Rupee continues upward momentum on August 17, 2022The Pakistan rupee on Tuesday gained 08 paisa against the US dollar in the interbank trading and closed at Rs213.89 against the previous day’s closing of Rs213.97. According to the Forex Association of Pakistan (FAP), the buying and selling rates of dollars in the open market were recorded at Rs207.75 and Rs211.75 respectively. The price […]
PSX loses 185 points on August 17, 2022The KSE 100-index of the Pakistan Stock Exchange (PSX) witnessed bearish trend on Tuesday, losing 185.34 points, a negative change of 0.42pc, closing at 43,436.48 points against 43,621.82 points on the last working day. A total of 518,045,853 shares were traded during the day compared to the trade of 541,548,244 shares the previous day, whereas […]
Saudi PIF buys shares in Alphabet, Zoom and Microsoft in US shopping spree on August 17, 2022Saudi Arabia’s Public Investment Fund (PIF) bought shares in Alphabet, Zoom Video and Microsoft as part of a wider pick of US stocks, bringing the market value of the sovereign wealth fund’s investment portfolio to about $40.8b at the end of the second quarter. The PIF acquired 213,000 class A shares in Alphabet, 4.7m class […]
Rupee gains Rs1.52 against dollar on August 16, 2022The Pakistan rupee on Monday gained Rs1.52 against the US dollar in the interbank trading and closed at Rs213.97 against the previous day’s closing of Rs215.49. According to the Forex Association of Pakistan (FAP), the buying and selling rates of dollars in the open market were recorded at Rs208 and Rs212 respectively. The price of […]
Gold price declines by Rs4300 to rs134,200 per tola on August 16, 2022The price of 24 karat per tola gold witnessed a decrease of Rs4300 on Monday and was sold at Rs134,200 in the local market against its sale at Rs138,500 the previous day. The price of 10-gram 24 karat gold also declined by Rs3686 and was sold at Rs115,055 against its sale at Rs118,741 whereas prices […]
US stocks lower ahead of key retail sales, earnings on August 16, 2022Wall Street stocks opened lower Monday, handing back a fraction of recent gains ahead of key US retail sales and earnings reports. Analysts cited weak Chinese industrial and retail sales data that prompted the People’s Bank of China to cut interest rates. The disappointing data was compounded by a gloomy reading from the New York […]
Gold prices may tumble as the Fed resists pivot bets and short covering slow on August 15, 2022Gold prices ended the week approximately 1.5pc higher after rallying on Friday as Treasury rates fell. Throughout the week, traders analysed inflation data via the consumer price index (CPI) and producer pricing index (PPI), with both gauges dropping from the previous month. Following the 8.5pc year-on-year CPI data, odds on a Fed rate rise fell, […]
Oil prices fell by 2pc on expectations on August 15, 2022On Friday, oil prices fell by 2pc on optimism that supply interruptions in the US Gulf of Mexico would be temporary, while economic worries cast doubt on the prospects for demand. However, futures were still expected to post a weekly gain. By 11:10 a.m., Brent oil futures had dropped $1.47, or 1.5pc, to $98.13 per […]
Proposed ethereum PoW Fork token loses half its market value in less than a week on August 15, 2022After seven years of using a proof-of-work (PoW) consensus mechanism, Ethereum is anticipated to switch to a proof-of-stake (PoS) system in 32 days. While the new regulations have been introduced on the testnets, most people anticipate a very seamless mainnet transfer. However, another chain is predicted to split away from the Ethereum branch, and the […]
75th independence day: PIA announces 14pc discount on domestic flights on August 14, 2022Pakistan International Airlines (PIA) on Saturday announced a 14 per cent discount on all domestic flights in line with the Diamond Jubilee celebrations of the country’s Independence Day. “The national flag carrier offers 14pc discount on domestic travel on 14th August – the 75th Independence Day of Pakistan,” PIA spokesman Abdullah Hafeez Khan announced in […]