The Pakistan Stock Exchange (PSX) has directed the sponsors of Dewan Automotive Engineering Ltd (DAEL) to provide the rest of the shareholders with an option to sell their stakes to them within 90 days (up to Dec 11) at a PSX-determined price. The regulatory action demanding that the auto-part maker hold a compulsory share buyback follows its non-compliance of many regulations, particularly tho
The rupee continued to strengthen against the US dollar in the interbank market on Wednesday but fell in the open market, reported dawn.com. The development comes a day after the rupee rose 0.42 per cent in the interbank market to below 300, a barrier it crossed for the first time on Aug 24. According to the State Bank of Pakistan, the rupee gained 1.07 against the greenback, from yesterday’
Crisis-hit Sri Lanka must convince IMF officials that it has met key goals under a $2.9 billion bailout to push forward debt restructuring efforts crucial to a recovery for its battered economy. The officials, set to arrive in Colombo on Thursday, will assess the island’s performance under a four-year program secured last March. Sri Lanka needs to meet the IMF’s performance criteria to unlock f
With no let-up in the rising energy rates, the prices of petroleum products are estimated to rise again later this week owing to a combination of currency depreciation and higher international oil prices. Informed sources told Dawn that the prices of both major petroleum products — petrol and high-speed diesel (HSD) — could go up by about Rs10-14 and Rs14-16 per litre, respectively, on Sept 15
Oil prices were near flat on Wednesday, after earlier hitting a 10-month high, as a surprise build in US crude inventories offset expectations of tight crude supply for the rest of the year. International benchmark Brent futures dropped 7 cents to $91.99 a barrel by 12:48 p.m. EDT (1648 GMT). Its session high of $92.84 a barrel was the highest since November. US West Texas Intermediate crud