LAHORE: Pakistan’s textile exports have shown a remarkable growth of 10% year-on-year in January 2024, reaching US$1.45 billion, according to the latest data released by the Pakistan Bureau of Statistics (PBS). The increase in textile exports is mainly due to the low base effect of the same period last year, when the country faced a…
Category: PSX
Corporate announcements on Pakistan Stock Exchange (PSX)
Descon and IFC join hands to reduce postharvest losses in Pakistan
KARACHI: Descon, a leading industrial conglomerate, and the International Finance Corporation (IFC), a member of the World Bank Group, have signed a Memorandum of Understanding (MoU) to address the postharvest losses of wheat, rice, and maize in Pakistan. The strategic alliance aims to save around USD 2 billion worth of essential grains that are lost…
Engro Corporation appoints Ahsan Zafar Syed as new CEO
KARACHI: Engro Corporation, a leading Pakistani business group, has named Ahsan Zafar Syed as its next President & CEO, effective from May 2024. He will succeed Ghias Khan, who has led the company since 2017 and achieved remarkable growth and diversification. Ahsan Zafar Syed is a veteran of Engro, having joined the company in 1991…
Pakistan automobile sales hit by multiple factors in Dec’23, PAMA reports
KARACHI: The Pakistan Automotive Manufacturers Association (PAMA) released its monthly data for Dec’23, revealing a dismal performance of the automotive industry. According to PAMA, the total sales of passenger vehicles dropped to 5.8K units, showing a 10% decrease from the previous month and a massive 66% decline from the same month last year. The first…
Pakistani banks shine in Asia-Pacific as stock market rallies to record highs
Pakistani banks dominated the list of the best-performing bank stocks in the Asia-Pacific region in the last quarter of 2023, as the Pakistan Stock Exchange (PSX) soared to new heights amid improved economic outlook and investor confidence. According to data from S&P Global Market Intelligence, 11 Pakistani banks were among the top 15 bank stocks…
Petroleum sales slump in Pakistan amid high prices and low demand
ISLAMABAD: The sales of petroleum products in Pakistan witnessed a sharp decline of 7% year-on-year (YoY) in December 2023, reaching 1.24 million tons, according to the latest data released by the Oil Companies Advisory Committee (OCAC). The main reasons for the drop in sales were the surge in price of petroleum products, the economic slowdown,…
Pakistan’s textile exports decline by 7% in November 2023
ISLAMABAD: Pakistan’s textile exports fell by 7% year-on-year in November 2023, according to the latest data released by the Pakistan Bureau of Statistics (IPBS). The total value of textile exports stood at US$1.3 billion, compared to US$1.4 billion in the same period last year. The drop was attributed to lower global prices and a challenging…
U Bank and Bank Alfalah join hands to boost microfinance in Pakistan
KARACHI: In a bid to strengthen the microfinance sector in Pakistan and promote financial inclusion, U Microfinance Bank (U Bank) and Bank Alfalah Limited have entered into a strategic partnership to collaborate on a short-term financing facility of PKR 10 billion. The facility will enable U Bank to expand its outreach and offer a range…
Pakistan’s internet shutdown sparks controversy and criticism
Country’s telecom authority, the Pakistan Telecommunication Authority (PTA), has reportedly launched an investigation into the alleged internet shutdown that occurred on Sunday, ahead of a virtual meeting of the opposition party Pakistan Tehreek-i-Insaf (PTI). Prime Minister Imran Khan, is facing corruption and immorality charges. Khan’s tenure is marred with misgovernance and inefficiency. Nonetheless, the popular…
Pakistan’s auto assembling sector shines despite import woes
KARACHI: Pakistan’s auto assembling sector has been in the spotlight at the Pakistan Stock Exchange (PSX) outperforming the KSE 100 Index by 12% since Pak Suzuki (PSMC) announced its voluntary delisting on October 12, 2023. According to an analyst at Sherman Securities, this has created excitement among investors as this delisting will unlock fair valuation…
UBL to set up exchange company and sell UK subsidiary
KARACHI, UK: United Bank Limited (UBL) has announced its plans to establish an exchange company with a paid-up capital of PKR 1.0 billion, subject to approval by the State Bank of Pakistan and other regulatory compliances. The exchange company will be a wholly owned subsidiary of UBL and will offer various services such as currency…
Zyp Technologies to revolutionize transportation with electric motorcycles amid soaring petrol prices in Pakistan
KARACHI: As Pakistan grapples with skyrocketing petrol prices, a glimmer of hope has emerged on the horizon with the announcement of a groundbreaking initiative by a new start-up company. Zyp Technologies, the innovative firm in question, has unveiled ambitious plans to manufacture 8,000 electric motorcycles right within the country, offering a sustainable alternative to traditional…