Most Adani Group stocks dropped on Wednesday, extending losses to $72 billion after a short-seller report criticised the conglomerate and despite the group completing a closely watched share sale a day earlier. Hindenburg Research’s report last week alleged improper use of offshore tax havens and flagged concerns about high debt. It added that shares in seven Adani-listed companies have an 85 p
On the opening day of make-or-break talks with the International Monetary Fund (IMF), the government on Tuesday increased liquefied petroleum gas (LPG) price by 30 per cent and finalised a minimum of Rs6 per unit average increase in electricity rates between now and August. This was on top of an earlier hike in petroleum rates by up to 16pc, a rise of one percentage point in the central bank
Shares at the Pakistan Stock Exchange (PSX) fell sharply on Monday, with the benchmark KSE-100 index dropping 579.26 points, or 1.43 per cent, to close at 39,871.27 points. It reached an intraday low of 606.14 points, or 1.52pc, around 3:26pm. Two analysts attributed the stock market’s fall to the blast at a mosque in Peshawar’s Police Lines area, in which 28 people died and more than 150 we
A SEVEN per cent drop in textile exports during the current fiscal year has brought about thousands of layoffs in the industry, putting daily wagers and contractual workers at risk of starvation. And this is “just the beginning”. The situation in the auto sector is equally grave, as more than “250,000 people have lost their jobs” due to a dip in the sale of automobiles. Mazhar Iqbal (not his
Foreign exchange reserves of the State Bank of Pakistan (SBP) plunged to $3.678 billion on January 20 from $4.601bn due to external debt repayments. At this level, the reserves provide imports cover of three weeks against a standard minimum of three months. The SBP reported a new level of the forex reserves on January 26 and simultaneously removed the cap on the official exchange rate. Conseque