this week’s eagerly anticipated results from industry leaders. With the help of less sophisticated chips, Nvidia’s H800, DeepSeek said it built an AI model in less than $6 million within two months. The iPhone’s most downloaded app in the US on Monday was the one powered by the V3 model. The startup founded in…

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DUBAI: Saudi Arabia’s market regulator has unveiled a plan to allow foreigners to invest in listed companies that own real estate in Makkah and Madina in a bid to boost foreign investment. The move will allow foreigners to invest in firms whose revenues rely on the pilgrimage, one of the top revenue sources for the oil-rich kingdom Saudi Arabia’s market watchdog, the Capital Market Authority (CMA), said in a statement the move aimed to attract foreign capital and provide liquidity for present and future projects in the two cities. Saudi…

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The State Bank of Pakistan (SBP) cut its key policy rate by 100 basis points to 12% on Monday, the governor told reporters, for a sixth straight reduction since June as the country attempts to revive business and economic sentiment amid easing inflation. The central bank has been reducing interest rates since June 2024, slashing a total of 1,000 basis points from the record high of 22%. This marks one of the most aggressive rate-cutting campaigns among emerging markets, surpassing the 625 basis points cut during the COVID-19 pandemic in…

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The capital market faced a sharp downturn on Monday, driven by disappointing corporate earnings, rising political uncertainty, and concerns over monetary policy ahead of the central bank’s announcement. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index closed at 113,520.32, marking a decline of 1,360.16 points or -1.18% from the previous session’s close of 114,880.48. “The decline is partly due to market pricing in a lower than 100bps interest rate cut in today’s Monetary Policy Committee (MPC) meeting, and weak result from a major large-cap and widely held stock, MARI,” said…

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ISLAMABAD: The Federal Bureau of Revenue (FBR), in its letter to the Senate Standing Committee on Finance and Revenue, has highlighted mobility and access issues behind its decision to procure new vehicles and has assured of avoiding their misuse. The FBR, in its letter, said that in order to expand the tax net there was a dire need for strong enforcement and audit which could not be achieved without officers’ outreach as “non-filers need to be located physically through surveys and on-spot enquiries”. The letter comes against the backdrop of the…

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LAHORE: World Bank Vice President for South Asia Martin Raiser has projected that Pakistan could become a trillion-dollar economy by 2035 if it achieves a 7% annual growth rate. In a statement, Raiser said that long-term projections were difficult, but if Pakistan seriously implemented its domestic economic recovery plan, the target could easily be achieved. Achieving the target was quite possible; however, key reforms and strong policies were needed for that, he said, mentioning that the World Bank had promised to provide $20 billion to Pakistan in the next 10…

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KARACHI: Amid controversy over the procurement of cars by the Federal Board of Revenue (FBR), top tax collection body chief Rashid Langrial has said procurement of over 1,000 vehicles is imperative for the young officers to perform the daily operations. The statement came on Sunday days after the Senate Standing Committee on Finance and Revenue ordered the plan for acquisition of vehicles to be scratched. “With due respect, we have given satisfactory reply to the committee’s objection,” said the FBR chairman, adding that an officer’s visit to check sales tax…

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The stock market extended its rally on Friday, fuelled by strong anticipation of an interest rate cut in the upcoming Monetary Policy Committee (MPC) meeting and foreign buying, particularly in the cement sector. Market sentiment received an additional boost from positive developments, including a billion-dollar loan secured from Middle Eastern banks and heightened optimism about a strong corporate earnings season, further driving the recovery momentum. The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index gained 842.69 points or 0.74% to close at 114,880.48 after hitting an intraday high of 115,779.05 points.…

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