ISLAMABAD, July 7(ABC): The KSE 100-index of the Pakistan Stock Exchange (PSX) witnessed bullish trend on Thursday, gaining 184.22 points, a positive change of 0.45 percent, closing at 41,344.01 points against 41,159.79 points on the last working day. A total of 99,088,707 shares were traded during the day compared to the trade of 98,247,131 shares the previous day, whereas the …

ISLAMABAD, July  7(ABC): The Economic Coordination Committee (ECC) on Thursday has decided to hike the natural gas price while subsidized gas will continue to be provided to Pakistan’s export industry and other industries. A meeting of the ECC was held under the chairmanship of Finance Minister Miftah Ismail in which it was stated that gas price has not been increased …

KARACHI, July 7(ABC): The State Bank of Pakistan’s (SBP) reserves held by the central bank decreased 4.77% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. On June 30, the foreign currency reserves held by the SBP were recorded at $9,816.3 million, down $493 million compared with $10,309 on June 24. According …

KARACHI, July 16(ABC): Auto sales surged by a whopping 55% during the fiscal year 2021-22, however, growth is seen moderating as borrowing costs rise and as parts markers struggle to meet demand, reported. Arif Habib Limited in its commentary noted that the yearly auto sales reached an all-time high of 279,700 units (+55% year-on-year) during FY22. Data released by Automotive Manufacturers …

HONG KONG, July 7(ABC): Crude extended the week’s losses Thursday, while the euro struggled to recover from 20-year lows and equities were mixed as recession fears continued to cast a pall across trading floors. Expectations for a contraction in some of the world’s leading economies, including China, where a new Covid-19 flare-up has generated angst, have increased in recent weeks …

NEW YORK, July 7(ABC): Recession worries pushed the price of Brent oil briefly back under $100 on Wednesday, and the euro moved closer to parity with the dollar. European stocks rebounded thanks to lower bond yields and bargain hunting, while US stocks also advanced, climbing after Federal Reserve minutes maintained a tough line on inflation. Europe s benchmark crude oil contract, …

ISLAMABAD, July 7(ABC): The Executive Committee of the National Economic Council (ECNEC) here on Wednesday approved construction of Hyderabad–Sukkur Motorway on Built Operate Transfer (BOT) basis with revised cost of Rs. 308,194.00 Million. Federal Minister for Finance and Revenue, Miftah Ismail chaired the ECNEC meeting while among others it was attended by Federal Minister for Planning, Development and Special Initiatives, …

HONG KONG, July 15(ABC): Asian markets fluctuated Thursday as another forecast-busting US inflation print ramped up bets on a quick series of sharp interest rate hikes that traders hope can be quickly walked back once prices are brought under control. The keenly awaited consumer price index came in at a blistering 9.1 percent in June, the highest since November 1981, …

KARACHI, July 15(ABC): The price of gold on Thursday dropped as the Pakistani rupee thrashed greenback after deal with International Monetary Fund (IMF). The price of 24-carat gold has declined by Rs1050. The 24-carat gold is being traded for Rs141,150 at the local market. Meanwhile, the price of 10-gram gold of 24-carat has also decreased by Rs901. The price of …

KARACHI, July 6(ABC): The Pakistan Stock Exchange (PSX) staged a rebound on Wednesday but the KSE-100 index rose just 57 points in range-bound trading as investors were wary of surging COVID-19 cases in the country and expectations of the rate hike in the monetary policy announcement due tomorrow. Trading remained mixed as bulls locked horns with bears to take control …