Recent Financial News in the 'economic-indicators' category
Login or sign up to search news items.
Thursday, February 13 2025
Stocks end slightly lower after MSCI review
Pakistan Stock Exchange (PSX) on Wednesday experienced volatile trading as the benchmark KSE-100 index see-sawed throughout the day and closed slightly lower by 85 points following the latest MSCI market review.
The bourse faced headwinds in the face of a series of challenging factors. Foreign financing outflow weighed on investor sentiment while uncertainty surrounding the Tax Amendment Bill 2024, which seeks to restrict non-filers from investing in the stock market, fueled caution.
Additional concerns about foreign debt repayments, EU review of Pakistan's GSP Plus status and political noise contributed to the negative close of the market.
The index kicked off trading on a strong note, reaching the intra-day high of 113,436.72. However, as the day progressed, market interest shifted, resulting in a dip that took the KSE-100 to the intra-day low of 112,621.14.
Related news categories:
business
economic-indicators
psx
stock-exchanges
As economy stabilises, focus turns to reforms
Federal Finance Minister Muhammad Aurangzeb has emphasised that the government has achieved macroeconomic stability over the course of 12 months and now it is working on critical reforms.
He expressed these views while addressing the Insure Impact Conference, held under the aegis of the Securities and Exchange Commission of Pakistan (SECP), via Zoom on Wednesday.
Aurangzeb noted that Prime Minister Shehbaz Sharif had an encouraging meeting with the International Monetary Fund (IMF) managing director in Dubai. The IMF chief appreciated the structural reforms implemented by Pakistan's government.
He commented that everyone was aware of economic stability, adding that the government had outlined a vision for "Insured Pakistan," so faster and cheaper insurance would be of paramount importance.
Related news categories:
business
economic-indicators
misc
PTCL incurs Rs14.4b consolidated loss
Pakistan Telecommunication Company Limited (PTCL) has continued to face massive losses that amounted to Rs14.39 billion on a consolidated basis for the year ended December 31, 2024. In comparison, the company had incurred a loss of Rs16.73 billion in 2023.
According to a public notice issued to Pakistan Stock Exchange (PSX) on Wednesday, the PTCL group sustained a loss per share of Rs2.82, which was lower than the loss per share of Rs3.28 in 2023. PTCL registered a pre-tax loss of Rs20.9 billion in 2024 compared to Rs22.9 billion in 2023. During the year under review, operating expenses stood at Rs51.3 billion, higher by 27% compared to Rs40.5 billion in 2023.
Despite that, the telecom company recorded an operating profit of Rs6.12 billion, significantly higher from Rs2.27 billion in 2023. Meanwhile, in a statement, the PTCL group claimed that it had achieved an impressive double-digit revenue growth of 17% during financial year 2024.
Related news categories:
business
economic-indicators
psx
stock-exchanges
tech-comm
Related symbols:
ptc
(news
stock)
Gold sees Rs1,600 per tola correction
After reaching an all-time high in the previous session, gold prices in Pakistan dropped on Wednesday, mirroring a decline in international markets. The price of gold per tola fell by Rs1,600, settling at Rs301,500, according to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). Similarly, the 10-gram gold rate dropped by Rs1,372, bringing it down to Rs258,487.
On Tuesday, gold had been stable, with a surge of Rs100 per tola, reaching a record high of Rs303,100. However, the global market saw a downturn on Wednesday, with international gold prices falling by $16 to $2,888 per ounce.
Adnan Agar, Director at Interactive Commodities, attributed this correction to unfavourable market data. He noted that gold hit an intraday low of $2,864 before recovering to $2,895. The session's high was $2,900, but data trends, including last year's average US inflation rate of 2.9%, which has now risen to 3%, did not support further gains. Agar suggested that gold was undergoing a natural price adjustment before potentially rebounding. He stated that if the closing price surpasses $2,905, the metal could move higher. However, if it fails to reach that point, further declines towards $2,860$2,890 could follow.
Related news categories:
business
economic-indicators
misc
Russia, Pakistan agree to cooperate
Ambassador of Russia to Pakistan, Albert P. Khorev has said that Russia and Pakistan will focus on cooperation in energy and industry, including the modernisation of the Karachi Steel Mills, agriculture, and transport, in 2025.
Russia stands ready to intensify cooperation with Pakistan on the use of international transport corridors "North-South" and "Belarus-Russia-Kazakhstan-Uzbekistan-Afghanistan-Pakistan" the Ambassador said in a release issued here on Tuesday.
Ambassador of Russia to Pakistan, Albert P. Khorev, said this in an interview with the state-owned news organisation of Russia, 'TASS News Agency'. In this context, the modernisation of the Quetta-Taftan railway line is currently being considered, and increasing maritime cargo transportation also holds promise, he said.
Related news categories:
business
economic-indicators
misc