The dollar slipped at the start of Asian trading on Monday as hopes of a deal to reopen the Strait of Hormuz pushed oil prices below $100 per barrel, even as the Trump administration played down the chances of reaching an agreement with Iran soon. Against the yen , the US dollar was down 0.2% at 158.87 yen, while the euro rose 0.3% to $1.1642 and the British pound gained 0.4% to $1.3485.
Oil prices hit two-week lows on Monday on optimism that the US and Iran were moving closer towards a peace deal even though they remained at odds over key issues, including blockades on the Strait of Hormuz that continued to restrict oil supply from the Middle East. Brent crude futures fell $4.71, or 4.55%, to $98.83 a barrel by 2234 GMT, while US West Texas Intermediate was at $92.03 a b
Buying momentum continued at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining over 500 points during the opening minutes of trading on Friday. At 9:35am, the benchmark index was hovering at 169,047.83, up by 533.39 points or 0.32%. Buying was observed in key sectors, including commercial banks, fertiliser, oil and gas exploration companies and power generation. Ind
Asian stocks rose on Friday while the U.S. dollar sat near six- week highs and oil prices were whipsawed as investors held on to hopes of a breakthrough in US-Iran peace talks although both sides remained at odds over key issues. The worry for investors remains the near closure of the Strait of Hormuz, a critical artery for the world’s energy supplies, that has sent oil prices soaring and re
Mecom Gas Pvt Ltd, a Pakistani Liquefied Petroleum Gas (LPG) marketing and distribution company, is considering an initial public offering (IPO) on the Pakistan Stock Exchange to raise $20 million for the construction of a liquefied petroleum gas storage facility. According to Bloomberg, the company, which imports LPG from the Middle East and distributes it across Pakistan, is in talks with the