Business
PSX succumbs to profit-taking as index loses 483 points | The Express Tribune
KARACHI:
The Pakistan Stock Exchange (PSX) kicked off the new trading week on Monday with a volatile performance as the benchmark KSE-100 index ended the day in the red.
Following late-session selling pressure owing to profit-taking and futures contract rollover, the benchmark KSE-100 index closed down by 482.71 points, or 0.31%, at 157,554.66.
The bourse opened the day on a positive note, climbing to the intra-day high of 158,850.34 points around midday as optimistic investors bought attractive stocks. However, the momentum faded as the session progressed, with investors opting to book profits, particularly in key sectors such as banking, cement and technology, pulling the index down to the low of 157,245.73.
Analysts attributed the downturn to a mix of caution ahead of key economic data and concerns over global market trends. Market participants awaited policy signals and corporate earnings announcements that could set direction for the coming sessions.
KTrade Securities, in its market wrap, wrote that the PSX experienced a volatile session, primarily driven by futures rollover pressure and profit-taking. The KSE-100 index dipped 483 points to close at 157,555.
Major laggards that contributed to the index’s decline were United Bank, Meezan Bank, Fauji Fertiliser and Lucky Cement. Despite the selling pressure, Pakistan State Oil, Hub Power, Oil and Gas Development Company and GlaxoSmithKline provided some support, it said.
Trading activity remained strong, where total volumes reached 1.67 billion shares. Though there was short-term consolidation pressure due to futures rollover, the PSX remained resilient, underpinned by investor confidence in the country’s long-term economic outlook and improving corporate earnings, KTrade added.
Arif Habib Limited (AHL) noted that the bourse started the new week with a loss of 0.31% in the KSE-100 index. Some 41 shares rose while 58 fell with Pakistan State Oil (+4.22%), Hub Power (+1.87%) and Oil and Gas Development Company (+1.22%) contributing the most to the index gains. In contrast, UBL (-2.5%), Engro Holdings (-1.68%) and Meezan Bank (-1.5%) were the biggest drags, it said.
In major news, Pakistan and Saudi Arabia initiated urgent efforts to elevate bilateral trade and economic cooperation to unprecedented levels. According to well-placed sources, a high-powered delegation comprising some of Saudi Arabia’s most prominent businessmen and industrialists was scheduled to visit Pakistan next month, AHL said.
In addition, the Federal Board of Revenue chairman ruled out the possibility of a mini-budget, stating that no proposal for additional taxes through a supplementary finance bill was under consideration.
AHL viewed it as an important week in terms of determining the future price action for the KSE-100 with the nearest support at 157k.
Overall trading volumes decreased to 1.67 billion shares compared to the previous session’s tally of 2.05 billion. The value of shares traded was Rs60.9 billion. K-Electric topped the volumes chart with trading in 236 million shares, rising Rs0.35 to close at Rs6.11.
Business
Ruble surges in 2025: Russian currency emerges as top performer against US dollar; why it’s a headache for its war economy – The Times of India
The Russian currency Ruble emerged as the top-performing major currency against the US dollar this year, surging 45% since January. This unexpected strength caught Russian officials off guard and poses challenges for the country’s war-affected economy. The currency is now trading around 78 per dollar, similar to levels before Russia’s Ukraine invasion, as reported by Economic Times.The surge comes from several factors. Russians are buying less foreign currency due to international sanctions. High interest rates have also made ruble investments more attractive to locals. The central bank kept rates very high from October last year until June this year, before reducing them by 5 points to 16 per cent.This strong performance has exceeded government expectations, which predicted an average rate of 91.2 per dollar for the year. The ruble has stayed strong despite lower oil prices and new sanctions from the US and Europe. This strength is actually causing problems by reducing the value of export earnings when converted to rubles.The Bank of Russia has been supporting the currency by selling foreign currency, particularly yuan and gold, from the National Wellbeing Fund. This is helping offset declining energy revenues, with oil and gas income dropping 22% in the first 11 months of 2023.The ruble’s impressive performance puts it among the world’s top five performing assets this year, alongside precious metals like platinum, silver, palladium, and gold. Central Bank Governor Elvira Nabiullina sees this strength as helpful in fighting inflation, noting that its positive effects on prices haven’t yet peaked.
Business
Job seekers use AI for cover letters; employers turn to AI-led interviews — both are equally miserable, here’s why – The Times of India
Turned to artificial intelligence (AI) to help you stand out during the job process, but got rejected in the first round? Or are you a hiring manager who relied on AI to frisk through applications to select the best candidate, but ended up with not what you quite envisioned?The answer lies in the approach itself. Relying on artificial intelliegnce for job application might be doing you more harm than good.The growing use of artificial intelligence in recruitment is reshaping how Americans search for work, just as the country’s labour market shows signs of slowing. From automated interviews to AI-written cover letters, technology is now a part of almost every stage of the hiring process. But is it working? In 2025, more than half of organisations surveyed by the Society for Human Resource Management reported using AI tools to recruit workers. At the same time, almost one-third of ChatGPT users turned to the OpenAI chatbot for help with job applications. Yet recent research indicates that candidates who rely on AI during the application process are actually less likely to be hired, even as employers struggle to cope with a flood of applications. “The ability (for companies) to select the best worker today may be worse due to AI,” Anais Galdin, a researcher at Dartmouth told CNN Business. Galdin and Jesse Silbert of Princeton University examined tens of thousands of cover letters submitted on Freelancer.com, a job listing platform and found that after the launch of ChatGPT in 2022, cover letters became longer and more polished. However, employers placed less importance on them, making it harder to distinguish strong candidates from the wider pool. As a result, hiring rates dropped, and so did average starting wages, CNN reported. “If we do nothing to make information flow better between workers and firms, then we might have an outcome that looks something like this,” Silbert said, referring to the study’s findings.
A negative cycle
As application volumes rise, companies are increasingly automating interviews as well.According to a survey by recruitment software firm Greenhouse conducted in October, 54% of US job seekers said they had taken part in an AI-led interview. While virtual interviews became common during the pandemic in 2020, many employers now use AI systems to conduct interviews, without necessarily removing subjectivity from hiring decisions. “Algorithms can copy and even magnify human biases,” said Djurre Holtrop, a researcher who studies the use of asynchronous video interviews, algorithms and large language models in hiring.“Every developer needs to be wary of that,” CNN cited the expert. Daniel Chait, chief executive of Greenhouse, said the growing use of AI by both applicants and employers has created a negative cycle. “Both sides are saying, ‘This is impossible, it’s not working, it’s getting worse,’” Chait told CNN.
What’s next?
Despite these concerns, adoption of the technology continues with one estimate projecting that the market for recruitment technology will grow to $3.1 billion by the end of this year. At the same time, resistance is mounting from lawmakers, labour groups and workers worried about discrimination. Liz Shuler, president of the AFL-CIO labour union, described AI-driven hiring as “unacceptable”. “AI systems rob workers of opportunities they’re qualified for based on criteria as arbitrary as names, zip codes, or even how often they smile,” Shuler said in a statement to CNN. Several US states, including California, Colorado and Illinois, are introducing new laws and regulations aimed at setting standards for the use of AI in hiring. However, a recent executive order signed by US President Donald Trump raised questions about the future of state-level oversight. Samuel Mitchell, a Chicago-based employment lawyer, said the order does not “preempt” state law but adds to the “ongoing uncertainty” around regulation. He added that existing anti-discrimination laws still apply, even when companies use AI systems, and legal challenges are already emerging. In a case supported by the American Civil Liberties Union, a deaf woman is suing HireVue, an AI-powered recruitment company, alleging that an automated interview failed to meet legal accessibility standards. HireVue denied the claim, telling CNN that its technology reduces bias through a “foundation of validated behavioral science”. Even with these challenges, more and more AI is getting hiring access. New tools have made resume screening more sophisticated, potentially helping some candidates who may have been overlooked. But for those who value personal interaction, the shift has been unsettling. Jared Looper, an IT project manager in Salt Lake City, Utah, who previously worked as a recruiter, recently underwent an AI-led interview during his job search. He described the experience as “cold”, and said he initially hung up when contacted by the automated system. Looper said he worries about job seekers who have yet to adapt to a hiring environment where appealing to algorithms has become essential. “Some great people are going to be left behind.”
Business
India-Nepal Trade Poised To Double In Next Five Years: Report
New Delhi: Strengthening business linkages and sustained investment flows between India and Nepal are expected to drive bilateral trade into a new growth phase, with volumes likely to double by 2030, according to an article in Nepalese media.
Bilateral trade remains the most visible and measurable pillar of India–Nepal economic relations, reflecting both geographic proximity and deep-rooted interdependence. India accounts for over 64 per cent of Nepal’s total trade, underscoring its centrality to Nepal’s external economic engagement and supply chains. In FY 2024–25, total bilateral trade reached approximately USD 8.7 billion, reaffirming India’s position as Nepal’s largest trading partner by a wide margin.
India’s exports to Nepal stood at about USD 7.4 billion, dominated by petroleum products, machinery, vehicles, pharmaceuticals, food items, and construction materials, which are critical to Nepal’s consumption and infrastructure needs. Nepal’s exports to India, valued at nearly USD 1.3 billion, mainly include electricity, agricultural products, iron and steel items, and manufactured goods.
This robust trade structure underscores both the extent of economic integration and the significant potential for diversification, value addition, and more balanced growth of Nepal’s export basket in the coming years. With growing business and investments, the trade trajectory is expected to enter a new phase, with bilateral trade doubling over the next five years, according to the article in the Nepal Aaja news portal.
The article also highlights that India–Nepal bilateral investments reflect a deepening economic partnership anchored in geographical proximity, historical trust, and growing strategic convergence. Indian companies constitute the largest source of foreign direct investment in Nepal, accounting for roughly 30–35 per cent of Nepal’s total FDI stock.
Cumulative Indian investment is estimated at USD 750–800 million, with operational investments of nearly USD 670 million spread across more than 150 Indian ventures. These investments span key sectors such as hydropower, manufacturing, banking, insurance, telecommunications, cement, tourism, education, and hospitality, making India a critical driver of Nepal’s industrialisation and services-sector expansion.
Indian public and private enterprises have played a particularly transformative role in Nepal’s hydropower sector by combining capital, technology, and assured power off-take arrangements, thereby strengthening Nepal’s energy security while creating long-term commercial returns for Indian firms. Indian banks and insurance companies have contributed to financial deepening and stability, while joint ventures in manufacturing and tourism have generated employment, skills, and local value addition.
This investment synergy is reinforced by India’s broader development partnership initiatives, which support infrastructure creation, cross-border connectivity, and capacity building, thereby lowering investment risks and enhancing economic integration. Together, investment flows and development finance are knitting the two economies into a closely interconnected economic space with shared long-term interests, the article points out.
Energy cooperation has emerged as a transformative pillar of India–Nepal relations, redefining Nepal’s role in the regional economy. Nepal possesses vast hydropower potential, estimated at over 40,000 MW of economically viable capacity. In recent years, concerted efforts by both governments have enabled Nepal to transition from a net importer of electricity to a growing exporter.
In fiscal year 2024–25, Nepal exported approximately NPR 17–18 billion (about USD 130 million) in electricity, with the majority sold to India. Long-term power trade agreements envisage Nepal exporting up to 10,000 MW of electricity to India over the coming decade.
This energy partnership provides Nepal with a stable source of export revenue while supporting India’s clean energy transition and regional grid stability. The integration of power markets has also positioned India as a transit country for Nepal’s electricity exports to third countries, further enhancing regional economic cooperation, the article added.
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