Browsing: Business

The Pakistan Stock Exchange (PSX) witnessed a surge in bullish sentiment, with the KSE-100 Index gaining 437 points and briefly breaking the 52,000 level for the first time in over six years. Improved corporate profitability and the government’s decision to raise gas tariffs, expected to boost the energy sector’s profitability, contributed to this positive market activity.

Kia Pakistan has lowered prices for the Sorento and Carnival models, thanks to a stronger Pakistani Rupee, making these vehicles more budget-friendly for customers until December 31, 2023. Additional cash-back offers on different models are also available until November 30, 2023.

MCB Islamic Bank’s remarkable 348% growth in Profit before Tax for Q3 2023, reaching PKR 7.506 billion, showcases its commitment to prudent financial practices and efficient deposit acquisition. The bank’s focus on value delivery is reflected in its 2.37% Return on Total Assets and significantly improved earnings per share after tax.

Fly Jinnah is set to expand its operations from domestic to international routes, offering flights to several countries after receiving cabinet approval. The airline, known for its punctuality, has conducted over 4,370 domestic flights in its first year and is now poised for international growth.

In Q3 2023, Pakistan’s listed banks achieved a record-high profitability, surging by 95% YoY to PKR 163 billion, with increased Net Interest Income (NII) as a key driver. Although non-interest income declined due to losses on securities and rising administrative expenses, the sector is expected to maintain strong dividend payouts, with Meezan Bank and United Bank standing out as top performers.

Embark on a spiritually enriching Umrah journey with Meezan Bank’s flexible and accessible package for November 2023, which includes E-Visa, transportation, flights, Zairat support, and hotel accommodations. Join us on this sacred path and make your pilgrimage convenient and affordable.

Askari Bank Limited achieved a record profit of Rs. 14.6 billion for the 9-month period ending September 30, 2023, marking a significant 36% increase from the previous year, driven by strong net interest income growth. Operating expenses rose, and dividends were not announced for shareholders.

Train services between Sibi and Harnai, suspended for 18 years due to militant attacks in 2005, have been restored, providing relief to the local population and boosting the regional economy. The reinstatement of the Bolan Mail service further emphasizes the government’s commitment to improving transportation and connectivity in the region.

The federal government in Islamabad is offering a shorter 20 to 25-day Hajj package with added comforts for pilgrims. The upcoming Hajj Policy for 2024 includes positive changes such as eliminating the lottery system for those paying in dollars, offering extended stays in Medina, and launching a mobile app for easier application processes, benefiting over 90,000 pilgrims under the official scheme.

Petroleum prices are set to drop for the third consecutive time, with diesel and petrol prices decreasing by around Rs5-18 per liter, thanks to favorable exchange rates and fluctuations in oil barrel prices. The government may increase the levy on diesel, while petrol rates will remain stable.