Business

As the PSX rises in anticipation of an SBP policy rate drop,

Published

2 months ago

Farwa

The Pakistan Stock Exchange (PSX) persists in its upward trajectory as investors anticipate the State Bank of Pakistan’s (SBP) pronouncement on monetary policy.

The KSE-100 index presently stands at 92,016 points, having increased by approximately 1,100 points from the prior close of 90,859 points.

The recent increase in the PSX is attributed to the anticipated reduction in the policy rate during the Monetary Policy Committee (MPC) meeting.

United States Currency

The dollar appreciated against the Pakistani rupee by Rs0.07, now valued at Rs277.77.

Business leaders advocate for the government to lower the interest rate to 12.5 percent.

Former federal minister Gohar Ejaz recently stated that the government should promptly declare a winter package for the business.

At the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Regional Office, former provincial minister SM Tanveer and ex-Federal Minister for Commerce Gohar Ejaz endorsed significant economic reforms.

Business leaders implored the government to promptly lower the interest rate to 12.5%, with an additional reduction to 5% by December 31, 2024.

They have requested a specialised winter package to supply electricity to enterprises at a rate of Rs20 per unit to alleviate operational expenses.

Gohar Ejaz warned that Pakistan’s industrial sector is on the verge of collapse, characterising factories as “transforming into graveyards.”

He emphasised that sustaining elevated interest rates will impede growth, noting that nations in the region have effectively maintained their rates in the single digits. “He cautioned that the service sector will not endure if we forfeit the agricultural and manufacturing sectors.”

Ejaz attributed the erosion of economic stability on present economic policies, highlighting the ongoing devaluation of the currency and inflation resulting from capacity payments.

He implored the government to establish a definitive objective of a 10% annual increment in exports, forecasting that this trajectory will elevate Pakistan’s exports to $50 billion within five years. He emphasised the importance of reinstating the confidence of the business sector for the success of the privatisation agenda.

Former provincial minister SM Tanveer emphasised the necessity of incorporating FPCCI in policy-making procedures. “To transform Pakistan into an economic superpower, it is imperative to consult business leaders,” he asserted.

Regional Chairman Zaki Ijaz encouraged the government to acknowledge the importance of the industrial sector and emphasise policies that promote industrial activity to mitigate increasing unemployment.

Business

With its second-largest surge ever, PSX approaches 114,000 points.

Published

9 hours ago

Farwa

Driven by renewed activity from both private and government financial institutions, the Pakistan Stock Exchange (PSX) saw its second-largest rally in history on Monday.

The market regained many important levels in a single trading session as it rose with previously unheard-of momentum.

Intraday trading saw a top increase of 4,676 points, and the PSX’s benchmark KSE-100 Index gained 4,411 points to settle at 113,924 points. This impressive rebound demonstrated significant investor confidence by reestablishing the 100,000, 111,000, 112,000, and 113,000-point levels.

The market also saw the 114,000-point limit reestablished during the trading session.

The positive tendency was reflected when the market’s heavyweight shares touched its upper circuits. Among the most busiest trading sessions in recent memory, an astounding 85.78 billion shares worth a total of Rs55 billion were exchanged.

Experts credited the spike to heightened institutional investor activity and hope for macroeconomic recovery. Considered a major market recovery, the rally demonstrated the market’s tenacity and development potential.

Business

In interbank trade, the Pakistani rupee beats the US dollar.

Published

1 week ago

Farwa

In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

Business

Phase II of CPEC: China-Pakistan Partnership Enters a New Era

Published

1 week ago

Farwa

The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.