Amid uncertain political and economic environment, domestic gold prices continued a record-setting spree on Wednesday, tossing the 10-gram and one-tola rates to an all-time high of Rs236,197 and Rs275,500, respectively, up by Rs2,144 and Rs2,500, from Tuesday’s rates. The All Pakistan Gem and Jewellery Association (APGJA) attributed the surge in local prices to a $25 per ounce jump in the world
Indus Motor Company (IMC), the assembler of Toyota vehicles, has announced that production operations will be temporarily suspended from Sept 26 to 30 due to parts shortage. In a stock filing on Wednesday, the company said it is currently experiencing low levels of raw materials and component inventory, besides facing ongoing supply chain challenges. This has resulted in a shortage of parts and
The board of the International Monetary Fund on Wednesday agreed to loan Pakistan $7 billion to bolster its faltering economy, approving a relief package that the Prime Minister Shehbaz Sharif-led government has pledged would be the last from the Washington-based lender. The three-year programme “will require sound policies and reforms” to support Pakistan’s ongoing efforts to strengthen its ec
On the eve of the IMF executive board’s meeting to approve the first tranche of the $7 billion new bailout for Pakistan, equities experienced continuous selling pressure, extending overnight losses due to rising political uncertainty. Ahsan Mehanti of Arif Habib Corporation said stocks closed under pressure amid political noise and a weak rupee. He said that the government’s decision to revi
The board of directors of Amreli Steels Ltd (ASL) has decided to temporarily suspend operations at its oldest Karachi-based manufacturing facility, Site Rolling Mills (SRM), due to the uncertain economic and political situation. In a stock filing on Tuesday, ASL said that the SRM represents 30pc of the company’s total production capacity. The situation will be reviewed in six months, and the