The Pakistan Stock Exchange (PSX) ended a topsy-turvy Friday in the red following the power sector regulator’s notification of an additional fuel cost adjustment of Rs4.13 per unit for November 2023. The trading on the bourse began on a positive note reversing overnight gloom but the news of a hike in industrial tariff dampened the sentiments which triggered an across-the-board selling. The
Oil prices fell two per cent on Thursday, largely unwinding an earlier rally, as massive weekly gasoline and distillate stock builds overshadowed a larger-than-expected crude stock draw. Brent crude fell by $1.57, or 2pc, to $79.01 a barrel by 11:23am EDT, after earlier rising over $1. US West Texas Intermediate crude futures fell $1.47, or 2pc, to $73.57. Low fuel demand and large inventory
The State Bank of Pakistan’s (SBP) foreign exchange reserves hit an almost six-month high to $8.221 billion after an inflow of $464 million during the week ending on Dec 29, the central bank announced on Thursday. However, the inflow of $853m in the preceding week helped to increase the SBP’s reserves cumulatively by $1.31bn. Despite this massive increase in two weeks, the rupee did not show
Accepting the longstanding demand of the IT, telecom and internet service providers, the government has finally established the Telecommunication Appellate Tribunal. The gazette notification stated that the tribunal will have three members, including the chairperson, who will be a judge of a high court or an advocate with experience of up to 15 years. The tribunal was established under the Tel
The bank lending to the private sector turned positive for the first time during this fiscal year, reflecting improvement in the economic activities. The State Bank of Pakistan (SBP) on Thursday reported that the private sector borrowed Rs98.73 billion during the week ending Dec 22, 2023. This has pushed the total bank lending to the private sector to Rs9.22 trillion, taking the net borrowin