Amid the tight fiscal position, the Centre is considering ending financing provincial development projects, and instead focusing on five strategic sectors — exports, energy, equity, e-Pakistan and environment (5Es) — in the next year’s Public Sector Development Programme (PSDP). A senior government official told Dawn that the planning and development ministry had moved a summary to the prime
The stock market witnessed a relatively flat trading session on Thursday with the KSE-100 index hitting an intraday high of 248.41 points. Arif Habib Ltd said investors opted to cherry-pick stocks with strong fundamentals given the attractive valuation currently on offer in the market. A rally was observed in cement and IT sectors although profit-taking took place during the second half of t
The government raised Rs705 billion through an auction of market treasury bills despite Rs1.195 trillion bids offered mostly by banks on Wednesday. The bidding trend showed that banks were saturated with liquidity and willing to park maximum in the government papers. The government remained around its target of Rs750bn but the accepted amount was much higher than the maturing amount of Rs630bn.
Jazz, Pakistan’s largest mobile network operator, invested Rs3.7 billion in the first quarter of 2023 and added more than 1,000 new 4G sites, bringing its overall investment in Pakistan to $10.4bn. Despite a 16 per cent growth in overall revenues in local currency, Jazz’s revenue decreased 20.4pc in dollar terms during January-March, mainly due to a massive depreciation in the rupee. The company h
In a rare move, the Sui Southern Gas Company Ltd (SSGCL) has alleged that Pakistan Steel Mills’ audited accounts for 2021-22 had violated the current scheme for revival of the PSM approved by its board and the federal government. In a statement, the Karachi-based gas utility raised questions over the auditor’s report on PSM’s financial statement for 2021-22 but precisely confirmed the auditor’s