Pakistan and the Islamic Development Bank (IDB) have signed a $1.2 billion financing agreement for import of oil and food products, as Islamabad also completes procedural formalities to receive oil on deferred payments from Saudi Arabia of a similar value. The cumulative financing of $200 million per month by the IDB group and Saudi Arabia is expected to ease pressure on the rupee, as 45% depre
The Pakistan Stock Exchange (PSX) extended overnight losses on Tuesday amid rising geopolitical tensions after Russian President Vladimir Putin ordered troops into breakaway regions of eastern Ukraine, sending crude oil prices to nearly $100 a barrel. According to Topline Securities Ltd, the developing scenario panicked investors who indulged in hasty selling. As a result, the benchmark KSE 100
Thal Ltd, which manufactures engineering, building and packaging products, earned a profit of Rs3.17 billion for the six months through December, a year-on-year increase of 21.5 per cent, the company announced on Tuesday. Subsequently, its earnings per share rose to Rs36.10 for the July-December period compared to Rs29.55 during the same period a year ago. The company’s board of directors pr
A day after the completion of the bidding process, the Board of Privatisation Commission on Tuesday endorsed the highest bid price for Heavy Electrical Complex (HEC), which was the first entity-level strategic transaction since 2015. The PC Board meeting deliberated over one-point agenda and the board members welcomed the price offered by the successful bidder for the state-run entity. The b
Geopolitical uncertainty with fluctuations in the exchange rate kept hitting hard the local currency as it lost 48-paisa against the US dollar on Tuesday. The greenback price rose to Rs176.23 in the interbank market after losing 11-paisa a day earlier. Despite higher inflows in the account of the State Bank of Pakistan (SBP), the rupee could not get stronger and this was mostly due to the hi