Despite heightened political tensions amid persisting uncertainty over IMF loan approval, the robust remittances, falling global crude oil prices and a likely third straight cut in interest rate boosted market sentiments, tossing the KSE benchmark index above 79,000 barriers on aggressive mid-session value-hunting. Topline Securities Ltd said institutional buying in blue-chip stocks drove t
Despite plant shutdowns and uncertain economic and political situation, the sales of cars, light commercial vehicles (LCVs), pickups and jeeps jumped 36 per cent to 17,288 units in July-August compared to 12,671 in the same period last year. According to the Pakistan Automotive Manufacturers Association (PAMA) data released on Tuesday, the sales of these vehicles remained flat, posting a meagre
Punjab’s unplanned power subsidies have emerged as the second most significant impediment to Pakistan’s much-anticipated $7 billion bailout from the Intentional Monetary Fund (IMF). In July, Pakistan reached a Staff-Level Agreement (SLA) for a new 37-month $7bn Extended Fund Facility. However, the agreement will take effect following the IMF Executive Board meeting, which has yet to be placed o
Chinese tech giant Huawei on Tuesday unveiled its new smartphone, billed as the world’s first trifold phone, hours after US competitor Apple lifted the curtain on its new iPhone built for AI. The Mate XT was officially launched in a keynote presentation by Huawei executive Richard Yu at the firm’s headquarters in the southern city of Shenzhen. Originally designed as a premium phone for a nic
Global oil benchmark Brent crude futures fell below $70 a barrel on Tuesday for the first time since December 2021, after Opec+ revised down its demand forecast for this year and 2025. Brent crude futures were down $2.62, or 3.65 per cent, at $69.22 a barrel at 1:14 p.m. EDT (1715 GMT). US West Texas Intermediate (WTI) crude lost $2.90, or 4.22 per cent, to $65.81. Both benchmarks dropped b