On the eve of the Shanghai Cooperation Organisation (SCO) summit, the stock market came under selling pressure on Monday, pushing the KSE 100 index to close in the red amid a host of depressants, mainly the PTI’s protest plan. Ahsan Mehanti of Arif Habib Corporation said equities closed under pressure on political noise and foreign outflows. He added that the government action on IPP paymen
The World Bank said in a report released last week that the poverty rate in Pakistan stood at 40.5 per cent. That means about 100 million out of 240m plus Pakistanis are living on less than $3.65 per day as per the purchasing power parity of 2017. In simple words, 100m Pakistanis cannot use their daily income to buy today with what they could have bought with $3.65 in 2017. Hence, they are conside
The Asian Development Bank (ADB) on Monday appointed Xiaoqin Fan as its new country director for Pakistan, a statement from the body said. According to the statement by ADB, Fan “will oversee ADB’s operations in Pakistan, including the implementation of the country partnership strategy (CPS) that prioritises lifting growth, increasing resilience, and boosting competitiveness”. “She will also
The board of directors of Siemens Pakistan Engineering Ltd (SPEL) has approved the sale and transfer of the company’s energy business segment to a non-affiliated Siemens Gamesa Renewable Energy (Pvt) Ltd for approximately Rs17.8 billion. In a stock filing on Monday, SPEL said the net book value of energy business as at valuation date was approximately Rs17.61bn. Adhi field goes operational M
The business community hopes the Shanghai Cooperation Organisation (SCO) Summit, starting in the capital on Tuesday, may boost the country’s economy. “The event offers Pakistan an opportunity to strengthen its trade and economic ties with key international partners, particularly China. The summit will also send a clear message to global investors about the country’s openness to busines