The banking sector's Advance-to-Deposit Ratio (ADR) improved to 47.8% as of November 29, 2024, up from 44.3% in October and recovering from a low of 38.4% in August. This marks a notable increase of 944 basis points (bps) in just three months, reflecting banks' efforts to meet the mandatory 50% ADR threshold by December 31, 2024. Failure to achieve this target will result in additional taxes, with
Pakistan and Russia have signed a protocol as part of a comprehensive package to implement mega energy projects and trade oil and gas. The protocol was inked following the ninth meeting of the Pakistan-Russia Inter-Governmental Commission on Trade, Economic, Scientific and Technical Cooperation. It covers the energy package, which comprises invitation to Russia to invest in the Pakistan Stre
The Asian Development Bank (ADB) on Wednesday raised Pakistan's growth forecast to 3% and cut its inflation projection to 10%, citing a rebound in industrial activities due to relaxed import restrictions and improved access to foreign exchange. In its flagship publication, Asian Development Outlook, the Manila-based lender noted that Pakistan's agriculture sector would weaken due to the poor ou
After a day of investors booking profits, bulls returned to the trade floor as shares at the Pakistan Stock Exchange (PSX) surged more than 1,900 points on Wednesday. The benchmark KSE-100 index climbed 2,026.62 points, or 1.86 per cent, to stand at 110,923.27 points at 1:43pm from the previous close of 108,896.65. Finally, the index closed at 110,810.21, up by 1,913.56 points, or 1.76pc, fr
India’s Adani Group has withdrawn its request for a US government-backed loan to construct a port in Sri Lanka seen as a counter to a rival Chinese project, according to company filings. The move comes weeks after a bombshell indictment in New York accused the conglomerate’s billionaire founder Gautam Adani of deliberately misleading international investors as part of a bribery scheme. Subsi