Bears controlled the Pakistan Stock Exchange (PSX) for the third consecutive session this week as shares shed more than 400 points on Thursday following the the State Bank of Pakistan (SBP)’s decision to maintain its key policy rate. The benchmark KSE-100 index traded in the red during the day, with the index closing at 70,657.64 — down by 444.90 points or 0.63 per cent from the previous close
An unexpected, massive cut in the price of Kia Stonic has triggered a price war among auto assemblers for some models, forcing Pak Suzuki Motor Company Ltd (PSMCL) to make its Swift models cheaper by up to Rs710,000. The new prices of Suzuki Swift GL MT, GL CVT and GLX CVT are Rs4.336 million, Rs4.560m and Rs 4.719m, down by Rs85,000, Rs159,000 and Rs710,000, respectively, with effect from May
Prime Minister Shehbaz Sharif on Thursday declared the downward trend of inflation as “welcome news” for the people, saying that inflation falling towards the lowest level in two years was a sign of improvement in the economy. Consumer price inflation slowed to 17.3 per cent in April from a year earlier, data from the Pakistan Bureau of Statistics (PBS) showed today, the lowest reading in nearl
In a positive development, the State Bank of Pakistan’s (SBP) foreign exchange reserves increased by $25 million, reaching $8.006 billion by the end of the week on April 26. While the central bank did not disclose the specific sources of inflow that bolstered its forex holdings, industry experts suggest that the SBP’s typical strategy involves purchasing dollars from the interbank market to saf
The Federation of Pakistan Chambers of Commerce and Industries (FPCCI) urged the federal government on Thursday to avoid harassing the private sector for timely importing wheat to bridge the demand-supply gap. The FPCCI reacted to the government’s claim that the interim setup permitted the private sector to import wheat without a rational justification. The FPCCI supported the private sector’s