Browsing: Business

The Pakistan Stock Exchange (PSX) reached an unprecedented high, surging past 65,000 points within hours, with the KSE-100 index peaking at 65,872 points amidst a bullish market trend and significant trading activity. Key players included K-Electric Limited, Kohinoor Spinning Mills Limited, and Oil and Al Shaheer Corporation Limited.

Ghani Chemical Industries (PSX: GCIL) progresses on Pakistan’s largest Air Separation Unit plant, set to operate by Q1 2024, alongside a cost-saving Calcium Carbide project at Hattar Special Economic Zone. The company aims to enhance local industry and contribute to foreign exchange earnings.

The Pakistan Raises Revenue project, valued at $400 million, has made moderately satisfactory progress, evidenced by a reduction in customs violations and significant strides in tax reforms and digital transformation, paving the way for enhanced revenue generation. Ongoing efforts, such as consultant hiring and future procurements, aim to further strengthen compliance facilitation.

Honored at the WOMANi event in Dubai, Caretaker Finance Minister Dr Shamshad Akhtar received the ‘Most Influential Woman in Islamic Business and Finance 2023’ Award for her groundbreaking contributions to global Islamic finance. Her historic role as the first woman to lead Pakistan’s central bank adds to her distinguished career.

The Pakistani rupee extended its seven-day rally against the US Dollar, closing at 284.14, a gain of 24 paisas. Market optimism prevails for the rupee staying positive in December 2023, amid anticipated election-related volatility.

The Pakistan Stock Exchange hit a record high, surpassing 64,000 points and settling at 63,917, driven by a 1.7% surge in the KSE-100 index. This historic peak reflects robust market performance and increased foreign activity since the IMF agreement in June 2023.

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.