Pakistan Stock Exchange Index likely to reach 75k in 2024 as recovery has just begun

Pakistan’s Stock market recovery is likely to continue in the year 2024. Experts expect the benchmark KSE-100 total return index to reach 75k by Dec 2024, a potential upside of 31%. Smooth power transfer to the new government after elections, a new long-term funding program from the IMF, and an expected fall in Interest rates will be key drivers of equities in 2024.… Continue

Pakistan plans to achieve 60% renewable electricity by 2030.

The Pakistan Solar Association (PSA) Chairman Amir Chaudhry has said they are thrilled to announce their commitment to collaborating with the Government of Pakistan to achieve 60% renewable electricity by 2030. Addressing an event titled Let’s Grow Together on Friday, he said that the PSA recognises the significance of recent initiatives, such as the 10 GW Fast Track projects launched by the Alternative Energy Development Board (AEDB) and the Energy Ministry last year.… Continue

Economic development should be the utmost priority: Shah.

Economic development through the revival of business activities should be the utmost priority of the upcoming government in collaboration with all stakeholders, mainly the industries and chamber of commerce of the country, said Nasir Hussain Shah, the Former Provincial Minister for Local Government, Housing and Town Planning.… Continue

APL stands as the second largest OMC in terms of storage.

APL has demonstrated consistent progress in terms of expanding retail presence, averaging 31 new outlets annually since FY16, alongside expanding and revamping product storage facilities at a similar pace.

·         APL stands as the second largest OMC in terms of storage, commanding 10.4% market share in 4MFY24 (vs.… Continue

Highlighting the latest breakthroughs in the field of biological and biomedical sciences research

The 3rd Annual Biological Sciences Conference, themed ‘#TrailblazingOnwards,’ celebrated the Aga Khan University’s (AKU) 40th year of excellence in research and education. This conference provided biological science researchers within the country a platform to showcase basic science and mechanistic studies in various fields of human and animal biological sciences, as well as gathered experts from the scientific community to share ideas and build collaborations in the field.… Continue

K-Electric intends to commission both units of BQPS-III on HSD during FY24

The management of K-Electric Limited held a corporate briefing session on 17th Nov’23 to discuss the financial result of FY23 and the future outlook.

Brief Takeaways

·     To recall, the company posted a loss after tax of PKR 30.9bn (LPS: PKR 1.12) in FY23 vis-à-vis a profit of PKR 8.5bn (EPS: PKR 0.31), mainly due to a 12% decline in contribution margins, 49% increase in exchange loss and 129% YoY increase in finance cost.… Continue

Governor SBP unveils Strategic Plan for 2023 – 2028

Governor State Bank of Pakistan (SBP), Mr. Jameel Ahmad, launched SBP’s strategic plan, SBP Vision 2028, for the period 2023-2028 in a ceremony held today at SBP Karachi, which was attended by the senior management of the Bank. SBP Vision 2028, the first plan after amendments in the SBP Act, highlights the central bank’s vision, mission and key goals to be pursued over the next five years.… Continue

FINCA Microfinance Bank explores potential merger or acquisition with TPL Corp, Abhi Limited

FINCA Microfinance Bank is taking initial steps to explore a potential merger or acquisition with TPL Corp, Abhi Limited, with a non-binding letter of intent, subject to the approval of the State Bank of Pakistan (SBP). The two organizations are committed to financial inclusion in Pakistan and believe combining could create a more effective force for good.… Continue

Pharmaceutical industry plans to enhance export by $1 billion in FY24: DRAP CEO

The government and all sector stakeholders have set a target to enhance pharmaceutical exports to $1 billion in the current financial year from $713 million in exports in the last financial year. This was stated by Asim Rauf, CEO of the Drug Regulatory Authority of Pakistan (DRAP), in a press briefing held on the concluding day of the 20th Pharma Asia.… Continue

Amreli Steels plans to install a 9-mw wind power plant by the end of FY25.

The management of Amreli Steels Limited held a corporate briefing session on 16th Nov’23 to discuss the financial result of FY23 and future outlook.

Brief Takeaways

  • To recall, the company posted a loss after tax of PKR 678mn (LPS: PKR 2.28) in FY23 vis-à-vis a profit of 1,325mn (EPS: PKR 4.46), mainly due to depressed demand in tandem with higher borrowing cost.

Islamic Finance is growing tremendously in Central Asia: Zubair Mughal

Islamic Finance, guided by Shariah principles, is a values-driven approach to investment that promotes justice and prohibits unethical, speculative, and usurious practices. It plays a pivotal role in supporting the real economy and boosting the global financial system’s resilience. Since the war of the Soviet Union and the emergence of new nation-states in 1991, the Muslim-majority republics of Central Asia have witnessed the introduction of Islamic banking and finance to the region.… Continue

Solar industry leaders unite to drive clean energy adoption in Pakistan.

Solar companies, manufacturers, importers, and installers from across Pakistan are converging in the provincial metropolis to rally behind government initiatives to promote clean energy usage in the country. This gathering, organised by the Pakistan Solar Association (PSA), brings together around 400 industry members dedicated to discussing comprehensive plans to maximise solar energy utilisation for a cleaner and sustainable future.… Continue

Pakistan’s Liquid Foreign Reserves stand at US$ 12.535 billion as of 10-Nov-2023Position

The total liquid foreign reserves held by the country stood at US$ 12,535.5 million as of 10-Nov-2023. The break-up of the foreign reserves position is as under:

  • Foreign reserves held by the State Bank of Pakistan: US$ 7,396.7 million
  • Net foreign reserves held by commercial banks    : US$ 5,138.8 million
  • Total liquid foreign reserves                 : US$ 12,535.5 million

During the week ended on 10-Nov-2023, SBP’s reserves decreased by US$ 115 million to US$ 7,396.7 million due to debt repayments.… Continue

Aurora Tech Award & CIRCLE Women’s Association collaborated for an inspiring symposium

Aurora Tech Award and CIRCLE Women Association united to host an engaging and inspirational event, “Tech Tales of Triumph,” which aimed to raise awareness and invite women from Pakistan to apply for the prestigious Aurora Tech Award. Held on November 8 at the Daftarkhwan Downtown in Lahore, this symposium was a significant endeavor in the field of women’s tech empowerment.… Continue

Experts stress provision of children’s rights amidst climate change impacts

Universal Children’s Day is an annual day of action for children, by children, marking the adoption of the convention on the rights of child. Children’s rights are human rights. But in too many places today, children’s rights are under threat. International Rescue Committee (IRC), in collaboration with National Commission on the Rights of Child (NCRC), hosted a multi-stakeholder national consultation on how Climate Change is impacting children of Pakistan in commemoration of Universal Children’s Day 2023, under the global theme of “For every child, Every Right”.… Continue

Political parties must agree on the Charter of Economy before elections: Mian Zahid Hussain.

Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain said on Wednesday that the IMF loan was a short-term option to save the country from bankruptcy. He said that people with low incomes and the middle class are forced to bear the entire burden of the IMF conditions as a large portion of the economy remains undocumented.… Continue