Share prices tumbled on Tuesday amid a rapidly deteriorating political situation. Topline Securities said the stock market witnessed some buying interest after trading opened on a negative note. However, the news about the arrest of former prime minister Imran Khan dampened the confidence of investors and caused a sharp drop in the index of representative shares. Arif Habib Ltd called the tr
Credit to public sector enterprises (PSEs) soared to Rs282 billion in the first 10 months of the current fiscal year compared to just Rs14bn in the same period of last year reflecting the extremely poor financial health of the state-run companies. Data issued by the State Bank of Pakistan on Tuesday showed the growth of credit to PSEs was abnormally high compared to previous years’ net withdraw
K-Electric Ltd CEO Moonis Alvi said on Tuesday the unusually high loss that the vertically integrated power utility recorded in the first nine months of 2022-23 constitutes no more than a “blip” in the long run. Speaking to economist Ali Khizar on his YouTube channel, Mr Alvi said the company’s lenders, including those from Europe and China, knew in advance about the loss. “The substantial part
Facing a deep economic crisis, Pakistan has started to buy Russian oil, but the country’s petroleum minister says the future lies in diversified, especially green, energy. Musadik Malik was visiting the United States for talks with corporations as well as with the government, which has led global efforts to choke off Russia’s oil exports that help fund its invasion of Ukraine. Mr Malik confi
Pakistan could default without an International Monetary Fund (IMF) bailout as its financing options beyond June are uncertain, the credit ratings agency Moody’s Investor Service said on Tuesday. “We consider that Pakistan will meet its external payments for the remainder of this fiscal year ending in June,” Grace Lim, a sovereign analyst with the ratings company in Singapore, told Bloomberg, a