Browsing: Business

U Microfinance Bank, Pakistan’s fastest-growing, reported impressive financial results, including a 135% YoY revenue growth of PKR 33.4 billion and a noteworthy Profit After Tax of PKR 1.7 billion. With a commitment to financial inclusion, the bank’s expanding network now exceeds 350 branches across diverse regions.

The Pakistani rupee extended its six-day gain against the US Dollar, closing at 284.38, up by 15 paisas. Despite a challenging year, hopes for recovery in 2024 persist with anticipated fiscal reforms.

Caretaker PM Anwaarul Haq Kakar inaugurated the Pakistan-China Friendship Hospital and a desalination plant in Gwadar, underscoring the transformative impact of CPEC on Balochistan’s development. He expressed gratitude to China, highlighted reduced travel times due to CPEC, and directed efforts for Gwadar’s accelerated growth as a key trade hub.

Customs Intelligence Karachi achieved a notable 570% surge, seizing Rs. 5 billion in smuggled goods within the first five months of the fiscal year. Their strategic crackdown on smuggling, collaboration with law enforcement, and effective measures against money laundering and trade irregularities have proven instrumental in this significant success.

Arif Habib Limited anticipates Pakistan’s KSE-100 index to reach 81,000 by December 2024, driven by robust earnings and attractive valuations. The report underscores a favorable investment climate with low PE and PB multiples, a substantial dividend yield, and potential market cap expansion, signaling opportunities for investors.

Punjab Police opens recruitment for 225 intelligence operators, encouraging applicants from all districts with a focus on gender diversity and minority representation. The application period, ending on December 20, welcomes eligible candidates aged 18 to 25 to submit forms at designated Regional Offices across the province.

Gold prices in Pakistan fell by 4100 rupees per tola to 190,500 rupees, accompanied by a 72 paisa depreciation in the US dollar, signaling market volatility influenced by economic factors.

InDrive’s landmark collaboration with Vlektra introduces electric bikes to Pakistan’s ride-hailing, pioneering a sustainable shift and combatting pollution. This strategic partnership not only marks a milestone but also includes an initiative rewarding top drivers with free EV bikes, fostering awareness and eco-conscious transportation.

The Pakistan Stock Exchange (PSX) broke records, soaring to an all-time high of 62,688 points, fueled by a 1.62% surge within the first hours of trade. The market’s strong momentum saw significant activity, with 275 million shares worth Rs. 13.1 billion changing hands.

Pakistan experienced a robust 40.36% boost in exports to China, totaling $952.216 million in the initial four months of fiscal year 2023-24, as imports from China saw a 10.74% decline. In October 2023 alone, exports to China surged by 12.63%, underlining a strengthening economic relationship between the two nations.