Stock markets dropped on Tuesday as investors await key US inflation data and track President Joe Biden’s battle with Republicans over the debt ceiling. Wall Street indices were down in morning trading, while major European stocks closed flat or in negative territory. London stocks fell into the red as investors returned from a long holiday weekend marking the coronation of King Charles III.
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