Tag: Stocks
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Pakistan stocks lose more than 1,400 points due to political uncertainty
Political unrest caused significant selling pressure on the Pakistan Stock Exchange (PSX), which saw the benchmark KSE-100 Index lose more than 1,400 points on Tuesday during trading. The KSE-100 Index was down 1,432.25 points, or 3.5 per cent, at 39,538.57 around 3 o’clock, below the 40,000-mark, according to the PSX website. Investors were under pressure…
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PSX surpasses 43,000-mark on hopes of inflows from friendly countries
The news that the country will get a financial package from friendly countries led to another bullish session at the Pakistan Stock Exchange on Friday. The benchmark index started the pre-Friday prayer session in the green, according to Arif Habib Ltd, but lacklustre activity caused the index to drop 96.39 points at the end of…
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Intraday trade: PKR resumes downward spiral against US dollar, falls to Rs223
The Pakistani rupee was trading between Rs222-223 on Wednesday as losses against the US dollar persisted in the early hours of trading. During intra-day trading, the rupee was quoted at Rs222.49 at roughly 10:30 am, depreciating by Rs1.07 or 0.48 per cent against the US dollar. The local unit lost for the third session in…
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Pakistani rupee loses Rs2.01 against dollar to close at Rs216.66
On Monday, the Pakistani rupee (PKR) remained under pressure to start the week, falling Rs2.01, or 0.93 per cent, versus the US dollar in the interbank market. The local currency dropped from Friday’s closing rate of Rs214.65 to Monday’s closing rate of Rs216.66 per dollar, according to the State Bank of Pakistan. The dollar fluctuated between…
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PSX surpasses 43,000-mark as IMF tranche inches closer
As trading began on Monday, the Pakistan Stock Exchange (PSX) resumed its upward trend, rising more than 700 points to cross the 43,000-mark. The benchmark KSE-100 index gained 764.25 points, or 1.78 per cent, from its previous finish of 42,857.57. The benchmark KSE-100 index increased by 731.54 points, or 1.71 per cent, by 2:13 pm…
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PSX resumes recovery as KSE-100 index gains 670.87 points
The KSE-100 increased for the fourth consecutive session on Friday as the rupee continued to strengthen against the US dollar, maintaining positive investor confidence at the Pakistan Stock Exchange (PSX). The price of WTI crude oil was $87.95 per barrel during the day, while Brent crude oil was being sold at $93.75 per barrel, bringing…
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Pakistani rupee continues to recover, PSX witnesses bullish trend
The dollar was trading at Rs223 on Thursday, as the Pakistani rupee (PKR) increased by Rs5.79 in interbank trade to extend its winning streak versus the dollar to five days. The Pakistani rupee increased against the US dollar for the fifth day in a row, rising Rs2.65 to close at Rs226.15. As the market opened…
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After five days of losses, British stocks holding firm
A day after economic slowdown fears dragged the major British stocks to their sixth straight session of losses, UK equities stabilised on Tuesday, with some positive momentum from financial sectors and some excellent earnings announcements. By 0712 GMT, the FTSE 100 had up 0.6 per cent, with shares in British bank HSBC up 2.6 per…
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Pakistani startup Airlift lays off 31 per cent of workforce: Is the job market collapsing?
Airlift Technologies, a national grocery delivery service, has laid off 31 per cent of its workforce. The company posted a statement on its official LinkedIn account confirming the layoff of its workforce; “In the light of the significant downturn in global capital markets, Airlift is undertaking a strategic realignment to reduce the surface area of operations…
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Musk, Twitter sued by Florida pension fund to prevent acquisition
Elon Musk and Twitter are back in the spotlight after a Florida pension fund filed a lawsuit on Friday to restrict the Tesla CEO’s $44 billion takeover of the microblogging site. The Orlando Police Pension Fund filed a complaint in Delaware Chancery Court, claiming that under Delaware law, Musk cannot entirely take over the company…