Business

Positive IMF talks push PSX to new highs

Published

1 year ago

Farwa

KARACHI: Pakistan Stock Exchange (PSX) on Monday skyrocketed to a new record as it crossed the 56,000 milestone for the first time in history as investors bet on the positive talks with the International Monetary Fund (IMF) delegation.

The KSE-100 index reached 56,378.91 points during the intraday trading, up by 987.55 or 1.78% from the previous close of 55,391.36 points.

The KSE-100 index at 10:44am. — PSX website

Capital market expert Saad Ali told Geo.tv that the market was extending last week’s gains as the International Monetary Fund (IMF) concluded technical talks without any issue.

“There are no signs of the IMF disallowing rate cuts,” he added.

The IMF’s mission began its review of Pakistan’s bailout package on November 2 and is expected to conclude by December 15.

The review will determine whether Pakistan will receive the second tranche of $700 million in December. The country received $1.2 billion in July from the global lender as the first instalment of the standby arrangement.

Last week, the benchmark index set a new milestone after it jumped past the 55,000 barrier on the ongoing IMF review, domestic institutional buying and reducing Pakistan Investment Bond (PIB) yields.

The benchmark KSE-100 index gained 4.3% in the week ended on Friday, marking its eighth consecutive weekly rise.

Business

February 7, 2025: The value of the Pakistani Rupee (PKR) in relation to the US dollar is unchanged.

Published

6 hours ago

Farwa

KARACHI: The open market exchange rate between the US dollar and the Pakistani rupee (PKR) was Rs279.4 on February 07, 2025, with a selling rate of Rs281.1. The interbank exchange rate between the US dollar and the Pakistani rupee is Rs 278.45, according to Interbank.

There was no movement in the US dollar (USD) from the previous closure of Rs278.

Business

The NORINCO Group is invited by CM Sindh to explore opportunities.

Published

1 day ago

Farwa

Chinese companies have been invited by Sindh Chief Minister Syed Murad Ali Shah to visit Karachi and other regions of Sindh Province in order to observe the quickly growing businesses and investigate prospects in fields like clean energy, infrastructure development, and public transit projects.

Speaking in Beijing to a delegation headed by the chairman of NORINCO International Co., Ltd., he stated that all facilities required would be provided by the governments of Sindh Province and Pakistan.

With assistance from NORINCO International, the Sindh Chief Minister stated that the Provincial Government will firmly urge North Vehicle and BeiBen to think about setting up a Vehicle Assembly Plant in the Dhabeji Special Economic Zone.

Business

A deal with Pakistan to fight financial crimes has been approved by the Saudi cabinet.

Published

1 day ago

Farwa

In order to strengthen collaboration in the fight against money laundering, terrorist financing, and associated crimes, the Saudi Press Agency announced this week that the Saudi cabinet, led by Crown Prince Mohammed bin Salman, had approved a memorandum of understanding (MoU) with Pakistan’s Financial Monitoring Unit (FMU).

Due to its severe money laundering and terrorism funding issues in recent years, Pakistan was added to the Financial Action Task Force’s (FATF) grey list in June 2018.

The nation was taken off the gray list in October 2022 after enacting extensive measures to fortify its financial system.

The FMU is Pakistan’s financial intelligence unit, created under the Anti-Money Laundering Act of 2010 and tasked with collaborating with foreign partners and evaluating reports of suspicious transactions.

According to the SPA, “the cabinet approved a memorandum of understanding regarding cooperation in exchanging investigations related to money laundering, terrorist financing, and related crimes between the Financial Monitoring Unit in the Islamic Republic of Pakistan and the General Department of Financial Investigation at the Presidency of State Security in the Kingdom of Saudi Arabia.”

The MoU is an indication of Saudi Arabia and Pakistan’s growing strategic partnership. A significant Pakistani diaspora resides in the Kingdom, and numerous Pakistani businesses have established a presence there.

Saudi Arabia has been a key supporter of Pakistan’s economy, bolstering its reserves with substantial deposits in the State Bank of Pakistan and offering deferred oil payment facilities.