News Archives for Business & Finance - 2024-09-26

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Business & Finance - 2024-09-26

Financial

Govt to abolish category of non-filers, finance minister affirms

Aurangzeb says there will be transitional pain but structural reforms are needed to run the country in the right direction

Updated 26 Sep, 2024 10:33pm

Stocks

Wall St rises on AI euphoria after Micron’s upbeat forecast

Wall Street’s main indexes rose on Thursday, with the S&P 500 hitting a record high, as Micron’s upbeat forecast...

Published 26 Sep, 2024 07:50pm

Forex

SBP-held foreign exchange reserves increase $24mn, now stand at $9.53bn

Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $24 million on a weekly basis,...

Updated 26 Sep, 2024 10:00pm

Commodities

Asia rice: Thai prices hit more than 1-year low, India rates rise on strong rupee

Thai rice export prices fell to a more-than-one-year low this week pressured by quiet demand and competition from...

Published 26 Sep, 2024 06:29pm

Stocks

Gulf markets end mixed on China stimulus, regional tensions

Stock markets in the Gulf ended mixed on Thursday helped by news of aggressive economic stimulus from China, while...

Published 26 Sep, 2024 06:23pm

Stocks

Indian shares notch new highs as auto, metal stocks surge

BENGALURU: Indian shares hit fresh highs for the sixth consecutive session on Thursday, as automakers surged on...

Published 26 Sep, 2024 05:03pm

Stocks

Sri Lanka shares end flat as IT losses offset financial gains

CSE All Share index settled 0.10% up at 11,671.9

Published 26 Sep, 2024 05:01pm

Commodities

Copper strides to 11-week peak after China unveils fiscal stimulus

LONDON: Copper prices rose to their strongest in 11 weeks on Thursday, propelled by hopes of firmer metals demand...

Published 26 Sep, 2024 04:59pm

Commodities

Palm hits five-month high on India demand, supply worries

KUALA LUMPUR: Malaysian palm oil futures hit a five-month high, surging more than 2% on Thursday’s close, driven by...

Published 26 Sep, 2024 04:57pm

Companies

Despite higher sales, textile giant Interloop’s profit down 18% in FY24

Despite higher sales, Interloop Limited (ILP), one of Pakistan’s largest textile exporters, saw its profit decline...

Published 26 Sep, 2024 03:34pm

Commodities

Copper prices rise as China pledges more stimulus measures

Copper prices rose on Thursday, rebounding from losses earlier in the session, as Chinese officials pledged more...

Published 26 Sep, 2024 02:28pm

Forex

Kenyan shilling stable as central bank buys dollars

NAIROBI: Kenya’s shilling was steady on Thursday, as the central bank bought dollars to stabilise fluctuations in...

Published 26 Sep, 2024 02:26pm

Forex

South African rand edges up ahead of local data releases

JOHANNESBURG: South Africa’s rand edged higher early on Thursday, ahead of the release of a quarterly bulletin by...

Published 26 Sep, 2024 02:25pm

Mutual Funds

UK 10-year gilt yields briefly rise above 4%

LONDON: British 10-year government bond yields briefly rose above 4% on Thursday for the first time in just over...

Published 26 Sep, 2024 02:23pm

Stocks

China rally pushes STOXX 600 close to record highs

European shares jumped on Thursday, buoyed by optimism in Asia following news that China is considering capital...

Published 26 Sep, 2024 02:20pm

Business & Economy

Despite progress, Pakistan’s vulnerabilities, structural challenges remain formidable: IMF

In its press release issued after Executive Board approval, IMF says difficult business environment, weak governance, and outsized role of the state hinder investment

Updated 26 Sep, 2024 08:51pm

Industry

Attock Petroleum plans to expand network of EV charging stations across Pakistan

Attock Petroleum Limited (APL) has said that it plans to set up further electric vehicle (EV) charging stations...

Published 26 Sep, 2024 02:01pm

Bullion Rate

Record-setting spree continues: gold prices in Pakistan hit Rs277,000 per tola

Gold prices in Pakistan maintained their upward trajectory on Thursday in line with their increase in international...

Published 26 Sep, 2024 01:55pm

Mutual Funds

Euro zone bond yields slip on China stimulus report, mounting rate-cut bets

LONDON: Euro zone bond yields edged lower on Thursday after news that China is considering more economic support...

Published 26 Sep, 2024 01:55pm

Commerzbank boards confirm independent strategy as UniCredit seeks possible tie-up

FRANKFURT: Commerzbank’s supervisory and management boards have unanimously confirmed the bank’s current strategy of...

Published 26 Sep, 2024 01:54pm

SNB cuts interest rates by 25 basis points for third time this year

ZURICH: The Swiss National Bank cut interest rates by 25 basis points on Thursday, its third such reduction this...

Published 26 Sep, 2024 01:53pm

Stocks

London shares gain as China pledges more stimulus; oil stocks fall

UK stocks rose on Thursday, boosted by mining stocks after China’s latest pledge for more policy measures fuelled...

Published 26 Sep, 2024 01:51pm

Deutsche Bank says now expects a faster ECB rate-cutting cycle

LONDON: Deutsche Bank said on Thursday it now anticipated a faster European Central Bank rate-cutting cycle, with...

Published 26 Sep, 2024 01:50pm

Forex

Swiss franc rallies broadly after 25-bp SNB rate cut

The Swiss franc strengthened on Thursday after the Swiss National Bank (SNB) cut its benchmark rate for a third time...

Published 26 Sep, 2024 01:49pm

Lebanon’s economy to be weighed down by Gaza war: EBRD

LONDON: The European Bank for Reconstruction and Development said Thursday that it expected Lebanon’s economy to...

Published 26 Sep, 2024 12:28pm

Stocks

Hong Kong stocks surge more than 3% in afternoon trade

HONG KONG: Shares in Hong Kong rallied more than three percent in the afternoon on Thursday, building on a surge...

Published 26 Sep, 2024 12:19pm

Stocks

KSE-100 plummets as IMF euphoria makes way for economic reality

An initial buying spree made way for selling pressure as investors took a stock of Pakistan’s economic condition...

Updated 26 Sep, 2024 09:55pm

Business & Economy

Pakistan’s economy on a sound path, says IMF chief after Executive Board approval

Kristalina Georgieva congratulates people of Pakistan for moving forward with home-defined, country-owned reforms

Updated 26 Sep, 2024 10:16pm

BOJ policymakers divided on future rate hike pace, July minutes show

TOKYO: Bank of Japan policymakers were divided on how quickly the central bank should raise interest rates further,...

Published 26 Sep, 2024 11:47am

Companies

Australia’s Qantas says rolling engineer strikes not expected to disrupt flights

Australia’s Qantas Airways said rolling aircraft maintenance engineer strikes that began on Thursday in Melbourne...

Published 26 Sep, 2024 11:43am

Forex

China’s yuan firms on report Beijing considering more economic stimulus

SHANGHAI/BEIJING: China’s yuan inched higher against the dollar on Thursday, supported by positive investor...

Published 26 Sep, 2024 11:41am

Mutual Funds

Country Garden bondholders approve delays on yuan bond payments, Bloomberg News reports

Country Garden has won bondholders’ approval to push back payments on its nine yuan bonds by six months, Bloomberg...

Published 26 Sep, 2024 11:39am

Southwest Airlines to outline strategy to fix its profitability problem

CHICAGO: Southwest Airlines will lay out a strategy on Thursday to turn around its business and restore profit...

Published 26 Sep, 2024 11:36am

Thai August factory output falls 1.91% y/y, below forecast

BANGKOK: Thailand’s manufacturing production index dropped 1.91% in August from a year earlier, due to falling auto...

Published 26 Sep, 2024 11:34am

Energy

Belgium calls for EU ban on Russian LNG as imports rise, FT reports

Belgium has urged the European Union to ban Russian liquefied natural gas (LNG), warning that companies cannot break...

Published 26 Sep, 2024 11:32am

Stocks

South Korean shares climb over 2% as chipmakers rally

SEOUL: Round-up of South Korean financial markets: South Korea stocks extend gains to sixth session on further US...

Published 26 Sep, 2024 11:18am

Stocks

China stocks set for seven-day winning streak; HK follows suit

SHANGHAI: Mainland China stocks extended gains on Thursday and were set for a seventh straight winning session, as...

Published 26 Sep, 2024 11:15am

S&P Global says Vietnam banks’ profitability squeezed due to typhoon debt relief measures

HANOI: Vietnamese banks’ profitability will be squeezed due to typhoon debt relief measures, S&P Global said on...

Published 26 Sep, 2024 11:14am

Forex

Indian rupee awaits Powell’s comments, US inflation after failure to breach 83.50/USD

MUMBAI: The Indian rupee is expected to struggle on Thursday after it was unable to move past the key resistance...

Published 26 Sep, 2024 11:12am

Currency

Rupee gains against US dollar

Currency settles at 277.69 level against the greenback in inter-bank market

Updated 26 Sep, 2024 10:27pm

Stocks

Japan’s Nikkei rises more than 2% as chip heavyweights advance

TOKYO: Japan’s Nikkei share average rose more than 2% on Thursday, as chip giants Tokyo Electron and Advantest...

Published 26 Sep, 2024 11:09am

Bullion Rate

Gold lingers near record highs, Powell’s speech eyed for rate cues

Gold prices were steady on Thursday, hovering close to record highs, on expectations of another big US rate cut this...

Published 26 Sep, 2024 10:16am

Commodities

Soybeans rise for fourth session on Brazilian weather woes

SINGAPORE: Chicago wheat gained more ground on Thursday, with prices climbing to their highest in almost two weeks...

Published 26 Sep, 2024 10:11am

Commodities

Palm extends rally on stronger Dalian oils and weaker ringgit

KUALA LUMPUR: Malaysian palm oil futures rose on Thursday, extending gains to a seventh session on the back of...

Published 26 Sep, 2024 10:09am

Stocks

Asian stocks defy Wall St selloff, charged by dogged China optimism

SINGAPORE: Asian stocks bucked the global trend to extend a rally on Thursday, fuelled by persistent optimism over...

Published 26 Sep, 2024 10:05am

Mutual Funds

India’s 10-year bond yield hits 31-month low; traders eye debt supply

MUMBAI: Indian government bond yields remained subdued on Thursday as bullish sentiment prevailed around bets of...

Published 26 Sep, 2024 10:02am

Stocks

Indian shares set to open at all-time highs

BENGALURU: Indian shares are set to open at record highs on Thursday, likely extending a five-session rally on...

Published 26 Sep, 2024 10:00am

Stocks

Australian shares rise on boost from banks, miners

Australian shares rose on Thursday, as index heavyweights banks rebounded on prospects of interest rates staying...

Published 26 Sep, 2024 09:58am

Forex

Dollar firm following sharp rebound as Fed speakers eyed

TOKYO: The dollar held firm on Thursday following its sharpest rally since early June as traders looked ahead to...

Published 26 Sep, 2024 09:56am

Energy

Oil prices slide 3% on prospect of more OPEC+ oil

HOUSTON: Oil prices fell more than 3% on Thursday on a Financial Times report that Saudi Arabia, the world’s top...

Updated 26 Sep, 2024 09:02pm

Industry

Goods released without redemption fee payment: Customs department challenges adjudicating authority’s decision

LAHORE: The Customs department challenged its own adjudicating authority for releasing consignment without payment ...

Published 26 Sep, 2024 09:21am

Industry

Global Sustainable Transport Forum: Aleem says trade corridors of CPEC guarantor of better transport system

ISLAMABAD: Addressing the opening session of the Global Sustainable Transport Forum 2024 in Beijing China, head of...

Published 26 Sep, 2024 09:08am

Industry

Pharma industry: Govt reaffirms pledge to provide conducive environment

ISLAMABAD: The government has reaffirmed the commitment of providing conducive environment to industrial sector...

Published 26 Sep, 2024 09:05am

Industry

Pakistan Pharma Summit 2024: experts gather with aim to chart path for growth in pharmaceutical industry

ISLAMABAD: The 7th Pakistan Pharma Summit, held at the Serena Hotel in Islamabad, brought together industry leaders,...

Published 26 Sep, 2024 09:03am

Companies

Jazz, UNDP sign strategic MoU

ISLAMABAD: Jazz has solidified its commitment to advancing digital and financial literacy, driving economic...

Published 26 Sep, 2024 09:01am

Industry

Income tax returns deadline: KCCI seeks one-month extension

KARACHI: President of Karachi Chamber of Commerce and Industry (KCCI) Iftikhar Ahmed Sheikh has urged Federal Board...

Updated 26 Sep, 2024 09:26am

Industry

Diesel engines: Italian CG attends launch ceremony of advanced technological innovation

KARACHI: Danilo Giurdanella, the Consul General of Italy in Karachi attended the unveiling of advanced Italian...

Published 26 Sep, 2024 07:46am

Agriculture and Allied

Sale of substandard seeds: Body will finalise its report within next 10 days

ISLAMABAD: The Ministry of National Food Security and Research (MNFS&R) on Wednesday informed a parliamentary...

Published 26 Sep, 2024 07:40am

Companies

Bank Alfalah receives recognition at GIFA 2024

KARACHI: Bank Alfalah has earned international acclaim by winning two awards at the 2024 Global Islamic Finance...

Published 26 Sep, 2024 07:32am

Companies

‘Trade finance guarantee’: Faysal Bank partners with IFC

KARACHI: Faysal Bank Limited (FBL) has announced a new strategic partnership with the International Finance...

Published 26 Sep, 2024 07:06am

Companies

Qist Bazaar disburses Rs3.4bn loans in 3 years

KARACHI: Qist Bazaar, Pakistan's first and only Sharia-compliant BNPL (Buy Now Pay Later) fintech start-up, has...

Published 26 Sep, 2024 06:48am

Industry

PIAF Pioneers Progressive Alliance clean sweep in LCCI’s Associate Class elections

LAHORE: In the Lahore Chamber of Commerce and Industry’s (LCCI) Associate Class elections, the PIAF Pioneers...

Published 26 Sep, 2024 06:48am

July-August: $714.74m borrowed from multiple sources

ISLAMABAD: The country borrowed $714.74 million from multiple financing sources during the first two months...

Updated 26 Sep, 2024 09:21am

Global debt hits record $312trn: IIF

NEW YORK: Global debt hit a record high of $312 trillion at the end of the second quarter, driven by borrowing in ...

Published 26 Sep, 2024 06:48am

ADB maintains GDP growth rate at 2.8pc

ISLAMABAD: The Asian Development Bank (ADB) maintained GDP growth projection for Pakistan at 2.8 percent and...

Published 26 Sep, 2024 06:48am

Appointing firms: CCP discourages use of ‘Big Four’ term in agreements

ISLAMABAD: The Competition Commission of Pakistan (CCP), in its recent decisions, has explicitly discouraged the...

Published 26 Sep, 2024 06:48am

Unserved, underserved areas: USF provides broadband services

ISLAMABAD: The Universal Service Fund (USF) is revolutionizing Pakistan's digital landscape by providing broadband...

Published 26 Sep, 2024 06:48am

Companies

SPL posts Rs1.49bn profit after tax

KARACHI: Security Papers Limited (SPL) earned a profit after tax of Rs 1.49 billion in 2024, representing 54 percent...

Published 26 Sep, 2024 06:48am

SECP amends rule to induction, cessation of directors & CEOs of firms

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP), in line with its objective to simplify...

Published 26 Sep, 2024 06:48am

‘Business community against any plan of high-handed approach to enhance tax collection’

KARACHI: Atif Ikram Sheikh, President FPCCI, has made it clear that the business community is against any plans of...

Published 26 Sep, 2024 06:48am

ADB maintains growth forecast for Developing Asia

MANILA: Developing Asia is on track to grow 5% this year, supported by strong consumption and high demand for tech...

Published 26 Sep, 2024 06:48am

OECD calls for higher property taxes to fight debt

PARIS: The OECD on Wednesday slightly raised its world economic growth forecast for 2024 but called for higher...

Published 26 Sep, 2024 06:48am

Industry

Conference on ‘Insurance Landscape of Tomorrow’ held

ISLAMABAD: The Pakistan Society of Actuaries (PSoA) Wednesday organized the Conference on “Insurance Landscape of...

Published 26 Sep, 2024 06:48am

Money & Banking

‘Corporate Treasury in the Age of Digitalisation’: Citibank Pakistan holds insightful conference

KARACHI: Citibank Pakistan held an insightful conference titled “Corporate Treasury in the Age of...

Published 26 Sep, 2024 06:48am

Taxes

Changes in Active Taxpayers List Rules: FBR asked to provide another seven days for ‘understanding’ SRO

ISLAMABAD: Experts have asked the Federal Board of Revenue (FBR) to provide another seven days for understanding SRO...

Published 26 Sep, 2024 06:48am

Industry

US ambassador speaks to Sialkot businesspeople

LAHORE: United States (US) Ambassador to Pakistan Donald Blome has said that the US is Pakistan’s largest export...

Published 26 Sep, 2024 06:48am

Companies

Aramco sets price guidance for dollar sukuk bonds

SYDNEY: Saudi Aramco has set the initial price guidance for 5- and 10-year dollar sukuk bonds, according to a term...

Published 26 Sep, 2024 06:48am

Companies

Volkswagen digs in as workers threaten strikes over plant closures

HANOVER (Germany): Volkswagen flatly rejected union demands after the first round of bitterly contested talks ended...

Published 26 Sep, 2024 06:48am

Money & Banking

Dollar hits 14-month low against euro

NEW YORK: The dollar hit a 14-month low against the euro on Wednesday as traders bet that the Federal Reserve will...

Published 26 Sep, 2024 06:48am

Money & Banking

Asian currencies gain on China stimulus

BENGALURU: Asian currencies rallied on Wednesday as China’s stimulus measures boosted investors’ risk appetite,...

Published 26 Sep, 2024 06:48am

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	151.53
USD to Swiss Franc / Nov 28	0.88
Pound Sterling to USD / Nov 28	1.27
Euro to USD / Nov 28	1.05

Stock	Volume
S&P 500 / Nov 27	5,998.74
Nasdaq / Nov 27	19,060.48
Dow Jones / Nov 27	44,722.06
India Sensex / Nov 28	79,455.91
Tokyo Nikkei / Nov 28	38,303.45
Hang Seng / Nov 28	19,368.83
FTSE 100 / Nov 28	8,289.96
Germany DAX 30 / Nov 28	19,381.32

Item	Value
Karachi Cotton PKR/37.32 KG / Nov 27	17,685
Gold 10 Grams PKR / Nov 27	236,540
Petrol/Litre / Nov 28	248.38
Crude Oil USD/Barrel / Nov 28	68.72
Gold Spot USD/Ounce / Nov 28	2,635.70
Diesel/Litre / Nov 28	255.14

Gainers
Losers
Leaders

Stock	Price
786 Invest Ltd / Nov 28 786 Investments Limited(786)	6.54 ▼ 0.00 (0.00%)
AL-Abbas Sugar / Nov 28 Al-Abbas Sugar Mills Limited(AABS)	615 ▼ 0.00 (0.00%)
Agro Allianz / Nov 28 Agro Allianz Limited(AAL)	16 ▼ 0.00 (0.00%)
AL-Abid Silk / Nov 28 Al-Abid Silk Mills Limited(AASM)	3.49 ▼ 0.00 (0.00%)
Ali Asghar / Nov 28 Ali Asghar Textile Mills Limited(AATM)	69.60 ▼ 0.00 (0.00%)
Allied Bank / Nov 28 Allied Bank Limited(ABL)	132.35 ▼ 0.00 (0.00%)
Abbott Lab. / Nov 28 Abbott Laboratories (Pakistan) Limited(ABOT)	992.51 ▼ 0.00 (0.00%)
Abson Ind. / Nov 28 Abson Industries Limited(ABSON)	2.50 ▼ 0.00 (0.00%)
Alfalah ETF. / Nov 28 Alfalah Consumer Index ETF.(ACIETF)	12.20 ▼ 0.00 (0.00%)

Stock	Price
786 Invest Ltd / Nov 28 786 Investments Limited(786)	6.54 ▲ 0.00 (0.00%)
AL-Abbas Sugar / Nov 28 Al-Abbas Sugar Mills Limited(AABS)	615 ▲ 0.00 (0.00%)
Agro Allianz / Nov 28 Agro Allianz Limited(AAL)	16 ▲ 0.00 (0.00%)
AL-Abid Silk / Nov 28 Al-Abid Silk Mills Limited(AASM)	3.49 ▲ 0.00 (0.00%)
Ali Asghar / Nov 28 Ali Asghar Textile Mills Limited(AATM)	69.60 ▲ 0.00 (0.00%)
Allied Bank / Nov 28 Allied Bank Limited(ABL)	132.35 ▲ 0.00 (0.00%)
Abbott Lab. / Nov 28 Abbott Laboratories (Pakistan) Limited(ABOT)	992.51 ▲ 0.00 (0.00%)
Abson Ind. / Nov 28 Abson Industries Limited(ABSON)	2.50 ▲ 0.00 (0.00%)
Alfalah ETF. / Nov 28 Alfalah Consumer Index ETF.(ACIETF)	12.20 ▲ 0.00 (0.00%)

Stock	Volume
B.O.Punjab / Nov 28 The Bank of Punjab(BOP)	114,966,225 ▲ 0.00
Hascol Petrol / Nov 28 Hascol Petroleum Limited(HASCOL)	106,286,630 ▲ 0.00
K-Electric Ltd. / Nov 28 K-Electric Limited(KEL)	91,200,956 ▲ 0.00
Fauji Foods Ltd / Nov 28 Fauji Foods Limited(FFL)	54,248,949 ▲ 0.00
Bank Makramah / Nov 28 Bank Makramah Limited(BML)	37,218,539 ▲ 0.00
Pace (Pak) Ltd. / Nov 28 Pace (Pakistan) Limited(PACE)	35,016,136 ▲ 0.00
Sui South Gas / Nov 28 Sui Southern Gas Company Limited(SSGC)	30,887,483 ▲ 0.00
Cnergyico PK / Nov 28 Cnergyico PK Limited(CNERGY)	29,932,157 ▲ 0.00
WorldCall Telecom / Nov 28 Worldcall Telecom Limited(WTL)	26,219,598 ▲ 0.00

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