The central bank’s foreign exchange reserves dropped $303 million to a three-year low of $7.597 billion in the week ending Oct 7, it said on Thursday, while the rupee also edged lower for a second day. The reserves fell due to external debt repayments, including repayments of a commercial loan and interest payments and Eurobonds, the State Bank of Pakistan (SBP) said. Reserved held by commer
The Pakistan Stock Exchange on Monday witnessed the revival of investor interest on optimism that the State Bank of Pakistan (SBP) would maintain status quo in its monetary policy announcement. The market kicked off trading on a positive note and soon the benchmark KSE100 index touched intra-day high of 42,441.29 points. Investor optimism was also fuelled by a statement from Finance Minister Is
Oil futures fell for a third day on Wednesday, as a stronger dollar and worries about weaker demand and rising interest rates outweighed supply concerns that followed last week’s OPEC+ cut to its production target. Both OPEC and the US Energy Department slashed their demand outlooks. Last week, together with allies including Russia, OPEC sent prices rising when it agreed to cut supply by 2 mill
Pakistan State Oil (PSO) has won an arbitration case against global Liquefied Natural Gas (LNG) trader Gunvor Group Limited for receiving excess payments for natural gas shipments. The London Court of International Arbitration gave a verdict in favour of PSO which had reduced payments to Gunvor due to overcharged shipments. PSO was awarded $14.6 million, as well as other costs as per the con
The low purchasing power of consumers coupled with rising car prices have contributed to a 51% decline in automotive sales in September 2022 as compared to the corresponding period last year. “Auto sales are down by 51% to 13,000 units – including the sale of Non-PAMA (Pakistan Automotive Manufacturers Association) members – year-on-year, amid escalating car prices, expensive auto financing and