News Archives for Business & Finance - 2024-11-13

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Business & Finance - 2024-11-13

Stocks

Wall St edges higher after inflation data keeps Fed rate-cut hopes intact

Wall Street’s main indexes inched higher on Wednesday after in-line consumer price inflation data kept the U.S....

Published 13 Nov, 2024 09:17pm

AI could add $10-20bn to Pakistan’s GDP by 2030, says Saudi Data and AI Authority advisor

Pakistan’s digital economy is poised for significant growth, potentially contributing an estimated $60 billion, with...

Published 13 Nov, 2024 09:03pm

USA

IMF urged to cash in on gold price to help poor countries hit by climate change

NAIROBI: The International Monetary Fund should sell 4% of its gold to help offer debt relief to low income...

Published 13 Nov, 2024 07:16pm

Stocks

Most Gulf bourses in red as focus shifts to US inflation data

Most stock markets in the Gulf ended lower on Wednesday ahead of crucial U.S. inflation data that will offer more...

Published 13 Nov, 2024 07:02pm

Stocks

KSE-100 closes marginally higher in choppy trading

The Pakistan Stock Exchange (PSX) witnessed choppy trading on Wednesday, allowing the index to close with a marginal...

Updated 13 Nov, 2024 10:01pm

Stocks

Indian shares, including Nifty 50, slip into correction as rate woes adds to sour sentiment

A wide swathe of the Indian shares, including the benchmark Nifty 50, slipped into correction territory on Wednesday...

Published 13 Nov, 2024 04:35pm

Stocks

Sri Lankan equities end higher as consumer discretionary, energy shares gain

CSE All-Share index settled 1.05% higher at 13,125.19

Published 13 Nov, 2024 04:32pm

Commodities

Copper hits two-month low on China demand angst

LONDON: Copper prices hit a two-month low on Wednesday as the dollar held firm and poor demand prospects in top...

Published 13 Nov, 2024 04:30pm

Commodities

Palm oil ends low on heavy losses at Dalian rival oils

JAKARTA: Malaysian palm oil futures closed down for a second session in a row on Wednesday, dragged down by the...

Published 13 Nov, 2024 04:27pm

Commodities

Gold price per tola increases Rs1,400 in Pakistan

After a massive decline in the previous session, gold prices in Pakistan saw an increase on Wednesday in line with...

Published 13 Nov, 2024 04:09pm

Stocks

European shares rangebound as energy gains offset tech losses

European shares swung between gains and losses on Wednesday, as rising energy shares countered technology losses,...

Published 13 Nov, 2024 03:44pm

Energy

Deals with IPPs: Rousch Power approves early termination of govt agreements

Company to pursue negotiated settlement

Updated 13 Nov, 2024 10:50pm

Chinese tech giant Tencent posts 8% revenue growth in Q3

BEIJING: Chinese tech giant Tencent on Wednesday posted an eight percent year-on-year expansion in third-quarter...

Published 13 Nov, 2024 03:22pm

Japan’s rising wholesale inflation heightens uncertainty on BOJ’s rate hike timing

TOKYO: Japan’s wholesale inflation accelerated in October as renewed yen falls pushed up import costs for some...

Published 13 Nov, 2024 12:23pm

SingTel’s interim net profit falls 42%, sees higher EBIT for FY25

Singapore Telecommunications (SingTel) on Wednesday reported a 42% slump in its first-half net profit due to the...

Published 13 Nov, 2024 12:20pm

Samsung Electronics shares hit 4-year lows on Trump risks, AI chips

SEOUL: Shares in Samsung Electronics , the world’s top memory chip maker, fell on Wednesday to their lowest level in...

Published 13 Nov, 2024 12:14pm

Forex

PBOC pulls China’s yuan off 3-month low with stronger-than-expected fix

SHANGHAI: China’s yuan bounced off a more than three-month low against the dollar on Wednesday, lifted by...

Published 13 Nov, 2024 11:58am

Forex

Malaysian ringgit at 3-month low as GDP growth forecast to slow; FX tepid

Malaysia’s ringgit was the major loser on Wednesday among broadly muted emerging Asian peers as its third-quarter...

Published 13 Nov, 2024 11:56am

Commodities

Copper eases as strong dollar, weak China demand weigh

NEW DELHI: Copper prices edged lower on Wednesday, tracking a stronger dollar and muted demand prospects in top...

Published 13 Nov, 2024 11:53am

Stocks

Hong Kong stocks lower, mainland steady as Trump names China hawks to cabinet

HONG KONG: Hong Kong slipped while China stocks were flat at midday on Wednesday in volatile trade, as investors...

Published 13 Nov, 2024 11:38am

Commodities

China’s soybean imports may fall 9.5% this marketing year, COFCO executive says

DALIAN: China’s soybean imports are likely to drop by 9.5% in the marketing year ending in September 2025, an...

Published 13 Nov, 2024 11:24am

Mutual Funds

Japan’s 5-year bond yield hits 15-year high amid BOJ rate hike bets

TOKYO: Japan’s five-year government bond yield hit a 15-year high on Wednesday as a weaker yen accelerated bets for...

Published 13 Nov, 2024 11:20am

Stocks

Australian shares retreat in broad selloff ahead of US inflation print

Australian shares retreated on Wednesday as investors remained wary of a rise in US Treasury yields ahead of crucial...

Published 13 Nov, 2024 11:11am

Energy

Sinopec starts up ethylene complex in north China’s Tianjin

SINGAPORE: Sinopec said on Wednesday it has successfully started up a new ethylene complex in northern China, part...

Published 13 Nov, 2024 11:05am

Exchange

Rupee records marginal improvement against US dollar

Currency settles at 277.85 against greenback in inter-bank market

Updated 13 Nov, 2024 10:52pm

Companies

CCL Holding submits public intention to acquire 50% stake, control in Mitchells Fruit Farms

Mere hours after Mitchells Fruit Farms Ltd (MFFL) said its majority shareholders were looking to divest their stake,...

Updated 13 Nov, 2024 10:53pm

Commodities

Wheat falls to 10-week low on US dollar hitting 6-month high

CANBERRA: Chicago wheat futures fell to a 10-week low on Wednesday after the US dollar surged to its strongest level...

Published 13 Nov, 2024 10:32am

Commodities

Palm oil falls on weak rival vegetable oils

JAKARTA: Malaysian palm oil futures declined for a second session on Wednesday, dragged down by the weakness in...

Published 13 Nov, 2024 10:29am

Bullion Rate

Gold drifts higher, traders eye US inflation print

Gold prices edged up on Wednesday as investors hunted for bargains after steep declines in the previous session,...

Published 13 Nov, 2024 10:23am

Forex

Australia, NZ dollars on shaky ground as US yields climb

SYDNEY: The Australian and New Zealand dollars struggled on Wednesday as their US counterpart was propelled higher...

Published 13 Nov, 2024 10:20am

Mutual Funds

Higher Treasury yields nudge Indian counterpart up before US inflation data

MUMBAI: Indian government bond yields moved marginally higher in opening deals on Wednesday as US Treasury yields...

Published 13 Nov, 2024 10:17am

Forex

Mild relief for rupee on slight recovery in Asia before US inflation data

MUMBAI: The Indian rupee is likely to inch up at the open on Wednesday on the back of a mild uptick in its Asian...

Published 13 Nov, 2024 10:14am

Stocks

Indian shares open lower as rising inflation dampens rate cut hopes

Indian shares opened lower on Wednesday as a spike in retail inflation dampened hopes of a rate cut by the Reserve...

Published 13 Nov, 2024 10:11am

Nvidia and SoftBank pilot world’s first AI and 5G telecom network

TOKYO: Leading chipmaker Nvidia and SoftBank Corp, the telecommunications arm of SoftBank Group, have piloted the...

Published 13 Nov, 2024 10:05am

Energy

OGDCL begins gas production from Uch-35 well in Balochistan

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

Updated 13 Nov, 2024 05:24pm

Stocks

Stocks slide on unease over jump in bond yields as US inflation eyed

TOKYO: Asian stocks slumped on Wednesday as a sharp rise in US bond yields unnerved investors ahead of key inflation...

Published 13 Nov, 2024 10:04am

Stocks

Nikkei falls after last week’s rally, Wall Street’s weak finish

TOKYO: Japan’s Nikkei share average fell 1% on Wednesday, tracking Wall Street’s weak performance overnight, while...

Published 13 Nov, 2024 09:57am

Forex

Dollar holds firm ahead of US inflation, bitcoin targets fresh highs

TOKYO: The US dollar held near a 6-1/2-month peak against major peers and bitcoin was solidly poised just below...

Published 13 Nov, 2024 09:55am

Energy

Oil prices hold near 2-week low on gloomy demand outlook

Oil prices held near their lowest in two weeks on Wednesday, a day after OPEC downgraded its forecast for global oil...

Updated 13 Nov, 2024 04:37pm

Industry

President FPCCI elected VP CACCI for 2024 -26

KARACHI: Atif Ikram Sheikh, President FPCCI, has been elected as the Vice President of the Confederation of Asia -...

Published 13 Nov, 2024 08:42am

DG SBP for fully embracing true Islamic financial system value

KARACHI: Saleem Ullah, Deputy Governor of the State Bank of Pakistan (SBP), has underscored the importance of fully...

Published 13 Nov, 2024 08:38am

Companies

SBP conveys its final approval to TPL, Abhi Ltd

KARACHI: The State Bank of Pakistan (SBP) has conveyed its final approval to TPL Corp (TPL) and Abhi (Private)...

Published 13 Nov, 2024 08:35am

Companies

PQAMC announces dividend of Rs1.973 per unit for Oct

KARACHI: Pak-Qatar Asset Management Company Limited (PQAMC) is a leading dedicated Islamic Asset Management Company...

Published 13 Nov, 2024 08:29am

Industry

LCCI president appointed as advisor to FTO

LAHORE: Federal Tax Ombudsman has appointed President of the Lahore Chamber of Commerce and Industry as Advisor to...

Published 13 Nov, 2024 08:26am

Companies

GFS Builders’ new Chawla Market project inaugurated at Orangi Town Residency

KARACHI: GFS Builders and Developers organised a Haleem feast in honour of the families who booked units in the...

Published 13 Nov, 2024 08:23am

Taxes

Tribunal upholds tax authority’s right to correct erroneous assessment

LAHORE: A tax tribunal has upheld the tax authority’s right to correct erroneous assessment orders even if the...

Published 13 Nov, 2024 08:20am

IMF team holds ‘unusual’ talks over $7bn bailout

ISLAMABAD: The International Monetary Fund’s Pakistan mission chief Nathan Porter on Tuesday opened unusual talks...

Published 13 Nov, 2024 06:33am

Money & Banking

Customer services: Banks mandated to address complaints within 30 days

KARACHI: In a major move towards better customer services, the response period to banking customers in respect of...

Updated 13 Nov, 2024 09:02am

Companies

Samba Pakistan: SNB terminates process to sell equity stake

KARACHI: Saudi National Bank (SNB), the majority shareholder of Samba Bank Limited (SBL), has terminated the process...

Published 13 Nov, 2024 06:33am

Stocks

Agha Steel’s control: Fauji Foundation withdraws its PAI: PSX

KARACHI: Fauji Foundation has withdrawn its public announcement of intention (PAI) to acquire shares and control of...

Published 13 Nov, 2024 06:33am

SCB delivers solution to support IATA EASY PAY

KARACHI: Standard Chartered Bank (SCB) Pakistan has implemented an improved IATA EASY PAY solution tailor made for...

Published 13 Nov, 2024 06:33am

Agriculture and Allied

Lower market price may hit wheat yield in next Rabi season

ISLAMABAD: The initial forecast indicates that the production of wheat is expected to decline in the next Rabi ...

Published 13 Nov, 2024 06:33am

Taxes

Senior customs official : FTO directs FBR to issue appreciation letter

ISLAMABAD: Federal Tax Ombudsman (FTO) has directed Chairman Federal Board of Revenue (FBR) to issue an appreciation...

Published 13 Nov, 2024 06:33am

Commerce minister, Finland envoy discuss trade ties

ISLAMABAD: Minister for Commerce Jam Kamal Khan and Finland’s Ambassador to Pakistan, Hannu Ripatti on Tuesday...

Published 13 Nov, 2024 06:33am

TDAP to participate in Vietnam’s trade fair

KARACHI: Trade Development Authority of Pakistan (TDAP) will participate in the Vietnam International Trade Fair for...

Published 13 Nov, 2024 06:33am

Two-day SECP start-up summit concludes in Karachi

KARACHI: The Securities and Exchange Commission of Pakistan (SECP) Pakistan start-up summit concluded on Tuesday....

Published 13 Nov, 2024 06:33am

Money & Banking

Dollar roars with bitcoin as Trump trades shine

NEW YORK: The US dollar rose to a four-month peak versus major peers on Tuesday, while bitcoin extended its record...

Published 13 Nov, 2024 06:33am

Money & Banking

Asian currencies: Thai baht wilts on concerns

BENGALURU: Asian currencies and equities fell on Tuesday, as investors pulled away from risk assets seen as less...

Published 13 Nov, 2024 06:33am

Companies

NBP President highlights a path forward for financial sector

KARACHI: Rehmat Ali Hasnie President of National Bank of Pakistan (NBP) has emphasised the crucial role of the...

Updated 13 Nov, 2024 08:32am

Previous Day

Forex
World
Commodity

Currency	Rate
USD PKR Interbank Selling / Jan 10	278.60
USD PKR Interbank Buying / Jan 10	278.40
USD to Japanese Yen / Jan 10	158.39
USD to Swiss Franc / Jan 10	0.91
Pound Sterling to USD / Jan 10	1.23
Euro to USD / Jan 10	1.03

Stock	Volume
S&P 500 / Jan 9	5,918.25
Nasdaq / Jan 9	19,478.88
Dow Jones / Jan 9	42,635.20
India Sensex / Jan 10	77,645.98
Tokyo Nikkei / Jan 10	39,265.97
Hang Seng / Jan 10	19,069.63
FTSE 100 / Jan 10	8,317.44
Germany DAX 30 / Jan 10	20,333.83

Item	Value
Karachi Cotton PKR/37.32 KG / Jan 9	18,785
Gold 10 Grams PKR / Jan 9	237,483
Petrol/Litre / Jan 10	252.66
Crude Oil USD/Barrel / Jan 10	74.32
Gold Spot USD/Ounce / Jan 10	2,674.40
Diesel/Litre / Jan 10	258.34

Gainers
Losers
Leaders

Stock	Price
Chenab Ltd / Jan 10 Chenab Limited(CHBL)	8.32 ▲ 0.98 (13.35%)
Pak Gen.Ins. / Jan 10 The Pakistan General Insurance Co. Ltd.(PKGI)	8.70 ▲ 0.92 (11.83%)
Cresent Jute / Jan 10 Crescent Jute Products Limited(CJPL)	5.55 ▲ 0.56 (11.22%)
Tariq Corp.Pref. / Jan 10 Tariq Corporation Limited-Preference Shares(TCORPCPS)	8.76 ▲ 0.88 (11.17%)
Ist.Capital Sec / Jan 10 First Capital Securities Corporation(FCSC)	2.22 ▲ 0.22 (11.00%)
Dewan Sugar / Jan 10 Dewan Sugar Mills Limited(DWSM)	6.73 ▲ 0.63 (10.33%)
Dadex Eternit / Jan 10 Dadex Eternit Limited(DADX)	70.40 ▲ 6.40 (10.00%)
Khairpur Sug. / Jan 10 Khairpur Sugar Mills Limited(KPUS)	137.50 ▲ 12.50 (10.00%)
Mehmood Tex / Jan 10 Mehmood Textile Mills Limited(MEHT)	658.91 ▲ 59.90 (10.00%)

Stock	Price
Habib Sugar / Jan 10 Habib Sugar Mills Limited(HABSM)	71.50 ▼ -8.93 (-11.10%)
First Capital Equities / Jan 10 First Capital Equities Limited(FCEL)	5.52 ▼ -0.67 (-10.82%)
Khalid Siraj / Jan 10 Khalid Siraj Textile Mills Limited(KSTM)	7.65 ▼ -0.87 (-10.21%)
Liven Pharma / Jan 10 Liven Pharma Limited(LIVEN)	144.61 ▼ -16.07 (-10.00%)
Olympia Mills / Jan 10 Olympia Mills Limited(OML)	32.40 ▼ -3.60 (-10.00%)
Suhail Jute / Jan 10 Suhail Jute Mills Limited(SUHJ)	126.67 ▼ -14.07 (-10.00%)
Ali Asghar / Jan 10 Ali Asghar Textile Mills Limited(AATM)	63.85 ▼ -7.09 (-9.99%)
Blue-Ex Ltd / Jan 10 Blue-Ex Limited (GEM)(GEMBLUEX)	55.40 ▼ -6.15 (-9.99%)
PIA Holding Co.B / Jan 10 PIA Holding Company Limited B(PIAHCLB)	821.50 ▼ -90.89 (-9.96%)

Stock	Volume
WorldCall Telecom / Jan 10 Worldcall Telecom Limited(WTL)	195,296,323 ▼ -0.02
K-Electric Ltd. / Jan 10 K-Electric Limited(KEL)	48,682,503 ▲ 0.00
Cnergyico PK / Jan 10 Cnergyico PK Limited(CNERGY)	35,460,848 ▼ -0.21
Fauji Foods Ltd / Jan 10 Fauji Foods Limited(FFL)	25,945,545 ▼ -0.20
Pak Elektron / Jan 10 Pak Elektron Limited(PAEL)	23,144,464 ▼ -0.07
Lotte Chemical / Jan 10 Lotte Chemical Pakistan Limited(LOTCHEM)	19,944,268 ▼ -0.48
Pace (Pak) Ltd. / Jan 10 Pace (Pakistan) Limited(PACE)	18,939,438 ▲ 0.34
B.O.Punjab / Jan 10 The Bank of Punjab(BOP)	15,645,082 ▼ -0.17
Air Link Com. / Jan 10 Air Link Communication Limited(AIRLINK)	15,339,994 ▼ -10.65

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