KARACHI: Pakistan’s automobile industry experienced a significant surge in sales during the month of August 2023, with a staggering 7.6K units sold. This surge, representing a 49% month-on-month (MoM) increase, has sent ripples of optimism throughout the industry. However, it’s important to note that this impressive rebound comes in the wake of a 36% year-on-year…
Category: PSX
Corporate announcements on Pakistan Stock Exchange (PSX)
Indus Motor plans to introduce locally assembled Toyota hybrid cars in 4-6 months
KARACHI: Indus Motor Company, the producer of Toyoto cars, announced that its Hybrid facility is under construction and it plans to launch the HEV car in the next four to six months. The company said at a briefing that it will focus on electric vehicles after launching hybrid vehicles that are assembled locally. Electric vehicles…
OGDCL deploy production optimization initiatives, achieves major boost from Siab-1 Well
KARACHI, PAKISTAN: The Oil & Gas Development Company Limited (OGDCL) has achieved a major boost in its hydrocarbon production from the Siab-1 well, located in the Baratai Block of Kohat district, Khyber Pakhtunkhwa province. The well is operated by OGDCL, which has a 97.5% stake in the joint venture, while the Khyber Pakhtunkhwa Oil &…
Pakistan blocks 120 loan apps from Google Play and Apple stores
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP), the regulator of the non-banking finance sector, has taken strict action against illegal loan apps that were operating without its approval and posing a threat to the public. The SECP, in collaboration with Google, Apple, and the Pakistan Telecommunication Authority (PTA), has identified and blocked 120…
Summit Bank Limited changes name to Bank Makramah Limited
KARACHI, PAKISTAN: Summit Bank Limited announced that the State Bank of Pakistan has granted its consent to change Summit Bank’s name to Bank Makramah Limited (abbreviated as BML). This will become effective subject to other regulatory and corporate approvals. This name change follows the recent acquisition of a controlling stake in Summit Bank by prominent…
Divestment of Shell Pakistan by parent company may value around US$140mn
KARACHI, PAKISTAN: Shell Pakistan Limited (SHEL) is set to be sold by its parent company, Shell Global. The announcement was made in a notice to the Pakistan Stock Exchange (PSX). Shell Global has a 77.42% stake in SHEL, and the sale is subject to regulatory approvals. The company has not disclosed the identity of the…
Pakistan’s petroleum sales plunge by 40% YoY in May 2023
The sales of petroleum products in Pakistan witnessed a sharp decline of 40% year-on-year (YoY) in May 2023, reaching 1.30 million tons, according to the latest data released by the Oil Companies Advisory Council (OCAC). The drop in petroleum sales was attributed to various factors, such as the surge in petroleum prices, the slowdown in…
PSX launches new trading & surveillance system to boost market efficiency and security
Karachi, Pakistan: Pakistan Stock Exchange (PSX) has officially launched a new trading & surveillance system (NTS) that aims to upgrade and enhance its technological capacity and functionality. The NTS is a state-of-the-art, safe and highly advanced securities trading and surveillance system that has been operational in Shenzhen Stock Exchange (SZSE), China, for 20 years without…
HBL Microfinance Bank partners with SCO to establish software Technology Park in Skardu
ISLAMABAD, PAKISTAN: HBL Microfinance Bank (HBL MfB) has announced its partnership with Special Communications Organisation (SCO) to establish and operate the first-ever Software Technology Park (STP) in Skardu, Gilgit-Baltistan. HBL Microfinance Bank has extended its support of Rs. 15 million to this cause. The STP Skardu has shown promising results in its pilot launch phase,…
ABHI becomes first fintech in MENAP region to issue Islamic bonds
KARACHI, PAKISTAN: ABHI, a leading embedded finance platform in the Middle East, North Africa and Pakistan (MENAP) region, has announced that it has issued Islamic bonds worth PKR 2 billion (US$7.1 million), making it the first Fintech in the region to do so. The Islamic bonds, also known as Sukuk, are financial instruments that comply…
United Bank Limited Goes Live with Temenos Digital Banking Platform for Corporate Lending
United Bank Limited (UBL), one of the largest banks in Pakistan with 11 million customers, has gone live with Corporate Lending on Temenos digital banking platform as part of a comprehensive digital transformation of the bank’s retail, SME, and corporate banking for domestic and international customers on the Temenos platform. The move was announced by…
Qistbazaar achieves Rs.1.0 billion sales milestone in just 17 months
Karachi: Qistbazaar, a leading e-commerce start-up, has achieved the milestone of Rs. 1.0 billion in sales, in just 17 months since its establishment in November 2021. As a rapidly growing BNPL (Buy Now Pay Later) platform, and working as a licensed NBFC (Non-Banking Finance Company), Qistbazaar is committed to uplifting the living standard of all…