The outgoing week witnessed a return of the bulls to the local bourse mainly due to clarity on the political front with the successful passage of No Confidence Motion against the PM which resulted in the election of Shehbaz Sharif as the country’s new Premier. However, the noise has not yet settled and is expected to remain high as the ousted govt. of Pakistan Tehreek-e-Insaf (PTI) vows to hold nationwide protests until new elections are called. Moreover, questions on the economic front have resurfaced as members of the new cabinet are being finalised. The expected incoming Finance Minister, Mr. Miftah Ismail, has reiterated that the IMF is a top priority of the newly formed govt, and talks regarding the 7th Extended Funded Facility review will begin shortly. Successful completion of the review will result in proceeds of USD 1.0Bn which are urgently needed given forex reserves have declined considerably ever since the turn of the year and are expected to continue the trend in the wake of high external debt servicing and hefty import bill. Despite these challenges, the PKR underwent robust recovery against the greenback and appreciated by 1.7% during the week to close at PKR 181.6/USD. On the other hand, the index moved between highs and lows of 46,786 and 44,445 points, to settle at 46,602 points (↑4.9% WoW) while volumes surged to 188.4Mn (↑177.9% WoW) and traded value rose to USD 44.7Mn (↑114% WoW). The content in this publication is expensive to produce. But unlike other journalistic outfits, business publications have to cover the very organizations that directly give them advertisements. Hence, this large source of revenue, which is the lifeblood of other media houses, is severely compromised on account of Profit’s no-compromise policy when it comes to our reporting. No wonder, Profit has lost multiple ad deals, worth tens of millions of rupees, due to stories that held big businesses to account. Hence, for our work to continue unfettered, it must be supported by discerning readers who know the value of quality business journalism, not just for the economy but for the society as a whole.To read the full article, subscribe and support independent business journalism in Pakistan
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Back we go into the mind and psyche of serial killer Joe Goldberg, as he navigates life in suburbia while grappling with what it means to be a father, in both Season 3 of the hit Netflix series as well as the book on which it’s based, Caroline Kepnes’s You Love Me. It is both…
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