Browsing: Business

The Pakistan Stock Exchange’s KSE-100 Index achieved a remarkable 55% gain in 2023, propelled by favorable economic factors, increased investor confidence, and a surge in trading activity. The market outperformed various asset classes and ranked among the top three best-performing markets globally in terms of local returns.

The State Bank of Pakistan projects a decrease in inflation to 20-22 percent in FY24, citing measures like contractionary monetary policy and improved domestic supplies. However, the report emphasizes the potential impact of geopolitical tensions and global commodity price fluctuations on this outlook.

Business owners in Pakistan are experiencing a 42% surge in confidence, signaling optimism for the future despite ongoing economic challenges, according to a recent Gallup survey. Positive trends in various indicators, including the Gallup Business Confidence Index, reflect a notable shift in the business community’s sentiment.

NLC’s groundbreaking use of the TIR system to transport goods to Kyrgyzstan via China not only marks a pivotal moment in trade but elevates Pakistan’s global economic presence. The $2.5 million in trade savings reflects the efficiency of this transformative initiative, positioning Pakistan as a key player in international commerce.

Power Cement achieves a significant milestone by entering the European market with its high-quality cement exports to the United Kingdom, showcasing global expansion commitment and becoming the first Pakistani cement exporter in the UK. The company aims to contribute to the UK’s construction sector while bolstering Pakistan’s economic progress through foreign exchange earnings.

Pakistan’s exports to the Middle East witnessed a robust 28.98% increase to $1.257 billion in the initial five months of the fiscal year, driven by strategic product diversification and a notable free trade agreement with the Gulf Cooperation Council. This surge, notably in key markets like the UAE and Saudi Arabia, signals positive economic prospects and underscores Pakistan’s adaptability in global trade dynamics.

Punjab’s Transport Minister, Ibrahim Hassan, launches a plan to distribute 200,000 discounted electric bikes to students, supported by a comprehensive EV charging infrastructure and a financing scheme in collaboration with the Bank of Punjab, aimed at fostering sustainable transportation and combating smog.

The Organic Meat Company Limited (TOMCL) greenlights a Rs. 600 million investment to expand its production facilities, anticipating increased demand for frozen beef exports in key markets like UAE, Saudi Arabia, CIS, Iraq, and China. The move aims to fortify TOMCL’s global market presence and create value for shareholders with an additional Rs. 150 million investment.

Engro Corporation invites applicants to explore varied job roles in Pakistan, emphasizing education, experience, and skills alignment. Submit your resume and essential documents through the specified application process to be part of Engro’s dynamic and innovative work environment.

The Pakistani rupee extended its winning streak against the US Dollar, opening at 281, reaching an intraday high of 278, and closing at 282.37. The positive momentum is attributed to State Bank of Pakistan’s stability efforts and a new method for calculating exchange rates for major currencies.