Pakistan worries are unfairly overstated, says SBP acting governor on July 23, 2022The acting governor of the State Bank of Pakistan, Murtaza Syed said the IMF’s essential rescue programme “puts a lot of distance between Pakistan and more fragile countries,” and that Pakistan is still able to meet its heightened financial demands. In an interview with Bloomberg, Dr. Syed was cited as claiming that “concerns about Pakistan […]
KSE-100 ends the day below 40,000 on July 22, 2022The benchmark KSE-100 Index fell 628 points to settle below the 40,000 level for the first time since November 2020 after a one-day respite on the Pakistan Stock Exchange (PSX). Despite an increase in trading volume to approximately 158m shares during the session, selling pressure was maintained amid concerns about the cost of production and […]
KSE-100 ends slightly positive after big drops on July 21, 2022On Wednesday, the benchmark KSE-100 Index of the Pakistan Stock Exchange (PSX) closed modestly positive following a tumultuous trading session that had declined for the previous four sessions. The KSE-100 began the day with a low of 40,135, down 253 points from its opening price. Stocks were able to recoup some of their lost territories […]
Free-falling rupee threat to national security; Sri Lanka-like scenario emerging: FPCCI chief on July 21, 2022FPCCI president Irfan Iqbal Sheikh has maintained that the free-falling rupee has reached a point where it has become a threat to national security as LCs for petroleum imports are being opened at a much higher rate than that of intra-bank rate, and a grave law & order situation might emerge in case of any […]
PSX meltdown over rupee’s record fall on July 20, 2022Following on from Fitch Ratings’ downgrading of Pakistan’s outlook, the benchmark KSE-100 Index closed Tuesday’s trading session 978 points lower on the PSX due to investors’ concerns over political uncertainty. A second consecutive day of rupee depreciation versus the dollar also contributed to the market’s slump. The KSE-100 Index reportedly started the day at 41,367.11 […]
Dollar shortage threatens factory closures and losses: FPCCI on July 20, 2022FPCCI acting president Suleman Chawla said the unprecedented volatility in rupee-dollar parity is playing havoc with the economy; and, now imports of essential commodities and industrial raw materials are also under threat if the current bout of downward spiral continues. He explained that the situation is so mismanaged and grave that many factories are at […]
57-country Islamic chamber represents a $7t economy: FPCCI chief on July 19, 2022FPCCI president Irfan Iqbal Sheikh has said that the 57-Country alliance of the Islamic Chamber of Commerce, Industry, and Agriculture (ICCIA) represent an enormous collective GDP of $7t and that makes it the most significant alliance for Pakistan to enhance its exports, attract FDI and remittances. He was representing Pakistan at the 38th General Assembly […]
KSE-100 drops over 700 points as political unrest re-emerges on July 19, 2022Pakistan Stock Exchange (PSX) saw its benchmark KSE-100 Index drop over 700 points at Monday’s close due to investor nervousness following the by-elections in Punjab. The benchmark index fell 800 points to an intra-day low of 41,274.62 as investors rushed to unload their positions amid widespread selling. Closed with a loss of 707.80 points or […]
Weekly Stocks Review: Relief rallies push market positive on July 18, 2022It was a good week for Pakistan’s stock market, with the KSE-100 index closing the week at 42,075, up 1.8pc from the previous week. An upbeat market mood persisted all week as investors welcomed news of a staff-level agreement between the government and the International Monetary Fund (IMF). Following the decision of the IMF Executive […]
KSE-100 closes down 0.65pc at over 42,000 points on July 16, 2022The benchmark KSE-100 Index of the Pakistan Stock Exchange (PSX) fell by 274 points on Friday, after a four-session rally that saw both volume and value of shares traded decline. The announcement that an agreement had been reached at the staff level with the International Monetary Fund (IMF) helped to boost the market’s opening. As […]