In the first auction of the treasury bills (T-bills) after the State Bank of Pakistan (SBP) cut its policy rate in nearly four years early this month, the government on Wednesday exceeded its auction target by 72 per cent at slightly reduced cut-off yields. The SBP brought down its policy rate by a meagre 150 basis points to 20.5pc on June 10 after keeping it at an unprecedented level of 22pc f
Oil prices rose about one per cent on Wednesday despite a surprise jump in US gasoline supplies, as investors worried that a potential expansion of the fighting in Gaza could disrupt crude supplies from the Middle East. Brent crude futures rose 22 cents, or 0.3pc, to $85.23 per barrel by 1835 GMT. US West Texas Intermediate crude futures settled 7 cents higher at $80.90 a barrel. Cross-borde
The government should have no business doing business, Senate Chairman Syed Yousaf Raza Gillani said in an address to a conference on Wednesday. Over 70 presidents of different chambers of commerce and industry, ambassadors and diplomats attended the gathering. In keeping with the “right man right job principle”, the government must play the role of a regulator instead of running businesses
After four consecutive fortnightly price cuts, the major petroleum products — petrol and high-speed diesel (HSD) — are estimated to become costlier by Rs7 and Rs8 per litre, respectively, with effect from July 1 for the next fortnight, mainly because of the higher international market. Informed sources said the prices of petrol and HSD had increased in the international market by about $4.4 and
The stock market witnessed persistent selling pressure amid growing budget-related uncertainties, taking the benchmark KSE 100 index below 78,000 on Tuesday. Ahsan Mehanti of Arif Habib Corporation said the market closed lower amid consolidation in the post-budget session. However, uncertainty about the IMF’s approval of new proposals to relax some tax measures before the approval of the federa