Friday, August 29 2025

PSX extends losing streak for fourth session
The Pakistan Stock Exchange (PSX) extended its losing streak for a fourth consecutive session on Thursday, as investor sentiment remained subdued amid concerns over flooding in key agricultural regions and macroeconomic unce­rtainty. The KSE-100 index settled at 147,343.51, down 150.52 points or 0.10 per cent, after recording an intraday high of 148,042 and a low of 147,210, reflecting a volatile but directionless trading day confined to an 833-point band. Despite support from select heavyweights, including Sazgar Engi­neering, Lucky Cement, and United Bank — adding a combined 206 points to the index — selling pressure in Habib Bank, Fauji Fertiliser, Bank Al-Habib, Faysal Bank, and Systems Ltd collectively shaved off 477 points. Traded volume rose 9.2pc to 935.5 million shares, while traded value climbed 14.4pc to Rs33.5bn. Pace Pakistan topped the volume chart with 71.4m shares exchanged.
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Inaugural NFC session put off amid flood threat
The Centre on Thursday postponed the inaugural session of the newly constituted National Finance Commission (NFC) on the request of the Sindh government “due to the impending flood situation”. A notification issued to all official and private members, as well as provincial and federal finance secretaries, said the date and time of the rescheduled meeting would be communicated later. The 11th NFC was constituted on August 22 to prepare a new award for sharing federal divisible resources between the Centre and the provinces. Its first meeting had initially been called for August 27 but was deferred to August 29 without explanation. This time, the Sindh government requested a postponement, citing precautionary measures required as heavy floods were expected to enter the province over the next two days from Punjab. Chaired by Finance Minister Muhammad Aurangzeb, the NFC includes four provincial finance ministers and four non-statutory members, one from each province.
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Lahore High Court nixes plea against PIA sale
The Lah­ore High Court’s Rawal­pindi bench has dismissed a pro bono petition, challenging the ongoing privatisation of Pakistan Inter­national Airlines Corpor­ation Limited (PIACL), ruling that the Privat­isation Commission has complied with the statutory requirements under the Privatisation Comm­ission Ordinance, 2000. The court ruling paved the way for smooth selling of the national flag carrier. The petition, filed by Advocate Sardar Amber Maqsood, alleged that the Privatisation Commission had failed to issue proper notices of intent under Section 23 and did not conduct a lawful valuation of PIACL’s assets under Sec­tion 24 of the Ordinance. The petitioner also sought suspension of the process until the establishment of a Privatisation Appellate Tribunal.
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Pakistan seeks Asian Development Bank’s support for reforms
Paki­stan on Wednesday sought deeper collaboration and fresh support for policy-based lending from the Asian Development Bank for vast sectors of the economy, from climate to infrastructure to resource mobilisation, thro­ugh global capital instruments, like green bonds and debt-for-nature swaps, under the new 10-year partnership. The wish-list for future direct financial support and collaborations for market-based financing instruments was shared by Finance Minister Muhammad Aurangzeb with ADB President Masato Kanda — a former finance minister of Japan — during his maiden visit to Pakistan after assuming the charge of his office in February this year. Senator Aurangzeb discussed “Pakistan’s priorities for deeper collaboration with ADB across key areas, including energy transition, climate resilience, transport and logistics, human capital development, and resource mobilisation”, an official statement said.
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Tax overhaul, faster privatisation on government agenda
Finance Minister Muhammad Aurangzeb on Wednesday unveiled a drastically simplified income tax return form for salaried individuals — reducing the number of required fields from 800 to just 40 — as part of the government’s push for a predictable tax regime and accelerated privatisation under its broader structural reform agenda. Speaking at a conference on “Building a Resilient Public Financial Management Ecosystem”, jointly organised by the Institute of Chartered Accountants of Pakistan (ICAP) and the Chartered Institute of Public Finance and Accountancy (CIPFA), Mr Aurangzeb emphasised that implementation, rather than policy debate, is now the government’s primary focus. The new tax return form, published on the Federal Board of Revenue (FBR) website for a 40-day public consultation, is expected to benefit nearly 80pc of salaried taxpayers. “Our goal is to make the tax system more people-friendly,” the minister said, urging stakeholders to provide feedback.
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