Equities continued on Monday their post-Eid bull run into the second week as optimism prevailed following the country’s $3 billion Stand-By Arrangement (SBA) with the International Monetary Fund (IMF). Topline Securities said shares witnessed a strong momentum and remained positive throughout the day as investors looked forward to favourable developments on the economic front. Investors’ co
THE new Pakistan Investment Policy 2023 appears to have been driven by the government’s short- to medium-term objective of facilitating ‘promised’ investment from the Gulf countries, and the longer-term goal of improving the overall business environment at home to enhance investment-to-GDP ratio to 20pc. The World Bank estimates that investment will plunge to 13.3pc as a ratio of GDP during the
The dollar appreciated by Rs1.90 to Rs279.80 against the rupee in the interbank market on Monday. The State Bank reported the closing price of dollar at Rs279.80 compared to Rs277.90 in the last session held on July 7, indicating that the impact of a staff-level agreement with the IMF is losing its influence on currency markets helping the greenback appreciate in both interbank and open markets
Fitch Ratings on Monday upgraded Pakistan’s long-term foreign currency issuer default rating (IDR) to ‘CCC’ from ‘CCC-’ reflecting reduced external financing risks with improved external liquidity and funding conditions following recent staff-level agreement (SLA) with the IMF on a nine-month Stand-by Arrangement (SBA) in June. “We expect the SLA to be approved by the IMF board in July, catalys
The Cabinet Committee on Privatisation (CCoP) on Monday allowed the Privatization Commission to proceed to complete privatisation of Services International Hotel and House Building Finance Corporation (HBFC). A meeting of the CCoP, chaired by Finance Minister Ishaq Dar, deferred a summary presented by the Privatisation Commission on the privatisation of PIA-owned Roosevelt Hotel in New York and