Bulls tossed the benchmark index above the 71,000 barrier for the first time in the history of the Pakistan Stock Exchange (PSX) on Tuesday, but the market came under selling pressure, snapping the five-day record-breaking spree amid uncertainty about the outcome of talks with the International Monetary Fund (IMF). In the preceding session, the index scaled an all-time high on prevailing opti
AFTER many years of extreme uncertainty and political instability, it now seems like things are finally starting to move. Two developments this week point to this. First is the visit of the foreign minister of Saudi Arabia, during which the talks seem to have focused in significant measure on some form of economic engagement between Saudi Arabia and Pakistan. The language used by the Saudi fore
To enhance consumer protection and ensure transparency, the Competition Commission of Pakistan (CCP) has proposed amendments to the Pakistan Standard Specification for all five types of cement. In a policy note issued on Tuesday, the CCP has recommended a mandatory disclosure of manufacturing and expiry dates on cement packaging. Highlighting the significance of this recommendation, the
The rupee struggled to remain firm on Tuesday, but the US dollar appreciated in the interbank market for the second day in a row. The State Bank of Pakistan (SBP) reported the dollar gained 17 paise to settle at Rs278.29 compared to Rs278.12 a day before. The greenback appreciated by 18 paisa on Monday. “The exchange rate is stable. The minor fluctuations have no significance,” said Atif Ah
A $20 per ounce jump in world gold rates on Tuesday pushed the local 10-gram and one-tola prices to new all-time highs of Rs214,077 and Rs249,700, respectively, up Rs2,057 and Rs2,400 from Monday. As per rates issued by the All Sindh Saraf and Jewellers Association (ASSJA), the international gold price swelled to $2,391 per ounce, an all-time high amid escalating tension after the Iranian atta