News Archives for Business & Finance - 2024-12-05

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Business & Finance - 2024-12-05

‘Honri-VE’: Dewan Farooque Motors assembles over 100 units of Chinese EV in 3 months

Dewan Farooque Motors Limited (DFML) has locally assembled more than 100 units of a Chinese electric vehicle (EV)...

Published 05 Dec, 2024 09:54pm

Money & Banking

Billionaires’ wealth more than doubles in 10 years: UBS

ZURICH: Billionaires have seen their combined wealth shoot up 121 percent over the past decade to $14 trillion,...

Published 05 Dec, 2024 09:27pm

Stocks

Wall Street little changed as spotlight remains on jobs data

Wall Street’s main indexes were mostly flat on Thursday after recording all-time closing highs in the previous...

Published 05 Dec, 2024 08:54pm

Forex

SBP-held foreign exchange reserves cross $12bn for first time in over 2.5 years

Central bank's reserves increase $620 million in a week, aided by inflow from Asian Development Bank

Updated 05 Dec, 2024 11:01pm

Stocks

Most Gulf markets gain on US rate cut bets, OPEC+ output delay

Most stock markets in the Gulf ended higher on Thursday, helped by investor confidence in a U.S. interest rate cut...

Published 05 Dec, 2024 08:33pm

Business & Economy

In meeting with IMF’s new representative, Aurangzeb reaffirms commitment to loan programme

Finance minister Muhammad Aurangzeb reiterated on Thursday Pakistan’s commitment to ensuring “smooth and successful”...

Updated 05 Dec, 2024 10:15pm

Business & Economy

Saudi Fund for Development extends term of $3bn deposit for another year: SBP

$3 billion deposit agreement was initially signed with SFD in 2021 and subsequently rolled over in 2022 and 2023

Updated 05 Dec, 2024 10:15pm

Energy

OPEC+ extends oil supply cuts through March

VIENNA: Several OPEC+ countries, including Saudi Arabia and Russia, agreed Thursday to extend oil supply cuts for...

Published 05 Dec, 2024 07:24pm

US trade deficit narrows in October as imports fall: govt

WASHINGTON: The US trade gap narrowed more than expected in October, government data showed Thursday, as imports...

Published 05 Dec, 2024 07:21pm

Commodities

Asia rice: Indian export prices fall; Vietnam, Thailand demand muted

Prices of parboiled rice exported from India fell this week as the rupee depreciated to a record low even as demand...

Published 05 Dec, 2024 05:53pm

Business & Economy

PIA names acting CEO as it prepares to resume European flights

KARACHI: Pakistan International Airlines (PIA) on Thursday named one of the company’s senior executives as acting...

Updated 05 Dec, 2024 11:02pm

Stocks

Financials, IT drive Indian shares higher ahead of central bank policy decision

Indian shares advanced on Thursday as U.S.-focused IT stocks jumped on a rosy picture of the U.S. economy, while...

Published 05 Dec, 2024 05:21pm

Stocks

Sri Lanka shares end higher as IT, communication services gain

CSE All-Share index settled up 0.35% at 13,559.41

Published 05 Dec, 2024 05:19pm

Commodities

Copper ticks lower on weak risk appetite, uncertainty on China

LONDON: Copper prices edged lower on Thursday, weighed down by lacklustre risk appetite amid uncertainty about...

Published 05 Dec, 2024 05:17pm

Commodities

Palm rises on forecasts of lower end-Nov stocks

JAKARTA: Malaysian palm oil futures climbed on Thursday, helped by estimated lower November stocks in the country,...

Published 05 Dec, 2024 05:15pm

Commodities

Gold price per tola increases Rs500 in Pakistan

After remaining unchanged in the previous session, gold prices in Pakistan registered a gain on Thursday in line...

Updated 05 Dec, 2024 05:22pm

Companies

Complete turnaround: SSGC reports Rs4.5bn profit in July-Sept quarter

After much delay, the Sui Southern Gas Company (SSGC) made public its accounts for the quarter ended September 30,...

Updated 05 Dec, 2024 08:05pm

Spain’s October industrial output rises 1.9% year-on-year

Spain’s seasonally- and calendar-adjusted industrial output grew 1.9% in October from the same month a year earlier,...

Published 05 Dec, 2024 02:03pm

Forex

Russian rouble regains over one half of recent slide

MOSCOW: The Russian rouble strengthened further against the US dollar and China’s yuan on Thursday, regaining almost...

Published 05 Dec, 2024 02:01pm

Stocks

European stocks edge higher as investors weigh impact of French govt collapse

European stocks hovered near one-month highs on Thursday with French equities rising after lawmakers in the country...

Published 05 Dec, 2024 02:00pm

Commodities

Jordan tenders to buy up to 120,000 T feed barley, traders say

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

Published 05 Dec, 2024 02:00pm

Stocks

Most Gulf markets rise on US rate-cut bets, ahead of OPEC+ meet

Most stock markets in the Gulf edged higher in early trade on Thursday, helped by growing confidence in a likely US...

Published 05 Dec, 2024 01:58pm

Energy

Russia’s November seaborne diesel exports rise as production increases, LSEG data shows

MOSCOW: Russia’s seaborne diesel and gasoil exports rose in November on increased fuel production following a...

Published 05 Dec, 2024 01:57pm

Industry

$500mn earned through export of surplus sugar, says PM Shehbaz

Premier calls for measures to improve taxation system

Updated 05 Dec, 2024 11:02pm

Energy

OPEC+ expected to extend oil supply cuts

VIENNA: The OPEC oil cartel and its allies are expected Thursday to extend their supply cuts to avoid a sharp drop...

Published 05 Dec, 2024 12:57pm

Sri Lanka to ink debt deals by year’s end: minister

COLOMBO: Cash-strapped Sri Lanka vowed Thursday to complete its long-delayed foreign debt restructure within the...

Updated 05 Dec, 2024 05:13pm

Stocks

Bitcoin breaks $100,000, stocks mixed as traders eye S. Korea drama

HONG KONG: Bitcoin burst past $100,000 for the first time Thursday as traders welcomed Donald Trump’s pick to head...

Published 05 Dec, 2024 12:33pm

Energy

Petrobras says chair’s appointment to oil regulator must still be analyzed by Lula’s team

SAO PAULO: Brazil’s Petrobras said on Wednesday that the energy ministry had nominated the firm’s chairman to a...

Published 05 Dec, 2024 12:14pm

Australia goods trade surplus widens to A$5.95bn in October

SYDNEY: Australia’s surplus on trade goods widened in October, driven by a jump in shipments of gold and liquefied...

Published 05 Dec, 2024 12:13pm

Philippines’ November inflation accelerates as typhoons impact food prices

MANILA: Philippine annual inflation accelerated for the second straight month in November, the statistics agency...

Published 05 Dec, 2024 12:11pm

Philippine central bank says will take ‘measured approach’ in easing cycle

MANILA: The Philippine central bank said on Thursday it will continue to take a “measured approach” in its easing...

Published 05 Dec, 2024 12:09pm

Companies

Fire incident at PIBT disrupts operations

A fire incident at the Pakistan International Bulk Terminal Limited (PIBT) has disrupted operations, which may lead...

Updated 05 Dec, 2024 05:17pm

Temu told to suspend Vietnam operations, state media reports

HANOI: Chinese online retailer Temu has been told to suspend its operations in Vietnam after it failed to meet an...

Published 05 Dec, 2024 11:51am

Stocks

South Korean shares fall for a second day as political uncertainty spikes

The benchmark KOSPI was down 6.06 points, or 0.25%, at 2,457.94

Published 05 Dec, 2024 11:43am

Currency

To $100,000 and beyond: Bitcoin’s wild ride

Bitcoin broke above $100,000 for the first time on Thursday as the election of Republican Donald Trump as president...

Published 05 Dec, 2024 11:38am

Forex

Australia dollar pressured by market push for earlier rate cuts

SYDNEY: The Australian dollar was pinned near four-month lows on Thursday as investors wagered on earlier and deeper...

Published 05 Dec, 2024 11:27am

Stocks

No stopping KSE-100 as index settles above 108,000 with over 3,000-point gain

Buying supported by positive economic indicators, lower inflation reading, expectations of cut in key policy rate
This is KSE-100's third-highest day-on-day increase in terms of points

Updated 05 Dec, 2024 11:58pm

ADB approves $500mn loan to Indonesia for financial inclusion

JAKARTA: The Asian Development Bank (ADB) said on Thursday it has approved a $500 million loan for Indonesia to help...

Published 05 Dec, 2024 11:06am

Exchange

Rupee largely stable against US dollar

Currency settles at 277.94 against greenback in inter-bank market

Updated 05 Dec, 2024 06:40pm

Forex

China’s yuan eases on US rate path worry, tariff risks

HONG KONG: China’s yuan weakened against the dollar on Thursday, as uncertainty surrounding the path of US interest...

Published 05 Dec, 2024 10:37am

Companies

Hub Power Holdings partners with Mega Conglomerate to strengthen BYD alliance

In its bid to strengthen business collaboration with Chinese electric vehicle giant BYD Auto Industry Company...

Updated 05 Dec, 2024 05:13pm

Commodities

Palm rangebound on rival’s weakness, forecasts of lower end-Nov stocks

JAKARTA: Malaysian palm oil futures were range-bound on Thursday amid weakness in the Dalian palm oil contract and...

Published 05 Dec, 2024 10:24am

Commodities

Iron ore slides as investors fret China stimulus will disappoint again

BEIJING: Iron ore futures prices slid on Thursday as investor sentiment was dampened after state media in top...

Published 05 Dec, 2024 10:22am

Bullion Rate

Gold flat as investors await US payrolls data

Gold prices were little changed on Thursday as investors awaited US payrolls data that is expected to provide more...

Published 05 Dec, 2024 10:19am

Commodities

Soybeans edge higher, but Brazilian crop outlook caps gains

SINGAPORE: Chicago soybeans gained on Thursday, supported by bargain buying, although expectations of record-high...

Published 05 Dec, 2024 10:17am

Commodities

LME copper barely changed as traders await fresh triggers

London copper prices were nearly unchanged on Thursday, as market participants looked for more stimulus cues from...

Published 05 Dec, 2024 10:15am

Stocks

Indian shares set to open marginally higher

Indian shares are set to open slightly higher on Thursday, potentially continuing a four-session rally, as investors...

Published 05 Dec, 2024 10:14am

Forex

Indian rupee caught between weak underlying tone, soft US data

MUMBAI: The Indian rupee is likely to open little changed on Thursday, holding near its all-time low, amid a weak...

Published 05 Dec, 2024 10:12am

Stocks

Japan’s Nikkei climbs on softer yen and Wall Street’s record high

TOKYO: Japan’s Nikkei share average rose on Thursday, as a softer yen and a record high on Wall Street overnight...

Published 05 Dec, 2024 10:10am

Stocks

Australian shares inch higher as banks counter mining and energy losses

Australian shares inched higher on Thursday, tracking Wall Street’s strength overnight, with gains in banking stocks...

Published 05 Dec, 2024 10:07am

Currency

Bitcoin tops $100,000 as bets on Trump fuel crypto euphoria

Bitcoin catapulted above $100,000 for the first time on Thursday, a milestone hailed even by sceptics as a...

Published 05 Dec, 2024 10:04am

Forex

Euro wobbles, South Korean won steady as political turmoil checks sentiment

SINGAPORE: The euro was subdued on Thursday after the widely expected collapse of the French government, stoking...

Published 05 Dec, 2024 09:59am

Energy

Oil pares some gains after source says OPEC+ to delay output hike

LONDON: Oil prices pared some gains on Thursday after a source told Reuters OPEC+ has agreed to delay a planned oil...

Updated 05 Dec, 2024 06:15pm

Mutual Funds

Profit booking curbs decline in India bond yields, policy optimism persists

MUMBAI: Indian government bond yields were largely unchanged on Thursday, recovering from an initial decline as...

Published 05 Dec, 2024 09:50am

Mutual Funds

JGB yields tick up as market readjusts bets for BOJ rate hike

TOKYO: Japanese government bond (JGB) yields rose on Thursday, as market participants grappled with wavering...

Published 05 Dec, 2024 09:49am

Companies

CEO Telenor gets UN Women 2024 Asia-Pacific WEPs Award

ISLAMABAD: Khurrum Ashfaque, CEO of Telenor Pakistan has been recognised with the UN Women 2024 Asia-Pacific...

Published 05 Dec, 2024 08:54am

Taxes

Ombudsman institutions: FTO unveils programme to foster global co-operation

ISLAMABAD: The Federal Tax Ombudsman (FTO) has launched an innovative "Capacity Building Exchange Programme" to...

Published 05 Dec, 2024 08:53am

Industry

HCSTSI chief highlights severe challenges of industries

HYDERABAD: President of Hyderabad Chamber of Small Traders & Small Industry (HCSTSI), Muhammad Saleem Memon,...

Published 05 Dec, 2024 08:50am

Petroleum products’ sales surge to 25-month high

KARACHI: The sales of petroleum products in the country increased by 15 percent on year-on-year basis to 1.58 ...

Published 05 Dec, 2024 08:44am

Taxes

NTC reviews provincial tax reforms

ISLAMABAD: National Tax Council (NTC) Wednesday reviewed provincial tax reforms including measures to enhance...

Published 05 Dec, 2024 08:43am

Strategic position can enable country to emerge as a hub for economic connectivity: minister

ISLAMABAD: Federal Minister for Planning, Development and Special Initiatives Ahsan Iqbal said that Pakistan’s...

Published 05 Dec, 2024 08:16am

Industry

Key stakeholders vow to address KATI problems

KARACHI: The Korangi Industrial Area is set to receive enhanced focus and support as key stakeholders vow to address...

Published 05 Dec, 2024 07:58am

Industry

TDAP to participate in Automechanika Istanbul 2025 exhibition

KARACHI: The Trade Development Authority of Pakistan (TDAP) will participate in the most popular exhibition for...

Published 05 Dec, 2024 07:50am

ADB, SAFCO ink $86m financing package for SAF facility in Sheikhupura

ISLAMABAD: The Asian Development Bank (ADB) and SAFCO Venture Holdings Limited (SAFCO) have signed $86.2 million...

Published 05 Dec, 2024 07:47am

South America summit hopes to seal ‘historic’ trade deal with EU

MONTEVIDEO: Brazil, Argentina, Uruguay and Paraguay are hoping to announce a blockbuster trade deal with the...

Updated 05 Dec, 2024 07:08am

Sukuk auction: Govt raises Rs2trn in 2024 using PSX platform

KARACHI: The listing of Shariah-compliant securities at the Pakistan Stock Exchange (PSX) marked a significant...

Updated 05 Dec, 2024 09:13am

Talks under way to import Russian oil: minister

ISLAMABAD: Pakistan and Russia are actively negotiating the structure of a deal for the import of Russian oil by...

Published 05 Dec, 2024 06:47am

OECD warns of protectionism weeks before Trump return

PARIS: The OECD warned Wednesday that protectionist trade measures pose a major risk to disrupting the world ...

Published 05 Dec, 2024 06:47am

Money & Banking

Euro edges higher

NEW YORK: The euro rose on Wednesday in choppy trading, as a French no-confidence vote due later in the session...

Published 05 Dec, 2024 06:47am

Money & Banking

Asian currencies: S Korean won rebounds from 2-year lows

BANGALURU: South Korean shares fell and the won stabilized on Wednesday, after plunging overnight as the political...

Published 05 Dec, 2024 06:47am

Industry

Business Facilitation Centres: Ceremony marks completion of one year

LAHORE: A ceremony was held under the auspices of the Department of Industries and Commerce to mark completion of ...

Updated 05 Dec, 2024 08:09am

Jam, ABC team discuss range of key issues

ISLAMABAD: The Minister for Commerce of Pakistan, Jam Kamal Khan, met with a delegation from the American Business...

Updated 05 Dec, 2024 08:50am

Previous Day

Forex
World
Commodity

Currency	Rate
USD PKR Interbank Selling / Jan 8	278.78
USD PKR Interbank Buying / Jan 8	278.58
USD to Japanese Yen / Jan 8	158.14
USD to Swiss Franc / Jan 8	0.91
Pound Sterling to USD / Jan 8	1.25
Euro to USD / Jan 8	1.04

Stock	Volume
S&P 500 / Jan 7	5,909.03
Nasdaq / Jan 7	19,489.68
FTSE 100 / Jan 7	8,245.28
Dow Jones / Jan 7	42,528.36
Germany DAX 30 / Jan 7	20,340.57
France CAC40 / Jan 7	7,489.35
India Sensex / Jan 8	77,786.54
Tokyo Nikkei / Jan 8	40,008.25

Item	Value
Karachi Cotton PKR/37.32 KG / Jan 7	18,285
Gold 10 Grams PKR / Jan 7	236,625
Crude Oil USD/Barrel / Jan 8	74.85
Gold Spot USD/Ounce / Jan 8	2,650.51
Cotton US¢/pound / Jan 8	68.44
Petrol/Litre / Jan 9	252.66

Gainers
Losers
Leaders

Stock	Price
PICIC Ins.Ltd. / Jan 8 PICIC Insurance Limited(PIL)	3.21 ▲ 0.32 (11.07%)
JS Bank Ltd / Jan 8 JS Bank Limited(JSBL)	10.41 ▲ 1.00 (10.63%)
Idrees Tex. / Jan 8 Idrees Textile Mills Limited(IDRT)	15.68 ▲ 1.43 (10.04%)
Sec. Inv. Bank / Jan 8 Security Investment Bank Limited(SIBL)	12.38 ▲ 1.13 (10.04%)
Ahmad Hassan / Jan 8 Ahmad Hassan Textile Mills Limited(AHTM)	59.90 ▲ 5.45 (10.01%)
Asia Ins. / Jan 8 Asia Insurance Company Limited(ASIC)	14.29 ▲ 1.30 (10.01%)
D.M. Textile / Jan 8 D.M. Textile Mills Limited(DMTX)	60.58 ▲ 5.51 (10.01%)
Dawood Lawrencepur / Jan 8 Dawood Lawrencepur Limited(DLL)	296.12 ▲ 26.92 (10.00%)
JDW Sugar / Jan 8 JDW Sugar Mills Limited(JDWS)	904.95 ▲ 82.27 (10.00%)

Stock	Price
JS Mom. Factor ETF / Jan 8 JS Momentum Factor ETF(JSMFETF)	15.15 ▼ -2.18 (-12.58%)
Parmount Sp. / Jan 8 Paramount Spinning Mills Limited(PASM)	4 ▼ -0.50 (-11.11%)
Ali Asghar / Jan 8 Ali Asghar Textile Mills Limited(AATM)	78.82 ▼ -8.76 (-10.00%)
Faisal Sp. / Jan 8 Faisal Spinning Mills Limited(FASM)	292.37 ▼ -32.48 (-10.00%)
Khairpur Sug. / Jan 8 Khairpur Sugar Mills Limited(KPUS)	133.71 ▼ -14.86 (-10.00%)
Liven Pharma / Jan 8 Liven Pharma Limited(LIVEN)	178.53 ▼ -19.84 (-10.00%)
Suhail Jute / Jan 8 Suhail Jute Mills Limited(SUHJ)	156.38 ▼ -17.38 (-10.00%)
Frontier Ceram / Jan 8 Frontier Ceramics Limited(FRCL)	24.23 ▼ -2.69 (-9.99%)
National Silk / Jan 8 The National Silk & Rayon Mills Limited(NSRM)	49.90 ▼ -5.54 (-9.99%)

Stock	Volume
WorldCall Telecom / Jan 8 Worldcall Telecom Limited(WTL)	520,088,624 ▲ 0.09
Cnergyico PK / Jan 8 Cnergyico PK Limited(CNERGY)	76,600,722 ▼ -0.30
K-Electric Ltd. / Jan 8 K-Electric Limited(KEL)	45,707,217 ▼ -0.21
Fauji Foods Ltd / Jan 8 Fauji Foods Limited(FFL)	36,987,542 ▼ -0.41
Sui South Gas / Jan 8 Sui Southern Gas Company Limited(SSGC)	33,354,890 ▲ 2.33
Pak Stock Exchange / Jan 8 Pakistan Stock Exchange Limited(PSX)	27,144,749 ▼ -2.85
Pak Refinery / Jan 8 Pakistan Refinery Limited(PRL)	24,452,864 ▼ -2.53
B.O.Punjab / Jan 8 The Bank of Punjab(BOP)	22,768,455 ▼ -0.23
Pak Elektron / Jan 8 Pak Elektron Limited(PAEL)	20,370,180 ▼ -0.42

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