News Archives for Business & Finance - 2024-10-23

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Business & Finance - 2024-10-23

Money & Banking

Bank of Canada cuts rates by 50 bps, hails ‘good news’ on low inflation

OTTAWA: The Bank of Canada on Wednesday reduced its key benchmark rate by 50 basis points to 3.75%, its first...

Published 23 Oct, 2024 07:54pm

Money & Banking

World Bank says will double agricultural commitments to $9bn a year by 2030

WASHINGTON: The World Bank will double its commitment for investments in agricultural financing and businesses to $9...

Published 23 Oct, 2024 07:38pm

Money & Banking

Majority expect up to 200bps reduction in key policy rate in upcoming MPC meeting, AHL survey finds

The State Bank of Pakistan (SBP) might opt to further reduce the key policy rate by up to 200 basis points (bps) in...

Updated 23 Oct, 2024 10:00pm

Stocks

Most Gulf markets in red on heightened regional tensions

Most stock markets in the Gulf ended lower on Wednesday as geopolitical tensions in the region depressed sentiment,...

Published 23 Oct, 2024 06:54pm

South Asia

Germany bets on India to reduce reliance on China

BERLIN: Chancellor Olaf Scholz leads a high-level delegation to New Delhi this week, betting that greater access to...

Published 23 Oct, 2024 06:30pm

Stocks

Indian blue-chips succumb to selling pressure for third straight day

Indian equity benchmarks slipped for a third straight session on Wednesday, as dull corporate earnings and sustained...

Published 23 Oct, 2024 06:10pm

Stocks

Sri Lanka shares end higher as industrials, financials gain

CSE All-Share index settled 0.47% higher at 12,357.45

Published 23 Oct, 2024 06:08pm

Commodities

Aluminium climbs as raw material shortage triggers fund buying

LONDON: Aluminium prices rose to their highest in almost 20 days on Wednesday as news of alumina shortages triggered...

Published 23 Oct, 2024 06:06pm

Commodities

Palm hits highest level in over two years due to weak output, policy moves by top producers

KUALA LUMPUR: Malaysian palm oil futures rose to their highest levels in more than two years on Wednesday, supported...

Published 23 Oct, 2024 06:04pm

Pakistani venture Sarmayacar says Green Climate Fund pledges $15 million

KARACHI: The Green Climate Fund (GCF) has committed $15 million to Pakistani venture capital firm Sarmayacar, the...

Published 23 Oct, 2024 06:00pm

Stocks

KSE-100 hits record high, surges past 87,000 amid energy sector rally

Index has been on a winning run for weeks with positive economic indicators also contributing to the bullish run

Updated 23 Oct, 2024 10:44pm

UAE lender ADCB posts 23% rise in Q3 net profit, beats estimates

DUBAI: Abu Dhabi Commercial Bank beat forecasts with a 23% rise in third-quarter profit on Wednesday helped by...

Published 23 Oct, 2024 03:33pm

Money & Banking

MCB Bank posts Rs18.1bn profit in 3Q2024, down 8% YoY

MCB Bank Limited, one of Pakistan’s largest commercial banks, reported a profit-after-tax (PAT) of Rs18.13 billion...

Updated 23 Oct, 2024 06:12pm

Bullion Rate

New record: gold price per tola increases Rs2,000 in Pakistan

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

Updated 23 Oct, 2024 05:37pm

Forex

South African rand little changed; CPI data in focus

JOHANNESBURG: The South African rand was little changed in early trade on Wednesday, before the release of local...

Published 23 Oct, 2024 01:44pm

Commodities

Iron ore falls on weaker global steel outlook, China growth forecasts

SINGAPORE: Iron ore futures extended losses to a second session on Wednesday, as a weaker global steel market...

Published 23 Oct, 2024 01:39pm

Energy

OGDCL finds new gas reserves in Sindh

Oil and Gas Development Company Limited (OGDCL), Pakistan’s largest exploration and production (E&P) company,...

Updated 23 Oct, 2024 11:25pm

Commodities

Jordan issues tender for up to 120,000 T of wheat, traders say

HAMBURG: Jordan’s state grain buyer has issued an international tender to buy up to 120,000 metric tons of milling...

Published 23 Oct, 2024 01:24pm

Energy

India’s diesel consumption to rise 3%-4% in current fiscal year, says Indian Oil chair

India’s annual diesel consumption is expected to rise by 3%-4% in the current fiscal year to March 31, said V....

Published 23 Oct, 2024 01:22pm

Stocks

Stock markets mixed, oil prices drop

LONDON: European and Asian stock markets traded mixed Wednesday and oil prices retreated as investors focused on...

Updated 23 Oct, 2024 04:37pm

Business & Economy

Pakistan to explore international capital markets in due course, says Aurangzeb

Finance minister briefs CitiBank delegation on government reforms

Updated 23 Oct, 2024 11:24pm

Forex

Kenyan shilling unmoved against dollar on month-end FX supply

NAIROBI: The Kenyan shilling was unmoved against the dollar on Wednesday, as exporters converted dollars to the...

Published 23 Oct, 2024 12:47pm

Starbucks preliminary results show declining sales

NEW YORK: US coffee giant Starbucks on Tuesday released preliminary results showing that sales are continuing to...

Published 23 Oct, 2024 12:38pm

Stocks

Asian markets mixed as rate cut bets are trimmed; US vote in focus

HONG KONG: Asian equities diverged Wednesday after another unremarkable day on Wall Street, where rising bond yields...

Published 23 Oct, 2024 12:15pm

Energy

Power generation in Pakistan falls in September amid rising costs, shift to renewables

Power generation in Pakistan stood at 12,487 GWh (17,343 MW) in September 2024, a decline of over 6% YoY compared to...

Updated 23 Oct, 2024 10:49pm

Australia’s Qantas hits record high as Jefferies lifts price target

Shares of Qantas Airways hit an all-time high on Wednesday after Jefferies analysts hiked their price target on...

Published 23 Oct, 2024 10:55am

Stocks

China stocks find footing as stimulus awaited

SINGAPORE: China and Hong Kong stocks made a steady open of trade on Wednesday, as the promise of government help...

Published 23 Oct, 2024 10:53am

Bullion Rate

Safe-haven gold hits record high on global uncertainties

Gold prices surged to a record high on Wednesday, as conflicts in the Middle East and uncertainty surrounding the...

Published 23 Oct, 2024 10:51am

Goldman cuts Indian equities to ‘neutral’ as economic, earnings growth slows

Goldman Sachs tactically lowered Indian equities to “neutral” from “overweight” on Tuesday, as the country’s slowing...

Published 23 Oct, 2024 10:49am

Commodities

Soybeans rise for third session on strong demand; wheat falls

SINGAPORE: Chicago soybeans gained more ground on Wednesday, underpinned by a heightened global demand for the...

Published 23 Oct, 2024 10:47am

Forex

Indian rupee to hold near all-time low on higher US yields, upbeat dollar

MUMBAI: The Indian rupee is likely to hold near lifetime low on Wednesday after US Treasury yields climbed to a...

Published 23 Oct, 2024 10:44am

Mutual Funds

India bond yields seen little changed; cenbank policy minutes in focus

MUMBAI: Indian government bond yields are expected to be largely unchanged in the early trading session on...

Published 23 Oct, 2024 10:40am

Commodities

Palm rises for third straight day on firmer rival oils, weaker ringgit

KUALA LUMPUR: Malaysian palm oil futures opened higher for a third straight session on Wednesday, buoyed by stronger...

Published 23 Oct, 2024 10:37am

Stocks

Japan’s Nikkei trades marginally higher amid caution ahead of election

TOKYO: Japan’s Nikkei share average was marginally higher on Wednesday as caution ahead of the country’s upcoming...

Published 23 Oct, 2024 10:35am

Exchange

Rupee stable against US dollar

Currency settles at 277.73 against greenback in inter-bank market

Updated 23 Oct, 2024 07:22pm

Forex

Australia, NZ currencies under pressure again as dollar dominates

SYDNEY: The Australian and New Zealand dollars were again under pressure on Wednesday, having caught some respite...

Published 23 Oct, 2024 10:21am

Stocks

Australian shares rise on commodity boost; QBE Insurance falls on regulatory woes

Australian shares rose on Wednesday, buoyed by commodity stocks, while QBE Insurance fell after the country’s...

Published 23 Oct, 2024 10:17am

Stocks

Indian shares set to open marginally higher after two-session drop

Indian shares will likely open marginally higher on Wednesday, after two straight days of losses on persistent...

Published 23 Oct, 2024 10:15am

Forex

Fed outlook pushes dollar to 2 1/2 month peak; yen under pressure

TOKYO: The US dollar hovered at a 2-1/2-month peak on Wednesday as investors adjusted bets toward a gradual...

Published 23 Oct, 2024 10:09am

Energy

Oil slips 1% on large build in US crude stocks; market watches Middle East

NEW YORK: Oil prices fell on Wednesday after data showed U.s. crude inventories rose by more than expected even as...

Updated 23 Oct, 2024 09:39pm

Industry

LCCI holds awareness session on income tax return filing

LAHORE: The Lahore Chamber of Commerce & Industry (LCCI) has organised an awareness session on the filing of...

Published 23 Oct, 2024 08:07am

IMF predicts slightly slower global growth in 2024 and 2025

WASHINGTON: Global growth is expected to ease slightly to 3.2 percent this year and remain at that level in 2025, ...

Published 23 Oct, 2024 07:54am

Agriculture and Allied

Use of tech can benefit farmers, enhance food security: experts

KARACHI: Pakistan’s crop yields can be elevated to global averages through product innovation and the integration...

Published 23 Oct, 2024 07:50am

Industry

Most of super stores linked with POS discharging tax liabilities: FCCI

FAISALABAD: Most of the Super Stores are linked with Point of Sale (POS) and are discharging their tax liabilities...

Published 23 Oct, 2024 07:50am

Experts optimistic about fintech sector prospects

KARACHI: Experts said the fintech sector is set to emerge in Pakistan with innovative products and services to...

Published 23 Oct, 2024 07:42am

Global markets might be underestimating geopolitical risks: IMF

WASHINGTON: Near-term global financial risks are contained, but monetary policy easing could fuel asset price ...

Published 23 Oct, 2024 06:22am

Energy

Nepra approves generation tariff for KE

ISLAMABAD: National Electric Power Regulatory Authority (Nepra) has approved generation tariff of K-Electric (KE)...

Updated 23 Oct, 2024 09:24am

Taxes

SRO 350(I)/2024: FTO raises tax return concerns

ISLAMABAD: The Federal Tax Ombudsman (FTO) has expressed serious concern that Federal Board of Revenue’s SRO...

Published 23 Oct, 2024 06:22am

SECP, PSX host ‘IPO Roundtable 2024’

KARACHI: The Securities & Exchange Commission of Pakistan (SECP) and Pakistan Stock Exchange (PSX), in a...

Published 23 Oct, 2024 06:22am

UBG lauds signing of two accords with Malaysia to boost economic ties

KARACHI: United Business Group (UBG) President Zubair Tufail, other members including Khalid Tawab, Hanif Gohar, ...

Published 23 Oct, 2024 06:22am

Companies

GITEX Global: PTCL, China Mobile team up to enhance international connectivity

KARACHI: Pakistan’s largest telecommunication and integrated ICT services provider, Pakistan Telecommunication...

Published 23 Oct, 2024 06:22am

Money & Banking

Indian rupee slips to all-time low

MUMBAI: The Indian rupee slipped to an all-time low on Tuesday, pressured by weakness in its regional peers and...

Published 23 Oct, 2024 06:22am

Money & Banking

Dollar hits fresh 2-1/2 month high

NEW YORK: The US dollar rose to a fresh 2-1/2 month high on Tuesday, continuing its recent rise on expectations the...

Published 23 Oct, 2024 06:22am

Money & Banking

Asian currencies: Malaysian ringgit at near 6-week low

BENGALURU: Most emerging Asian currencies retreated on Tuesday, with the Indonesian rupiah and the Malaysian ringgit...

Published 23 Oct, 2024 06:22am

Strategic planning to overcome maritime challenges stressed

ISLAMABAD: The National Institute of Maritime Affairs (NIMA), in collaboration with the Institute of Strategic...

Updated 23 Oct, 2024 07:46am

Previous Day

Forex
World
Commodity

Currency	Rate
USD PKR Interbank Selling / Nov 1	277.78
USD PKR Interbank Buying / Nov 1	277.68
USD to Japanese Yen / Nov 1	152.34
USD to Swiss Franc / Nov 1	0.86
Pound Sterling to USD / Nov 1	1.29
Euro to USD / Nov 1	1.09

Stock	Volume
S&P 500 / Oct 31	5,705.45
India Sensex / Oct 31	79,389.06
Nasdaq / Oct 31	18,095.15
Dow Jones / Oct 31	41,763.46
Tokyo Nikkei / Nov 1	38,053.67
Hang Seng / Nov 1	20,497.59
FTSE 100 / Nov 1	8,154.34
Germany DAX 30 / Nov 1	19,132.89

Item	Value
Karachi Cotton PKR/37.32 KG / Oct 31	18,085
Gold 10 Grams PKR / Oct 31	250,518.70
Crude Oil USD/Barrel / Nov 1	70.52
Gold Spot USD/Ounce / Nov 1	69.64
Cotton US¢/pound / Nov 1	2,750.54
Petrol/Litre / Nov 2	248.38

Gainers
Losers
Leaders

Stock	Price
786 Invest Ltd / Nov 2 786 Investments Limited(786)	5 ▼ 0.00 (0.00%)
AL-Abbas Sugar / Nov 2 Al-Abbas Sugar Mills Limited(AABS)	585 ▼ 0.00 (0.00%)
Agro Allianz / Nov 2 Agro Allianz Limited(AAL)	16 ▼ 0.00 (0.00%)
AL-Abid Silk / Nov 2 Al-Abid Silk Mills Limited(AASM)	3.49 ▼ 0.00 (0.00%)
Ali Asghar / Nov 2 Ali Asghar Textile Mills Limited(AATM)	2.07 ▼ 0.00 (0.00%)
Allied Bank / Nov 2 Allied Bank Limited(ABL)	87.10 ▼ 0.00 (0.00%)
Abbott Lab. / Nov 2 Abbott Laboratories (Pakistan) Limited(ABOT)	499.34 ▼ 0.00 (0.00%)
Abson Ind. / Nov 2 Abson Industries Limited(ABSON)	2.50 ▼ 0.00 (0.00%)
Alfalah ETF. / Nov 2 Alfalah Consumer Index ETF.(ACIETF)	9.84 ▼ 0.00 (0.00%)

Stock	Price
786 Invest Ltd / Nov 2 786 Investments Limited(786)	5 ▲ 0.00 (0.00%)
AL-Abbas Sugar / Nov 2 Al-Abbas Sugar Mills Limited(AABS)	585 ▲ 0.00 (0.00%)
Agro Allianz / Nov 2 Agro Allianz Limited(AAL)	16 ▲ 0.00 (0.00%)
AL-Abid Silk / Nov 2 Al-Abid Silk Mills Limited(AASM)	3.49 ▲ 0.00 (0.00%)
Ali Asghar / Nov 2 Ali Asghar Textile Mills Limited(AATM)	2.07 ▲ 0.00 (0.00%)
Allied Bank / Nov 2 Allied Bank Limited(ABL)	87.10 ▲ 0.00 (0.00%)
Abbott Lab. / Nov 2 Abbott Laboratories (Pakistan) Limited(ABOT)	499.34 ▲ 0.00 (0.00%)
Abson Ind. / Nov 2 Abson Industries Limited(ABSON)	2.50 ▲ 0.00 (0.00%)
Alfalah ETF. / Nov 2 Alfalah Consumer Index ETF.(ACIETF)	9.84 ▲ 0.00 (0.00%)

Stock	Volume
P.I.A.C.(A) / Nov 2 Pakistan International Airlines Corp(PIAA)	47,200,500 ▲ 0.00
Cnergyico PK / Nov 2 Cnergyico PK Limited(CNERGY)	29,719,327 ▲ 0.00
Pak Petroleum / Nov 2 Pakistan Petroleum Limited(PPL)	21,170,581 ▲ 0.00
Pak Refinery / Nov 2 Pakistan Refinery Limited(PRL)	16,965,134 ▲ 0.00
The Searle Co. / Nov 2 The Searle Company Limited(SEARL)	15,793,227 ▲ 0.00
P.T.C.L. / Nov 2 Pakistan Telecommunication Company Ltd(PTC)	15,054,641 ▲ 0.00
K-Electric Ltd. / Nov 2 K-Electric Limited(KEL)	14,145,556 ▲ 0.00
WorldCall Telecom / Nov 2 Worldcall Telecom Limited(WTL)	13,158,668 ▲ 0.00
Telecard Limited / Nov 2 Telecard Limited(TELE)	12,358,668 ▲ 0.00

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