News

Discos seek Rs4.66/unit hike for November

Despite a record 83 per cent power generation from che­aper domestic fuels, the Central Pow­er Purchasing Agency (CPPA) on Tuesday sought a massive Rs4.66 per unit additional fuel cost adjustment (FCA) for ex-Wapda distribution com­panies (Discos) — almost 100pc higher than target — to generate ano­ther Rs34 billion in January 2024. This increase in FCA is on top of about 26pc increase in annua

Shares at PSX plummet over 900 points

After a week of uncertainty, bearish sentiment returned to the trading floor of the Pakistan Stock Exchange (PSX) on Monday as shares opened the week in the red. According to the PSX website, the KSE-100 index declined by 925.35 points to close at 65,204.67 points, down 1.4 per cent from the previous close of 66,130.02. Top active stocks included Worldcall Telecom Limited, K-Electric Limited

Millat Group keen on acquiring Hascol

Troubled oil marketing company Hascol Petroleum Ltd said on Monday that Millat Energy Group is interested in buying 76 per cent of its “fully diluted share capital” through a subscription of new shares. Fully diluted share capital reflects the total number of sha­res a company would have if all outstanding options and other rights to subscribe for — or conv­ert into — shares were exercised.

Oil surges over 3pc

Oil rose three per cent on Monday as mounting attacks by the Iran-aligned Yemeni Houthi militant group on ships in the Red Sea disrupted maritime trade. A Norwegian-owned vessel was attacked in the Red Sea on Monday and oil major BP said it has temporarily paused all transits through the body of water. Other shipping firms said over the weekend that they would avoid the route. Brent crude fu

Net foreign investment jumps 8.1pc in five months

The net foreign direct investment (FDI) rose 8.1 per cent year-on-year to $656 million during the first five months (July-November) of the current fiscal year. According to data issued by the SBP on Monday, the net FDI in November also grew by over 12pc to $131 million from $117m in the same month last year. November FDI was the highest in FY24. Earlier, in Sept it was $172.6m and $142m in A