Articles & Finance Updates

KARACHI (August 27 2009): The KSE-100 index crossed 8,300 points mark on Wednesday and closed at 8,319.74 points with a gain of 73.02 points on the back of continuing interest of foreign investors at the share market. The foreign investors remained net buyers of shares and an inflow of $4.1 million of foreign portfolio investment was recorded.

KARACHI (August 27 2009): The rupee was firmer against dollar on currency market on Wednesday despite the higher demand for the US currency, money analysts said. On the interbank market the rupee rose by 3 paisa against dollar for buying and selling at 82.70 and 82.80, experts said.

ISLAMABAD (August 27 2009): Pakistan received foreign loans, amounting to 8.8 billion dollars from international donors and countries, including the International Monetary Fund (IMF) during the 2008-09 financial year. Among the donors and financial institutions, the IMF was the lead lender during the last financial year and provided 3.948 billion dollars under the 7.6 billion-dollar stand-by arrangement approved in November of 2008.

ISLAMABAD (August 27 2009): The Cabinet on Wednesday directed the Finance Ministry to release funds, within next two days, to Pakistan State Oil (PSO) whose Letters of Credit (LCs) for oil import are near to default due to non-payment of dues by power sector. According to sources, the Cabinet took serious notice of poor financial health followed by rising circular debt that was resulting in reduction of profitability of PSO.