KARACHI: Stocks suffered losses for the fourth straight session on Wednesday, driven by rumours about a steep hike in the interest rates, economic uncertainty and unrelenting rupee depreciation. The market witnessed a sharp drop after rumours circulated that the State Bank of Pakistan is set to convene an emergency meeting in which it is expected to raise interest rates by up to 300bps, noted J
FOR more than two and a half years now, at least, the country has been seeing relentless and unending pressure on the exchange rate and the price level. The present bout of exchange rate volatility began in May 2021 and has continued unabated since then. The dollar had moved around 150 to the rupee for two years until that month. Less than 30 months later, its value doubled versus the rupee, and s
KARACHI: The newly appointed British High Commissioner to Pakistan Jane Marriott, the United Kingdom’s first woman high commissioner to Pakistan, who arrived at Karachi on Sunday, visited the Royal Navy’s HMS Lancaster here on Tuesday. The HMS Lancaster is in Karachi on a routine bilateral Royal Navy-Pakistan Navy training exercise ‘White Star’, which commences here on Wednesday (today). The ex
KARACHI: Pak Suzuki Motor Company Ltd (PSMCL) reported a net loss of Rs9.67 billion during the first half of 2023 as compared to a net loss of Rs17m in the same period last year due to massive exchange loss in the first quarter (January-March). Net sales revenues declined to Rs43bn from Rs112bn during January-June 2022. Sales revenue decreased by 61pc during the period due to decline in sales v
KARACHI: Pakistan listed banks profitability increased to record Rs131 billion in second quarter of 2023, said a report issued by the Topline Securities on Wednesday. This was primarily driven by significant jump in Net Interest Income (NII) amid high interest rates, and balance sheet growth. In dollar terms listed banks profit was $459m in 2Q2023. NII of the sector clocked in at Rs420bn in