The Pakistan Stock Exchange’s benchmark KSE-100 index briefly went above the 50,000 mark on Tuesday, a milestone that analysts said occurred after six years. Volume on the KSE-100 index reached high of 50,017.45 at 11:23am, after petering out to 49,787.57 two hours later. The market finally closed at 49,531.01 points, down 200 points or 0.4 per cent. The KSE-100 index crossed the 50,000 mark
The winning streak of the rupee came to a halt on Tuesday after lasting for 28 consecutive sessions. Official data showed the local currency lost 0.07 per cent of its value against the dollar from a day ago to close at 277.03. Speaking to Dawn, Arif Habib Ltd Head of Research Tahir Abbas said higher demand for the greenback to make upcoming foreign payments put pressure on dollar supplies in
Pakistan’s foreign assistance inflows rose by about 58 per cent in the first quarter of the current fiscal year. In its monthly report on Foreign Economic Assistance (FEA), the Economic Affairs Division (EAD) on Monday said against its annual target of $17.6bn, total FEA in the July-September quarter amounted to $3.527bn when compared to just $2.234bn of the same period last year, an increase o
The Federal Board of Revenue (FBR) has ruled out the existence of any proposed amnesty scheme targeting non-customs paid (NCP) vehicles, which comes at a time when dealers have been noticeably hiking prices across various categories over the past few weeks. “There is no such proposal under discussion or consideration in FBR”, the spokesperson Afaq Ahmed Qureshi told Dawn on Monday. The socia
Oil prices edged higher on Tuesday ahead of a trip by US President Joe Biden to the Middle East that is likely to involve balancing support for Israel with trying to prevent any regional escalation of its war with Hamas. Following a drop of more than a dollar on Monday, Brent futures rose $0.74 to $90.39 a barrel at 10:40 a.m (1440 GMT). US West Texas Intermediate (WTI) crude rose $0.69 to $87.