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Articles for tag: cheaper, Chinese, dominate, electric vehicles (EV), EVs, Global, markets, Transport

March 11, 2024

News Desk

Cheaper Chinese EVs dominate global markets

KARACHI: Chinese electric vehicles (EVs) are gaining huge popularity around the world due to their cheaper prices and fun features, flooding and surprising the US and European markets despite stiff competition from local industries in the West. China has retreated to do much more work in research and development in order to have full dominance of technologies, manufacture new products, upgrade cutting-edge technologies and provide the world with cheap and attractive goods. EVs are becoming cheaper and more abundant, and as people look to meet global climate goals, climate-friendly technologies like EVs are becoming the future of global industry. A

January 10, 2024

News Desk

Certain markets for the approval of the IMF tranche

KARACHI: Pakistan’s financial markets are expressing unwavering confidence in the impending approval of the second tranche, worth $700 million, by the International Monetary Fund’s executive board. The board is scheduled to meet on Thursday (January 11). After approval, the next elected government is expected to secure a larger and longer-term loan program from the IMF to stimulate economic growth, liberalize imports and create key job opportunities. This follows the completion of the current nine-month Stand-By Arrangement (SBA) of $3 billion in March 2024. Speaking to Express Tribune, Managing Director of Arif Habib Limited, Shahid Ali Habib said, “The caretaker government

December 31, 2023

News Desk

IT experts urge exploration of GCC markets

KARACHI: IT consultants and experts urge a strategic exploration of new and non-traditional markets, particularly the Gulf Cooperation Council (GCC) countries. The aim is to attract foreign direct investment (FDI) and boost exports in the field of Information Technology (IT) and IT-enabled services. Many leading companies have already established their presence in these markets by setting up regional and representative offices to increase exports of IT services to these countries. This move should be followed by different IT companies and established technology based startups. In discussions with The Express Tribune, they pointed out that Pakistani IT companies could cultivate strong

December 31, 2023

News Desk

Breaking highs: With 55% growth, PSX among the best performing markets

The Pakistan Stock Exchange (PSX), after hitting a three-year low in 2023, ended the year as the world’s best-performing stock market under a $3 billion International Monetary Fund (IMF) loan program, fading chances of default debt and successful completion of the first IMF review. The benchmark KSE-100 registered a 14-year high of 55%, mainly in the second half of the year, and closed at 62,451 points on Friday (Dec 29). Earlier, the market had plunged to a three-year low of 38,136 points in January amid political instability and growing economic difficulties. The growth came as foreign investors returned after a

December 12, 2023

News Desk

Markets do not anticipate any change in monetary policy

KARACHI: Pakistan’s central bank is set to make a critical announcement on Tuesday as it unveils its next monetary policy statement. Domestic financial markets have seen a marked shift in expectations, with a consensus now leaning towards keeping the current benchmark rate at a record 22%. This marks a departure from previous forecasts, which suggested the possibility of a modest rate cut in December 2023. The revised outlook comes ahead of expected approval by the International Monetary Fund’s (IMF) executive board for the disbursement of the next $700 million loan tranche to Pakistan, due in January 2024. Initial forecasts were

December 10, 2023

News Desk

PSX dominates global markets

The Pakistan Stock Exchange (PSX) ended the trading week on a historic note as the benchmark KSE-100 surged to an all-time high above 66,000 points. This record close was fueled by the visit of caretaker Prime Minister Anwaarul Haq Kakar, who marked the launch of a 30 billion rupee Ijara Sukuk. The index rose an impressive 4,532 points, or 7.3% week-on-week (WoW), to 66,223.63. The notable rise was attributed to the outstanding performance of key sectors including banking, fertilizers and exploration and production (E&P). Throughout the week, bullish sentiment dominated the trading floor, boosted by several encouraging factors. These included

November 25, 2023

News Desk

Iranian envoy suggests border markets to boost trade

KARACHI: During a high-profile visit to the headquarters of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Iran’s Ambassador to Pakistan, Reza Amiri Moghadam, put forward a proposal to establish border markets between the two nations, aiming to boost trade ties, according to a press statement issued Friday. Highlighting Iran’s position as one of the world’s leading producers of petrochemicals and energy resources, Ambassador Moghadam highlighted its potential to play a critical role in helping Pakistan address its energy shortages through reliable and cost-effective supplies. Given Pakistan’s dependence on imported oil and energy sources, the ambassador sees Iran

November 16, 2023

News Desk

IMF deal boosts Pakistan’s financial markets

Rupee snaps 17-day losing streak against dollar as PSX tops 57,000 Investor in PSX. — AFP/File Rupee snaps 17-session losing streak against dollar. PSX surpasses 57,000 points — its record. Pakistan is soon to receive $700 million from the IMF. Following the staff-level agreement between Pakistan and the International Monetary Fund (IMF), the benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 57,000 points, while the rupee also recovered against the dollar. Pakistan, a day earlier, had reached a staff-level agreement with the IMF on the first review of its $3 billion bailout. Following approval by the Fund’s

November 16, 2023

News Desk

Financial markets were boosted by the Pakistan-IMF deal

Rupee snaps 17-session losing streak against dollar as PSX crosses 57,000 in intraday trade Investor in PSX. — AFP/File Following the staff-level agreement between Pakistan and the International Monetary Fund (IMF), the benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) rallied above 57,000 points, while the rupee also rallied against the dollar during of the intraday transaction in the interbank market. Pakistan, a day earlier, had reached a staff-level agreement with the IMF on the first review of its $3 billion bailout. Following approval by the Fund’s Executive Board, Pakistan will have access to approximately $700 million, bringing total

November 15, 2023

News Desk

Pakistan-China partnership to sweeten markets

LAHORE: At a recent think tank session at the Pakistan China Joint Chamber of Commerce and Industry (PCJCCI) Secretariat, Moazzam Ghurki, President of PCJCCI, highlighted the potential of Pakistan and China to revolutionize the sugar industry through collaborative efforts. Ghurki suggested that the two nations, with their strong friendship, can produce high-quality sugar in abundance and export it globally. Ghurki emphasized the importance of connecting experts from China and Pakistan by providing them a platform to enhance cooperation in sugarcane production and processing. He suggested that by harnessing technologies such as ‘Tissue Culture’, a major transformation in sugarcane production could

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