The equities market experienced a strong weekly start with the benchmark index surging by 426 points within the first five minutes of trading on Monday. Topline Securities Ltd said investors decided to lock in their profits as the index started approaching the significant 50,000-point level. Profit-taking led to a brief dip in the KSE-100 index to the intraday low of 49,317 before it eventua
Shell Pakistan Ltd (SPL) said on Monday it has received a public announcement of intention from UK-based Prax Overseas Holdings Ltd to buy its 77.42 per cent shares, which are currently held by the oil firm’s foreign sponsor. The potential acquirer is a British investment firm with its entire shareholding resting with fuel supplier State Oil Ltd. The energy conglomerate owns companies in up-
Pakistan International Container Terminal Ltd (PICT) said on Monday it has found no “immediate financial viable business opportunity” in a review exercise it held recently to look for possible business avenues. One of the four container-terminal operators in Pakistan until recently, PICT lost its principal line of business when its 21-year concession agreement with the Karachi Port Trust (KPT)
Rising with each passing day, the receivables of Pakistan State Oil — the country’s largest firm by revenue — have crossed a record Rs755 billion by Monday or about 21pc of its annual revenue, virtually halting its strategic business expansion. In its latest report of its financials submitted to the federal government, the country’s largest fuel supplier reported that almost 90pc of its funds h
After a substantial decline in petroleum prices for the current fortnight mainly due to the rupee’s appreciation against the US dollar, business leaders have asked the caretaker government to reduce power tariffs and improve gas supply on a priority basis. Businessmen Group chairman Zubair Motiwala and Karachi Chamber of Commerce Industry (KCCI) President Iftikhar Ahmed Sheikh, in a statement