Business

President Zardari sought improved US economic ties

Published

8 months ago

Farwa

In addition to looking into joint venture options across a range of industries, President Asif Ali Zardari has emphasized the necessity of boosting trade and investment with the US.

According to a news statement, the president made these comments while speaking with US Ambassador to Pakistan Donald Blome, who paid him a visit at the White House.

According to President Zardari, US businesses ought to be urged to provide creative business concepts and investments to the Pakistan Stock Exchange in order to boost the nation’s economy.

The president stated that further strengthening of Pakistan’s extensive and well-established relationship with the United States, spanning more than seven decades, was necessary.

According to Zardari, Pakistan’s primary objective is to solve difficulties related to security and the economy and get its economy back on track.

The president also emphasized at the meeting that Pakistan was one of the nations most susceptible to the negative effects of climate change.

He informed the envoy that Pakistan aimed to enhance its farming industry by implementing contemporary irrigation methods to preserve water and lessen dependence on flood irrigation.

According to Ambassador Donald Blome, commerce and investment, agriculture, renewable energy, security, and climate change are areas where Pakistan and the US might strengthen their bilateral cooperation.

According to him, the US has finished the Sindh Basic Education Programme, which aims to create schools that are robust to climate change and bolster Pakistan’s educational system.

In addition, he complimented the president for taking up his position a second time.

DAR MEETS BLOME

Ishaq Dar, the foreign minister, also met with the US ambassador.

The two parties talked about bilateral relations during the meeting, particularly American cooperation and economic changes.

A representative for the US Embassy stated that the two leaders discussed commerce and investment, regional security, and the framework of the US-Pakistan Green Alliance.

The ambassador reaffirmed his dedication to collaborating with Pakistan, underscoring that the US places a high premium on Pakistan’s security and prosperity.

Business

Amidst better macroeconomic data, stocks are still rising.

Published

4 hours 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

4 hours 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

4 hours 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.