Business

PIA privatization: Government will sell majority stakes in national airlines

Published

8 months ago

Farwa

As the PIA privatization process draws to an end, the Privatization Commission will determine how many shares the government sells, according to Bilal Azhar Kayani, the Prime Minister’s Coordinator for Economy and Energy, during an appearance on the program “KHABAR.”

He claimed that the government was thinking of selling the national flag carrier for anywhere from 51% to 100% of its shares.
According to Kayani, the organization that purchases the majority of the shares will take over administrative authority of the PIA.

The leader of the Pakistan Muslim League-Nawaz (PML-N) claimed that multiple nations and international corporations have expressed interest in purchasing PIA, adding that the privatization process was moving along nicely.

He stated that although the affairs concerning the retired employees of PIA were transferred to the PIA Holding Company, this would not impede the retired employees’ pension payments.
Kayani stated that a policy pertaining to serving employees will be developed shortly and that the federal government was currently working to resolve the issues surrounding these individuals.

A day prior, all of the national airline’s losses and debts were transferred to the withholding business prior to its privatization, and as a result, the federal government paid off all of PIA’s obligations, debt, and arrears.

According to officials, the clearing of PIA’s balance statement has been communicated to the Pakistan Stock Exchange (PSX).

Additionally, by May 3, the government is inviting bids from potential purchasers for the privatization of Pakistan International Airlines.

Shares of the national flag carrier had an almost 650% increase in value during PSX trading after the PIA underwent reforms.

The price of PIA shares increased from Rs4.50 to Rs32 in recent weeks. The value of PIA’s shares increased recently from Rs27 to Rs32.

Market analysts claim that investors’ increased confidence following the PIA reform process is the reason for the share price increase.

Pakistan International Airlines rose to the 70th position among Pakistan’s shareholders with a share value of Rs32.

Business

Amidst better macroeconomic data, stocks are still rising.

Published

38 minutes ago

Farwa

Following positive remarks made by the International Monetary Fund (IMF) team during its just-completed visit, the Pakistan Stock Exchange (PSX) continued to see bulls’ rise.

The benchmark KSE-100 index gained 813.04 points on Tuesday and was currently trading at 95,808.71 points.

Increased purchasing was observed in a number of industries, including power generation, cement, commercial banks, oil and gas exploration firms, OMCs, and pharmaceuticals.

HUBCO, PSO, SBGPL, MARI, OGDC, PPL, MEBL, and MCB were among the index-heavy stocks that saw a financial bonanza.

A number of variables are thought to be responsible for the market’s ongoing bullish momentum, chief among them being Finance Minister Muhammad Aurangzeb’s refutation of press reports about the potential for a mini-budget.

Investor confidence was also bolstered by an increase in Pakistan’s foreign exchange reserves.

The benchmark KSE-100 index finished Monday at 94,995 points, so keep that in mind.

Business

Present day gold prices in Pakistan as of today.

Published

53 minutes ago

Farwa

On Tuesday, the price of gold in Pakistan, which mirrors a surge in the international market, experienced a large increase. As per the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola experienced a significant increase of Rs3,600, ultimately reaching Rs273,500.

The price of ten grammes of gold increased by Rs3,086, reaching a final level of Rs234,482 in a similar fashion. On Monday, the price of one tola of gold hit Rs269,900, which was a gain of Rs2,500. The increase in gold prices occurred the day after that, on Tuesday.

As a result of the rise in international gold rates, the local gold prices have also been on an increasing trend. The price of one ounce of gold on the global market hit $2,623 on Tuesday, representing a $36 gain from the previous day for the price. In addition, the APGJSA observed that the worldwide price was increased by twenty dollars.

The price of silver has stayed steady at Rs3,250 per tola, despite the fact that gold prices have been on the rise.

Over the course of the past several months, the price of gold in Pakistan has significantly increased, reaching an all-time high of Rs287,900 per tola in the month of October. As a result of a weakening of the United States dollar and widespread anticipation over impending announcements from officials of the Federal Reserve regarding future interest rate adjustments, the foreign market also experienced a lift on Tuesday.

After a 2% increase on Monday, spot gold reached its highest level since November 12 at $2,623.54 per ounce, showing a 0.4% increase. This marks the highest level since November 12.

Business

In terms of Pakistan’s Current Account: As information technology exports reached $330 million in October, Pakistan reports a CA surplus of $349 million.

Published

57 minutes ago

Farwa

With a surplus of 349 million dollars in the Current Account for the month of October 2024, Pakistan’s information technology exports reach the 330 million dollar milestone. This is in contrast to the surplus of 86 million dollars and 29 million dollars that Pakistan experienced in September 2024 and August 2024, respectively.

In October 2024, Pakistan’s information technology exports reached 330 million dollars, representing a 36 percent year-on-year increase and a 13 percent month-on-month gain.

IT exports in the first four months of fiscal year 25 were around 1.21 billion dollars, which is a 35% increase from the previous year. This is the thirteenth straight month of year-over-year growth on the IT export front.

In October 2024, Pakistan’s current account showed a surplus of 349 million dollars, which is significantly higher than the surpluses of 86 million dollars observed in September 2024 and 29 million dollars in August 2024, respectively.

It is the third consecutive month that a current account surplus has been recorded, and the volume of this surplus is the greatest it has been since March of 2024, according to statistics that was issued by the State Bank of Pakistan.