Bears continued to dominate the Pakistan Stock Exchange (PSX) on Tuesday and dragged its benchmark index down by over 900 points. According to the PSX website, the KSE-100 index lost 931.98 points to stand at 61,841.74, down 1.48 per cent, from the previous close of 62,773.72 points. The benchmark of representative shares opened the week a day earlier with a decline of more than 1,000 points
The International Monetary Fund (IMF) on Tuesday edged its forecast for global economic growth higher, upgrading the outlook for both the US and China – the world’s two largest economies – and citing faster-than-expected easing of inflation. The IMF’s Chief Economist, Pierre-Olivier Gourinchas said, “The global economy continues to display remarkable resilience, with inflation declining steadil
Consumers of electricity in Pakistan are on the verge of another financial shock as Power Distribution Companies (DISCOs) seek approval from the National Electric Power Regulatory Authority (NEPRA) to recover a staggering Rs81.5 billion through quarterly adjustments for the second quarter of the financial year 2023-24 (October to December 2023). The burden primarily stems from capacity charges
The Red Sea trade crisis has led to a 150% surge in freight charges in Pakistan, posing a significant threat to the export of major commodities, including textiles, rice, and fruits and vegetables. Speaking to a group of journalists on Tuesday, All Pakistan Shipping Association (APSA), Chairman, Aasim A Siddiqui revealed that freight charges have, on average, risen from $1,500 per container to
Pakistan on Tuesday made a pitch for a $30 billion foreign and local investment in gas production aimed at puncturing a ballooning energy import bill projected to nearly double to $31 billion in seven years in a business-as-usual scenario. The appeal was made to foreign investors in presence of interim Prime Minister Anwaarul Haq Kakar and Chief of the Army Staff (COAS) General Asim Munir. I