Bulls made a comeback to the Pakistan Stock Exchange on Tuesday after a major drop in share prices a day ago owing to the unexpected increase in the key interest rate. The index moved in the positive zone throughout the trading session as investors’ sentiments improved after the government received $500 million from Asian Infrastructure Investment Bank, said Arif Habib Ltd. The inflow of d
Pakistan has been named the biggest contributor to the popular ride-sharing app Careem for achieving the milestone of completing one billion rides globally, the company said in a press release on Tuesday. According to the statement, Careem celebrated 1bn ride-hailing trips across the Middle East, North Africa, and Pakistan. “Careem captains have driven over 9bn kilometres across more than 80
Finance Minister Ishaq Dar announced on Tuesday that the Asian Infrastructure Investment Bank (AIIB) had transferred $500 million to the State Bank of Pakistan (SBP). “AIIB has transferred today, as per their board’s approval, to State Bank of Pakistan/Government of Pakistan $500 million as programme financing,” the minister said on Twitter Earlier this month, the finance minister had said P
The National Electric Power Regulatory Authority (Nepra) on Tuesday approved 32 paise per unit reduction on account of fuel cost adjustment (FCA) for consumers of ex-Wapda distribution companies (Discos) for October. Nepra announced this decision after carrying out a public hearing convened on a petition filed by the Central Power Purchase Agency (CPPA) on behalf of all Discos seeking a cut of
In view of the expected gas shortages in the winter season, Engro Polymer and Chemicals Ltd has signed an “interim agreement” with the state-owned Sui Southern Gas Company Ltd (SSGC) for the supply of fuel based on the industrial/commercial pricing for re-gasified liquefied natural gas (RLNG). The company will buy the imported gas — whose rate is over three times higher than that of the locally