Stock prices dropped on Wednesday as investors resorted to redemptions on economic uncertainty. Arif Habib Ltd said bearish sentiments gripped the bourse soon after trading began. The slide continued throughout the day, thanks to the rollover week in which futures contracts are either settled or rolled over to the next month. Decent volumes were observed across the board while third-tier compan
Shares at the Pakistan Stock Exchange (PSX) fell sharply for a second day on Wednesday, with analysts citing delays in the completion of the International Monetary Fund’s (IMF) ninth review, the foreign exchange crisis and exchange rate instability. The benchmark KSE-100 index lost 523.48 points, or 1.32 per cent, to close at 39,279.43 points. It reached an intraday low of 775.4 points, or 1.95
The State Bank of Pakistan has eased imports of several essential items required as raw material and some basic needs of the exporters. A circular issued by the SBP on Tuesday stated that the central bank had decided to withdraw its instructions with effect from Jan 2, 2023, paving the way for acceptance of requests for import transactions already submitted to the SBP. Earlier, under circula
Nishat Chunian Limited, one of Pakistan’s largest textile companies, informed investors on Wednesday that it was temporarily shutting off some spindles because of market conditions. In a Pakistan Stock Exchange filing, Nishat Chunian Limited (NCL) stated, “The company has an installed capacity of 219,528 spindles and 2,880 rotors in its spinning division. Company has decided to temporarily clos
The revenue collection from the cigarette manufacturers grew 26 per cent to Rs83.5 billion in the first half of the current fiscal year from the same period a year ago thanks to the Track and Trace System (TTS) introduced to check tax evasion in the tobacco sector. The statistics were shared in a special meeting chaired by Prime Minister Shehbaz Sharif to review measures taken to curb smuggling