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US stocks drop after report shows April inflation surge
May 12, 2026 2:42
US stocks drop after report shows April inflation surge

NEW YORK: Wall Street stocks dipped early Tuesday as US consumer inflation hit a three-year high following a surge in gasoline prices due to the Iran war. The consumer price index rose 3.8 percent year-on-year in April, up from March’s 3.3 percent figure. The report comes as the two-and-a-half month US-Iran conflict churns on. Both sides have refused to make concessions and repeatedly threatened to resume fighting, but neither appears willing to return to all-out war. About 15 minutes into trading, the Dow Jones Industrial Average was down 0.5 percent at 49,458.97. The broad-based S&P 500 declined 0.4 percent to 7,384.74, while the tech-rich Nasdaq Composite Index dropped 0.5 percent to 26,135.22. Both the S&P 500 and Nasdaq ended at records on Monday. The inflation data means more Federal Reserve officials will support keeping interest rates flat, said Nationwide Chief Economist Kathy Bostjancic. “This would increase the hurdle for the Fed to cut rates later this year, despite Kevin Warsh coming on to lead the (Fed) and being more inclined to argue for rate reductions,” Bostjancic said in a note. [...]

Dollar rises but still not far from pre-war levels, data awaited
May 12, 2026 1:30
Dollar rises but still not far from pre-war levels, data awaited

The U.S. dollar extended gains for a second straight session on Tuesday, underpinned by sustained uncertainty over the Middle East conflict that drove investors into the greenback as a traditional safe haven. The greenback rose sharply in March as the currencies of oil-reliant economies such as Japan and the euro area were heavily sold after oil prices surged following Iran’s effective closure of the Strait of Hormuz. It weakened again after April 7, the start of a ceasefire, which Donald Trump threatened on Monday to end, dismissing Iran’s proposal as “a piece of garbage.” The U.S. dollar index, a measure of its value against a basket of major foreign currencies, was up 0.36% at 98.30. It was at 97.85 on February 27 and hit 100.64 in late March. It fell below its pre-war levels late last week. “It appears unlikely that a breakthrough would be achieved before the Trump-Xi summit later this week,” said Mohit Kumar, an economist at Jefferies. Trump is expected to arrive in Beijing on Wednesday, where Iran is set to be among the topics discussed with Chinese President Xi Jinping. Crude oil price supporting dollar “As long as crude oil prices stay high, because of the U.S.’ blockade [of Iranian ports] and Iran’s threat to tanker traffic in the Gulf, the dollar will stay strong,” said Thierry Wizman, global forex and rates strategist at Macquarie Group. “The toll that high oil prices will take on the rest of the world’s economies will be much more pernicious than the toll [on] the U.S.,” he added. Oil prices rose 3% on Tuesday as hopes for a deal to end the war on Iran faded. Wizman also argued that the U.S. administration has probably decided that its economic blockade of Iran – the ‘economic war’ – could be more effective than resuming bombing runs. Rate outlook in focus Investors are also closely watching the monetary outlook, with the Federal Reserve now expected to keep rates higher for longer, while traders are betting that the European Central Bank will hike its depo rate to about 2.75% by year-end from the current 2%. The euro fell 0.33% to $1.1744. Eyes will be on a U.S. inflation report due later in the session, which is forecast to show that consumer prices rose 0.6% last month after jumping 0.9% in March, according to a Reuters survey of economists. Estimates ranged from a 0.4% gain to a 0.9% rise. “Given the likelihood of elevated inflation readings, the CPI on Tuesday and PPI on Wednesday, the case for eventual rate cuts this year looks increasingly difficult to sustain,” said John Velis, head of Americas strategy at BNY. “The last two weeks’ worth of U.S. macro data showed an economy that is not yet feeling acute pressure from the shocks generated by the Iran conflict,” he added. Yen still in intervention watch zone The Japanese yen jumped suddenly in the late Asian session on Tuesday, stoking speculation of a “rate check”, often a precursor to currency intervention. The dollar was last at 157.57 against the yen, up 0.21% on the day, after U.S. Treasury Secretary Scott Bessent said he had great confidence that Bank of Japan Governor Kazuo Ueda will guide the central bank to a “very successful” monetary policy. Japan’s authorities have supposedly spent nearly $63.7 billion in the current round of interventions. [...]

UK shares fall as political uncertainty, Middle East concerns hit sentiment
May 12, 2026 1:23
UK shares fall as political uncertainty, Middle East concerns hit sentiment

UK shares slipped on Tuesday as investors weighed domestic political uncertainty, with Prime Minister Keir Starmer defying calls to step down, alongside renewed concerns over tensions in the Middle East. The blue-chip FTSE 100 index fell 0.4% as of 1053 GMT, while the midcap FTSE 250 dropped 1.2%. The declines suggest lingering questions over Starmer’s future even after his impassioned plea on Monday, where he urged voters and Labour Party lawmakers to stick with him and avoid a leadership contest he said would only bring chaos. Also read: Starmer says his govt is a 10-year project despite calls to quit More than 80 Labour lawmakers have publicly called for Starmer to set a resignation date so the party could install a new leader in an orderly manner. Starmer, however, has vowed to stay at the helm. “The markets are pretty nervous. People are just all scratching their heads and saying, ‘What is he (Starmer) doing?’” said David Morrison, senior market analyst at Trade Nation. Investors were also concerned by the lack of progress in resolving the Middle East conflict. U.S. President Donald Trump said the ceasefire with Iran was “on life support.” Tehran rejected a U.S. proposal to end the conflict and stuck to a list of demands that Trump described as “garbage”. Bank stocks in the UK fell 2.3%, dragged lower by a 5.2% decline in shares of Metro Bank and a 3.6% drop in Barclays. Aerospace and defence stocks also slipped 2%, while the rate-sensitive real estate sector fell 1.9%. [...]

Oil prices jump on latest US-Iran peace process impasse
May 12, 2026 1:19
Oil prices jump on latest US-Iran peace process impasse

LONDON: Oil prices rose by more than 3% on Tuesday as stark differences between the U.S. and Iran on a proposal to end the war in the Middle East pushed supply concerns back into the spotlight. Brent crude futures gained $3.47, or 3.3%, to $107.68 a barrel by 1045 GMT and U.S. West Texas Intermediate CLc1 was up $3.54, or 3.6%, at $101.61. Both benchmarks climbed nearly 3% on Monday. “After both sides rejected each other’s negotiation proposals, tensions between Iran and the U.S. are escalating once more,” said Commerzbank analyst Carsten Fritsch. U.S. President Donald Trump said on Monday that the ceasefire was on “life support”, pointing to disagreements over demands such as the cessation of hostilities on all fronts, the removal of a U.S. naval blockade, the resumption of Iranian oil sales and compensation for war damage. Iran also emphasised its sovereignty over the Strait of Hormuz, through which about a fifth of global oil and liquefied natural gas flows. Disruptions linked to the near-closure of the strait have prompted producers to curtail exports, with a Reuters survey on Monday showing OPEC oil output in April fell to its lowest level in more than two decades. “A genuine breakthrough towards a peace deal could trigger a sharp $8 to $12 correction, while any escalation or renewed blockade threats would quickly push Brent back toward $115-plus,” said KCM Trade analyst Tim Waterer. Saudi Aramco CEO Amin Nasser had warned on Monday that disruptions to oil exports through the strait could delay a return to market stability until 2027, with the loss of about 100 million barrels of oil per week. Meanwhile, some independent Chinese refiners are curtailing fuel output on weakening profit margins as they battle weak domestic demand and excess product, trade and refining sources said.Elsewhere on the supply front, U.S. crude stocks were estimated to have dropped by about 1.7 million barrels last week, a Reuters poll of analysts showed. Walt Chancellor, energy strategist at Macquarie Group, said that strong waterborne export flows of crude and products are likely for the next several weeks. Market participants were also keeping a close eye on President Trump’s planned meeting with Chinese President Xi Jinping on Thursday and Friday after Washington imposed sanctions on three individuals and nine companies for facilitating Iranian oil shipments to China. Tariffs imposed during the U.S.-China trade war have halted most Chinese imports of U.S. oil and LNG, which were worth $8.4 billion in 2024, the year before Trump began his second term. [...]

KSE-100 sheds nearly 1% amid geopolitical volatility
May 12, 2026 12:45
KSE-100 sheds nearly 1% amid geopolitical volatility

A volatile trading session was observed at the Pakistan Stock Exchange (PSX) due to global geopolitical tensions and economic concerns, with the benchmark shedding nearly 1,600 points or 1% on Tuesday. The market opened on a relatively positive note, with the benchmark index climbing to an intra-day high of 171,571.55 points during early trading hours. However, the momentum proved short-lived as selling pressure quickly emerged, dragging the index into negative territory. The decline accelerated in the final trading hours, pushing the index near its intra-day low of 168,823.31 points. At close, the benchmark index settled at 168,916.22, down by 1,590.09 points or 0.93%. “The local bourse witnessed a rollercoaster session as investors navigated through heightened geopolitical uncertainty,” brokerage house Topline Securities said in its post-market report. “Market sentiment remained fragile amid the ongoing USA-Iran conflict, where the lack of clarity on the geopolitical front kept participants on edge. Adding fuel to the nervousness, international oil prices continued their upward trajectory, triggering widespread profit-taking across key sectors and leading to a highly volatile trading session,” it added. Index-heavy stocks including UBL, LUCK, ENGROH, HBL, HUBC and FFC collectively dragged the index down by 750 points, Topline said. In a key development, the State of Pakistan’s Economy, Half Year Report FY26 revealed that despite headwinds from global trade-related uncertainty and domestic floods, Pakistan’s macroeconomic stability strengthened further in H1-FY26. The central bank on Tuesday noted that the Middle East War poses significant risks to the macroeconomic outlook amid heightened uncertainty, where supply chain disruptions are likely to impact inflation trajectory, external trade and remittance flows, and the economic activity in Pakistan. On Monday, the PSX witnessed a range-bound and subdued trading session as persistent geopolitical tensions between the United States and Iran dampened investor sentiment, prompting cautious participation and dragging the benchmark indices lower despite selective sectoral gains. The KSE-100 Index closed at 170,506.31 points, shedding 609.51 points or 0.36%. Globally, oil crept higher, and the US dollar rose on Tuesday as hopes faded for a deal to get ships moving through the Strait of Hormuz, while a red-hot chip rally in chip stocks cooled and ​traders waited on US inflation figures. US President Donald Trump said the ceasefire with Iran was “on life ‌support” after Tehran’s response to a US proposal to end the war made clear the two sides were still far apart. Brent crude futures were up 0.7% to $105 a barrel. S&P 500 futures dipped 0.2%, and even the almost unstoppable KOSPI in Seoul ​slid 3%, pulling down other regional markets. MSCI’s broadest index of Asian shares excluding Japan fell 1%, ​while Tokyo’s Nikkei was flat. European futures fell 1%. Markets are keeping a watchful eye on ⁠Trump’s Wednesday visit to China, with expectations low for either progress on Iran or on the trade front, with the focus ​on the status quo holding. Overnight, Wall Street had been resilient in the face of rising ​oil prices, with the S&P 500 and Nasdaq eking out the latest in a series of new closing highs. US ​inflation data is due later in the day, with the headline consumer price index seen climbing to a hot 3.7% year-on-year. Any ‌suggestion ⁠that the Federal Reserve may need to hike this year - rather than cut as investors had expected before the war - could rattle markets. Meanwhile, the Pakistani rupee continued to gain against the US dollar during trading in the inter-bank market on Tuesday. At close, the local currency settled at 278.66, a gain of Re0.01 against the greenback. Volume on the all-share index decreased to 1,017.42 million from 1,103.29 million recorded in the previous close. However, the value of shares rose to Rs32.03 billion from Rs31.04 billion in the previous session. Cnergyico PK was the volume leader with 154.13 million shares, followed by Hascol Petrol with 113.57 million shares, and K-Electric Ltd with 107.55 million shares. Shares of 485 companies were traded on Tuesday, of which 106 registered an increase, 346 recorded a fall, and 33 remained unchanged. [...]

Rupee inches up against US dollar
May 12, 2026 11:36
Rupee inches up against US dollar

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At close, the local currency settled at 278.66, a gain of Re0.01 against the greenback. On Monday, the local unit closed at 278.67. The US dollar held its ground on Tuesday. The euro last bought $1.1775, while sterling was at $1.3602, both steady on the day. The dollar index, which measures the U.S. currency against six others, was at 97.98. The dollar initially benefited from safe haven flows when the war first broke out, but has since given up much of those gains and remains choppy on shaky prospects of a peace deal and a ceasefire that appears to be hanging by a thread. Meanwhile, oil prices rose nearly 1% on Tuesday. Brent crude futures were up 86 cents, or 0.8%, at $105.07 per barrel, while U.S. West Texas Intermediate gained 99 cents, or 1%, to $99.06 at 0411 GMT. Both benchmarks increased nearly 2.8% on Monday. Saudi Aramco CEO Amin Nasser on Monday warned that disruptions to oil exports through the strait could delay a return to market stability until 2027, with the loss of about 100 million barrels of oil per week. Elsewhere on the supply front, U.S. crude stocks were forecast by analysts in a Reuters poll to be down by around 1.7 million barrels in the previous week. [...]

Indian shares post worst drop in six weeks; $115bn wiped out as Mideast hopes fade
May 12, 2026 10:57
Indian shares post worst drop in six weeks; $115bn wiped out as Mideast hopes fade

Indian stocks tanked on Tuesday, wiping off about $115 billion from the market value of firms listed on the National Stock Exchange, as fading hopes for a U.S.-Iran deal worsened the outlook for Asia’s third-largest economy. The country of 1.4 billion people braced for tough measures after Prime Minister Narendra Modi urged lower use of fuel and fertilisers and curbs on overseas travel and imports, as a surge in global energy ​prices pressures foreign exchange ​reserves. The rupee, Asia’s worst-performing currency in 2026 so far, fell to a record low as crude hovered near $107 per barrel and outflows continued unabated, hammering stocks across sectors. “The pressure on equities is now being amplified by a macro ‘triple hit’ of higher crude prices, rupee slipping to record low and continued aggressive foreign outflows,” said Hariprasad K, founder of Livelong Wealth. There is a “broader confidence shock as investors are interpreting recent policy messaging and austerity-oriented commentary as an indication of a tougher macroeconomic environment ahead,” Hariprasad said. India, the world’s third-largest oil importer and consumer, meets more than 90% of its crude oil needs and about half of its natural gas demand through imports. The country has yet to raise prices of fuels used by the public, but the oil minister said on Tuesday the government would at some stage need to assess how long state-run refiners can sustain losses from selling fuels below market prices. India’s Nifty 50 fell 1.83% to 23,379.55, while the BSE Sensex shed 1.92% to 74,559.24, logging their worst day in six weeks and taking their losses over two sessions to about 3.4%. The benchmark indexes are the laggards among Asian peers, which fell 1.3% after U.S. President Donald Trump said a ceasefire with Iran was “on life support”. Tehran has rejected a U.S. proposal to end the conflict and stuck to a list of demands the U.S. president described as “garbage”. IT takes a beating Shares of Indian IT firms fell 3.7% to a three‑year low over concerns of AI disrupting their traditional business models, and ahead of U.S. inflation data that could revive rate‑hike concerns. All 16 major sectors declined, while small-caps and mid-caps dropped 3.2% and 2.5%, respectively. On the flip side, ONGC and Oil India climbed 4.8% and 7.7%, respectively, after CLSA said the royalty cuts on crude and gas production benefit them. [...]

Indian rupee's rough patch worsens on oil, outflow strain; central bank likely steps in
May 12, 2026 10:31
Indian rupee's rough patch worsens on oil, outflow strain; central bank likely steps in

MUMBAI: The Indian rupee hit an all-time low on Tuesday as fading hopes of a peace deal between the U.S. and Iran sparked a run-up in oil prices, which, along with persistent portfolio outflows and weakening sentiment, pressured the currency. The Indian rupee fell to 95.7375 per dollar, eclipsing its previous record low of 95.4325. Likely intervention by the central bank helped limit further losses, traders said, with the local currency ending the trading session at 95.6275, down 0.3% from its previous close. The rupee is Asia’s worst performing major currency over 2026 so far and has weakened nearly 5% since the Iran war broke out on February 28. The Indian rupee and other currencies of oil-importing countries have been among the hardest hit following a near 50% surge in Brent crude prices since the Iran war began. The Philippine peso and the Indonesian rupiah have also been impacted severely, with the latter hitting a record low on Tuesday as well. “Defensive currencies, specifically the INR, IDR, and PHP, are currently trading with a heavy bias. These regional pairs will be looking for relief in the form of oil prices declining sustainably below $100 to ease imported inflationary pressures and improve current account outlooks,” DBS said in a note. Last week, ANZ lowered its December target for the rupee to 97.5 from 93. BMI, a unit of Fitch Ratings, flagged the risk of the currency sliding to 100 if the Iran war worsens. The U.S.-Israeli conflict with Iran, now running for about two-and-a-half months, showed little sign of resolution despite a tenuous ceasefire in place since April 8. Donald Trump said a ceasefire with Iran was “on life support” as Tehran rejected a U.S. proposal to end the conflict and stuck to a list of demands the U.S. president described as “garbage”. Brent crude oil futures were last at $107.4, up 3% on the day. The longer the conflict drags on, the greater the likelihood that oil prices will remain high, keeping the rupee under sustained pressure, analysts said. Higher oil prices are set to widen India’s current account deficit, with the strain compounded by the prospect of continued weak capital inflows. Foreign investors have pulled out more than $20 billion from Indian equities since the war began, with year-to-date outflows exceeding last year’s record. Overseas investors sold nearly $900 million on Monday, according to preliminary data. India’s benchmark equity index, the Nifty 50 fell 1.8% on Tuesday, its worst single-day fall in more than a month. Support for the rupee With the rupee under persistent pressure, expectations that policymakers could step in to support the currency have risen, including reviving measures used during the 2013 taper tantrum. India’s Prime Minister Narendra Modi on Sunday urged limits on fuel use, travel and imports to save foreign exchange. Potential measures that policymakers can tap include disincentivising non-essential imports like gold, tighter rules on outward remittances, a foreign currency deposit mobilization scheme and a hike in domestic fuel prices, Nomura said. India has not increased fuel prices despite a rise in global prices since the start of the Iran war, diverging from many energy importing emerging market peers. [...]

Palm slips as Dalian palm olein weighs
May 12, 2026 10:29
Palm slips as Dalian palm olein weighs

KUALA LUMPUR: Malaysian palm oil futures retreated on Tuesday, reversing the previous session’s gains, as softer Dalian palm olein dragged on prices. The benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange slid 33 ringgit, or 0.73%, to 4,483 ringgit ($1,140.13) a metric ton at the close. The contract rose 0.24% in the previous session. The market was weighed down by selling pressure in Dalian palm olein during the Asian trading session, a Kuala Lumpur-based trader said. Dalian’s most-active soyoil contract rose 0.16%, while its palm oil contract shed 1.35%. Soyoil prices on the Chicago Board of Trade were up 0.81%. Palm oil tracks the price movements of rival edible oils, as it competes for a share of the global vegetable oils market. Oil prices rose 2% as hopes for a deal to end the U.S.-Israeli war on Iran faded, with stark differences between Tehran and Washington on a peace proposal bringing supply concerns again to the fore. Stronger crude oil futures make palm a more attractive option for biodiesel feedstock. Malaysia’s palm oil inventories rose in April for the first time in four months as exports fell amid a surge in production and higher imports, data from the Malaysian Palm Oil Board showed. Cargo surveyor Intertek Testing Services estimated that exports of Malaysian palm oil products for May 1-10 rose 8.5% from a month earlier, while independent inspection company AmSpec Agri Malaysia estimated that exports declined 10.8%. The ringgit palm’s currency of trade, weakened 0.31% against the dollar, making the commodity slightly cheaper for buyers holding foreign currencies. [...]

Gold price gains Rs4,100 per tola in Pakistan
May 12, 2026 9:35
Gold price gains Rs4,100 per tola in Pakistan

Gold prices in Pakistan increased on Tuesday in line with their loss in the international market. In the local market, gold price per tola reached Rs492,462 after a gain of Rs4,100 during the day. Similarly, 10-gram gold was sold at Rs422,206 after it accumulated Rs3,515, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On Monday, gold price per tola reached Rs488,362 after a decrease of Rs5,300 during the day. The international rate of gold jumped by $41 to reach $4,701 per ounce (with a premium of $20). Meanwhile, the price of silver also increased by Rs395 to reach Rs8,908 per tola. [...]

Indian banks resume bullion imports after month-long halt over 3% levy, sources say
May 12, 2026 9:23
Indian banks resume bullion imports after month-long halt over 3% levy, sources say

MUMBAI: Indian banks have resumed gold and silver imports after a hiatus that stretched for more than a month by agreeing to pay a 3% customs levy that earlier prompted lenders to halt shipments, trade and government sources told Reuters. The resumption is expected to boost the country’s gold imports, widen the trade deficit and put more pressure on the rupee, which is among Asia’s worst-performing currencies this year. Worried about mounting pressure on India’s balance of payments and the rupee, Prime Minister Narendra Modi on Sunday urged people to avoid buying gold for a year to help preserve the country’s foreign exchange reserves. Stronger demand from India, the world’s second-largest gold buyer after China, could also support global gold and silver prices and help local jewellers replenish their inventories. “We paid a 3% integrated goods and services tax (IGST) at customs to clear gold and silver shipments,” said the head of the bullion desk at a Mumbai-based private bank. Shares of Indian jewellers slide after Modi urges pause on gold purchases “Banks waited for more than a month for the government to issue an order that annually exempts them from paying the 3% IGST. But as the government signalled it wanted to curb gold imports, banks gave up hope.” Banks, which import most of India’s refined gold, halted shipments at the start of the new financial year on April 1 after customs authorities began demanding IGST on the metal. When India adopted the IGST regime in 2017, gold-importing banks were exempted from paying the 3% levy. Banks have been clearing gold and silver shipments from customs in recent days, a government official said, declining to be named as he was not authorised to speak to the media. The trade sources were also not allowed to speak publicly. Banks have cleared about 9 metric tons of gold and 34 metric tons of silver so far in May after paying the IGST, the official said. Supply has improved due to bank imports, but demand remains weak, leaving gold trading at a discount, said Chirag Thakkar, chief executive of bullion importer Amrapali Group Gujarat. Dealers in India offered discounts of up to $17 an ounce over official domestic prices this week, inclusive of 6% import and 3% sales levies. India’s gold imports in April are likely to have fallen to a near 30-year low of about 15 metric tons, as banks halted shipments after customs authorities began demanding the IGST. [...]

India's state-owned EXIM Bank plans $10.5 billion debt fund raise in fiscal 2027
May 12, 2026 9:14
India's state-owned EXIM Bank plans $10.5 billion debt fund raise in fiscal 2027

MUMBAI: The Export-Import Bank of India (EXIM Bank) plans to raise about 995 billion rupees ($10.5 billion) in fiscal 2027 through domestic and overseas borrowing, its managing director said, as the bank looks to strengthen its funding profile. The spread on the bank’s 10-year bond issued in January has narrowed to 70 basis points from 86 bps over the past three months, strengthening its confidence to pursue foreign-currency borrowing in this environment, MD Harsha Bangari told Reuters on Monday. The U.S.-Israel war on Iran and the subsequent closure of the key Strait of Hormuz has increased shipping costs, disrupted logistics and affected exporter sentiment. However, the bank will remain cautious on the timing of any fresh borrowing, she said, without specifying when the fundraise would be carried out. The wholly state-owned EXIM Bank, which provides export financing and backs loans granted by commercial lenders to buyers of Indian goods, expects to tap the domestic market for around 660 billion rupees through instruments such as bonds, certificates of deposit and loans, according to Bangari. It will raise about $3.5 billion from overseas markets via bilateral and syndicated loans, she added. MoF asked to redraft Export Import Bank of Pakistan The planned borrowing is higher than the 860 billion rupees the bank raised in the previous financial year. Impact of Middle East crisis The bank, which also extends lines of credit to governments and institutions in developing countries, particularly in Africa, Asia and Latin America, expects loan growth to moderate to 10% in fiscal 2027, from 12% last year, Bangari said, due to the Middle East crisis. “I have a really robust pipeline and I’m confident that it will be disbursed in the current year,” said Bangari. However, the pace of contract imports for Indian firms could slow if the uncertainty persists for longer, she added. The bank’s Middle East and North Africa exposure stands at around 57 billion rupees of the overall exposure of 3.5 trillion rupees, Bangari said, adding that the bank has been conducting a detailed assessment of the potential impact of the war on its loan book. [...]

India will need to assess ability of fuel retailers to bear losses, oil minister says
May 12, 2026 8:57
India will need to assess ability of fuel retailers to bear losses, oil minister says

NEW DELHI: India will need to assess how long state-run fuel retailers can sustain losses from selling transport fuels below market prices at some stage, the oil minister said on Tuesday. Petrol and diesel spot prices have surged to multi-year highs globally as the Middle East conflict disrupted supply, but governments in major economies have held down pump prices to shield consumers from inflation. A government official had earlier said that India has no plans to compensate oil market companies for these losses. Modi urges reduced fuel use amid Middle East war disruption Fuel retailers are incurring losses of about 100 rupees ($1.06) per litre on diesel and 20 rupees per litre on petrol, the official said last month. Oil Minister Hardeep Singh Puri also said India has crude and liquefied natural gas sufficient for 60 days, and liquefied petroleum gas for 45 days. “India never imported liquefied natural gas from Russia,” the minister said at an industry event. [...]

Japan rubber futures range-bound on supply uncertainty
May 12, 2026 8:52
Japan rubber futures range-bound on supply uncertainty

Japanese rubber futures are range-bound on Tuesday as traders are uncertain about supply from top producer Thailand, whose rubber trees are approaching peak seasonality amid heavy rains that are hampering tapping. The Osaka Exchange (OSE) rubber contract for October delivery  was down 1.6 yen, or 0.39%, at 411.5 yen ($2.61) per kg. The rubber contract on the Shanghai Futures Exchange (SHFE) for September delivery fell 60 yuan, or 0.34%, to 17,750 yuan ($2,612.14) per metric ton. The most active June butadiene rubber contract on the SHFE gained 395 yuan, or 2.57%, to 15,765 yuan per metric ton. Rubber prices are range-bound as traders expect supply to ease as Southeast Asian rubber trees approach the peak harvesting period, though weather-related concerns still linger. Rubber crops usually experience a low-production season from February to May, followed by a peak harvesting period that lasts until September. However, the meteorological agency of top producer Thailand warned of heavy rain and flash floods in the south, where the country’s rubber plantations are concentrated, over the next week. In addition, higher oil prices support natural rubber prices, as its substitute, synthetic rubber, is made from crude oil. Oil prices rose 1% on Tuesday as talks to end the U.S.-Israeli war on Iran appeared fragile, with Tehran’s response to a Washington proposal highlighting stark differences that have kept supply concerns alive. Traders are also eyeing U.S. President Donald Trump’s visit to China, where deals on agriculture and commercial aviation are said to be discussed. The visit is expected to generate positive news, which could boost market sentiment, a Singapore-based rubber trader said. The front-month rubber contract on Singapore Exchange’s SICOM platform for June delivery last traded at 221.2 U.S. cents per kg, down 0.9%, as of 0700 GMT. [...]

Copper eases as Iran peace deal hopes fade, U.S. inflation data due
May 12, 2026 8:10
Copper eases as Iran peace deal hopes fade, U.S. inflation data due

Copper eased from a more than three-month high on Tuesday as crude oil prices advanced with Middle East peace deal hopes fading on Trump’s rejection of Iran’s proposal, and traders weighing incoming U.S. inflation data. Economists expect the largest annual increase in U.S. inflation in two and a half years, which would dampen hopes for the Federal Reserve to cut interest rates. The benchmark three-month copper on the London Metal Exchange declined 0.41% to $13,894 a metric ton as of 0725 GMT, after touching an over three-month high of $13,983 earlier in the day. The most-active copper contract on the Shanghai Futures Exchange, closed 2.10% higher at 105,510 yuan ($15,528.28) a ton, paring gains from a level of as much as 108,400 yuan, a more-than three-month high, set earlier in the day. Oil prices advanced as hopes for a Middle East peace deal faded, keeping concerns over energy supply and inflation alive. Brent crude sustained above $105 a barrel. Traders will also monitor U.S. consumer inflation data due later on Tuesday. In the 12 months till April, the CPI is projected to have advanced 3.7%, which would be the largest annual increase since September 2023 and could reinforce expectations that the Federal Reserve will keep interest rates unchanged for longer. Still, copper’s Shanghai rally showed that investors remained focused on supply risks. Traders cited lingering concern over concentrate tightness though Freeport-McMoRan pushed back against reports of a further delay at its Grasberg mine in Indonesia. Traders also pointed to Peru, the world’s third-largest copper producer, after its government authorised state-run Petroperu to seek $2 billion in state-backed loans to sustain operations, which they said raised concern that fuel-supply stress could affect mine logistics in the country. Expectations that China’s refined copper imports could rise in the second quarter also supported prices, citing firm demand and slower domestic output during smelter maintenance. Among other metals on the LME, aluminium lost 0.84%, zinc dipped 0.19%, lead dropped 0.33%, nickel shed 1.63% and tin tumbled 1.32%. Elsewhere on SHFE, aluminium added just 0.04%, zinc climbed 1.06%, lead dropped 0.69%, nickel lost 1.19% and tin rose 0.27%. [...]

CCP approves United Ethanol’s acquisition of stake in restructuring firm
May 12, 2026 1:02
CCP approves United Ethanol’s acquisition of stake in restructuring firm

The Competition Commission of Pakistan (CCP) has approved the acquisition of shareholding in Pakistan Corporate Restructuring Company Limited by United Ethanol Industries Limited following a Phase-I competition assessment conducted under the Competition Act, 2010. In a statement issued on Tuesday, the CCP said Pakistan Corporate Restructuring Company Limited (PCRCL) is a public limited company licensed by the Securities and Exchange Commission of Pakistan to operate as a restructuring company. The company primarily deals with the acquisition, management, restructuring and resolution of non-performing assets (NPAs), along with the revival, reorganization and liquidation of financially distressed businesses. United Ethanol Industries Limited, the acquiring company, is engaged in the manufacture and sale of ethanol and related industrial products. The company operates in the broader agribusiness and industrial sector, producing fuel-grade and industrial-grade ethanol through value-added agricultural processing. According to the CCP, the transaction involves the acquisition of ordinary shares of PCRCL from eight commercial banks, including United Bank Limited, MCB Bank Limited, Allied Bank Limited, Meezan Bank Limited, Habib Metropolitan Bank Limited, Habib Bank Limited, Bank AL Habib Limited and Bank Alfalah Limited. During the assessment, the Commission reviewed the competitive impact of the transaction in the market for “resolution of non-performing assets and restructuring advisory/agency services” in Pakistan. The CCP observed that the transaction constitutes a conglomerate merger because both parties operate in separate and unrelated business segments without any horizontal or vertical overlap. The Commission concluded that the acquisition is unlikely to substantially lessen competition, create barriers to market entry or strengthen any dominant position in the relevant market. The transaction was subsequently authorised under Section 31 of the Competition Act, 2010, with the CCP stating that the deal would not adversely affect market structure or competitive dynamics in Pakistan. The regulator said it remains committed to facilitating investment, supporting business growth and enabling efficient market transactions through timely merger reviews while ensuring a competitive and transparent business environment. [...]

SBP projects Pakistan’s FY26 GDP growth at 3.75-4.75%, warns of Middle East war risks
May 12, 2026 12:46
SBP projects Pakistan’s FY26 GDP growth at 3.75-4.75%, warns of Middle East war risks

Despite headwinds from global trade-related uncertainty and domestic floods, Pakistan’s macroeconomic stability strengthened further in H1-FY26, as revealed in the State of Pakistan’s Economy, Half Year Report FY26, released on Tuesday. The central bank report noted that the Middle East War poses significant risks to the macroeconomic outlook amid heightened uncertainty, where supply chain disruptions are likely to impact inflation trajectory, external trade and remittance flows, and the economic activity in Pakistan. “However, its impact on overall economic activity is not expected to be significant in FY26,” SBP said. In its report, the SBP projects real GDP growth close to the lower bound of the earlier projected range of 3.75 to 4.75 percent for FY26. “Despite momentum in economic activity and higher commodity prices, the current account deficit is now expected to be close to the lower bound of the earlier projected range of 0 to 1 percent of GDP. “However, a surge in international oil prices and its impact on other commodity prices are expected to keep the NCPI inflation above the upper bound of the medium-term target range of 5 to 7 percent for most of FY27,” it added. Moreover, workers’ remittances may also be impacted in Q4-FY26, considering that remittances from the GCC countries contributed around 55 percent of total remittances between FY21-FY25, said SBP. “However, on a full-year basis, remittances are expected to remain strong in FY26, which would partially offset the widening in the trade deficit.” The central bank report noted that economic indicators improved significantly in H1-FY26. The average National CPI inflation eased further, while SBP’s FX purchases and net financial inflows shored up external buffers. “These outcomes were supported by prudent monetary and fiscal policies, ongoing structural reforms, favourable commodity prices and an IMF [International Monetary Fund] program. Specifically, SBP continued a cautious monetary policy stance, maintaining an adequately positive real interest rate on a forward-looking basis, while fiscal balance posted a surplus in H1-FY26. “The macroeconomic stability, in turn, facilitated growth momentum,” it said. SBP noted that the spike in energy prices and increased insurance and freight charges are also expected to inflate Pakistan’s import bill and freight service payments. “However, the government’s decision to pass on the impact of an increase in oil prices to domestic energy prices alongside the implementation of energy conservation measures is likely to help contain domestic demand and thus reduce energy import volumes. In addition, a decline in LNG imports may further reduce energy imports. “On the other hand, exports are expected to remain weak due to the possibility of slower global economic growth; multi-year low rice prices; closure of Pakistan’s western border; and realignment of global trade flows due to ongoing tariff adjustments.” SBP revealed that the real GDP in H1-FY26 grew at twice the pace, i.e. 3.8% of the same period last year, mainly driven by a pickup in industrial activity, followed by services and agriculture sectors. The central bank noted that the momentum in economic activity translated into a volume-driven increase in imports in H1-FY26. “At the same time, a significant drop in rice exports led to a decline in export earnings. Nonetheless, steadily rising workers’ remittances continued to finance a major part of the deficits in trade, services, and primary income balance, helping to keep the current account deficit at moderate levels,” it shared. The report further noted that a continued prudent policy mix, an improved external account position and stability in the exchange rate, softened international commodity prices along with downward adjustments in administered electricity tariffs led to a moderation in inflation during H1-FY26. “The NCPI inflation averaged 5.2 percent in H1-FY26, about 2 percentage points lower compared to the same period last year,” it said. The report also highlights that the substantial reduction in interest payments and fiscal consolidation measures turned the fiscal balance into a surplus in H1-FY26, for the first time since FY02, while the primary surplus remained at last year’s level. SBP said that the country’s transition to a sustainable high-growth path requires deep-rooted economic reforms. “These specifically need to address the long-standing issues, including low savings and investment, weak competitiveness, falling exports, subdued foreign direct investment, and the persistently low tax to GDP ratio,” it highlighted. On climate change, the report found that while Pakistan’s contribution to global greenhouse gas emissions is very low, it is the 15th most affected country by climatic events. The country is also among those that face high levels of vulnerability to climate change and low levels of preparedness to deal with the ensuing challenges. This low readiness enhances the risks to the country’s economy. “Furthermore, Pakistan’s emissions intensity of GDP is relatively high, reflecting structural inefficiencies and a carbon-intensive growth trajectory. This requires substantial investments in climate mitigation and adaptation, which currently remain largely unmet due to low international climate inflows, and challenges to domestic public and private sector financing,” it said. [...]

KSE-100 sheds nearly 1% amid geopolitical volatility
May 12, 2026 12:45
KSE-100 sheds nearly 1% amid geopolitical volatility

A volatile trading session was observed at the Pakistan Stock Exchange (PSX) due to global geopolitical tensions and economic concerns, with the benchmark shedding nearly 1,600 points or 1% on Tuesday. The market opened on a relatively positive note, with the benchmark index climbing to an intra-day high of 171,571.55 points during early trading hours. However, the momentum proved short-lived as selling pressure quickly emerged, dragging the index into negative territory. The decline accelerated in the final trading hours, pushing the index near its intra-day low of 168,823.31 points. At close, the benchmark index settled at 168,916.22, down by 1,590.09 points or 0.93%. “The local bourse witnessed a rollercoaster session as investors navigated through heightened geopolitical uncertainty,” brokerage house Topline Securities said in its post-market report. “Market sentiment remained fragile amid the ongoing USA-Iran conflict, where the lack of clarity on the geopolitical front kept participants on edge. Adding fuel to the nervousness, international oil prices continued their upward trajectory, triggering widespread profit-taking across key sectors and leading to a highly volatile trading session,” it added. Index-heavy stocks including UBL, LUCK, ENGROH, HBL, HUBC and FFC collectively dragged the index down by 750 points, Topline said. In a key development, the State of Pakistan’s Economy, Half Year Report FY26 revealed that despite headwinds from global trade-related uncertainty and domestic floods, Pakistan’s macroeconomic stability strengthened further in H1-FY26. The central bank on Tuesday noted that the Middle East War poses significant risks to the macroeconomic outlook amid heightened uncertainty, where supply chain disruptions are likely to impact inflation trajectory, external trade and remittance flows, and the economic activity in Pakistan. On Monday, the PSX witnessed a range-bound and subdued trading session as persistent geopolitical tensions between the United States and Iran dampened investor sentiment, prompting cautious participation and dragging the benchmark indices lower despite selective sectoral gains. The KSE-100 Index closed at 170,506.31 points, shedding 609.51 points or 0.36%. Globally, oil crept higher, and the US dollar rose on Tuesday as hopes faded for a deal to get ships moving through the Strait of Hormuz, while a red-hot chip rally in chip stocks cooled and ​traders waited on US inflation figures. US President Donald Trump said the ceasefire with Iran was “on life ‌support” after Tehran’s response to a US proposal to end the war made clear the two sides were still far apart. Brent crude futures were up 0.7% to $105 a barrel. S&P 500 futures dipped 0.2%, and even the almost unstoppable KOSPI in Seoul ​slid 3%, pulling down other regional markets. MSCI’s broadest index of Asian shares excluding Japan fell 1%, ​while Tokyo’s Nikkei was flat. European futures fell 1%. Markets are keeping a watchful eye on ⁠Trump’s Wednesday visit to China, with expectations low for either progress on Iran or on the trade front, with the focus ​on the status quo holding. Overnight, Wall Street had been resilient in the face of rising ​oil prices, with the S&P 500 and Nasdaq eking out the latest in a series of new closing highs. US ​inflation data is due later in the day, with the headline consumer price index seen climbing to a hot 3.7% year-on-year. Any ‌suggestion ⁠that the Federal Reserve may need to hike this year - rather than cut as investors had expected before the war - could rattle markets. Meanwhile, the Pakistani rupee continued to gain against the US dollar during trading in the inter-bank market on Tuesday. At close, the local currency settled at 278.66, a gain of Re0.01 against the greenback. Volume on the all-share index decreased to 1,017.42 million from 1,103.29 million recorded in the previous close. However, the value of shares rose to Rs32.03 billion from Rs31.04 billion in the previous session. Cnergyico PK was the volume leader with 154.13 million shares, followed by Hascol Petrol with 113.57 million shares, and K-Electric Ltd with 107.55 million shares. Shares of 485 companies were traded on Tuesday, of which 106 registered an increase, 346 recorded a fall, and 33 remained unchanged. [...]

Rupee inches up against US dollar
May 12, 2026 11:36
Rupee inches up against US dollar

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"05-May-26", "06-May-26", "07-May-26", "08-May-26", "11-May-26", "12-May-26" ], datasets: [{ label: 'Closing Rates', data: [ 279.77, 279.87, 279.82, 279.97, 280.07, 279.95, 279.97, 280.05, 280.21, 280.17, 280.27, 280.21, 280.22, 280.26, 280.37, 280.42, 280.26, 280.22, 280.16, 280.56, 280.47, 280.57, 280.73, 280.78, 280.56, 280.47, 280.60, 280.57, 280.46, 280.62, 280.72, 280.87, 280.77, 280.97, 281.07, 280.97, 281.07, 281.02, 280.97, 281.06, 281.22, 281.37, 281.47, 281.52, 281.71, 281.57, 281.67, 281.72, 281.61, 281.66, 281.77, 281.92, 281.97, 282.06, 281.97, 282.06, 282.17, 282.07, 282.02, 281.97, 282.12, 282.22, 282.17, 282.21, 282.47, 282.67, 282.96, 283.17, 283.41, 283.55, 283.64, 283.70, 283.87, 283.77, 283.72, 283.67, 283.72, 283.76, 283.95, 283.86, 283.97, 284.22, 284.36, 284.47, 284.56, 284.46, 284.72, 284.67, 284.96, 284.97, 284.87, 284.95, 284.97, 284.76, 284.22, 283.45, 283.21, 283.05, 282.95, 282.87, 282.72, 282.66, 282.57, 282.67, 282.56, 282.47, 282.45, 282.42, 282.22, 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279.70, 279.67, 279.66, 279.65, 279.62, 279.61, 279.60, 279.57, 279.56, 279.55, 279.52, 279.51, 279.50, 279.47, 279.46, 279.45, 279.42, 279.41, 279.40, 279.37, 279.36, 279.35, 279.32, 279.31, 279.30, 279.27, 279.26, 279.25, 279.22, 279.21, 279.20, 279.17, 279.16, 279.15, 279.12, 279.11, 279.10, 279.07, 279.06, 279.05, 279.02, 279.01, 279.00, 278.97, 278.96, 278.95, 278.92, 278.91, 278.90, 278.87, 278.86, 278.85, 278.82, 278.81, 278.80, 278.77, 278.76, 278.75, 278.72, 278.71, 278.70, 278.67, 278.66 ], borderColor: 'black', borderWidth: 1, fill: false, pointRadius: 3 }] }, options: { responsive: true, plugins: { legend: { display: false } }, scales: { x: { title: { display: true, text: 'Date' } }, y: { title: { display: true, text: 'Closing Rate' } } } } }); The Pakistani rupee continued to gain against the US dollar during trading in the inter-bank market on Tuesday. At close, the local currency settled at 278.66, a gain of Re0.01 against the greenback. On Monday, the local unit closed at 278.67. The US dollar held its ground on Tuesday. The euro last bought $1.1775, while sterling was at $1.3602, both steady on the day. The dollar index, which measures the U.S. currency against six others, was at 97.98. The dollar initially benefited from safe haven flows when the war first broke out, but has since given up much of those gains and remains choppy on shaky prospects of a peace deal and a ceasefire that appears to be hanging by a thread. Meanwhile, oil prices rose nearly 1% on Tuesday. Brent crude futures were up 86 cents, or 0.8%, at $105.07 per barrel, while U.S. West Texas Intermediate gained 99 cents, or 1%, to $99.06 at 0411 GMT. Both benchmarks increased nearly 2.8% on Monday. Saudi Aramco CEO Amin Nasser on Monday warned that disruptions to oil exports through the strait could delay a return to market stability until 2027, with the loss of about 100 million barrels of oil per week. Elsewhere on the supply front, U.S. crude stocks were forecast by analysts in a Reuters poll to be down by around 1.7 million barrels in the previous week. [...]

Pakistan's textile sector presents budgetary proposals to Aurangzeb
May 12, 2026 11:15
Pakistan's textile sector presents budgetary proposals to Aurangzeb

Finance Minister Muhammad Aurangzeb on Tuesday held an extensive meeting with a high-level delegation representing Pakistan’s textile and apparel sector, comprising leading chambers, associations, exporters and industry stakeholders from across the country. The delegation presented a comprehensive set of proposals and recommendations for the Federal Budget 2026–27 aimed at strengthening the competitiveness, sustainability and long-term growth of the country’s textile sector and export industry, read an official statement. During the meeting, the delegation emphasised the importance of maintaining a stable, growth-oriented and internationally competitive policy environment to enable the industry to effectively respond to evolving global market dynamics and increasing regional competition. The delegation shared a broad range of policy recommendations focusing on taxation reforms, energy affordability, export facilitation, industrial modernisation, liquidity management, investment promotion and ease of doing business. The proposals were aimed at reducing the cost of production, improving industrial efficiency, enhancing exporters’ liquidity position, encouraging technological upgradation and creating a more predictable and investor-friendly business environment. The industry representatives stressed that timely policy support and structural reforms would help strengthen Pakistan’s export competitiveness, promote value-added manufacturing, attract fresh domestic and foreign investment and facilitate greater integration into international supply chains. They noted that improving the operating environment for exporters would support industrial expansion, employment generation and economic growth while also contributing positively towards fiscal stability and foreign exchange inflows. The delegation also emphasised the importance of addressing long-standing operational and structural challenges affecting industrial productivity and export performance, including the need for efficient refund mechanisms, rationalised energy pricing structures, facilitation for exporters and measures aimed at reducing the compliance burden on businesses. It was highlighted that such reforms could significantly improve cash flow management, enhance investor confidence and enable industries to allocate greater resources towards expansion, modernisation, and workforce development. The proposals further underscored the importance of a policy framework that supports innovation, encourages value addition, facilitates small and medium enterprises and promotes industrial diversification in line with changing global demand patterns. The delegation noted that strengthening the competitiveness of Pakistan’s textile sector would have positive multiplier effects across the wider economy through increased exports, higher industrial output, enhanced job creation and stronger economic resilience. Aurangzeb appreciated the engagement and reaffirmed the government’s commitment to maintaining regular and meaningful consultations with the business community through the dedicated Tax Policy Office of the Ministry of Finance to institutionalise continuous engagement with chambers, trade bodies and associations throughout the year. He stated that the initiative is intended to move beyond the previous practice of engaging with stakeholders only in the few months preceding the federal budget and instead ensure a sustained consultative process to support more informed, transparent and responsive economic policy-making. The finance minister also discussed the government’s ongoing efforts to promote transparency, documentation and improved compliance through digital monitoring systems across key sectors of the economy. He informed the delegation that digital monitoring mechanisms had already been introduced in several major sectors, including sugar, cement, beverages and tobacco, emphasising that the initiative had been implemented across the board without exception, including in sectors where business units owned by the Prime Minister’s family also operate. He stated that the objective of the initiative is to improve transparency, enhance efficiency, promote fair competition and strengthen revenue administration through technology-driven systems. The finance minister invited the textile sector to extend its cooperation towards the gradual implementation of similar digital monitoring mechanisms within the textile industry. During the discussion, it was shared that certain textile sector associations and industrial units had already been engaging with FBR teams on the matter and that pilot initiatives relating to digital monitoring had also commenced in some units. Representatives of the textile sector acknowledged the importance of transparency and documentation and agreed to continue consultations with the government and relevant authorities to explore workable solutions that take into account the unique operational structure, supply chain dynamics and complexities of the textile industry. The meeting was attended by leading representatives of the textile sector, including Khurram Mukhtar, Javed Bilwani, Fawad Anwar, Rehman Naseem, Shahzad Asghar, Amer Abdullah, Kamran Arshad, Shahzad Saleem, Sohail Pasha and Khawaja Masood. The joint industry presentation was submitted by representatives of APTMA, PTEA, PHMA, PTC, PRGMEA, APBUMA, TMA, PDMEA, PBEA and PAKSEA as part of the textile sector’s unified recommendations for the Federal Budget 2026-27. [...]

PM Shehbaz directs expedited work on new fertilizer plants to boost local production
May 12, 2026 11:03
PM Shehbaz directs expedited work on new fertilizer plants to boost local production

Prime Minister Shehbaz Sharif directed on Tuesday that work on plans to establish new plants for increasing local fertilizer production should be expedited. He said this while chairing an important meeting on food security and the fertilizer stock situation in the country, the Prime Minister’s Office (FO) said today. The briefing to the meeting informed that, in view of the country’s requirements, the uninterrupted supply of natural gas to factories for local fertilizer production continues. Adequate fertilizer reserves are available for Kharif crops, the meeting was informed. Meanwhile, the PM directed that the timely supply of fertilizer to farmers be ensured under all circumstances. READ MORE: DAP and urea: PM forms body to examine prices and advice solution He said that in view of the impact on the fertilizer supply chain from Gulf countries, planning should be undertaken for alternative supplies from Central Asian countries. Adequate fertilizer reserves for the Kharif and Rabi seasons should also be ensured, he said. “Meeting the needs of the agricultural sector to ensure food security is the government’s top priority,” the prime minister said.He also directed the relevant ministries and institutions to continuously monitor fertilizer supplies and that strict action must be taken against artificial shortages and hoarding of fertilizer. [...]

Kuwait to explore strategic storage projects in Pakistan
May 12, 2026 9:57
Kuwait to explore strategic storage projects in Pakistan

Kuwait agreed on Tuesday to explore new opportunities for building strategic storage in Pakistan that could bring mutual benefit to both countries. Federal Minister for Petroleum Ali Pervaiz Malik held a meeting on Tuesday with the Ambassador of the State of Kuwait to Pakistan, Nassar Abdulrahman Jasser Almutairi, as per a statement. Discussions focused on regional developments, energy cooperation, and the two sides agreed to further strengthen bilateral relations and expand collaboration in areas of common interest. The minister expressed sincere gratitude to the Government of Kuwait for its timely facilitation and support in ensuring the safe dispatch of the vessel Khairpur, which reached Pakistan carrying diesel supplies during a challenging period. “He highlighted that the vessel transported approximately 45,000 tons of diesel and 10,000 tons of jet fuel from Kuwait to Pakistan under special approvals, following disruptions caused by the closure of the Strait of Hormuz,” the statement said. Malik reiterated that Pakistan remained committed to peace and stability, adding that the repercussions of the ongoing conflict were being felt not only across the region but also beyond. He noted that, with the concerted efforts of the Field Marshal and the Prime Minister of Pakistan, the Khairpur vessel safely completed its journey and reached Pakistan, ensuring continuity in fuel supply and supporting national energy needs, added the press release. Meanwhile, Almutairi appreciated Pakistan’s peace efforts and stated that Kuwait encourages its brothers in Pakistan to continue their constructive role for peace in the region. “He remarked that Pakistan has proven itself through its responsible stance and that now Pakistan is being viewed with a renewed and elevated status in the international community.” Both sides discussed prospects for enhanced cooperation in the petroleum and energy sectors, especially refining. [...]

Gold price gains Rs4,100 per tola in Pakistan
May 12, 2026 9:35
Gold price gains Rs4,100 per tola in Pakistan

Gold prices in Pakistan increased on Tuesday in line with their loss in the international market. In the local market, gold price per tola reached Rs492,462 after a gain of Rs4,100 during the day. Similarly, 10-gram gold was sold at Rs422,206 after it accumulated Rs3,515, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On Monday, gold price per tola reached Rs488,362 after a decrease of Rs5,300 during the day. The international rate of gold jumped by $41 to reach $4,701 per ounce (with a premium of $20). Meanwhile, the price of silver also increased by Rs395 to reach Rs8,908 per tola. [...]

Indian banks resume bullion imports after month-long halt over 3% levy, sources say
May 12, 2026 9:23
Indian banks resume bullion imports after month-long halt over 3% levy, sources say

MUMBAI: Indian banks have resumed gold and silver imports after a hiatus that stretched for more than a month by agreeing to pay a 3% customs levy that earlier prompted lenders to halt shipments, trade and government sources told Reuters. The resumption is expected to boost the country’s gold imports, widen the trade deficit and put more pressure on the rupee, which is among Asia’s worst-performing currencies this year. Worried about mounting pressure on India’s balance of payments and the rupee, Prime Minister Narendra Modi on Sunday urged people to avoid buying gold for a year to help preserve the country’s foreign exchange reserves. Stronger demand from India, the world’s second-largest gold buyer after China, could also support global gold and silver prices and help local jewellers replenish their inventories. “We paid a 3% integrated goods and services tax (IGST) at customs to clear gold and silver shipments,” said the head of the bullion desk at a Mumbai-based private bank. Shares of Indian jewellers slide after Modi urges pause on gold purchases “Banks waited for more than a month for the government to issue an order that annually exempts them from paying the 3% IGST. But as the government signalled it wanted to curb gold imports, banks gave up hope.” Banks, which import most of India’s refined gold, halted shipments at the start of the new financial year on April 1 after customs authorities began demanding IGST on the metal. When India adopted the IGST regime in 2017, gold-importing banks were exempted from paying the 3% levy. Banks have been clearing gold and silver shipments from customs in recent days, a government official said, declining to be named as he was not authorised to speak to the media. The trade sources were also not allowed to speak publicly. Banks have cleared about 9 metric tons of gold and 34 metric tons of silver so far in May after paying the IGST, the official said. Supply has improved due to bank imports, but demand remains weak, leaving gold trading at a discount, said Chirag Thakkar, chief executive of bullion importer Amrapali Group Gujarat. Dealers in India offered discounts of up to $17 an ounce over official domestic prices this week, inclusive of 6% import and 3% sales levies. India’s gold imports in April are likely to have fallen to a near 30-year low of about 15 metric tons, as banks halted shipments after customs authorities began demanding the IGST. [...]

India's state-owned EXIM Bank plans $10.5 billion debt fund raise in fiscal 2027
May 12, 2026 9:14
India's state-owned EXIM Bank plans $10.5 billion debt fund raise in fiscal 2027

MUMBAI: The Export-Import Bank of India (EXIM Bank) plans to raise about 995 billion rupees ($10.5 billion) in fiscal 2027 through domestic and overseas borrowing, its managing director said, as the bank looks to strengthen its funding profile. The spread on the bank’s 10-year bond issued in January has narrowed to 70 basis points from 86 bps over the past three months, strengthening its confidence to pursue foreign-currency borrowing in this environment, MD Harsha Bangari told Reuters on Monday. The U.S.-Israel war on Iran and the subsequent closure of the key Strait of Hormuz has increased shipping costs, disrupted logistics and affected exporter sentiment. However, the bank will remain cautious on the timing of any fresh borrowing, she said, without specifying when the fundraise would be carried out. The wholly state-owned EXIM Bank, which provides export financing and backs loans granted by commercial lenders to buyers of Indian goods, expects to tap the domestic market for around 660 billion rupees through instruments such as bonds, certificates of deposit and loans, according to Bangari. It will raise about $3.5 billion from overseas markets via bilateral and syndicated loans, she added. MoF asked to redraft Export Import Bank of Pakistan The planned borrowing is higher than the 860 billion rupees the bank raised in the previous financial year. Impact of Middle East crisis The bank, which also extends lines of credit to governments and institutions in developing countries, particularly in Africa, Asia and Latin America, expects loan growth to moderate to 10% in fiscal 2027, from 12% last year, Bangari said, due to the Middle East crisis. “I have a really robust pipeline and I’m confident that it will be disbursed in the current year,” said Bangari. However, the pace of contract imports for Indian firms could slow if the uncertainty persists for longer, she added. The bank’s Middle East and North Africa exposure stands at around 57 billion rupees of the overall exposure of 3.5 trillion rupees, Bangari said, adding that the bank has been conducting a detailed assessment of the potential impact of the war on its loan book. [...]

Pakistan to increase oil imports from Russia amid Hormuz crisis, reports
May 12, 2026 9:08
Pakistan to increase oil imports from Russia amid Hormuz crisis, reports

MOSCOW: Pakistan plans to increase oil imports from Russia amid the crisis in the Strait of Hormuz, Russia’s state-run TASS news agency reported, citing Pakistan’s ambassador to Russia, Faisal Niaz Tirmizi. The envoy shared that Pakistan and Russia are working on the initiative of creating the Pakistan Stream gas pipeline. “The North-South gas pipeline is a very important initiative, and we will definitely return to it at some point,” said Tirmizi, reported TASS. “Once the economic cooperation mechanism begins to gain new momentum, the North-South transport pipeline in Pakistan, or Pakistan Stream, will become a landmark agreement between the two countries. It is currently being developed,“ he said, adding that negotiations with the Russian side are ongoing. The energy crisis associated with the closure of the Strait of Hormuz “has demonstrated that different ways to transport energy resources should exist, not only for Pakistan, but globally,” the diplomat stressed. Therefore, “Pakistan is in contact with the Russian side, and we expect oil and gas supplies from Russia,” he noted. [...]

India will need to assess ability of fuel retailers to bear losses, oil minister says
May 12, 2026 8:57
India will need to assess ability of fuel retailers to bear losses, oil minister says

NEW DELHI: India will need to assess how long state-run fuel retailers can sustain losses from selling transport fuels below market prices at some stage, the oil minister said on Tuesday. Petrol and diesel spot prices have surged to multi-year highs globally as the Middle East conflict disrupted supply, but governments in major economies have held down pump prices to shield consumers from inflation. A government official had earlier said that India has no plans to compensate oil market companies for these losses. Modi urges reduced fuel use amid Middle East war disruption Fuel retailers are incurring losses of about 100 rupees ($1.06) per litre on diesel and 20 rupees per litre on petrol, the official said last month. Oil Minister Hardeep Singh Puri also said India has crude and liquefied natural gas sufficient for 60 days, and liquefied petroleum gas for 45 days. “India never imported liquefied natural gas from Russia,” the minister said at an industry event. [...]

Japan rubber futures range-bound on supply uncertainty
May 12, 2026 8:52
Japan rubber futures range-bound on supply uncertainty

Japanese rubber futures are range-bound on Tuesday as traders are uncertain about supply from top producer Thailand, whose rubber trees are approaching peak seasonality amid heavy rains that are hampering tapping. The Osaka Exchange (OSE) rubber contract for October delivery  was down 1.6 yen, or 0.39%, at 411.5 yen ($2.61) per kg. The rubber contract on the Shanghai Futures Exchange (SHFE) for September delivery fell 60 yuan, or 0.34%, to 17,750 yuan ($2,612.14) per metric ton. The most active June butadiene rubber contract on the SHFE gained 395 yuan, or 2.57%, to 15,765 yuan per metric ton. Rubber prices are range-bound as traders expect supply to ease as Southeast Asian rubber trees approach the peak harvesting period, though weather-related concerns still linger. Rubber crops usually experience a low-production season from February to May, followed by a peak harvesting period that lasts until September. However, the meteorological agency of top producer Thailand warned of heavy rain and flash floods in the south, where the country’s rubber plantations are concentrated, over the next week. In addition, higher oil prices support natural rubber prices, as its substitute, synthetic rubber, is made from crude oil. Oil prices rose 1% on Tuesday as talks to end the U.S.-Israeli war on Iran appeared fragile, with Tehran’s response to a Washington proposal highlighting stark differences that have kept supply concerns alive. Traders are also eyeing U.S. President Donald Trump’s visit to China, where deals on agriculture and commercial aviation are said to be discussed. The visit is expected to generate positive news, which could boost market sentiment, a Singapore-based rubber trader said. The front-month rubber contract on Singapore Exchange’s SICOM platform for June delivery last traded at 221.2 U.S. cents per kg, down 0.9%, as of 0700 GMT. [...]

China’s Dongjin Power to setup $15mn dry battery plant in Punjab
May 12, 2026 8:32
China’s Dongjin Power to setup $15mn dry battery plant in Punjab

China’s Dongjin Power Tech has partnered with the Punjab Board of Investment and Trade (PBIT) to invest $15 million in a state-of-the-art dry battery manufacturing plant inside Punjab’s Special Economic Zone (SEZ). A memorandum of understanding (MoU) was inked in this regard on Monday. The Dongjin Group is a company dedicated to the production, R&D and sales of lead-acid batteries and lithium battery packs. Headquartered in Shenzhen, the company has established lithium battery and lead-acid battery factories in Dongguan, Guangdong Province and Xingan County, Jiangxi Province, respectively. It has also invested and built factories in Bangladesh, Pakistan, India, the Philippines, Turkey, Brazil and other overseas countries. Chinese investment has emerged as a key pillar of Pakistan’s renewable energy sector, with Chinese companies and financial institutions investing billions of dollars in solar, wind, hydropower, and transmission infrastructure projects in the past decade. Crown to set up lithium battery plant in Karachi On Monday, Pakistan’s Ambassador to China, Khalil Hashmi, said more than 300 MoUs and over three dozen joint venture agreements have been signed between Pakistan and Chinese companies, with a combined value exceeding $13 billion. The envoy revealed that Pakistan is currently engaged in active negotiations with the world’s leading battery manufacturer, CATL, which specialises in lithium-ion and sodium-based battery technologies. Pakistan is encouraging the company to invest and collaborate in the country, and he expressed hope that significant progress in this regard may emerge during the Prime Minister’s upcoming visit to China. [...]

Copper eases as Iran peace deal hopes fade, U.S. inflation data due
May 12, 2026 8:10
Copper eases as Iran peace deal hopes fade, U.S. inflation data due

Copper eased from a more than three-month high on Tuesday as crude oil prices advanced with Middle East peace deal hopes fading on Trump’s rejection of Iran’s proposal, and traders weighing incoming U.S. inflation data. Economists expect the largest annual increase in U.S. inflation in two and a half years, which would dampen hopes for the Federal Reserve to cut interest rates. The benchmark three-month copper on the London Metal Exchange declined 0.41% to $13,894 a metric ton as of 0725 GMT, after touching an over three-month high of $13,983 earlier in the day. The most-active copper contract on the Shanghai Futures Exchange, closed 2.10% higher at 105,510 yuan ($15,528.28) a ton, paring gains from a level of as much as 108,400 yuan, a more-than three-month high, set earlier in the day. Oil prices advanced as hopes for a Middle East peace deal faded, keeping concerns over energy supply and inflation alive. Brent crude sustained above $105 a barrel. Traders will also monitor U.S. consumer inflation data due later on Tuesday. In the 12 months till April, the CPI is projected to have advanced 3.7%, which would be the largest annual increase since September 2023 and could reinforce expectations that the Federal Reserve will keep interest rates unchanged for longer. Still, copper’s Shanghai rally showed that investors remained focused on supply risks. Traders cited lingering concern over concentrate tightness though Freeport-McMoRan pushed back against reports of a further delay at its Grasberg mine in Indonesia. Traders also pointed to Peru, the world’s third-largest copper producer, after its government authorised state-run Petroperu to seek $2 billion in state-backed loans to sustain operations, which they said raised concern that fuel-supply stress could affect mine logistics in the country. Expectations that China’s refined copper imports could rise in the second quarter also supported prices, citing firm demand and slower domestic output during smelter maintenance. Among other metals on the LME, aluminium lost 0.84%, zinc dipped 0.19%, lead dropped 0.33%, nickel shed 1.63% and tin tumbled 1.32%. Elsewhere on SHFE, aluminium added just 0.04%, zinc climbed 1.06%, lead dropped 0.69%, nickel lost 1.19% and tin rose 0.27%. [...]

Dollar rises but still not far from pre-war levels, data awaited
May 12, 2026 1:30
Dollar rises but still not far from pre-war levels, data awaited

The U.S. dollar extended gains for a second straight session on Tuesday, underpinned by sustained uncertainty over the Middle East conflict that drove investors into the greenback as a traditional safe haven. The greenback rose sharply in March as the currencies of oil-reliant economies such as Japan and the euro area were heavily sold after oil prices surged following Iran’s effective closure of the Strait of Hormuz. It weakened again after April 7, the start of a ceasefire, which Donald Trump threatened on Monday to end, dismissing Iran’s proposal as “a piece of garbage.” The U.S. dollar index, a measure of its value against a basket of major foreign currencies, was up 0.36% at 98.30. It was at 97.85 on February 27 and hit 100.64 in late March. It fell below its pre-war levels late last week. “It appears unlikely that a breakthrough would be achieved before the Trump-Xi summit later this week,” said Mohit Kumar, an economist at Jefferies. Trump is expected to arrive in Beijing on Wednesday, where Iran is set to be among the topics discussed with Chinese President Xi Jinping. Crude oil price supporting dollar “As long as crude oil prices stay high, because of the U.S.’ blockade [of Iranian ports] and Iran’s threat to tanker traffic in the Gulf, the dollar will stay strong,” said Thierry Wizman, global forex and rates strategist at Macquarie Group. “The toll that high oil prices will take on the rest of the world’s economies will be much more pernicious than the toll [on] the U.S.,” he added. Oil prices rose 3% on Tuesday as hopes for a deal to end the war on Iran faded. Wizman also argued that the U.S. administration has probably decided that its economic blockade of Iran – the ‘economic war’ – could be more effective than resuming bombing runs. Rate outlook in focus Investors are also closely watching the monetary outlook, with the Federal Reserve now expected to keep rates higher for longer, while traders are betting that the European Central Bank will hike its depo rate to about 2.75% by year-end from the current 2%. The euro fell 0.33% to $1.1744. Eyes will be on a U.S. inflation report due later in the session, which is forecast to show that consumer prices rose 0.6% last month after jumping 0.9% in March, according to a Reuters survey of economists. Estimates ranged from a 0.4% gain to a 0.9% rise. “Given the likelihood of elevated inflation readings, the CPI on Tuesday and PPI on Wednesday, the case for eventual rate cuts this year looks increasingly difficult to sustain,” said John Velis, head of Americas strategy at BNY. “The last two weeks’ worth of U.S. macro data showed an economy that is not yet feeling acute pressure from the shocks generated by the Iran conflict,” he added. Yen still in intervention watch zone The Japanese yen jumped suddenly in the late Asian session on Tuesday, stoking speculation of a “rate check”, often a precursor to currency intervention. The dollar was last at 157.57 against the yen, up 0.21% on the day, after U.S. Treasury Secretary Scott Bessent said he had great confidence that Bank of Japan Governor Kazuo Ueda will guide the central bank to a “very successful” monetary policy. Japan’s authorities have supposedly spent nearly $63.7 billion in the current round of interventions. [...]

UK shares fall as political uncertainty, Middle East concerns hit sentiment
May 12, 2026 1:23
UK shares fall as political uncertainty, Middle East concerns hit sentiment

UK shares slipped on Tuesday as investors weighed domestic political uncertainty, with Prime Minister Keir Starmer defying calls to step down, alongside renewed concerns over tensions in the Middle East. The blue-chip FTSE 100 index fell 0.4% as of 1053 GMT, while the midcap FTSE 250 dropped 1.2%. The declines suggest lingering questions over Starmer’s future even after his impassioned plea on Monday, where he urged voters and Labour Party lawmakers to stick with him and avoid a leadership contest he said would only bring chaos. Also read: Starmer says his govt is a 10-year project despite calls to quit More than 80 Labour lawmakers have publicly called for Starmer to set a resignation date so the party could install a new leader in an orderly manner. Starmer, however, has vowed to stay at the helm. “The markets are pretty nervous. People are just all scratching their heads and saying, ‘What is he (Starmer) doing?’” said David Morrison, senior market analyst at Trade Nation. Investors were also concerned by the lack of progress in resolving the Middle East conflict. U.S. President Donald Trump said the ceasefire with Iran was “on life support.” Tehran rejected a U.S. proposal to end the conflict and stuck to a list of demands that Trump described as “garbage”. Bank stocks in the UK fell 2.3%, dragged lower by a 5.2% decline in shares of Metro Bank and a 3.6% drop in Barclays. Aerospace and defence stocks also slipped 2%, while the rate-sensitive real estate sector fell 1.9%. [...]

CCP approves United Ethanol’s acquisition of stake in restructuring firm
May 12, 2026 1:02
CCP approves United Ethanol’s acquisition of stake in restructuring firm

The Competition Commission of Pakistan (CCP) has approved the acquisition of shareholding in Pakistan Corporate Restructuring Company Limited by United Ethanol Industries Limited following a Phase-I competition assessment conducted under the Competition Act, 2010. In a statement issued on Tuesday, the CCP said Pakistan Corporate Restructuring Company Limited (PCRCL) is a public limited company licensed by the Securities and Exchange Commission of Pakistan to operate as a restructuring company. The company primarily deals with the acquisition, management, restructuring and resolution of non-performing assets (NPAs), along with the revival, reorganization and liquidation of financially distressed businesses. United Ethanol Industries Limited, the acquiring company, is engaged in the manufacture and sale of ethanol and related industrial products. The company operates in the broader agribusiness and industrial sector, producing fuel-grade and industrial-grade ethanol through value-added agricultural processing. According to the CCP, the transaction involves the acquisition of ordinary shares of PCRCL from eight commercial banks, including United Bank Limited, MCB Bank Limited, Allied Bank Limited, Meezan Bank Limited, Habib Metropolitan Bank Limited, Habib Bank Limited, Bank AL Habib Limited and Bank Alfalah Limited. During the assessment, the Commission reviewed the competitive impact of the transaction in the market for “resolution of non-performing assets and restructuring advisory/agency services” in Pakistan. The CCP observed that the transaction constitutes a conglomerate merger because both parties operate in separate and unrelated business segments without any horizontal or vertical overlap. The Commission concluded that the acquisition is unlikely to substantially lessen competition, create barriers to market entry or strengthen any dominant position in the relevant market. The transaction was subsequently authorised under Section 31 of the Competition Act, 2010, with the CCP stating that the deal would not adversely affect market structure or competitive dynamics in Pakistan. The regulator said it remains committed to facilitating investment, supporting business growth and enabling efficient market transactions through timely merger reviews while ensuring a competitive and transparent business environment. [...]

PSL: a converged media platform shaping brand strategy in Pakistan
May 12, 2026 12:53
PSL: a converged media platform shaping brand strategy in Pakistan

The Pakistan Super League (PSL) has steadily evolved into one of the most structurally significant media and marketing platforms in Pakistan’s entertainment economy. Its relevance no longer lies solely in cricketing competition, but in the way it aggregates audiences across television, digital platforms, and physical fan engagement spaces within a tightly compressed seasonal window. Within this ecosystem, long-term brand partnerships such as the one between Ufone 5G and Peshawar Zalmi illustrate how commercial relationships around the league have shifted from traditional sponsorship visibility to more integrated, content-led participation. Ufone’s association with Zalmi has extended across multiple PSL seasons and reflects a broader strategic approach that treats the league not just as an advertising opportunity, but as a sustained communication platform. Over time, the partnership has moved beyond static branding placements into campaign-led storytelling, product integration, and audience engagement initiatives that operate across broadcast and digital environments. One of the more visible outcomes of this collaboration has been the development and amplification of the “Data Bohhaaat Hai” communication line. Rather than functioning as a conventional telecom message focused on technical product specifications, the campaign was positioned within the cultural language of cricket fandom and everyday digital usage. In doing so, it helped translate a functional offering—mobile data—into a more recognisable and conversational reference point within mainstream audiences.A further layer of the partnership has been the use of player association to reinforce credibility and visibility. Prominent cricketers, including Babar Azam, have been featured in Ufone-led campaigns linked to Zalmi, aligning brand messaging with sporting performance narratives that already command significant public attention during the PSL season. Beyond commercial messaging, the partnership has also incorporated social and inclusion-oriented initiatives. Through platforms such as “Dil se Ba-Ikhtiar,” Ufone and Zalmi have attempted to extend engagement beyond match-centric activity. This has included women’s participation in creative aspects of the league ecosystem, such as involvement in kit design, reflecting a gradual expansion of who participates in PSL-related cultural production. The collaboration has further intersected with initiatives like the Zalmi Women League, which contributes to the broader visibility of women’s cricket in Pakistan. While still developing in scale, such efforts indicate how PSL-linked partnerships are increasingly being used to support secondary sporting and social narratives alongside the main tournament. From a media systems perspective, however, the broader significance of the PSL lies in its unique ability to operate across three simultaneous audience layers. It remains one of the few properties capable of delivering nationwide broadcast reach, concentrated urban youth engagement, and real-time digital visibility within the same live cycle. At the national level, the PSL continues to function as a shared viewing event, cutting across cities and regions through television distribution. This ensures mass accessibility, particularly in markets where live sporting content is otherwise limited to cricket. In parallel, urban audiences—especially younger demographics—engage with the league as a hybrid entertainment product, shaped by franchise identity, international player participation, and fast-paced match formats. The third and increasingly dominant layer is digital. PSL matches generate continuous, real-time online engagement through short-form video content, commentary threads, meme culture, and reactive brand activity. This creates a parallel consumption environment in which the match is not only watched but also actively interpreted and redistributed across social platforms as it unfolds. It is this simultaneity that gives the PSL its commercial and media value. Few other properties in Pakistan are able to compress attention in this way—where television audiences, in-stadium spectators, and digital participants are all reacting to the same moments in near real time. For brands, this creates a rare alignment between reach, immediacy, and cultural relevance. The Ufone–Zalmi partnership has operated within this structure by increasingly shifting toward always-on content strategies. Rather than relying solely on pre-produced campaigns, much of the activation now takes place during live matches through reactive posts, short-form storytelling, and culturally aligned digital content. This approach reflects a broader change in sports marketing where responsiveness to match moments has become as important as planned messaging. However, the speed and density of engagement also introduce a degree of volatility. Brand narratives are increasingly shaped by audience interpretation and online discourse, meaning that messaging must align closely with live sentiment to remain effective. In this environment, relevance is not guaranteed by visibility alone, but by timing and contextual fit. Despite these complexities, the PSL continues to function as one of the most efficient attention-consolidation platforms in the country. It brings together disparate audience segments in a compressed timeframe and converts sporting moments into shared cultural reference points across media formats.In that sense, partnerships such as Ufone 5G and Peshawar Zalmi are less about traditional sponsorship visibility and more about participation in a broader media system—one in which cricket acts as the organising framework for national attention, urban youth culture, and real-time digital interaction. The article does not necessarily reflect the opinion of Business Recorder or its owners. [...]

SBP projects Pakistan’s FY26 GDP growth at 3.75-4.75%, warns of Middle East war risks
May 12, 2026 12:46
SBP projects Pakistan’s FY26 GDP growth at 3.75-4.75%, warns of Middle East war risks

Despite headwinds from global trade-related uncertainty and domestic floods, Pakistan’s macroeconomic stability strengthened further in H1-FY26, as revealed in the State of Pakistan’s Economy, Half Year Report FY26, released on Tuesday. The central bank report noted that the Middle East War poses significant risks to the macroeconomic outlook amid heightened uncertainty, where supply chain disruptions are likely to impact inflation trajectory, external trade and remittance flows, and the economic activity in Pakistan. “However, its impact on overall economic activity is not expected to be significant in FY26,” SBP said. In its report, the SBP projects real GDP growth close to the lower bound of the earlier projected range of 3.75 to 4.75 percent for FY26. “Despite momentum in economic activity and higher commodity prices, the current account deficit is now expected to be close to the lower bound of the earlier projected range of 0 to 1 percent of GDP. “However, a surge in international oil prices and its impact on other commodity prices are expected to keep the NCPI inflation above the upper bound of the medium-term target range of 5 to 7 percent for most of FY27,” it added. Moreover, workers’ remittances may also be impacted in Q4-FY26, considering that remittances from the GCC countries contributed around 55 percent of total remittances between FY21-FY25, said SBP. “However, on a full-year basis, remittances are expected to remain strong in FY26, which would partially offset the widening in the trade deficit.” The central bank report noted that economic indicators improved significantly in H1-FY26. The average National CPI inflation eased further, while SBP’s FX purchases and net financial inflows shored up external buffers. “These outcomes were supported by prudent monetary and fiscal policies, ongoing structural reforms, favourable commodity prices and an IMF [International Monetary Fund] program. Specifically, SBP continued a cautious monetary policy stance, maintaining an adequately positive real interest rate on a forward-looking basis, while fiscal balance posted a surplus in H1-FY26. “The macroeconomic stability, in turn, facilitated growth momentum,” it said. SBP noted that the spike in energy prices and increased insurance and freight charges are also expected to inflate Pakistan’s import bill and freight service payments. “However, the government’s decision to pass on the impact of an increase in oil prices to domestic energy prices alongside the implementation of energy conservation measures is likely to help contain domestic demand and thus reduce energy import volumes. In addition, a decline in LNG imports may further reduce energy imports. “On the other hand, exports are expected to remain weak due to the possibility of slower global economic growth; multi-year low rice prices; closure of Pakistan’s western border; and realignment of global trade flows due to ongoing tariff adjustments.” SBP revealed that the real GDP in H1-FY26 grew at twice the pace, i.e. 3.8% of the same period last year, mainly driven by a pickup in industrial activity, followed by services and agriculture sectors. The central bank noted that the momentum in economic activity translated into a volume-driven increase in imports in H1-FY26. “At the same time, a significant drop in rice exports led to a decline in export earnings. Nonetheless, steadily rising workers’ remittances continued to finance a major part of the deficits in trade, services, and primary income balance, helping to keep the current account deficit at moderate levels,” it shared. The report further noted that a continued prudent policy mix, an improved external account position and stability in the exchange rate, softened international commodity prices along with downward adjustments in administered electricity tariffs led to a moderation in inflation during H1-FY26. “The NCPI inflation averaged 5.2 percent in H1-FY26, about 2 percentage points lower compared to the same period last year,” it said. The report also highlights that the substantial reduction in interest payments and fiscal consolidation measures turned the fiscal balance into a surplus in H1-FY26, for the first time since FY02, while the primary surplus remained at last year’s level. SBP said that the country’s transition to a sustainable high-growth path requires deep-rooted economic reforms. “These specifically need to address the long-standing issues, including low savings and investment, weak competitiveness, falling exports, subdued foreign direct investment, and the persistently low tax to GDP ratio,” it highlighted. On climate change, the report found that while Pakistan’s contribution to global greenhouse gas emissions is very low, it is the 15th most affected country by climatic events. The country is also among those that face high levels of vulnerability to climate change and low levels of preparedness to deal with the ensuing challenges. This low readiness enhances the risks to the country’s economy. “Furthermore, Pakistan’s emissions intensity of GDP is relatively high, reflecting structural inefficiencies and a carbon-intensive growth trajectory. This requires substantial investments in climate mitigation and adaptation, which currently remain largely unmet due to low international climate inflows, and challenges to domestic public and private sector financing,” it said. [...]

Rupee inches up against US dollar
May 12, 2026 11:36
Rupee inches up against US dollar

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At close, the local currency settled at 278.66, a gain of Re0.01 against the greenback. On Monday, the local unit closed at 278.67. The US dollar held its ground on Tuesday. The euro last bought $1.1775, while sterling was at $1.3602, both steady on the day. The dollar index, which measures the U.S. currency against six others, was at 97.98. The dollar initially benefited from safe haven flows when the war first broke out, but has since given up much of those gains and remains choppy on shaky prospects of a peace deal and a ceasefire that appears to be hanging by a thread. Meanwhile, oil prices rose nearly 1% on Tuesday. Brent crude futures were up 86 cents, or 0.8%, at $105.07 per barrel, while U.S. West Texas Intermediate gained 99 cents, or 1%, to $99.06 at 0411 GMT. Both benchmarks increased nearly 2.8% on Monday. Saudi Aramco CEO Amin Nasser on Monday warned that disruptions to oil exports through the strait could delay a return to market stability until 2027, with the loss of about 100 million barrels of oil per week. Elsewhere on the supply front, U.S. crude stocks were forecast by analysts in a Reuters poll to be down by around 1.7 million barrels in the previous week. [...]

Pakistan's textile sector presents budgetary proposals to Aurangzeb
May 12, 2026 11:15
Pakistan's textile sector presents budgetary proposals to Aurangzeb

Finance Minister Muhammad Aurangzeb on Tuesday held an extensive meeting with a high-level delegation representing Pakistan’s textile and apparel sector, comprising leading chambers, associations, exporters and industry stakeholders from across the country. The delegation presented a comprehensive set of proposals and recommendations for the Federal Budget 2026–27 aimed at strengthening the competitiveness, sustainability and long-term growth of the country’s textile sector and export industry, read an official statement. During the meeting, the delegation emphasised the importance of maintaining a stable, growth-oriented and internationally competitive policy environment to enable the industry to effectively respond to evolving global market dynamics and increasing regional competition. The delegation shared a broad range of policy recommendations focusing on taxation reforms, energy affordability, export facilitation, industrial modernisation, liquidity management, investment promotion and ease of doing business. The proposals were aimed at reducing the cost of production, improving industrial efficiency, enhancing exporters’ liquidity position, encouraging technological upgradation and creating a more predictable and investor-friendly business environment. The industry representatives stressed that timely policy support and structural reforms would help strengthen Pakistan’s export competitiveness, promote value-added manufacturing, attract fresh domestic and foreign investment and facilitate greater integration into international supply chains. They noted that improving the operating environment for exporters would support industrial expansion, employment generation and economic growth while also contributing positively towards fiscal stability and foreign exchange inflows. The delegation also emphasised the importance of addressing long-standing operational and structural challenges affecting industrial productivity and export performance, including the need for efficient refund mechanisms, rationalised energy pricing structures, facilitation for exporters and measures aimed at reducing the compliance burden on businesses. It was highlighted that such reforms could significantly improve cash flow management, enhance investor confidence and enable industries to allocate greater resources towards expansion, modernisation, and workforce development. The proposals further underscored the importance of a policy framework that supports innovation, encourages value addition, facilitates small and medium enterprises and promotes industrial diversification in line with changing global demand patterns. The delegation noted that strengthening the competitiveness of Pakistan’s textile sector would have positive multiplier effects across the wider economy through increased exports, higher industrial output, enhanced job creation and stronger economic resilience. Aurangzeb appreciated the engagement and reaffirmed the government’s commitment to maintaining regular and meaningful consultations with the business community through the dedicated Tax Policy Office of the Ministry of Finance to institutionalise continuous engagement with chambers, trade bodies and associations throughout the year. He stated that the initiative is intended to move beyond the previous practice of engaging with stakeholders only in the few months preceding the federal budget and instead ensure a sustained consultative process to support more informed, transparent and responsive economic policy-making. The finance minister also discussed the government’s ongoing efforts to promote transparency, documentation and improved compliance through digital monitoring systems across key sectors of the economy. He informed the delegation that digital monitoring mechanisms had already been introduced in several major sectors, including sugar, cement, beverages and tobacco, emphasising that the initiative had been implemented across the board without exception, including in sectors where business units owned by the Prime Minister’s family also operate. He stated that the objective of the initiative is to improve transparency, enhance efficiency, promote fair competition and strengthen revenue administration through technology-driven systems. The finance minister invited the textile sector to extend its cooperation towards the gradual implementation of similar digital monitoring mechanisms within the textile industry. During the discussion, it was shared that certain textile sector associations and industrial units had already been engaging with FBR teams on the matter and that pilot initiatives relating to digital monitoring had also commenced in some units. Representatives of the textile sector acknowledged the importance of transparency and documentation and agreed to continue consultations with the government and relevant authorities to explore workable solutions that take into account the unique operational structure, supply chain dynamics and complexities of the textile industry. The meeting was attended by leading representatives of the textile sector, including Khurram Mukhtar, Javed Bilwani, Fawad Anwar, Rehman Naseem, Shahzad Asghar, Amer Abdullah, Kamran Arshad, Shahzad Saleem, Sohail Pasha and Khawaja Masood. The joint industry presentation was submitted by representatives of APTMA, PTEA, PHMA, PTC, PRGMEA, APBUMA, TMA, PDMEA, PBEA and PAKSEA as part of the textile sector’s unified recommendations for the Federal Budget 2026-27. [...]

PM Shehbaz directs expedited work on new fertilizer plants to boost local production
May 12, 2026 11:03
PM Shehbaz directs expedited work on new fertilizer plants to boost local production

Prime Minister Shehbaz Sharif directed on Tuesday that work on plans to establish new plants for increasing local fertilizer production should be expedited. He said this while chairing an important meeting on food security and the fertilizer stock situation in the country, the Prime Minister’s Office (FO) said today. The briefing to the meeting informed that, in view of the country’s requirements, the uninterrupted supply of natural gas to factories for local fertilizer production continues. Adequate fertilizer reserves are available for Kharif crops, the meeting was informed. Meanwhile, the PM directed that the timely supply of fertilizer to farmers be ensured under all circumstances. READ MORE: DAP and urea: PM forms body to examine prices and advice solution He said that in view of the impact on the fertilizer supply chain from Gulf countries, planning should be undertaken for alternative supplies from Central Asian countries. Adequate fertilizer reserves for the Kharif and Rabi seasons should also be ensured, he said. “Meeting the needs of the agricultural sector to ensure food security is the government’s top priority,” the prime minister said.He also directed the relevant ministries and institutions to continuously monitor fertilizer supplies and that strict action must be taken against artificial shortages and hoarding of fertilizer. [...]

Nine killed in blast in KP's Lakki Marwat market, police say
May 12, 2026 10:44
Nine killed in blast in KP's Lakki Marwat market, police say

At least nine people, including two police officials and five civilians, were killed in a blast at a market in Lakki Marwat district of Khyber Pakhtunkhwa, a senior police official said on Tuesday. At least 30 were also wounded in the blast and were shifted to the nearby hospital in Bannu. Mohammad ​Ishaq, the medical superintendent of THQ Hospital, said they had received 37 patients ‌so ⁠far and that the condition of some of them was critical. A large police contingent reached the site of the blast and cordoned off the area to collect evidence. Meanwhile, Prime Minister Shehbaz Sharif on Tuesday expressed deep grief and reiterated that all relevant institutions and the government were working with unwavering resolve to purge the country of terrorism. He directed the authorities concerned to complete the inquiry into the incident immediately to identify those responsible and bring them to justice. In March, a police vehicle was targeted by an explosion near the Rasul Khel check post in the Lakki Marwat, resulting in the martyrdom of six personnel, including a Station House Officer (SHO), while one other cop was injured. Police said their team was on duty near the checkpoint when the blast occurred. [...]

Netflix spent over $135 billion on film, TV over last decade
May 12, 2026 10:21
Netflix spent over $135 billion on film, TV over last decade

Netflix has invested over $135 billion in films and television series over the past decade, the company said on Tuesday, underscoring the dominance of the streaming giant and the growth of on-demand entertainment. During the same period, Netflix contributed more than $325 billion to the global economy and created over 425,000 jobs on productions, it said. The Los Gatos, California-based company is one of the world’s largest video streaming platforms, with over 325 million paid members as of the end of 2025, having pioneered at-home video entertainment and producing original intellectual properties that have dominated popular culture. “Today we’re launching the Netflix Effect — a comprehensive look at the economic, cultural and social impact of our films and series, and how it ripples out across economies, industries and everyday life, day after day, week after week,” said Netflix co-CEO, Ted Sarandos. Indie series ‘Everyone Is Doing Great’ returns… on Netflix The company has licensed films and series from more than 3,000 companies including public broadcasters, it said. Non-English language titles represent more than a third of all viewing, compared to less than a tenth a decade ago, Netflix said. Non-U.S. films and series such as “Money Heist,” “Squid Game” and “KPop Demon Hunters” have drawn large global audiences. Last month, Netflix’s chairman and co-founder Reed Hastings decided to exit the company at a time when the firm is looking for new avenues of growth such as gaming and live entertainment while grappling with slower sales. [...]

Kuwait to explore strategic storage projects in Pakistan
May 12, 2026 9:57
Kuwait to explore strategic storage projects in Pakistan

Kuwait agreed on Tuesday to explore new opportunities for building strategic storage in Pakistan that could bring mutual benefit to both countries. Federal Minister for Petroleum Ali Pervaiz Malik held a meeting on Tuesday with the Ambassador of the State of Kuwait to Pakistan, Nassar Abdulrahman Jasser Almutairi, as per a statement. Discussions focused on regional developments, energy cooperation, and the two sides agreed to further strengthen bilateral relations and expand collaboration in areas of common interest. The minister expressed sincere gratitude to the Government of Kuwait for its timely facilitation and support in ensuring the safe dispatch of the vessel Khairpur, which reached Pakistan carrying diesel supplies during a challenging period. “He highlighted that the vessel transported approximately 45,000 tons of diesel and 10,000 tons of jet fuel from Kuwait to Pakistan under special approvals, following disruptions caused by the closure of the Strait of Hormuz,” the statement said. Malik reiterated that Pakistan remained committed to peace and stability, adding that the repercussions of the ongoing conflict were being felt not only across the region but also beyond. He noted that, with the concerted efforts of the Field Marshal and the Prime Minister of Pakistan, the Khairpur vessel safely completed its journey and reached Pakistan, ensuring continuity in fuel supply and supporting national energy needs, added the press release. Meanwhile, Almutairi appreciated Pakistan’s peace efforts and stated that Kuwait encourages its brothers in Pakistan to continue their constructive role for peace in the region. “He remarked that Pakistan has proven itself through its responsible stance and that now Pakistan is being viewed with a renewed and elevated status in the international community.” Both sides discussed prospects for enhanced cooperation in the petroleum and energy sectors, especially refining. [...]

Gold price gains Rs4,100 per tola in Pakistan
May 12, 2026 9:35
Gold price gains Rs4,100 per tola in Pakistan

Gold prices in Pakistan increased on Tuesday in line with their loss in the international market. In the local market, gold price per tola reached Rs492,462 after a gain of Rs4,100 during the day. Similarly, 10-gram gold was sold at Rs422,206 after it accumulated Rs3,515, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On Monday, gold price per tola reached Rs488,362 after a decrease of Rs5,300 during the day. The international rate of gold jumped by $41 to reach $4,701 per ounce (with a premium of $20). Meanwhile, the price of silver also increased by Rs395 to reach Rs8,908 per tola. [...]

Indian banks resume bullion imports after month-long halt over 3% levy, sources say
May 12, 2026 9:23
Indian banks resume bullion imports after month-long halt over 3% levy, sources say

MUMBAI: Indian banks have resumed gold and silver imports after a hiatus that stretched for more than a month by agreeing to pay a 3% customs levy that earlier prompted lenders to halt shipments, trade and government sources told Reuters. The resumption is expected to boost the country’s gold imports, widen the trade deficit and put more pressure on the rupee, which is among Asia’s worst-performing currencies this year. Worried about mounting pressure on India’s balance of payments and the rupee, Prime Minister Narendra Modi on Sunday urged people to avoid buying gold for a year to help preserve the country’s foreign exchange reserves. Stronger demand from India, the world’s second-largest gold buyer after China, could also support global gold and silver prices and help local jewellers replenish their inventories. “We paid a 3% integrated goods and services tax (IGST) at customs to clear gold and silver shipments,” said the head of the bullion desk at a Mumbai-based private bank. Shares of Indian jewellers slide after Modi urges pause on gold purchases “Banks waited for more than a month for the government to issue an order that annually exempts them from paying the 3% IGST. But as the government signalled it wanted to curb gold imports, banks gave up hope.” Banks, which import most of India’s refined gold, halted shipments at the start of the new financial year on April 1 after customs authorities began demanding IGST on the metal. When India adopted the IGST regime in 2017, gold-importing banks were exempted from paying the 3% levy. Banks have been clearing gold and silver shipments from customs in recent days, a government official said, declining to be named as he was not authorised to speak to the media. The trade sources were also not allowed to speak publicly. Banks have cleared about 9 metric tons of gold and 34 metric tons of silver so far in May after paying the IGST, the official said. Supply has improved due to bank imports, but demand remains weak, leaving gold trading at a discount, said Chirag Thakkar, chief executive of bullion importer Amrapali Group Gujarat. Dealers in India offered discounts of up to $17 an ounce over official domestic prices this week, inclusive of 6% import and 3% sales levies. India’s gold imports in April are likely to have fallen to a near 30-year low of about 15 metric tons, as banks halted shipments after customs authorities began demanding the IGST. [...]

Czechs lean on experience for World Cup return
May 12, 2026 9:17
Czechs lean on experience for World Cup return

PRAGUE: The Czech Republic named a preliminary World Cup squad on Tuesday that leans heavily on long-time national team players led by West Ham midfielder Tomas Soucek as they prepare to return to the tournament after a 20-year absence. The wider list of 54 players also includes Slavia Prague striker Tomas Chory and midfielder David Doudera who both received red cards in the weekend derby that was abandoned after fans stormed the pitch and were later removed from the club. The national team, led by 74-year-old Miroslav Koubek, will face Kosovo on May 31 in Prague before leaving for a training camp in New Jersey to prepare for the tournament in Canada, the United States and Mexico. Koubek took over the national team following a shock qualification loss to the Faroe Islands and guided the Czechs through the playoffs to their first World Cup appearance since 2006. The players who featured in the successful playoff wins against Ireland and Denmark make up the core of the squad, including Wolverhampton defender Ladislav Krejci, Olympique Lyonnais midfielder Pavel Sulc and 35-year-old Vladimir Darida, who plies his trade in the Czech top tier for Hradec Kralove. Hoffenheim striker Adam Hlozek, who has had injury problems, also returns and 17-year-old Sparta Prague midfielder Hugo Sochurek gets a chance to make his international debut. The Czechs begin their World Cup campaign against South Korea in Group A on June 12 before facing co-hosts Mexico and South Africa. [...]

India's state-owned EXIM Bank plans $10.5 billion debt fund raise in fiscal 2027
May 12, 2026 9:14
India's state-owned EXIM Bank plans $10.5 billion debt fund raise in fiscal 2027

MUMBAI: The Export-Import Bank of India (EXIM Bank) plans to raise about 995 billion rupees ($10.5 billion) in fiscal 2027 through domestic and overseas borrowing, its managing director said, as the bank looks to strengthen its funding profile. The spread on the bank’s 10-year bond issued in January has narrowed to 70 basis points from 86 bps over the past three months, strengthening its confidence to pursue foreign-currency borrowing in this environment, MD Harsha Bangari told Reuters on Monday. The U.S.-Israel war on Iran and the subsequent closure of the key Strait of Hormuz has increased shipping costs, disrupted logistics and affected exporter sentiment. However, the bank will remain cautious on the timing of any fresh borrowing, she said, without specifying when the fundraise would be carried out. The wholly state-owned EXIM Bank, which provides export financing and backs loans granted by commercial lenders to buyers of Indian goods, expects to tap the domestic market for around 660 billion rupees through instruments such as bonds, certificates of deposit and loans, according to Bangari. It will raise about $3.5 billion from overseas markets via bilateral and syndicated loans, she added. MoF asked to redraft Export Import Bank of Pakistan The planned borrowing is higher than the 860 billion rupees the bank raised in the previous financial year. Impact of Middle East crisis The bank, which also extends lines of credit to governments and institutions in developing countries, particularly in Africa, Asia and Latin America, expects loan growth to moderate to 10% in fiscal 2027, from 12% last year, Bangari said, due to the Middle East crisis. “I have a really robust pipeline and I’m confident that it will be disbursed in the current year,” said Bangari. However, the pace of contract imports for Indian firms could slow if the uncertainty persists for longer, she added. The bank’s Middle East and North Africa exposure stands at around 57 billion rupees of the overall exposure of 3.5 trillion rupees, Bangari said, adding that the bank has been conducting a detailed assessment of the potential impact of the war on its loan book. [...]

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BuzzFeed’s stock more than doubles as beleaguered media company gets a lifeline
May 12, 2026 2:37
BuzzFeed’s stock more than doubles as beleaguered media company gets a lifeline

The company says Byron Allen’s family office has agreed to take a majority stake. [...]

‘She is very angry with me’: My daughter, 30, has issues with drugs. Should I take half the profit from the sale of her house?
May 12, 2026 2:15
‘She is very angry with me’: My daughter, 30, has issues with drugs. Should I take half the profit from the sale of her house?

“My thought is to invest it on her behalf for someday, when she gets her life together.” [...]

The ‘DRAM’ memory ETF has gotten off to a blazing start. Here comes a leveraged version.
May 12, 2026 1:50
The ‘DRAM’ memory ETF has gotten off to a blazing start. Here comes a leveraged version.

Investors want easy exposure to the hot memory sector — including dominant overseas players. [...]

Under Armour’s stock heads for worst day in 4 years as rising costs eat away at earnings
May 12, 2026 1:47
Under Armour’s stock heads for worst day in 4 years as rising costs eat away at earnings

Under Armour’s losses were wider than expected, and the outlook was below forecasts as rising costs take a bite. [...]

3 new rules for building wealth
May 12, 2026 1:43
3 new rules for building wealth

Some of your parents’ old rules don’t work as well anymore. Here’s what does, according to Mrs. Dow Jones. [...]

This dot-com survivor says AI build-out is more like 1997 than 1999 — and still urges investors to hold more cash
May 12, 2026 1:35
This dot-com survivor says AI build-out is more like 1997 than 1999 — and still urges investors to hold more cash

The riveting gains for microchip stocks have many analysts drawing parallels to 1999, just ahead of the dot-com crash, when the build-out of a key technology led to parabolic moves and frenzied speculation. [...]

Inflation jumps to 3-year high, CPI shows, and that’s not the end of it
May 12, 2026 1:17
Inflation jumps to 3-year high, CPI shows, and that’s not the end of it

The U.S. inflation rate leaped to a nearly three-year high of 3.8% in April because of higher gas prices — and the pain for consumers isn’t going away anytime soon. [...]

Meet the Nvidias of power — 5 stocks winning Big Tech’s $700 billion AI energy grab
May 12, 2026 1:07
Meet the Nvidias of power — 5 stocks winning Big Tech’s $700 billion AI energy grab

Infrastructure giants such as GE Vernova and Bloom Energy are the new gatekeepers of the AI grid. [...]

I’m 68. Is it wise to invest my $500,000 retirement savings with a single investment firm?
May 12, 2026 12:27
I’m 68. Is it wise to invest my $500,000 retirement savings with a single investment firm?

The Securities Investor Protection Corporation provides coverage of up to $500,000 for stocks, bonds and mutual funds, including up to $250,000 in cash. [...]

The ‘godfather of crypto’ predicts $1 million bitcoin, but it’s going to fall first
May 12, 2026 12:11
The ‘godfather of crypto’ predicts $1 million bitcoin, but it’s going to fall first

Michael Terpin explained his theory of four-year cycles in the bitcoin price that bottom during midterm-election years. One more correction is coming before another bull market. [...]

Here comes a leveraged version of the hot 'DRAM' memory ETF
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U.S. stocks open cautiously as inflation reaches a 3-year high
May 12, 2026 1:31
Inflation jumps to 3-year high, CPI shows, and that’s not the end of it
May 12, 2026 12:34
GameStop shares trade lower after eBay rejects takeover bid
May 12, 2026 11:03
South Korean stocks closed lower Tuesday on fears of AI taxes
May 12, 2026 9:26
British debt, currency and stocks all faltering with Starmer on the brink
May 12, 2026 7:43
Stocks are hitting record highs even as Iran war drags on. How long can it last?
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Here’s how Trump could suspend gas tax — and how much you might save at the pump
May 11, 2026 10:35
Stocks are hitting record highs even as Iran war drags on. How long can it last?
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AST SpaceMobile’s stock drops as earnings come with a big disappointment
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Jobless claims fall to lowest level since mid-May
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Consumer credit growth soars in December
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U.S. productivity slows down in fourth quarter while unit labor costs accelerate
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Beyond to buy rights to Buy Buy Baby brand and reunite it with Bed Bath & Beyond
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Trump asks Supreme Court to pause TikTok ban
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Amazon says it had best-ever Thanksgiving Holiday week with record sales and number of items sold
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U.S. stock futures and bond yields drop on reports Putin has updated nuclear doctrine
November 19, 2024 8:55
Charter Communications announces buyout deal for Liberty Broadband at terms above its previous proposal
November 13, 2024 1:52
General Motors unveils new all-electric Cadillac called the Vistiq with 300-mile range
November 12, 2024 1:53
Vestas Wind Systems stock slumps as company says margins to be at low end of guidance
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Burberry shares rise on report Moncler could bid for it
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Kazatomprom reports 17% increase in production during the third quarter
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