Pakistan and the International Monetary Fund (IMF) had another round of engagement on Thursday but could not finalise a schedule for formal talks on the overdue ninth review of a $7 billion loan programme amid a lack of clarity on flood-related financial requirements for this fiscal year and declining revenue stream in the wake of import controls. “Dates for the ninth review could not be finali
The equity market had another range-bound trading session on Wednesday as share prices succumbed to the selling pressure on the back of negative triggers. Topline Securities said equities took a downturn as Pakistan’s credit default swap (CDS) — insurance against a sovereign failure to pay back maturing debt — surged to a multi-year high of 75.5 per cent. The rise in the CDS weighed heavily on
Large-scale manufacturing (LSM) posted a negative growth of 0.4 per cent in the first quarter of the current fiscal year from a year ago, official data of the Pakistan Bureau of Statistics showed on Wednesday. The deceleration in industrial output in the current fiscal year indicates that economic growth will slip further in the next quarter. It is estimated that the second quarter will be more
Sazgar Engineering Works Ltd (SEWL) has successfully assembled Pakistan’s first hybrid electric vehicle (HEV). The company in a filing to Pakistan Stock Exchange (PSX) on Wednesday said the vehicle was being launched under the brand name “Haval” on Nov 17 in Lahore. It’s a joint venture between SEWL and Great Wall Motor of China. Sources said the price of Haval HEV H6 vehicle is expected to
The US dollar continued its rising spree for the fourth consecutive session and appreciated by 50 paise against the rupee in the interbank market on Wednesday. The State Bank of Pakistan (SBP) reported the dollar closing price at Rs222.41 from Rs221.91 a day earlier. With the increasing pressure on the external front, the exchange rate has started reflecting the response. Currency dealer