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Business Recorder
4 days ago
- Automotive
- Business Recorder
Sazgar to roll out Pakistan-assembled HAVAL H6 PHEV in August
In a step towards hybrid adoption, Sazgar Engineering Works (SAZEW) has officially begun pre-bookings for its first locally assembled plug-in hybrid electric vehicle (PHEV) — the HAVAL H6 Hi4 1.5L AT AWD Turbo — with the initial rollout of its CKD model expected in August 2025. The listed auto assembler disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Monday. 'We are pleased to inform you that the company has commenced the pre-bookings of its PHEV from today under brand 'HAVAL H6 Hi4 1.5L AT AWD Turbo PHEV'. The first rollout of the CKD model of this vehicle is expected in August 2025,' read the notice. Sazgar plans NEV rollout by FY26, ups CapEx to Rs11.5bn A PHEV combines a gasoline engine with a larger battery pack than a standard hybrid, allowing it to run on electricity alone for a certain distance. Once the electric range is depleted, the vehicle functions like a regular hybrid, using both the engine and electric motor. Moreover, Sazgar has also decided to introduce an SUV 'TANK-500 Hi4-T 4X4 2.0L Turbo AT PHEV' and a pickup truck 'CANNON ALPHA Hi4-T 4X4 2.0L Turbo AT PHEV'. 'The first rollout of the CKD models of these vehicles is expected before the end of March 31, 2026,' the company announced. Plug-in hybrids offer a more practical option in Pakistan as the country faces a lack of charging stations for all-electric vehicles. The government slashed power tariffs for chargers by 45% in January to encourage EV uptake and private charging stations. 'This is a good development for competition,' Samiullah Tariq, Head of Research at Pak-Kuwait Investment Company, told Business Recorder. Days ago, Chinese electric vehicle giant BYD, the world's top EV maker, announced plans to roll out its first car assembled in Pakistan by July or August 2026 to capture growing demand for electric and plug-in hybrid vehicles in the region. BYD's plant in Pakistan addresses rising demand from emerging markets and allows the company to take advantage of incentives offered by the government.
Business Recorder
09-07-2025
- Business
- Business Recorder
Pakistan receives record $38.3bn in remittances in FY25
Remittance inflow since Jan 2024 Figures in USD Billion The inflow of overseas workers' remittances into Pakistan stood at $38.3 billion in fiscal year 2024-25, the highest-ever in the country's history, the State Bank of Pakistan (SBP) data showed on Wednesday. Remittances increased by 27% year over year, compared to $30.25 billion recorded in the previous fiscal. 'This is the highest-ever remittances received during a fiscal year,' Samiullah Tariq, Head of Research at Pak Kuwait Investment Company, told Business Recorder. The analyst attributed the achievement to strict regulatory enforcement, a crackdown on money laundering, and continued migration of Pakistanis abroad. Home remittances play a significant role in supporting the country's external account, stimulating Pakistan's economic activity as well as supplementing the disposable incomes of remittance-dependent households. Mohammed Sohail, CEO of Topline Securities, also hailed the development. 'In a year marked by economic challenges, overseas workers stepped up,' he wrote in a post on social media platform X, while sharing Bangladesh remittance inflows. 'Pakistan received a record $38.3 billion in remittances in FY25 — up 27%. Bangladesh also saw record inflows of $30 billion, up 26%. 'A big source of support for both economies, helping bridge external gaps and boosting household incomes,' he said. Back in April, SBP Governor Jameel Ahmad said the central bank revised its projection for the cumulative receipt of remittances to $38 billion for the full year of FY25 from the previous estimate of $36 billion. During June 2025, the inflow of overseas workers' remittances clocked in at $3.4 billion. Remittances increased by 7.9% year over year, compared to $3.16 billion recorded in the same month last year. Whereas, on a monthly basis, remittances were down 8%, compared to $3.69 billion in May. Breakdown of remittances Overseas Pakistanis in Saudi Arabia remitted the largest amount in June 2025 as they sent $823 million during the month. The amount was down 10% on a monthly basis, and 2% higher than the $809 million sent by the expatriates in the same month of the previous year. Inflows from the United Arab Emirates (UAE) rose by 10% on a yearly basis, from $654 million in to $717 million in June 2025. Remittances from the United Kingdom amounted to $538 million during the month, down by 9% compared to $588 million in May 2025. YoY inflows from the UK improved by 10%. Overseas Pakistanis in the US sent $281 million in June 2025, a MoM decrease of 11%.
Business Recorder
11-06-2025
- Business
- Business Recorder
KSE-100 settles at new record high as PSX reacts positively to budget
Investors at the Pakistan Stock Exchange (PSX) rejoiced over the lack of major taxation measures proposed during the budget for fiscal year 2025-26, as the benchmark KSE-100 Index settled at a new record high of 124,352.68 on Wednesday. Bullish momentum persisted throughout the trading session, pushing the KSE-100 to an intra-day high of 124,588.17. At close, the benchmark index settled at 124,352.68, amid an increase of 2,328.24 points or 1.91%. Across-the-board buying momentum was observed in key sectors including automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs and power generation. Index-heavy stocks including HUBCO, PSO, WAFI, MARI, OGDC, PPL, POL, HBL, MCB, MEBL and UBL settled in the green. The upswing at PSX comes as the government did not announce any 'major changes on taxation', said Samiullah Tariq, Head of Research at Pak Kuwait Investment Company Limited, told Business Recorder. 'Capital gain dividends are retained at 15%,' he added. In a statement, Prime Minister Shehbaz Sharif expressed satisfaction over the stock market performance. 'The bullish trend in the stock market is an expression of confidence by investors and businessmen in the people-friendly budget,' he said. Finance Minister Muhammad Aurangzeb presented the federal budget 2025-26 to the parliament on Tuesday, with a total outlay of Rs 17.573 trillion, targeting a GDP growth rate of 4.2 per cent against 2.7 per cent in the outgoing year. Aurangzeb termed the budget the start of a strategy to create a competitive economy and economic productivity to increase exports and fundamentally change the economy's DNA. The government has set an inflation target of 7.5% for the next fiscal year. Regarding the fiscal deficit, the government projected a target of 3.9% of the GDP — or Rs5,037 billion — from the outgoing fiscal year's target of 5.9%. The primary surplus is targeted at 2.4% of the GDP against the budgeted 2% in the current fiscal year, which has been revised to 2.2%. Internationally, share markets and the dollar on Wednesday offered a guarded welcome to the latest signs of progress in US-China trade talks, while awaiting more detail of what was decided and whether it would stick for long. Bond investors were also hunkered down for a reading in US inflation that could show the early impact of tariffs on prices, and a Treasury auction that will test demand for the debt. Over in London, negotiators from Washington and Beijing said they had 'agreed a framework on trade' that would be taken back to their leaders. US Commerce Secretary Howard Lutnick added the implementation plan should result in restrictions on rare earths and magnets being resolved, but again offered no specifics. The law was another hurdle as a federal appeals court allowed President Donald Trump's most sweeping tariffs to remain in effect on Tuesday while it reviews a lower court decision blocking them. Investors, who have been badly burned by trade turmoil before, offered a cautious response and MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2%. Japan's Nikkei added 0.4% and Australian stocks firmed 0.4%.
Business Recorder
11-06-2025
- Business
- Business Recorder
KSE-100 crosses 124,000 level as PSX reacts positively to budget
The Pakistan Stock Exchange (PSX) opened with a bang, as the benchmark KSE-100 Index surged past the 124,000 level amid a gain of over 2,000 points during the opening hours of trading on Wednesday. At 11am, the benchmark index was hovering at 124,126.24 level, an increase of 2,101.80 points or 1.72%. Across-the-board buying momentum was observed in key sectors including automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs and power generation. Index-heavy stocks including HUBCO, PSO, WAFI, MARI, OGDC, PPL, POL, HBL, MCB, MEBL and UBL traded in the green. The upswing at PSX comes as the government did not announce any 'major changes on taxation', said Samiullah Tariq, Head of Research at Pak Kuwait Investment Company Limited, told Business Recorder. 'Capital gain dividends are retained at 15%,' he added. Finance Minister Muhammad Aurangzeb presented the federal budget 2025-26 to the parliament on Tuesday, with a total outlay of Rs 17.573 trillion, targeting a GDP growth rate of 4.2 per cent against 2.7 per cent in the outgoing year. Aurangzeb termed the budget the start of a strategy to create a competitive economy and economic productivity to increase exports and fundamentally change the economy's DNA. The government has set an inflation target of 7.5% for the next fiscal year. Regarding the fiscal deficit, the government projected a target of 3.9% of the GDP — or Rs5,037 billion — from the outgoing fiscal year's target of 5.9%. The primary surplus is targeted at 2.4% of the GDP against the budgeted 2% in the current fiscal year, which has been revised to 2.2%. Internationally, share markets and the dollar on Wednesday offered a guarded welcome to the latest signs of progress in US-China trade talks, while awaiting more detail of what was decided and whether it would stick for long. Bond investors were also hunkered down for a reading in US inflation that could show the early impact of tariffs on prices, and a Treasury auction that will test demand for the debt. Over in London, negotiators from Washington and Beijing said they had 'agreed a framework on trade' that would be taken back to their leaders. US Commerce Secretary Howard Lutnick added the implementation plan should result in restrictions on rare earths and magnets being resolved, but again offered no specifics. The law was another hurdle as a federal appeals court allowed President Donald Trump's most sweeping tariffs to remain in effect on Tuesday while it reviews a lower court decision blocking them. Investors, who have been badly burned by trade turmoil before, offered a cautious response and MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2%. Japan's Nikkei added 0.4% and Australian stocks firmed 0.4%. This is an intra-day update
Business Recorder
11-06-2025
- Business
- Business Recorder
KSE-100 crosses 123,000 level as PSX reacts positively to budget
The Pakistan Stock Exchange (PSX) opened with a bang, as the benchmark KSE-100 Index surged past the 123,000 level during the opening minutes of trading on Wednesday. At 9:40am, the benchmark index was hovering at 123,463.86 level, an increase of 1,439.42 points or 1.18%. Across-the-board buying momentum was observed in key sectors including automobile assemblers, cement, commercial banks, oil and gas exploration companies, OMCs and power generation. Index-heavy stocks including HUBCO, PSO, WAFI, MARI, OGDC, PPL, POL, HBL, MCB, MEBL and UBL traded in the green. The upswing at PSX comes as the government did not announce any 'major changes on taxation', said Samiullah Tariq, Head of Research at Pak Kuwait Investment Company Limited, told Business Recorder. 'Capital gain dividends are retained at 15%,' he added. Finance Minister Muhammad Aurangzeb presented the federal budget 2025-26 to the parliament on Tuesday, with a total outlay of Rs 17.573 trillion, targeting a GDP growth rate of 4.2 per cent against 2.7 per cent in the outgoing year. Aurangzeb termed the budget the start of a strategy to create a competitive economy and economic productivity to increase exports and fundamentally change the economy's DNA. The government has set an inflation target of 7.5% for the next fiscal year. Regarding the fiscal deficit, the government projected a target of 3.9% of the GDP — or Rs5,037 billion — from the outgoing fiscal year's target of 5.9%. The primary surplus is targeted at 2.4% of the GDP against the budgeted 2% in the current fiscal year, which has been revised to 2.2%. Internationally, share markets and the dollar on Wednesday offered a guarded welcome to the latest signs of progress in US-China trade talks, while awaiting more detail of what was decided and whether it would stick for long. Bond investors were also hunkered down for a reading in US inflation that could show the early impact of tariffs on prices, and a Treasury auction that will test demand for the debt. Over in London, negotiators from Washington and Beijing said they had 'agreed a framework on trade' that would be taken back to their leaders. US Commerce Secretary Howard Lutnick added the implementation plan should result in restrictions on rare earths and magnets being resolved, but again offered no specifics. The law was another hurdle as a federal appeals court allowed President Donald Trump's most sweeping tariffs to remain in effect on Tuesday while it reviews a lower court decision blocking them. Investors, who have been badly burned by trade turmoil before, offered a cautious response and MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2%. Japan's Nikkei added 0.4% and Australian stocks firmed 0.4%. This is an intra-day update
