News Archives for Business & Finance - 2024-10-24

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Business & Finance - 2024-10-24

Companies

NayaPay named to 2024 CB Insights’ list of 100 most innovative fintech startups

NayaPay, a fintech platform and the first Electronic Money Institution in Pakistan, has been named to the 2024 CB...

Published 24 Oct, 2024 11:49pm

Taxes

PM Shehbaz urges FBR to use technology to improve revenue collection

Premier seeks roadmap for reconstruction of Pakistan Revenue Automation Limited

Updated 24 Oct, 2024 11:47pm

Stocks

Tesla surge lifts Nasdaq; Dow, S&P 500 falter on earnings, rising yields

The Nasdaq jumped on Thursday, driven by Tesla’s positive earnings forecast, which buoyed market sentiment despite...

Published 24 Oct, 2024 09:56pm

Stocks

Most Gulf markets ease on regional tensions

Most stock markets in the Gulf were lower on Thursday as simmering geopolitical tensions in the Middle East kept...

Published 24 Oct, 2024 08:39pm

Money & Banking

Most Asian central banks have room to cut interest rates, IMF says

WASHINGTON: Most Asian central banks have room to cut interest rates, as the start of the US monetary easing cycle...

Published 24 Oct, 2024 08:35pm

Middle East

Global financiers head to Riyadh investment bash in shadow of war

DUBAI: Global financiers are poised to flock to Saudi Arabia’s annual flagship investment conference next week as a...

Published 24 Oct, 2024 08:32pm

Forex

SBP-held foreign exchange reserves increase $18mn, now stand at $11.04bn

Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $18 million on a weekly basis,...

Updated 24 Oct, 2024 11:17pm

Commodities

Asia rice: Rates drop across major hubs after India slashes export duty

Rice export rates dipped across major Asian hubs this week after India abolished export duty on the staple and...

Published 24 Oct, 2024 06:35pm

Stocks

Indian shares slip for fourth session as Hindustan Unilever, foreign selling weigh

Indian shares declined for a fourth straight session on Thursday, as Hindustan Unilever missed profit estimates on a...

Published 24 Oct, 2024 05:41pm

Stocks

Sri Lanka shares end higher as industrial, healthcare gain

CSE All-Share index settled 0.94% higher at 12,473.50

Published 24 Oct, 2024 05:38pm

Commodities

Zinc driven to 20-month high by LME market tightness

LONDON: Zinc prices in London hit their highest in more than 20 months on Thursday as the key spread on the London...

Published 24 Oct, 2024 05:36pm

Commodities

Palm surges for fourth day on lower stockpiles, possible production drop

KUALA LUMPUR: Malaysian palm oil jumped more than 2% on Thursday, supported by expectations of palm production...

Published 24 Oct, 2024 05:32pm

Cotton & Textile

Despite higher sales, textile giant Interloop’s profit down 94% in 1QFY25

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

Updated 24 Oct, 2024 10:15pm

Forex

Russian rouble weakens before expected rate hike

MOSCOW: The Russian rouble weakened slightly against the US dollar and China’s yuan on Thursday, the day before a...

Published 24 Oct, 2024 02:50pm

Stocks

Europe’s STOXX 600 rises in broad-based advance on earnings impetus

European shares rose on Thursday, as a raft of upbeat earnings from the likes of consumer goods major Unilever and...

Published 24 Oct, 2024 02:37pm

Energy

Global wind power set to grab record share of electricity market: Maguire

LITTLETON: Global wind-powered electricity generation could set a new record in 2024, as winter sets in throughout...

Published 24 Oct, 2024 01:43pm

Companies

Renault posts forecast-beating 1.8% rise in Q3 sales

PARIS: French carmaker Renault reported an unexpected rise in quarterly revenues on Thursday, as strong demand for...

Published 24 Oct, 2024 01:05pm

Forex

Asian FX, stocks weaken on slower Fed cut hopes and potential Trump win

The Thai baht sank to a six-week low while most Asian currencies seesawed in a narrow range on Thursday, and...

Published 24 Oct, 2024 01:04pm

Hyundai Motor’s Q3 operating profit falls 7%; misses analysts’ estimates

SEOUL: Hyundai Motor Co on Thursday reported a 7% fall in third-quarter operating profit, hurt by warranty costs for...

Published 24 Oct, 2024 01:03pm

Forex

Australia, NZ dollars find support after sell-off, bonds bounce

SYDNEY: The Australian and New Zealand dollars edged up on Thursday after taking heavy losses the previous day as...

Published 24 Oct, 2024 01:01pm

Commodities

Palm rises on lower stockpiles, possible production drop

KUALA LUMPUR: Malaysian palm oil futures rose for a fourth straight session on Thursday, driven by expectations of...

Published 24 Oct, 2024 01:00pm

Mutual Funds

JGB yields fall amid caution ahead of national election outcome

TOKYO: Japanese government bond (JGB) yields fell on Thursday as investors were cautious ahead of the country’s...

Published 24 Oct, 2024 12:59pm

Barclays third quarter profit beats forecasts with 18% rise as investment bank delivers

LONDON: Barclays’ third quarter profit rose 18%, it said on Thursday, as its investment bank cashed in on a jump in...

Published 24 Oct, 2024 12:58pm

Bullion Rate

Gold price per tola decreases Rs2,300 in Pakistan

After increasing in the previous seven sessions, gold prices in Pakistan declined on Thursday in line with their...

Updated 24 Oct, 2024 04:33pm

Unilever beats third-quarter underlying sales estimate

LONDON: Unilever achieved slightly better than expected underlying quarterly sales after winning back more shoppers...

Published 24 Oct, 2024 12:57pm

Mutual Funds

Euro zone bond yields dip before PMIs

LONDON: Euro zone government bond yields edged lower on Thursday as investors awaited business activity data that...

Published 24 Oct, 2024 12:43pm

Commodities

LME zinc hits 3-week high amid supply disruptions

Zinc prices rose in London on Thursday to their highest levels in three weeks on bets of a rally in coming weeks...

Published 24 Oct, 2024 12:42pm

Energy

OGDCL begins oil & gas production from Sindh

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

Updated 24 Oct, 2024 08:18pm

Business & Economy

Pakistan aims to privatise flag carrier PIA in November: finance minister

Aurangzeb says ensuring macroeconomic stability, doing proper due diligence of interested parties behind five-month delay in privatisation process

Updated 24 Oct, 2024 11:48pm

Stocks

PSX inks new record, KSE-100 settles near 89,000 mark

The Pakistan Stock Exchange (PSX) continued its record-breaking run, with the benchmark KSE-100 closing at a new...

Updated 24 Oct, 2024 10:14pm

Thailand car production drops dropped 25.48% y/y in Sept, federation says

BANGKOK: Car production in Thailand fell 25.48% in September from a year earlier, the Federation of Thai Industries...

Published 24 Oct, 2024 11:05am

Commodities

Soybeans at one-week top on strong demand; wheat, corn firm

SINGAPORE: Chicago soybeans rose for a fourth consecutive session on Thursday to a one-week high, underpinned by...

Published 24 Oct, 2024 11:03am

Forex

Scant relief for Indian rupee as dollar rally shows no signs of pause

MUMBAI: The Indian rupee is expected to hold near its all-time low on Thursday after the dollar index hit a near...

Updated 24 Oct, 2024 12:11pm

Japan’s factory activity dips for 4th straight month, PMI shows

TOKYO: Japan’s factory activity contracted for the fourth straight month in October on subdued demand and weak...

Published 24 Oct, 2024 11:01am

Stocks

Australian shares fall as miners offset real estate and healthcare gains

Australian shares slipped on Thursday, as Fortescue dragged miners lower after it reported quarterly production...

Published 24 Oct, 2024 10:49am

Stocks

Japan’s Nikkei trades higher after three sessions of falls

TOKYO: Japan’s Nikkei share average inched higher on Thursday after three straight sessions of falls, with market...

Published 24 Oct, 2024 10:48am

Stocks

Indian shares set to open marginally higher

Indian shares will likely open marginally higher on Thursday, after three sessions of losses on persistent foreign...

Published 24 Oct, 2024 10:47am

Mutual Funds

India bond yields may see uptick after central bank policy minutes

MUMBAI: Indian government bond yields are expected to move marginally higher in early trade on Thursday, after...

Published 24 Oct, 2024 10:46am

Bullion Rate

Gold ticks higher as safe-haven bids offset firm dollar

Gold prices drifted higher Thursday as safe-haven demand countered a firmer dollar, with analysts expecting record...

Published 24 Oct, 2024 10:45am

Currency

Rupee records marginal decline against US dollar

Currency settles at 277.84 against the greenback in inter-bank market

Updated 24 Oct, 2024 11:20pm

Business & Economy

Aurangzeb explores climate financing, trade deals with global institutions

Finance Minister Muhammad Aurangzeb engaged with global financial institutions, including Standard Chartered Bank...

Updated 24 Oct, 2024 11:19pm

Stocks

Asian traders struggle after Wall St losses as US yields spike

HONG KONG: Asian markets were mixed Thursday following steep losses on Wall Street as a spike in US Treasury yields...

Published 24 Oct, 2024 10:04am

Companies

Boeing workers reject contract, extend strike: union

NEW YORK: Boeing workers in the Seattle region decisively rejected the US aerospace giant’s latest contract offer on...

Published 24 Oct, 2024 10:00am

Forex

Dollar stands tall on bets for slower Fed cuts, potential Trump win

TOKYO: The US dollar traded close to a three-month high against major peers on Thursday, underpinned by expectations...

Published 24 Oct, 2024 09:39am

Energy

Oil prices broadly stable with uncertainty around Middle East and US election

LONDON: Oil prices were broadly stable on Thursday as uncertainty around conflict in the Middle East and reports of...

Updated 24 Oct, 2024 07:26pm

Companies

COLABS announces raising $2mn in pre-Series A funding

Pakistan’s workplace platform COLABS announced on Thursday that it has raised $2 million in a pre-Series A round led...

Published 24 Oct, 2024 09:00am

Industry

Harassment of taxpayers: FBR chief has agreed to resolve issue: FPCCI chief

KARACHI Atif Ikram Sheikh, President FPCCI, has apprised that Rashid Mahmood Langrial, Chairman of the Federal Board...

Published 24 Oct, 2024 07:51am

Aug-Sep: number of cellular subscribers rises to 193.346m

ISLAMABAD: The number of cellular subscribers increased from 193.098 million by end-August to 193.346 million by...

Published 24 Oct, 2024 07:49am

Industry

Steps afoot to provide cheap energy to industry, says Jam Kamal

KARACHI: Jam Kamal, Federal Minister for Commerce, has said that the government is taking steps to provide energy to...

Published 24 Oct, 2024 07:46am

Belarus keen to work with SIFC on large tractor manufacturing

LAHORE: Belarus has shown its willingness to work with Pakistan’s Special Investment Facilitation Council (SIFC) ...

Published 24 Oct, 2024 07:43am

NHA losses since 2014 accumulate to Rs1.5trn: SBP

ISLAMABAD: The National Highways Authority (NHA) has been in severe financial distress with accumulated losses of...

Published 24 Oct, 2024 07:24am

Privatisation process: Dar chairs online meeting

ISLAMABAD: Deputy Prime Minister and Foreign Minister Ishaq Dar, currently attending the Commonwealth Heads of...

Published 24 Oct, 2024 07:11am

Companies

SCB hosts Global Shari’ah Majlis

KARACHI: The Global Shari’ah Majlis, a highly anticipated event in the Islamic finance industry, was held on...

Published 24 Oct, 2024 06:49am

Economic indicators highlighted

WASHINGTON DC: Federal Minister for Finance Muhammad Aurangzeb attended a roundtable with institutional investors...

Published 24 Oct, 2024 06:49am

Sales tax on tractors hiked to 14pc from 10pc

ISLAMABAD: The Federal Board of Revenue (FBR) Wednesday increased sales tax from 10 to 14 percent on import and...

Updated 24 Oct, 2024 08:59am

Industry

Smeda holds Industry 4.0 training session for apparel, textile sector

LAHORE: The Small and Medium Enterprises Development Authority (Smeda), under its awareness programme on Industry...

Published 24 Oct, 2024 06:49am

Pakistan sets ambitious goal to generate 60pc energy from RE: minister

QINGDAO (CHINA): Federal Minister for Power Sardar Awais Ahmad Khan Leghari on Wednesday said that Pakistan has set...

Published 24 Oct, 2024 06:49am

Marble industry: Minister assures to resolve problems

KARACHI Provincial Minister for Industries and Commerce Jam Ikramullah Dharejo has said that the Sindh government is...

Published 24 Oct, 2024 06:49am

Alcoholic beverages: ‘Punjab Excise Dept illegally stopped exports’

ISLAMABAD: A leading exporter of alcoholic beverages, Wednesday, informed Senate Standing Committee on Finance that...

Published 24 Oct, 2024 06:49am

Road shows on leather, fisheries to be held in China

ISLAMABAD: Business-to-business activities between China and Pakistan are ongoing and in this regard major road ...

Published 24 Oct, 2024 06:49am

Shariah-compliant products: PSX focus group to enhance accessibility

KARACHI: The Pakistan Stock Exchange (PSX) established a Shariah Focus Group in December 2023 to further the...

Published 24 Oct, 2024 06:49am

India to retain investment curbs on border nations

NEW DELHI: India will retain investment curbs on bordering nations, the finance minister said, days after it struck ...

Published 24 Oct, 2024 06:49am

India removes floor price for non-basmati white rice exports

NEW DELHI: India has removed the floor price for the export of non-basmati white rice, the government said in an...

Published 24 Oct, 2024 06:49am

Industry

PAAPAM holds pre-show press conference to announce PAPS 2024

LAHORE: The Pakistan Association of Automotive Parts & Accessories Manufacturers (PAAPAM) recently held a...

Published 24 Oct, 2024 06:49am

Companies

TikTok, PTA to launch contest on digital safety

KARACHI: TikTok, in collaboration with the Pakistan Telecommunication Authority (PTA), has announced the launch of...

Published 24 Oct, 2024 06:49am

Taxes

FBR gives additional charge of Chief Investigator to Siddiqui

ISLAMABAD: The Federal Board of Revenue (FBR) has given additional charge of the post of Chief Investigator, Tax...

Published 24 Oct, 2024 06:49am

Money & Banking

Rs2trn deposits mark crossed: MCB Bank posts Rs95.1bn 9-month PBT

KARACHI: MCB Bank Limited (MCB) has announced its financial results for the nine-month period ended September 30,...

Published 24 Oct, 2024 06:49am

Taxes

Smuggling: FBR moves summaries to PM for enforcement steps

ISLAMABAD: Chairman Federal Board of Revenue (FBR) Rashid Mahmood, Wednesday, said that the FBR has moved seven...

Published 24 Oct, 2024 06:49am

Money & Banking

Dollar hits 3-month high vs yen

NEW YORK: The dollar strengthened beyond 153 against the yen for the first time in nearly three months on Wednesday...

Published 24 Oct, 2024 06:49am

Businesses can expand their presence in EU market through Belgium: envoy

LAHORE: Belgium serves as a gateway to Europe which is a valuable opportunity for Pakistani businesses to expand...

Updated 24 Oct, 2024 07:38am

Money & Banking

Meezan Bank posts Rs77.5bn PAT, grows 34pc

KARACHI: The Board of Directors of Meezan Bank approved the financial statements of the Bank for the nine months...

Updated 24 Oct, 2024 07:53am

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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