Shares at the Pakistan Stock Exchange (PSX) fell sharply on Tuesday, with analysts attributing the sell-off to political uncertainty and delay in the completion of the International Monetary Fund’s (IMF) ninth review. The benchmark KSE-100 index plunged by 1378.54 points, or 3.47 per cent, to close at 38,342.21 points, its lowest level since July 27, 2020. Today’s sell-off marked the highest
Symmetry Group Ltd, a digital solutions company with multiple subsidiaries, is looking to raise Rs430.2 million through a stock exchange listing. The Pakistan Stock Exchange (PSX) sought public feedback on Tuesday to the proposed listing of the company, which is offering 30.9 per cent of its post–initial public offer (IPO) shareholding to investors. Symmetry Group is selling 78.2m ordinary s
Pakistan remained in the grip of the foreign exchange crisis in 2022. Now, at the beginning of 2023, the situation has deepened further. On January 6, forex reserves held by the State Bank of Pakistan (SBP) plunged to $4.343 billion, enough to cover just three weeks of imports, after the country repaid $1bn commercial loans of two UAE-based banks. Despite such a massive decline in the forex res
JS Global Capital Ltd, a securities broker, announced on Tuesday its intention to buy a majority shareholding and control in EFG Hermes Pakistan Ltd, another brokerage house listed on the Pakistan Stock Exchange. JS Bank Ltd holds 92.9 per cent shares in the potential acquirer. The regulatory filing offered few details about the expected price or the exact shareholding that the company is lo
Shareholders of Summit Bank Ltd passed a special resolution in an extraordinary general meeting on Tuesday to authorise the equity injection of Rs10 billion from a UAE-based investor. Nasser Abdulla Hussain Lootah will subscribe to 3.98 billion new shares of the bank at Rs2.51 apiece to gain management control as well as 51 per cent shareholding. The transaction will generate Rs10bn in equity f