News Archives for Business & Finance - 2024-09-19

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Business & Finance - 2024-09-19

USA

US Fed rate cut is ‘very positive sign’ for economy: Yellen

WASHINGTON: The US central bank’s decision to slash interest rates this week is a “very positive sign” for where the...

Published 19 Sep, 2024 09:10pm

Forex

SBP-held foreign exchange reserves increase $43mn, now stand at $9.51bn

Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $43 million on a weekly basis,...

Updated 19 Sep, 2024 10:51pm

Money & Banking

Turkish central bank keeps rates steady, alters guidance

ISTANBUL: Turkiye’s central bank held its main interest rate steady at 50% for a sixth straight month on Thursday as...

Updated 19 Sep, 2024 06:16pm

Money & Banking

Bank of England holds rate steady after jumbo US cut

LONDON: The Bank of England on Thursday kept its key interest rate at 5.0 percent, deciding against consecutive cuts...

Published 19 Sep, 2024 05:19pm

Energy

Pakistan’s power generation falls sharply amid rising costs, solarisation

Power generation in Pakistan clocked in at 13,180 GWh (17,714 MW) in August 2024, a decline of over 17% YoY as...

Updated 19 Sep, 2024 10:24pm

Forex

Ugandan shilling firms; commodity, remittance dollar flows help

KAMPALA: The Ugandan shilling was firmer on Thursday, underpinned by inflows of dollars from commodity exporters and...

Published 19 Sep, 2024 03:03pm

Energy

Saudi Arabia’s crude oil exports in July hit almost one-year low

Saudi Arabia’s crude oil exports in July fell to their lowest level in nearly a year, data from the Joint...

Published 19 Sep, 2024 03:02pm

Commodities

Copper hits two-month high after Fed’s bold rate cut

LONDON: Copper prices hit their highest in two months and aluminium the highest in three on Thursday after the...

Published 19 Sep, 2024 02:58pm

Forex

Russian rouble hits lowest against China’s yuan in almost a year

MOSCOW: The Russian rouble fell to its lowest against China’s yuan since Oct. 2023 on the Moscow Stock Exchange on...

Published 19 Sep, 2024 02:25pm

Forex

China’s yuan eases after Fed’s outsized rate cut

SHANGHAI: China’s yuan eased slightly against the dollar in early trade on Thursday, reflecting broad strength of...

Published 19 Sep, 2024 02:21pm

Stocks

London stocks jump after Fed rate cut; BoE policy verdict eyed

UK shares rose on Thursday, tracking gains in global equities after the Federal Reserve initiated a 50-basis-point...

Published 19 Sep, 2024 01:30pm

Bullion Rate

Gold holds firm after Fed’s bumper rate cut

Gold prices climbed on Thursday after hitting a record high in the previous session, as the US Federal Reserve...

Published 19 Sep, 2024 01:26pm

Forex

South African rand on front foot post-Fed, SARB decision up next

JOHANNESBURG: The South African rand gained in early trade on Thursday after a super-sized interest rate cut by the...

Published 19 Sep, 2024 01:23pm

Stocks

Major Gulf markets up after central banks cut rates to mirror Fed

Major stock markets in the Gulf rose in early Thursday trade after most central banks in the region cut their key...

Published 19 Sep, 2024 01:20pm

Forex

Sterling rises vs dollar after Fed; BoE in focus

Sterling rose against a weakening dollar after the Federal Reserve cut interest rates by 50 basis points, with...

Published 19 Sep, 2024 01:18pm

Stocks

European stock markets rally after bumper Fed rate cut

LONDON: Europe’s main stock markets rallied at the start of trading Thursday after the US Federal Reserve’s first...

Published 19 Sep, 2024 01:05pm

Commodities

Gold price hits new record high of Rs268,500 per tola in Pakistan

After registering a decline in the previous session, gold prices in Pakistan gained on Thursday in line with their...

Updated 19 Sep, 2024 06:01pm

European auto industry urges assistance ahead of rule tightening

PARIS: European carmakers on Thursday asked the EU for “urgent” assistance as they contend with slumping electric...

Published 19 Sep, 2024 11:49am

Forex

Rupee closes below 278 against US dollar after over 5 months

Currency settles at 277.91 against greenback in inter-bank market

Updated 19 Sep, 2024 10:22pm

Stocks

Tokyo surges on weak yen as Asian traders cheer big US rate cut

HONG KONG: Tokyo’s Nikkei led Asian markets higher Thursday as the yen hit a two-week high after the Federal Reserve...

Published 19 Sep, 2024 11:37am

Stocks

KSE-100 retreats after briefly hitting record high of 82,000

Led by index-heavy stocks, benchmark index gains nearly 1.24% to settle at 81,459.29

Updated 19 Sep, 2024 09:00pm

Mutual Funds

China bond yields fall after Fed rate cut

SHANGHAI: Chinese bond yields fell across the board in early trade on Thursday after the larger-than-usual US rate...

Published 19 Sep, 2024 11:06am

Commodities

Soybean futures dip as Brazil drought concerns ease

CANBERRA: Soybean futures edged lower on Thursday as traders eased their concerns that hot, dry weather in top...

Published 19 Sep, 2024 11:03am

Commodities

Palm oil rises on stronger rival Dalian, weaker ringgit

KUALA LUMPUR: Malaysian palm oil futures rose on Thursday, buoyed by strength in rival Dalian contracts and a weaker...

Published 19 Sep, 2024 11:00am

Forex

Indian rupee faces challenge as US dollar surges after Fed’s large rate cut

MUMBAI: The Indian rupee’s recovery on Thursday will have to contend with a broadly higher US dollar despite the...

Published 19 Sep, 2024 10:52am

South Asia

Fed rate cut will not significantly impact inflows into India, official says

NEW DELHI: The US Federal Reserve’s decision to cut interest rates will not significantly impact inflows into India,...

Published 19 Sep, 2024 10:49am

Malaysia’s August exports rise 12.1% y/y, slightly above forecast

KUALA LUMPUR: Malaysia’s exports rose 12.1% in August from a year earlier, slightly above market expectations,...

Published 19 Sep, 2024 10:46am

Stocks

Fed rate cut boosts Indian shares to record high

BENGALURU: Indian shares rose to a record high in early trade on Thursday, led by information technology stocks,...

Published 19 Sep, 2024 10:37am

HSBC to cut best lending rate in Hong Kong by 25 bps to 5.625%

HONG KONG: HSBC Holdings said it was cutting its best lending rate in Hong Kong by 25 basis points to 5.625% from...

Published 19 Sep, 2024 10:18am

Mutual Funds

India bond yields dip as bulls take charge, reversing early rise

MUMBAI: Indian government bond yields dipped slightly on Thursday, reversing an early rise as traders resumed bond...

Published 19 Sep, 2024 10:16am

Stocks

China stocks rebound as Fed rate relief drives easing hopes

HONG KONG: China shares rebounded from modest early losses on Thursday, led by gains in real estate developers and...

Published 19 Sep, 2024 10:10am

Forex

Australia, NZ dollars draw support from data surprises

SYDNEY: The Australian dollar recouped early losses on Thursday as an upbeat jobs report helped offset broad gains...

Published 19 Sep, 2024 10:07am

Stocks

Japan’s Nikkei jumps as exporters advance on weaker yen

TOKYO: Japan’s Nikkei share average rose more than 2% on Thursday, led by exporters as the yen weakened against the...

Published 19 Sep, 2024 10:03am

Stocks

Australian shares hit record high as Fed cuts rate; local jobs data in focus

Australian shares inched higher to a fresh record high on Thursday with miners leading gains as investors cheered on...

Published 19 Sep, 2024 10:01am

Forex

Dollar rebounds after Fed goes big on rate cut

SINGAPORE: The US dollar rose broadly on Thursday, recovering from an earlier tumble in the immediate aftermath of...

Published 19 Sep, 2024 09:58am

Energy

Oil prices rise after US interest rate cut

Oil prices rose more than 1% on Thursday after a large interest rate cut from the U.S. Federal Reserve, helping...

Updated 19 Sep, 2024 07:25pm

Industry

‘Export from KP drastically cut after imposition of 2pc cess’

PESHAWAR: Members of the business community have said the imposition of two percent Infrastructure Development Cess...

Published 19 Sep, 2024 07:32am

Taxes

FBR says name of filer in AJK CBR or GBC BoR to be included in ATL

ISLAMABAD: The Federal Board of Revenue (FBR) will include name of a person in the Active Taxpayers List (ATL), ...

Published 19 Sep, 2024 07:30am

KP govt establishes debt management fund

PESHAWAR: The provincial cabinet of Khyber Pakhtunkhwa approved the establishment of a Debt Management Fund to...

Published 19 Sep, 2024 07:27am

Cotton & Textile

About 1,434,028 bales of cotton reach ginneries

LAHORE: According to the latest cotton statistics released by the Pakistan Cotton Ginners Association (PCGA) as of...

Published 19 Sep, 2024 07:23am

Money & Banking

Securities, futures markets: SECP to develop Islamic finance ecosystem

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has decided to develop Islamic finance ...

Published 19 Sep, 2024 07:22am

Industry

New steel mills in Karachi: Pakistan, Russia agree to constitute working group

ISLAMABAD: Pakistan and Russia have agreed to constitute a working group to move forward on a proposal of...

Published 19 Sep, 2024 06:37am

Jul-Aug FDI up 55.5pc to $350.3m YoY

KARACHI: The Foreign Direct Investment (FDI) in the country rose by 55.5 percent during the first two months of this...

Updated 19 Sep, 2024 08:51am

August FCA: CPPA-G seeks Re0.57 per unit negative adjustment

ISLAMABAD: The Central Power Purchasing Agency–Guaranteed (CPPA-G) has sought negative adjustment of Re 0.57 per...

Updated 19 Sep, 2024 09:24am

Commodities

India considers easing export curbs on non-basmati rice

NEW DELHI: India is considering easing curbs on non-basmati rice exports, a senior government official said on...

Published 19 Sep, 2024 06:37am

Kamal, Russian official discuss trade-related matters

ISLAMABAD: Federal Minister for Commerce Jam Kamal Khan and visiting Deputy Minister for Industry and Trade of the...

Published 19 Sep, 2024 06:37am

Zardari, ADB President discuss economic recovery and reforms

ISLAMABAD: Asian Development Bank (ADB) President Masatsugu Asakawa and Pakistan President Asif Ali Zardari met to...

Published 19 Sep, 2024 06:37am

Industry

6pc minimum growth rate necessary to tackle unemployment: Mian Zahid

KARACHI: Chairman of the FPCCI Advisory Board and National Business Group Pakistan and the President of Pakistan...

Published 19 Sep, 2024 06:37am

Industry

PQA operations: AGP flags potential violations of policy, rules

KARACHI: A recent audit of the Port Qasim Authority (PQA) has revealed potential violations of Pakistan’s Merchant...

Published 19 Sep, 2024 06:37am

Money & Banking

China’s yuan steady

SHANGHAI: China’s yuan held steady against the US dollar on Wednesday, as traders returned to work after the...

Published 19 Sep, 2024 06:37am

Money & Banking

US dollar edges lower

NEW YORK: The US dollar edged lower against major currencies on Wednesday, giving up some of its overnight gains, as...

Published 19 Sep, 2024 06:37am

Money & Banking

Asian currencies: Rupiah skids after surprise rate cut

BENGALURU: Malaysia’s ringgit hit a more than 19-month high on Wednesday, leading gains in largely positive Asian...

Published 19 Sep, 2024 06:37am

Jul-Aug IT, ITeS export remittances register 30pc growth YoY

ISLAMABAD: The country’s information technology and IT-enabled services (ITeS) export remittances comprising...

Published 19 Sep, 2024 06:37am

Previous Day

Forex
World
Commodity

Currency	Rate
USD PKR Interbank Selling / Nov 28	277.93
USD PKR Interbank Buying / Nov 28	278.13
USD to Japanese Yen / Nov 28	150.16
USD to Swiss Franc / Nov 28	0.88
Pound Sterling to USD / Nov 28	1.27
Euro to USD / Nov 28	1.06

Stock	Volume
S&P 500 / Nov 28	5,998.74
India Sensex / Nov 28	79,043.74
Tokyo Nikkei / Nov 28	38,193.01
Nasdaq / Nov 28	19,060.48
Hang Seng / Nov 28	19,326.77
FTSE 100 / Nov 28	8,281.22
Dow Jones / Nov 28	44,722.06
Germany DAX 30 / Nov 28	19,425.73

Item	Value
Crude Oil USD/Barrel / Nov 28	69.10
Karachi Cotton PKR/37.32 KG / Nov 28	17,685
Gold 10 Grams PKR / Nov 28	241,602.20
Gold Spot USD/Ounce / Nov 28	2,657.92
Cotton US¢/pound / Nov 28	71.75
Petrol/Litre / Nov 29	248.38

Gainers
Losers
Leaders

Stock	Price
786 Invest Ltd / Nov 29 786 Investments Limited(786)	6.74 ▼ 0.00 (0.00%)
AL-Abbas Sugar / Nov 29 Al-Abbas Sugar Mills Limited(AABS)	619.90 ▼ 0.00 (0.00%)
Agro Allianz / Nov 29 Agro Allianz Limited(AAL)	16 ▼ 0.00 (0.00%)
AL-Abid Silk / Nov 29 Al-Abid Silk Mills Limited(AASM)	3.49 ▼ 0.00 (0.00%)
Ali Asghar / Nov 29 Ali Asghar Textile Mills Limited(AATM)	70 ▼ 0.00 (0.00%)
Allied Bank / Nov 29 Allied Bank Limited(ABL)	139.74 ▼ 0.00 (0.00%)
Abbott Lab. / Nov 29 Abbott Laboratories (Pakistan) Limited(ABOT)	1,021.33 ▼ 0.00 (0.00%)
Abson Ind. / Nov 29 Abson Industries Limited(ABSON)	2.50 ▼ 0.00 (0.00%)
Alfalah ETF. / Nov 29 Alfalah Consumer Index ETF.(ACIETF)	12.66 ▼ 0.00 (0.00%)

Stock	Price
786 Invest Ltd / Nov 29 786 Investments Limited(786)	6.74 ▲ 0.00 (0.00%)
AL-Abbas Sugar / Nov 29 Al-Abbas Sugar Mills Limited(AABS)	619.90 ▲ 0.00 (0.00%)
Agro Allianz / Nov 29 Agro Allianz Limited(AAL)	16 ▲ 0.00 (0.00%)
AL-Abid Silk / Nov 29 Al-Abid Silk Mills Limited(AASM)	3.49 ▲ 0.00 (0.00%)
Ali Asghar / Nov 29 Ali Asghar Textile Mills Limited(AATM)	70 ▲ 0.00 (0.00%)
Allied Bank / Nov 29 Allied Bank Limited(ABL)	139.74 ▲ 0.00 (0.00%)
Abbott Lab. / Nov 29 Abbott Laboratories (Pakistan) Limited(ABOT)	1,021.33 ▲ 0.00 (0.00%)
Abson Ind. / Nov 29 Abson Industries Limited(ABSON)	2.50 ▲ 0.00 (0.00%)
Alfalah ETF. / Nov 29 Alfalah Consumer Index ETF.(ACIETF)	12.66 ▲ 0.00 (0.00%)

Stock	Volume
B.O.Punjab / Nov 29 The Bank of Punjab(BOP)	179,225,089 ▲ 0.00
K-Electric Ltd. / Nov 29 K-Electric Limited(KEL)	64,868,271 ▲ 0.00
Bank Makramah / Nov 29 Bank Makramah Limited(BML)	60,297,878 ▲ 0.00
Pace (Pak) Ltd. / Nov 29 Pace (Pakistan) Limited(PACE)	55,350,909 ▲ 0.00
Hascol Petrol / Nov 29 Hascol Petroleum Limited(HASCOL)	42,730,290 ▲ 0.00
Fauji Foods Ltd / Nov 29 Fauji Foods Limited(FFL)	38,903,524 ▲ 0.00
Sui South Gas / Nov 29 Sui Southern Gas Company Limited(SSGC)	36,014,321 ▲ 0.00
Cnergyico PK / Nov 29 Cnergyico PK Limited(CNERGY)	33,477,996 ▲ 0.00
WorldCall Telecom / Nov 29 Worldcall Telecom Limited(WTL)	31,208,624 ▲ 0.00

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