News Archives for Business & Finance - 2024-11-14

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Business & Finance - 2024-11-14

Stocks

Gulf bourses end mixed with focus on Fed

Stock markets in the Gulf ended mixed on Thursday as investors assessed the monetary policy and inflation outlook in...

Published 14 Nov, 2024 07:43pm

Commodities

Gold price per tola falls Rs5,500 in Pakistan

Gold prices in Pakistan fell on Thursday in line with their decline in international rates. In the local market, the...

Updated 14 Nov, 2024 10:16pm

Forex

SBP-held foreign exchange reserves increase $84mn, now stand at $11.26bn

Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $84 million on a weekly basis,...

Updated 14 Nov, 2024 10:37pm

Companies

Ben & Jerry’s says parent Unilever silenced it over Gaza stance

NEW YORK: Ice cream brand Ben & Jerry’s said in a lawsuit filed Wednesday that parent company Unilever has...

Published 14 Nov, 2024 05:45pm

Stocks

Indian shares log sixth weekly losses in seven on dull earnings, foreign outflows

Indian shares inched lower on Thursday, logging their sixth weekly loss in seven, as worries about a slowdown in...

Published 14 Nov, 2024 04:56pm

Stocks

Sri Lankan shares end higher as IT, consumer discretionary stocks gain

CSE All-Share index settled 0.56% higher at 13,198.80

Published 14 Nov, 2024 04:54pm

Commodities

Palm oil falls for third straight day on weaker rivals, selling pressure

JAKARTA: Malaysian palm oil futures closed lower for a third consecutive session on Thursday, weighed down by...

Published 14 Nov, 2024 04:51pm

Companies

Sazgar Engineering plans Rs1.5bn land purchase for future expansion

Sazgar Engineering Works Limited (SAZEW), a Pakistani auto manufacturer, has announced plans to purchase land valued...

Updated 14 Nov, 2024 08:52pm

Forex

Russian rouble flat vs US dollar, weakens against yuan

MOSCOW: The Russian rouble held steady against the US dollar on Thursday, strengthened against the euro and weakened...

Published 14 Nov, 2024 02:24pm

Forex

South African rand stable after big losses, mining data ahead

JOHANNESBURG: South Africa’s rand was stable early on Thursday after trading turbulently in the days after Donald...

Published 14 Nov, 2024 02:21pm

Stocks

Energy, tech stocks boost European shares at open

Europe’s STOXX 600 rose at the open on Thursday, led by energy and technology stocks, as upbeat earnings supported...

Published 14 Nov, 2024 02:18pm

Stocks

Most Gulf markets gain in early trade; Saudi falls

Most stock markets in the Gulf edged higher in early trade on Thursday as investors assessed the monetary policy and...

Published 14 Nov, 2024 02:17pm

Energy

IEA sees 2025 oil market in supply surplus

LONDON: The world’s demand for oil will fall short of supply by more than 1 million barrels per day (bpd) in 2025...

Published 14 Nov, 2024 02:14pm

Saudi Arabia’s inflation rate edges up to 1.9% in October

ABU DHABI: Saudi Arabia’s annual inflation rate continued to edge up in October to 1.9% from 1.7% in September,...

Published 14 Nov, 2024 02:12pm

Taiwan chip giant TSMC sued for alleged discrimination

WASHINGTON: More than a dozen US-based employees of Taiwanese chipmaking giant TSMC have sued the company for...

Published 14 Nov, 2024 01:17pm

Taiwan tech giant Foxconn posts $1.5bn Q3 net profit

TAIPEI: Taiwanese tech giant Foxconn on Thursday reported a forecast-topping net profit for the third quarter and...

Published 14 Nov, 2024 01:11pm

Taxes

Govt urged to tax high earning ‘sacred cows’ amid revenue shortfall

Former Caretaker Federal Minister for Commerce Dr Gohar Ejaz urged the government to meet its collection target by...

Updated 14 Nov, 2024 11:00pm

Forex

China’s yuan falls to 3-month low, pressured by strong dollar

SHANGHAI: China’s yuan fell to its lowest level against the US dollar in more than three months on Thursday, as...

Published 14 Nov, 2024 12:24pm

Stocks

China, Hong Kong stocks dip as property tax incentives fail to impress

HONG KONG: China and Hong Kong stocks fell on Thursday after Beijing’s latest measures to revive the struggling...

Published 14 Nov, 2024 12:22pm

Companies

Kia sees near-term market challenges but sticks to 1.6mn annual EV sales target by 2030

TAIPEI: South Korean car maker Kia expects challenging market conditions in the near term due in part to...

Published 14 Nov, 2024 12:19pm

Forex

Indian rupee dips; central bank heightens scrutiny on FX trades, bankers say

MUMBAI: The Indian rupee was slightly weaker on Thursday, tracking a decline in Asian peers, as the dollar index...

Published 14 Nov, 2024 12:12pm

Commodities

Palm falls for third straight day on weaker rivals, selling pressure

JAKARTA: Malaysian palm oil futures declined for a third consecutive session on Thursday, weighed down by weakness...

Published 14 Nov, 2024 12:09pm

Telekom raises guidance, reports slight Q3 profit beat

Deutsche Telekom raised on Thursday its full year core profit guidance and posted third quarter group core profit...

Published 14 Nov, 2024 11:56am

Siemens flags political risks ahead after profit falls in fourth quarter

ZURICH: Siemens reported a drop in profit at its industrial business on Thursday and said it expected slightly lower...

Published 14 Nov, 2024 11:46am

Money & Banking

Bank Alfalah withdraws intention to acquire stake in Samba Bank as SNB halts divestment

Bank Alfalah Limited (BAFL), one of Pakistan’s largest commercial banks, has withdrawn its public announcement of...

Updated 14 Nov, 2024 10:59pm

South Asia

Indian air taxi startup ePlane Co raises $14mn; eyes mid-2025 testing

The ePlane Company, an Indian electric air taxi startup, has raised $14 million as it sets its sights on starting...

Published 14 Nov, 2024 11:34am

Commodities

Copper extends retreat to trade below $9,000 level on dollar rally

London copper fell further on Thursday to trade below the $9,000 per-metric-ton level for the first time in more...

Published 14 Nov, 2024 11:29am

Japan planning $87bn extra budget to fund stimulus package, paper says

TOKYO: The Japanese government is making arrangements to compile a supplementary budget of about 13.5 trillion yen...

Published 14 Nov, 2024 11:22am

Cross-border challenges widen wealth gap between Europe and US, IMF study finds

BRUSSELS: Cross border challenges are widening the gap between the output of Europeans and Americans, who have been...

Published 14 Nov, 2024 11:02am

Commodities

Wheat rises after dropping to 2-1/2-month low on surging US dollar

CANBERRA: Chicago wheat futures rose on Thursday after plunging to a 2-1/2-month low in the previous session as the...

Published 14 Nov, 2024 10:55am

Bullion Rate

Gold hovers near 2-month low on strong dollar, Fed rate cut uncertainty

Gold prices were flat on Thursday after hitting a two-month low earlier, pressured by a stronger US dollar and...

Published 14 Nov, 2024 10:53am

Mutual Funds

JGB yields track US peers to fresh peaks as market ponders BOJ rate hike

TOKYO: Japanese government bond (JGB) yields climbed on Thursday, with short-end yields rising to their highest in...

Published 14 Nov, 2024 10:33am

Currency

Rupee records marginal improvement against US dollar

Currency settles at 277.74 against greenback in the inter-bank market

Updated 14 Nov, 2024 09:37pm

Forex

Australia, NZ dollars flattened by US juggernaut, resilient elsewhere

SYDNEY: The Australian and New Zealand dollars floundered near three-month lows on Thursday as their US counterpart...

Published 14 Nov, 2024 10:29am

Mutual Funds

Indian bond yields may dip; in-line US inflation raises rate-cut bets

MUMBAI: Indian government bond yields are expected to trend marginally lower in opening deals on Thursday, after US...

Published 14 Nov, 2024 10:23am

Stocks

Australian shares inch higher ahead of October jobs data

Australian shares inched higher on Thursday, as gains in banks and energy stocks outweighed losses in mining and...

Published 14 Nov, 2024 10:21am

Stocks

Japan’s Nikkei ekes out gains on softer yen in choppy trade

TOKYO: Japan’s Nikkei share average edged higher on Thursday buoyed by a weaker yen, as investors bought up stocks...

Published 14 Nov, 2024 10:19am

Stocks

New record: KSE-100 settles above 94,000 amid buying momentum

Experts say positive macroeconomic indicators including lower interest rates and controlled trade deficits providing positive momentum to stock market

Updated 14 Nov, 2024 10:59pm

Stocks

Asia shares wobble on China angst; long-end US bond yields rise with dollar

SINGAPORE: Weak China markets dragged broader Asian shares lower on Thursday, while longer-dated US bond yields rose...

Published 14 Nov, 2024 10:16am

Stocks

India’s Nifty 50 may open marginally higher; Cipla in focus

India’s benchmark Nifty 50 index is set to open marginally higher on Thursday after sinking into correction...

Published 14 Nov, 2024 10:14am

Forex

Dollar holds firm at one-year high on Trump trade momentum

TOKYO: The US dollar stood at a one-year high against major peers on Thursday and headed for a fifth straight daily...

Published 14 Nov, 2024 10:08am

Energy

Oil prices broadly flat after falling on dollar surge

LONDON: Oil prices were largely steady on Thursday, with traders holding fire after declines earlier this week on a...

Updated 14 Nov, 2024 07:47pm

Companies

Meezan Bank, CashNow to develop first digital Islamic supply chain finance product

KARACHI: Meezan Bank has entered into a strategic alliance with CashNow to develop Pakistan’s first digital ...

Published 14 Nov, 2024 08:41am

Energy

Increase in petroleum products’ prices on the cards

ISLAMABAD: A significant increase in the prices of petroleum products is on the cards for the fortnight commencing...

Updated 14 Nov, 2024 11:09am

Companies

Annual Report 2023: FFC honoured with Gold Awards

ISLAMABAD: Fauji Fertilizer Company Limited (FFC) continues to lead in financial reporting and corporate governance...

Published 14 Nov, 2024 07:58am

Proposed MRP fixation: PTA expresses strong reservations

KARACHI: The Pakistan Tea Association (PTA) has expressed strong reservations against the Federal Board of...

Published 14 Nov, 2024 07:57am

Companies

Spotify revenue surges to €4bn

KARACHI: Spotify’s financial performance continues to hold steady as well during the year with total revenue going...

Published 14 Nov, 2024 07:53am

Export diversification, import substitution opportunities exist: Consulting firm for addressing structural deficiencies

KARACHI: The experts have underscored the importance of addressing structural deficiencies and the need for...

Published 14 Nov, 2024 07:47am

UBG urges chambers to highlight issues of economic challenges

KARACHI: Patron-in-chief of the United Business Group (UBG) and former caretaker Provincial Minister for Industry ...

Published 14 Nov, 2024 06:33am

Industry

PVMA congratulates Atif Ikram on his election as CACCI’s VP

KARACHI: Pakistan Vanaspati Manufacturers Association (PVMA) has extended its heartfelt congratulations to Atif ...

Published 14 Nov, 2024 06:33am

PIEDMC approves expansion of Quaid-e-Azam Business Park

LAHORE: In the board meeting of Punjab Industrial Estates Development and Management Company, it was approved to...

Published 14 Nov, 2024 06:33am

KP govt again seeks to participate in PIA bidding

ISLAMABAD: After having formally conveyed its willingness to the federal government to buy Pakistan International...

Updated 14 Nov, 2024 09:28am

Jam, World Bank team discuss export reform agenda

ISLAMABAD: Federal Minister for Commerce Jam Kamal Khan and World Bank team met to discuss Pakistan’s export reform...

Updated 14 Nov, 2024 09:05am

Conversion into welfare entity proposed: NA panel approves 20pc stake sale in SLIC

ISLAMABAD: The National Assembly Standing Committee on Commerce, has approved divestment of 20 percent shares of...

Updated 14 Nov, 2024 10:27am

Money & Banking

Indian rupee ends nearly flat

MUMBAI: The Indian rupee closed nearly unchanged on Wednesday, as dollar sales by state-run banks helped the ...

Published 14 Nov, 2024 06:33am

Money & Banking

Dollar advances near 7-month peak

NEW YORK: The US dollar advanced near a seven-month high against major currencies on Wednesday after data showed US...

Published 14 Nov, 2024 06:33am

Money & Banking

Asian currencies: Malaysian ringgit at 3-month low

BENGALURU: Malaysia’s ringgit was the major loser on Wednesday among broadly muted emerging Asian peers as its...

Published 14 Nov, 2024 06:33am

Money & Banking

Bitcoin rises above $90,000 on Trump euphoria

DUBAI: Bitcoin charged past the $90,000 level on Wednesday, as its relentless rally showed no signs of easing on...

Published 14 Nov, 2024 06:33am

Pakistan-Poland trade approaches $1bn mark: envoy

ISLAMABAD: Poland and Pakistan continue to work for the development of our bilateral relation as trade between the...

Published 14 Nov, 2024 06:33am

Relief under ‘winter package’ should be extended to SMEs: FPCCI

KARACHI: Qurrat Ul Ain, Acting President of FPCCI, while appreciating the federal government’s winter package for...

Published 14 Nov, 2024 06:33am

Taxes

FTO disposes of 2,747 consignments of goods

ISLAMABAD: On the directives of the Federal Tax Ombudsman (FTO), the Federal Board of Revenue (FBR) has disposed of...

Published 14 Nov, 2024 06:33am

Adani Group to invest $10bn in US energy following Trump win

BENGALURU: India’s Adani Group will invest $10 billion in US energy security and infrastructure projects, aiming ...

Published 14 Nov, 2024 06:33am

Energy

OGDCL begins production from Uch-35 well

KARACHI: The Oil and Gas Development Company Limited (OGDCL) has announced the commencement of production from the...

Updated 14 Nov, 2024 08:23am

Taxes

Importance of open discussion on implementing agri tax emphasized

LAHORE: Speaker Punjab Assembly Malik Muhammad Ahmad Khan on Wednesday emphasized the importance of open discussion...

Updated 14 Nov, 2024 08:25am

Industry

LCCI organises seminar to highlight importance of AI

LAHORE: The Lahore Chamber of Commerce and Industry organized a seminar on Artificial Intelligence to highlight its...

Updated 14 Nov, 2024 08:27am

Previous Day

Forex
World
Commodity

Currency	Rate
USD PKR Interbank Selling / Nov 22	277.85
USD PKR Interbank Buying / Nov 22	277.65
USD to Japanese Yen / Nov 23	154.78
USD to Swiss Franc / Nov 23	0.89
Pound Sterling to USD / Nov 23	1.25
Euro to USD / Nov 23	1.04

Stock	Volume
S&P 500 / Nov 22	5,969.34
India Sensex / Nov 22	79,117.11
Tokyo Nikkei / Nov 22	38,283.85
Nasdaq / Nov 22	18,003.65
Hang Seng / Nov 22	19,229.97
FTSE 100 / Nov 22	8,262.08
Dow Jones / Nov 22	44,296.51
Germany DAX 30 / Nov 22	19,322.59

Item	Value
Karachi Cotton PKR/37.32 KG / Nov 22	17,785
Gold 10 Grams PKR / Nov 22	240,483
Crude Oil USD/Barrel / Nov 23	71.24
Gold Spot USD/Ounce / Nov 23	2,716.19
Cotton US¢/pound / Nov 23	70.77
Petrol/Litre / Nov 24	248.38

Gainers
Losers
Leaders

Stock	Price
786 Invest Ltd / Nov 24 786 Investments Limited(786)	6.82 ▼ 0.00 (0.00%)
AL-Abbas Sugar / Nov 24 Al-Abbas Sugar Mills Limited(AABS)	593.76 ▼ 0.00 (0.00%)
Agro Allianz / Nov 24 Agro Allianz Limited(AAL)	16 ▼ 0.00 (0.00%)
AL-Abid Silk / Nov 24 Al-Abid Silk Mills Limited(AASM)	3.49 ▼ 0.00 (0.00%)
Ali Asghar / Nov 24 Ali Asghar Textile Mills Limited(AATM)	70.89 ▼ 0.00 (0.00%)
Allied Bank / Nov 24 Allied Bank Limited(ABL)	120.21 ▼ 0.00 (0.00%)
Abbott Lab. / Nov 24 Abbott Laboratories (Pakistan) Limited(ABOT)	1,023.10 ▼ 0.00 (0.00%)
Abson Ind. / Nov 24 Abson Industries Limited(ABSON)	2.50 ▼ 0.00 (0.00%)
Alfalah ETF. / Nov 24 Alfalah Consumer Index ETF.(ACIETF)	12.55 ▼ 0.00 (0.00%)

Stock	Price
786 Invest Ltd / Nov 24 786 Investments Limited(786)	6.82 ▲ 0.00 (0.00%)
AL-Abbas Sugar / Nov 24 Al-Abbas Sugar Mills Limited(AABS)	593.76 ▲ 0.00 (0.00%)
Agro Allianz / Nov 24 Agro Allianz Limited(AAL)	16 ▲ 0.00 (0.00%)
AL-Abid Silk / Nov 24 Al-Abid Silk Mills Limited(AASM)	3.49 ▲ 0.00 (0.00%)
Ali Asghar / Nov 24 Ali Asghar Textile Mills Limited(AATM)	70.89 ▲ 0.00 (0.00%)
Allied Bank / Nov 24 Allied Bank Limited(ABL)	120.21 ▲ 0.00 (0.00%)
Abbott Lab. / Nov 24 Abbott Laboratories (Pakistan) Limited(ABOT)	1,023.10 ▲ 0.00 (0.00%)
Abson Ind. / Nov 24 Abson Industries Limited(ABSON)	2.50 ▲ 0.00 (0.00%)
Alfalah ETF. / Nov 24 Alfalah Consumer Index ETF.(ACIETF)	12.55 ▲ 0.00 (0.00%)

Stock	Volume
WorldCall Telecom / Nov 24 Worldcall Telecom Limited(WTL)	177,135,830 ▲ 0.00
K-Electric Ltd. / Nov 24 K-Electric Limited(KEL)	124,131,268 ▲ 0.00
Hascol Petrol / Nov 24 Hascol Petroleum Limited(HASCOL)	105,013,176 ▲ 0.00
Fauji Foods Ltd / Nov 24 Fauji Foods Limited(FFL)	77,697,371 ▲ 0.00
Treet Battery / Nov 24 Treet Battery Limited(TBL)	43,783,366 ▲ 0.00
B.O.Punjab / Nov 24 The Bank of Punjab(BOP)	36,573,763 ▲ 0.00
Sui South Gas / Nov 24 Sui Southern Gas Company Limited(SSGC)	32,719,678 ▲ 0.00
PIA Holding Co.Ltd / Nov 24 PIA Holding Company Limited(PIAHCLA)	27,969,689 ▲ 0.00
Cnergyico PK / Nov 24 Cnergyico PK Limited(CNERGY)	25,874,820 ▲ 0.00

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