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Faysal Bank posts highest-ever annual profit of Rs. 20.2 billion in 2023

With its stellar performance in 2023, Faysal Bank has set a new benchmark for excellence in the banking industry, paving the way for continued success and prosperity in the years to come Faysal Bank Limited (PSX: FABL) has reported its highest-ever annual profit in 2023, solidifying its position as a powerhouse in Pakistan's banking sector. The bank's net profit surged to an impressive Rs. 20.2 billion, marking a remarkable 77% increase compared to the previous year. This substantial growth in profitability demonstrates Faysal Bank's resilience and ability to capitalize on market opportunities despite challenging economic conditions. The bank's performance in 2023 reflects its strategic initiatives and efficient management of resourc...

February 10, 2024 at 3:57 pm | Economic Affairs

Elections 2024

Season of Lofty Promises The underlying assumption in each of political forces manifestos is that with their coming into power will lead to an instantaneous resolution of the myriad difficulties being faced by the Pakistani people. By Qamar Bashir The elections 2024 are unfolding in a landscape marked by intense competition and heightened political rhetoric. Major parties are engaging in a familiar cycle of blame games and lofty promises, often overlooking the complex economic and financial situation of the country. Pakistan Muslim League-Nawaz (PML-N) has adopted a strategy that focuses on criticizing its main rival, the Pakistan Tehreek-e-Insaf (PTI), branding it as responsible for the May-9 incident. Interestingly, PML-N app...

January 24, 2024 at 4:31 pm | Economic Affairs

Pakistan’s Economic Take-off

China has become the largest foreign investor in Pakistan. Under the CPEC it has invested almost $30 billion and is committed to invest more in the future. By Prof. Engr. Zamir Ahmed Awan China and Pakistan are closet friends and with relations covering political, diplomatic, economic, and defense dimensions. Irrespective of whatsoever happening in the region or geopolitics, the ties between the two countries have remained undeterred. On the economic front, China has become the largest foreign investor in Pakistan. Under the CPEC it has invested almost $30 billion and is committed to invest more in the future, particularly focusing on investment in the power sector and infrastructure development. The next stage of the CPEC is focu...

January 19, 2024 at 2:29 pm | Economic Affairs

Supply concerns ticks Oil up ; outshine macro jitters

Aug, 29(Agencies) — Oil prices climbed slightly up Tuesday following potential supply disruptions as a result of an incoming hurricane hurtling towards U.S. Gulf Coast limited bearish sentiment about the possibility of another U.S. interest rate hike undercutting demand.Brent crude edged 63 cents higher at $85.05 a barrel by 1026 GMT, while U.S. West Texas Intermediate crude ticked up 57 cents to $80.67 a barrel.Tropical Storm Idalia lashed western Cuba on Monday and was almost a hurricane as it headed toward Florida. The storm is likely to cause power outages and could impact crude production on the eastern side of the U.S. Gulf Coast.Jitters follow a fire at a Marathon Petroleum refinery last week, after a chemical leak ignited two gia...

August 30, 2023 at 4:11 pm | Economic Affairs

Dollar eases on markets brace data fest

Aug, 29(Agencies) — US dollar index eased 0.077% at 103.85 after slipping 0.2% on Monday against six key rivals. The index is up 2% this month as resilient economic data bolstered expectations that interest rates may stay higher for longer.View gained more traction in the wake of Fed Chairman Jerome Powell on Friday suggesting that further rate increases may be needed to cool still-too-high inflation, though his promise to move with care at upcoming meetings provided for some uncertainty.With US central bank highlighting the interest rate path will be heavily dependent on data, the spotlight will be on a batch of economic indicators this week, including payrolls and personal consumption expenditure.First up is job openings figures for Ju...

August 29, 2023 at 4:32 pm | Economic Affairs

Rupee hits new low of 302 against USD

Aug., 28(E.A Report) — Pakistani rupee dipped on Monday to a new record low against US dollar by settling at 302 in inter-bank market.Rupee was down Re1 or 0.33%, as per the State Bank of Pakistan (SBP) at close.During the previous week, the rupee closed negative across all five sessions to end at a then historic low of 301 against the US dollar.Currency fell 1.7% against the greenback, but the gap with rates in the open market continued to stay over the prescribed limit by the International Monetary Fund (IMF), raising concerns over further fall in the inter-bank market.Pakistan’s rising imports as restrictions ease, and falling foreign exchange reserves with no inflows in sight are keeping pressure on the rupee.In a related devel...

August 29, 2023 at 3:39 pm | Economic Affairs

KSE-100 weighs down over rupee’s record fall

Aug., 28(E.A Report) — Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index weighed down by near 200 points on Monday with collective pessimism over rupee’s record fall and lack of positive triggers.KSE-100 started first day of the week positive, reaching an intra-day high of 47,733.51. However, profit taking erased the gains and pushed the index into negative territory.At close, the benchmark index settled at 47,478.61, down 192.61 points or 0.40%. “Profit-taking was noted in the Pakistan equities market as investors sold off their holdings in response to circulating rumours. This action was prompted by concerns about the possibility of an upcoming rise in the policy rate,” brokerage house Topline Securities said in its marke...

August 29, 2023 at 3:29 pm | Economic Affairs

Oil up as China moves to support flagging economy

Aug, 28(Agencies) — Oil prices moved up on Monday as China took steps to support its flagging economy, though investors remained worried about the pace of growth as well as further US interest rate hikes that could dampen fuel demand.Brent crude rose 19 cents, or 0.2%, to $84.67 a barrel by 0627 GMT, while US West Texas Intermediate crude was at $80.09 a barrel, up 26 cents, or 0.3%.Brent and WTI posted a second week of losses on Friday after Fed Chair Jerome Powell said the US central bank may need to raise rates further to cool still-too-high inflation.Oil benefited from a better tone on the opening, IG market analyst Tony Sycamore said, after China halved stamp duty on stock trading effective Monday in the latest attempt to boost stru...

August 28, 2023 at 6:45 pm | Economic Affairs

USD eases from a 12-week peak on week opening

Aug, 28(Agencies) — Dollar eased from a 12-week peak on Monday as traders weighed US monetary path after the Fed Chair Jerome Powell left open the possibility of further interest rate increases, while the yen hovered close to its lowest in over nine months.In an eagerly awaited speech at the annual Jackson Hole Economic Policy Symposium, Federal Reserve Chair Powell promised to move with care at upcoming meetings as he noted both progress made on easing price pressures as well as risks from the surprising strength of the US economy. “We will proceed carefully as we decide whether to tighten further or, instead, to hold the policy rate constant and await further data,” Powell said in a keynote address. “It is the Fed’s job to brin...

August 28, 2023 at 6:41 pm | Economic Affairs

Rupee settles at new low of 301 against USD

Aug., 25(E.A Report) — Pakistani rupee hit a new record low against US dollar by settling at 301 in the inter-bank market on Friday.At close, Rupee settled at 301 after a decrease of Re0.78 or 0.26%, as per the State Bank of Pakistan (SBP)On Thursday, the rupee had closed at the then-record low against the US dollar at 300.22.In a key development, Caretaker Federal Minister for Commerce and Industries Dr Gohar Ejaz on Thursday stressed the need for early operationalisation of the EXIM Bank for enhancing Pakistan’s exports.Enhancement of exports is critical as Pakistan struggles with low foreign exchange reserves.Central-bank held foreign exchange reserves decreased by $125 million on a weekly basis, clocking in at $7.93 billion as of A...

August 25, 2023 at 8:35 pm | Economic Affairs

USD sharp pullbacks against Asian currencies on softer-than-expected global economic data

Aug, 24(Agencies) — US dollar nursed a sharp pullback against Asian currencies on Thursday after softer-than-expected global economic data muddied the interest rate outlook and pushed down US yields ahead of the Federal Reserve’s Jackson Hole symposium.Australian dollar, which has been taking a battering for a few months on signs of China’s slowdown and resilience in the US, jumped 0.9% overnight after US manufacturing and services PMIs missed expectations.“Weaker than expected … data led markets to scale back their expectations for US policy,” said Commonwealth Bank of Australia currency strategist Carol Kong, with jobless claims the next focus ahead of Fed Chair Jerome Powell’s Friday speech.The New Zealand dollar also leap...

August 24, 2023 at 5:05 pm | Economic Affairs

US Dollar on backfoot at week open

Aug, 07 (Agencies) — US Dollar on Monday was on the back foot following a mixed US jobs report provided little directional conviction and as market focus turned to inflation data from the world’s two largest economies due this week.US economy added fewer jobs than expected in July, data on Friday showed, but it recorded solid wage gains and a decline in the unemployment rate.As dollar fell to a one-week low against a basket of currencies in the aftermath of the data, its losses were capped as the report pointed to a still-tight labour market, suggesting the Federal Reserve may need to keep rates higher for longer.US dollar index last stood at 101.98, languishing near Friday’s low of 101.73. Sterling rose 0.04% to $1.2756, while the e...

August 7, 2023 at 6:15 pm | Economic Affairs

Pakistan’s July headline inflation slows marginally, clocks in at 28.3%

Aug. 01 (E.A Report) — Pakistan’s July headline registered a marginal decline, clocking in at 28.3% on year-on-year basis in July 2023, comparing previous month increase of 29.4% and 24.9% in July 2022.On a month-on-month basis, it increased by 3.5% in July, showed data released by the Pakistan Bureau of Statistics (PBS) on Tuesday.The headline inflation figure is higher than expectations. It was earlier projected that the CPI figure would stand in the range of 25-27%.According to PBS data, food group, which commands a significant weight of 34.58%, increased to 272.44 in July 2023 as compared to 261.78 in June 2023, a gain of 4.07%.In its Monthly Economic Outlook for July, the Ministry of Finance stated that inflation is expected ...

August 1, 2023 at 7:27 pm | Economic Affairs

Majority of Asian FX, stocks gain after Chinese Politburo meet boosts sentiment

July, 25 (Agencies) — Chinese yuan and Malaysian ringgit were among lead gainers among emerging Asian currencies on Tuesday as investor sentiment received a boost from a string of promised measures in the region’s largest economy to stimulate growth.Yuan strengthened as much as 0.6%, to trade at 7.141 per dollar, hitting its highest in about two weeks, while ringgit followed closely with a 0.1% gain. “EM currency rally is being supported by the yuan after the Politburo meeting yesterday, because it signals some policy change in China and that there could be more stimulus packages going ahead,” Chief Asia FX Strategist Ken Cheung at Mizuho Bank said.China’s top leaders said on Monday that they will step up policy support for the b...

July 30, 2023 at 11:17 am | Economic Affairs

Rupee registers fourth straight loss, settles at 283.8 against US dollar

July, 19 (E.A Report) — Pakistani rupee stayed under pressure against US dollar for the fourth successive session, depreciating 0.27% on Wednesday.Currency settled at 283.80, a decrease of Re0.76, as per the State Bank of Pakistan (SBP).On Tuesday, the rupee sustained losses against the US dollar for the third successive session, depreciating 1.34% to settle at 283.04 in the inter-bank market.In a key development, the International Monetary Fund (IMF) stressed a market-determined exchange rate.The lender stated that reliance on administrative measures to manage imports since May 2022 and the tightly controlled exchange rate since September 2022 have caused significant damage to Pakistan’s growth and exacerbated external pressures by di...

July 19, 2023 at 7:50 pm | Economic Affairs

Rupee settles at 283.04 by falling 1.34% against US dollar

July, 18 (E.A Report) — Pakistani rupee maintained its downward track against US dollar for third consecutive session, depreciating 1.34% on Tuesday, as euphoria over foreign exchange inflows in the country subsided and gave way to economic fundamentals.Currency settled at 283.04, at close with a decrease of Rs3.78, as per the State Bank of Pakistan (SBP).On Monday, the rupee sustained back-to-back losses against the US dollar, depreciating another 0.6% to settle at 279.26 in the inter-bank market.Experts said the knee-jerk reaction after the International Monetary Fund (IMF) programme, which resulted in the rupee’s appreciation, is reversing.“As import restrictions are being lifted amid IMF demands, the pressure would stay o...

July 18, 2023 at 6:51 pm | Economic Affairs