After briefly hitting a new all-time high above the 73,000 level in early trading on Monday, the stock market failed to extend an overnight bull run and closed in the red amid uncertainty about a rate cut ahead of the monetary policy announcement. Ahsan Mehanti of Arif Habib Corporation said the market witnessed an across-the-board selling spree on expectations for prudent SBP monetary policy w
Propelled by a strong post-pandemic recovery in the US, sticky inflation, and geopolitical tensions, a surging dollar has battered almost every Asian currency. The changing expectations that the US Federal Reserve (Fed) might delay its anticipated rate cuts in the wake of stronger March inflation numbers and lingering conflict in the Middle East are causing home currencies to tumble across Asia an
The country’s merchandise trade deficit with the nine regional countries widened by 17.92 per cent to $6.193 billion in the first nine months of the current fiscal year compared to $5.252bn in the same period last year. An increase in imports from China and India during the period under review drove the trade deficit. According to data compiled by the State Bank of Pakistan, exports to regio
Indus Motor Company (IMC), the assembler of Toyota vehicles, posted a 61 per cent increase in its profit-after-tax (PAT) to Rs9.41 billion during 9MFY24 despite the challenging economic conditions.This is a significant jump from Rs5.48bn in the same period last fiscal year. Net sales turnover fell to Rs98.23bn from Rs135.03bn in the same period last year. IMC chief executive Ali Asghar Jamali s
Riyadh told Islamabad on Monday that Saudi agriculture companies were looking at Pakistan with great interest and expressed the hope that both countries would benefit from joint ventures for improving the value chain of agriculture economy. This transpired at Prime Minister Shehbaz Sharif’s meeting with Faisal Al-Ibrahim, Minister of Economy and Planning, and Eng Abdulrahman Abdulmohsen Al-Fad