The stock market observed lacklustre activity on Monday as investors sold stocks to book profits. Topline Securities said worries about economic and political conditions kept investors on the sidelines. Ahsan Mehanti of Arif Habib Corporation said stock prices went down across the board owing to the foreign exchange crisis that’s been hurting industrial units. Companies belonging to th
PAKISTAN’S foreign exchange reserves have dropped to a nearly four-year low of $6.7bn — just about enough to cover four to five weeks of imports, according to the State Bank’s numbers released on Thursday. The same day, the SBP governor, Jameel Ahmad, said in a podcast that all debt repayments are on track and foreign exchange reserves are expected to increase in the second half of the current
The Nishat Group said on Monday it has increased its shareholding in MCB Bank by purchasing more than 65 million shares from one of the bank’s foreign shareholders, Bugis Investments Ltd. MCB Bank’s seven existing shareholders — three companies and four individuals — have acquired the shares from Bugis, a wholly owned subsidiary of Fullerton Financial Holdings Ltd. The foreign investor sold
A UAE-based investor leading the consortium set up to acquire the majority stake in Summit Bank Ltd proposed on Monday that the share subscription agreement be changed to reflect a reduced amount of fresh equity injection. Nasser Abdulla Hussain Lootah said he’ll now subscribe to 3.98 billion new shares of the bank at the previously agreed rate of Rs2.51 apiece. The transaction will generate Rs
Despite a 36 per cent month-on-month improvement in demand for cars, jeeps and pickups in November, the overall automobile sales plunged by 39pc year-on-year in the first five months of the current fiscal year. Total auto sales in November stood at 18,391 units as compared to 13,502 units in October while 66,458 units were sold in 5MFY23 compared to 108,635 units in the corresponding period l