The Pakistan Stock Exchange’s (PSX) benchmark index KSE-100 continued its recovery on Wednesday, surging by over 4,200 points during intraday trade. The index gained 4,276.09 points, or 2.85 per cent, to stand at 154,292.25 points from the previous close of 150,016.16 points. The KSE-100 plunged to an intraday low of 150,284.25 points at around 9:30am, then reached its intraday high of 154,684.45 points at 1:30pm, before settling at 154,292.25. Topline Securities noted the bullish momentum reflected “recovery in overall market sentiment”. “The upward movement was largely supported by slightly lower international oil prices, alongside selective value hunting by investors,” it added. It noted that the rally was “primarily led by index-heavy stocks” — United Bank Limited (UBL), Oil & Gas Development Company (OGDC), Fauji Fertiliser Company Limited (FFC), Pakistan Petroleum Limited (PPL), and Meezan Bank Limited (MEBL) — which collectively added 1,816 points to the benchmark. “Trading activity remained firm,” Top...
RedotPay says it restructured teams for efficiency after a Bloomberg report flagged executive turnover, China sensitivities and new funding talks. Hong Kong-based stablecoin payments company RedotPay said it has “consolidated” teams to improve efficiency as it scales, after a report claimed executive turnover and sensitivities tied to its mainland China connections. On Wednesday, a Bloomberg report claimed RedotPay is facing leadership churn and sensitivities tied to China as it explores raising up to $150 million. Citing people familiar with the matter, the report said that at least five senior hires left the stablecoin company within a year, including two compliance chiefs, and described a demanding work culture with extended hours. In February, Bloomberg reported that RedotPay is considering a US IPO that could raise over $1 billion and value the company at more than $4 billion. The company was reported to be working with JPMorgan, Goldman Sachs and Jefferies on a potential New York listing that could take...