fbpx mmnews
Archive

business and stock

Bulls take over PSX as 100-index gains 877.26 points

KARACHI: The Pakistan Stock Exchange (PSX) soared during Wednesday’s intraday trade as its benchmark KSE-100 index surged over 850 points after Islamabad completed the last pre-condition to revive the International Monetary Fund’s (IMF) loan programme. Encouraging financial results, rupee appreciation

Gold loses shine, price sheds by Rs8,600 per tola in Pakistan

KARACHI: Gold fell sharply on Wednesday as some investors unwound safe-haven positions as the precious commodity surrendered hefty gains to trade below Rs150,000 per tola as a rupee rally and crude oil drop triggered heavy profit-taking in the precious metal.

Steep fall for US dollar as PKR gains Rs11.38 in open market

KARACHI: After losing its value for weeks, rupee seemed to be gaining some rapid ground on the US dollar as the greenback on Wednesday continued its losing streak in interbank and open market against PKR. According to forex dealers, the

Govt reviewing tax issues regarding GST, electricity bills and property: Miftah

ISLAMABAD: Federal Minister for Finance and Revenue Miftah Ismail has said that reviews are being carried out for resolving issues related to imposition of tax on electricity bills, property and sales tax. He was talking to a delegation of Mardan

PSX benchmark 100-index gains 115.65 points

KARACHI: The bears and bulls locked horns at the Pakistan Stock Exchange (PSX) on Tuesday as the KSE-100 index traded on both sides of the fence, but closed with a gain of over 100 points as players cherry-picked stocks that

Gold price decreases by Rs3,500 per tola

KARACHI: The price of 24 karat per tola gold decreased by Rs3,500 per tola and was sold at Rs154,900 on Tuesday against sale at Rs157,400 the previous day in the local market. The price of 10 gram 24 karat fold

Volatile session observed at PSX, KSE-100 falls 74 points

KARACHI: The Pakistan Stock Exchange (PSX) commenced the first trading session of the month on a volatile note, as the benchmark KSE-100 index fell 0.19%, while both volume and value of shares traded registered a significant drop. The KSE-100 index

Motorcycles prices increased by up to 20,500 in Pakistan

KARACHI: Atlas Honda and Yamaha on Monday notified a hike in prices of their motorcycles by up to Rs15,000 and Rs20,500, respectively. Meanwhile, Suzuki has stopped taking new orders for bikes and the market expects it to announce an increase

Rupee gains Rs4.50 against US dollar in open market

KARACHI: The PKR on Monday gained Rs4.50 against the US dollar in the open market during the intraday trade after the Finance Ministry and State Bank of Pakistan (SBP) assured the market rupee’s appreciation and gave a roadmap for the

FBR collects Rs458 billion taxes in July surpassing the target

KARACHI: The Federal Board of Revenue (FBR) on Monday announced it has surpassed the tax collection target for the month of July, collecting Rs458 billion during the first month of FY2022-23. As per the FBR, the tax collection target for

Govt likely to slash fuel prices

 ISLAMABAD: The government may slash the price of petrol by Rs11 per litre. Sources privy to the matter said that the price of petrol is expected to decrease by Rs11 per litre while the price of high-speed diesel is likely

DEFCLAREA stages demo against new taxes on real estate sector

KARACHI: Defense and Clifton Association of Real Estate Agents (DEFCLAREA) staged a protest demonstration against the imposition of various new taxes on the real estate sector in the budget 2022-23. The demonstration held in Defense Area on Saturday was attended

Miftah Ismail insists pressure on rupee will end within 2 weeks

ISLAMABAD: Finance Minister Miftah Ismail claimed on Sunday that pressure on the rupee, which has seen its worst month in over 50 years after depreciating 14.5% against the US dollar, would end within the next two weeks. Addressing a presser

Cabinet approves increase in petroleum dealers’ margin

ISLAMABAD:  The government has further burdened the masses, who are already concerned due to whooping inflation as the federal cabinet on Saturday approved increasing dealers’ margin on petrol and diesel by Rs7 per litre. According to details, the government has

Pakistan’s annual food imports bill hits $9 billion

Pakistan’s annual food imports bill hit $9 billion in the fiscal year 2021-22 — all-time high in the country’s history, Data shared by the Pakistan Bureau of Statistics (PBS) on Saturday revealed.   At least $3.54 billion were spent on

Pak-US trade witnesses over 44pc growth during FY2022

ISLAMABAD: Pakistan s goods and services trade with the United State of America (USA) witnessed an increase of 44.91 percent during twelve months of fiscal year (2021-22) as compared to the corresponding period of last year. The overall exports to

PSX closes in red as KSE-100 loses 126 points

KARACHI: The Pakistan Stock Exchange (PSX) on Friday witnessed a volatile session and in the end, the benchmark KSE-100 index lost 126.28 points. Owing to tepid investor sentiments, the KSE-100 saw a range-bound session with gains in the first half

FTX wins full approval to operate crypto exchange in Dubai

Cryptocurrency exchange FTX said on Friday it was fully approved to operate its exchange and clearing house in Dubai, as the Gulf emirate pushes forward with plans to develop its digital asset sector. The Bahamas-based company said it will start

Pakistan to repay $95.4 billion foreign debts from 2022 to 2059

The Ministry of Finance has submitted a written response regarding the country’s debts during the meeting of the National Assembly. In the written reply of the Ministry of Finance, it was stated that Pakistan will have to repay the debt

Dollar crunch leads to disarray in forex market

The shortage of dollars in Pakistan is creating a dislocation in the foreign-exchange market, with banks offering different rates than the interbank market as Pakistan’s economy is seeing stress amid delay in IMF program, Bloomberg reported on Thursday. According to

Google glitch shows USD to PKR rate at Rs. 207

A glitch in Google has started showing the rate of Pakistani Rupee against the US Dollar (USD to PKR) as Rs. 207.10 on 28 July 2022, which has led people on the internet confused. However, the local currency has not

Bulls return to PSX as KSE-100 gains 304 points

KARACHI: After some clarity on the political front the Pakistan Stock Exchange (PSX) on Thursday witnessed a bullish trend and the benchmark KSE-100 index gained over 300 points. The KSE-100 had earlier hit an intra-day high of 40,628.67, up by

Rupee free fall continues against dollar

KARACHI: Amid the political uncertainty in the country the Pakistani rupee continued its free fall and dropped to a record low. According to details, the greenback was being traded around Rs239.5 in the interbank after appreciating by Rs3.48 compared to

Nepra allows Rs 11.37 per unit hike in K-Electric’s tariff

ISLAMABAD: The power rate to increase the cost of electricity by Rs 11.37 paise per unit has been approved. K-electric had submitted a request to National Electric Power Regulatory Authority (Nepra) for an increase of Rs 11 39 paise per

KSE-100 index gains 78.59 points, closes at  39,972

KARACHI: Pakistan Stock Exchange (PSX) on Wednesday witnesses a volatile trading session and in the end KSE-100 index gained 78.59 points. Uncertain economic conditions kept investors at bay and range-bound activity was witnessed where the benchmark index traded in a

Gold price hits all-time high in Pakistan, reaches Rs.150,000 per tola

KARACHI: Gold price hit an all-time high, surpassing Rs150,000 per tola in Pakistan on Wednesday. The price of gold soared Rs2,500 per tola and Rs2,143 per 10 grams to an all-time high of Rs152,000 and Rs130,315 in the local market,

Toyota, Suzuki to shut Pakistan output over forex, shortage issues

KARACHI: Pakistan’s two leading car assemblers, Toyota and Suzuki, plan partial plant shutdowns next month due to unavailability of raw material amid import restrictions and exchange rate volatility, officials at both companies said on Wednesday. The government in recent weeks

Tractors production increases 16% in FY 2022

ISLAMABAD: The production of farm tractors in the country witnessed an increase of 16.01 percent to 58,880 units during the twelve months of the fiscal year 2021-22, against the production of 50,751 units in same months of last year. During

Gwadar Free Zone to begin exports next year

BEIJING: In a major development, exports have been set in motion for the first time in Gwadar Free Zone under the backdrop of exemption from all sorts of taxes and custom duties in the Free Zone for a period of

Pakistani rupee depreciates further against dollar in interbank

KARACHI: The dollar continues to soar high against the Pakistani rupee and the value of the dollar is not slowing down due to political instability. According to the details, the increase in the value of the dollar and the devaluation