The price of gold in Pakistan fell marginally on Friday to settle at Rs. 241,700 per tola. According to data issued by the Karachi Sarafa Association, the price of gold (24 carats) rose by Rs. 500 per tola to Rs. 241,700, while the price of 10 grams posted an increase of Rs. 429 to Rs. 207,219. The Sarafa Association said in a brief statement that the price of gold has been kept under cost by Rs. 3,000 considering the reduction in purchasing power of the buyers. Gold price in the local market increased by Rs. 800 per tola on Monday before declining by Rs. 500 per tola on Tuesday. Wednesday saw ..read more

In an effort to attract customers, Hyundai has announced free registration on the Hyundai Elantra 2.0 GLS and all Tucson variants until Eid-ul-Adha. Hyundai aims to ease the financial burden of owning a vehicle by waiving registration fees for the two models. “Hit the road with free registration on Elantra 2.0 GLS & all Tucson variants,” the company announced in a social media post. The Hyundai Elantra is renowned in Pakistan’s sedan market for its robust engine, advanced technology, and impressive road performance. Meanwhile, the Tucson is praised for its luxurious features and outstandin ..read more

The Pakistani rupee (PKR) reversed its 3-day losing streak against the US Dollar today after opening trade at 278 in the interbank market. It was slightly stable all day and closed in green against the greenback. It posted gains against some of the other major currencies during today’s session. The interbank rate stayed at 278/$ most of the day before closing at the same level. Open market rates across multiple currency counters were strictly at 278 today. The PKR appreciated by 0.06 percent to close at 278.3 after gaining 17 paisas against the dollar today. On a fiscal year-to-date basis, the ..read more

The Monetary Policy Committee of the State Bank of Pakistan is scheduled to meet on June 10, 2024, to decide on the final monetary policy for FY2023-24, and there is mounting expectation for a rate cut. A survey by Arif Habib Limited (AHL) estimates a reduction of 200bps in the policy rate, potentially lowering it to 20 percent, a level last seen in March-April 2023. This forecast is underpinned by several favorable economic indicators stated in the AHL report, suggesting a conducive environment for the initiation of a reversal in monetary stance. One of the primary factors supporting the expe ..read more

The cost of heart surgeries in Government Hospitals of Punjab is expected to increase as much as 100 percent because of what the sources said “ill-conceived” policy of the Specialized Healthcare and Medical Education Department, Government of Punjab. A major health crisis is looming large for the country’s most populous province where the provincial health department has barred the CE Marked European and Chinese companies from supplying consumables and disposables that are used in heart procedures and surgeries to the state-run hospitals. The provincial authorities have made it conditional tha ..read more

Infinix, a trendy tech brand crafted for young consumers, reports exceptional growth in Q1 2024. According to IDC’s Worldwide Quarterly Mobile Phone Tracker, Infinix achieved the highest year-on-year global market share growth amongst all major smartphone brands worldwide. Infinix’s year-on-year market share growth increased from 1.7% to 3.7% in Q1 2024, and its global smartphone shipments surged by a remarkable 150.6% year-on-year, achieving four consecutive quarters of rapid and sustained growth. “We are thrilled with our exceptional performance in the first quarter of 2024,” said Tony Zhao ..read more

Kia Motor Pakistan has announced a minor upgrade for its crossover SUV, the Kia Sportage. However, according to the company’s social media post, this update is limited to the vehicle’s special edition. “Introducing a striking new look for Kia Sportage Limited Edition with a distinct new emblem,” the company announced in a social media post. This means that the new emblem will be exclusive to the limited white edition and will not be featured on all models or variants of the car. It further added that the “Sportage Limited Edition comes with a distinctive new emblem.” In short, the upgrade ..read more

The Securities and Exchange Commission of Pakistan (SECP) has issued the draft Securities Managers (Licensing and Operations) Regulations, 2024, along with a consultation paper on the proposed Regulations, in order to obtain feedback from market participants and the general public. The proposed regulatory framework permits eligible securities brokers to provide portfolio management services after obtaining the requisite license to act as a ‘securities manager’ from the Commission. The licensing requirements for securities managers include net worth, fiduciary rating, research capacity, and oth ..read more

The European Union (EU) funded and UNIDO implemented Poverty Alleviation & Inclusive Development Across Rural Sindh (PAIDAR) programme successfully concluded its Business Grants Orientation event today at the Marriott Hotel in Karachi. Held to empower small and medium-sized enterprises (SMEs), entrepreneurs, and associations, the event attracted enthusiastic participation from 77 shortlisted applicants representing diverse business sectors. These participants will now collaborate with Technical Assistance (TA) companies allocated by PAIDAR to develop robust business proposals. The sectors ..read more

Saudi Aramco has completed the acquisition of a 40 percent equity stake in Gas & Oil Pakistan Limited (GO), the energy company said in a media release earlier today. “The acquisition, first announced in December 2023, represents Aramco’s first Downstream retail investment in Pakistan and signals the Company’s growing retail presence in high-value markets. In March, Aramco also acquired a 100% equity stake in Esmax Distribución SpA (“Esmax”), a leading diversified downstream fuels and lubricants retailer in Chile,” the company stated. Yasser Mufti, Aramco Executive Vice President of Product ..read more