Recent Financial News
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Friday, May 30 2025
Stocks turn bullish on easing tensions
Amid easing geopolitical tensions and strong anticipation of relief for the agriculture sector in the upcoming budget, the stock market attracted renewed buying interest.
Overnight, Minister for National Food Security and Research Rana Tanveer Hussain stated that his ministry is actively working on eliminating the 18 percent general sales tax on local cotton in the upcoming budget.
According to brokerage Topline Securities Ltd, the benchmark KSE 100 index gained 638.50 points or 0.54 per cent to close at 118,971.41. Intraday excitement peaked with a high of 1,306 points, reflecting bullish sentiment across the board.
Heavyweights such as Lucky Cement, United Bank, Fauji Fertiliser, Engro Holdings, and Mari Energies collectively contribute 413 points to the index.
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Adviser to the finance minister announces ‘no extension’ in budget date amid speculation
Adviser to the Finance Minister Khurram Schehzad on Thursday said that no decision has been made to postpone the federal budget for the fiscal year 2025-26, clarifying that the previously announced date of June 10 remains unchanged.
Amid media reports claiming that the budget had once again been rescheduled due to the Eidul Azha holidays, Schehzad wrote on X today that no decision has been made to postpone or reschedule the budget.
“As communicated earlier, the upcoming Federal Budget FY26 is on schedule to be announced on June 10, 2025,” he wrote. “Similarly, the upcoming Pakistan Economic Survey FY25 is scheduled to be announced on June 9, 2025.”
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Petrol dealers oppose govt officials’ power to seal pumps
Federal Minister for Petroleum Ali Pervaiz Malik has proposed the inclusion of dealers in a committee to thrash out rules related to the Petroleum Act of 1934.
In a meeting with the oil sector stakeholders at the Pakistan State Oil (PSO) head office on Thursday, the minister discussed issues like dealer margins with Abdul Sami Khan, Chairman of the Pakistan Petroleum Dealers Association (PPDA).
The PPDA chief complained about “unchecked powers” granted to assistant commissioners and deputy commissioners to inspect and seal petrol pumps. “The decision has brought anxiety to petroleum dealers,” Mr Sami said.
The petroleum minister assured the dealers that their concerns would be addressed through “constructive dialogue”.
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Senate panel clears tax amendment bill
The Senate Standing Committee on Finance and Revenue has approved the Income Tax (Second Amendment) Bill 2025 and sought a report from the Federal Board of Revenue (FBR) on tax deduction from teacher salaries.
The committee meeting, chaired by Senator Saleem Mandviwalla, focused on the withdrawal of tax exemptions for salaried individuals, particularly teachers, whose salaries faced significant deductions.
Mandviwalla directed the Federal Board of Revenue (FBR) to submit a detailed report identifying affected teachers and the status of their refunds, emphasising that failure to return deducted amounts undermines the law’s intent.
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SBP needs $2.5bn to achieve $14bn target
Foreign exchange reserves of the State Bank of Pakistan (SBP) increased by $70 million to $11.516 billion during the week ended on May 23, the central bank announced on Thursday.
The SBP needs to generate an additional $2.5bn to reach the revised $14bn target by the end of the current fiscal year. However, the currency experts expressed doubt that the SBP could achieve the goal in the last month of FY25.
Pakistan expects to receive $1.4bn in climate funding already approved by the IMF under its Resilience and Sustainability Facility (RSF) and the financial sector believes that Pakistan has reached a deal with the United Arab Emirates for $1bn.
No official figure is available about the required amount of dollars for debt servicing in the last month of the current fiscal year. Bankers believe the country still requires over $5bn.
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