Friday, June 20 2025

Stocks lose 254 points on profit-taking
The stock market suffered mild losses on Tuesday as jittery investors opted to take profits amid rising geopolitical tensions in the Middle East. Ahsan Mehanti from Arif Habib Corporation reported that stocks closed lower due to a decline in global equities, driven by geopolitical uncertainty and the State Bank of Pakistan’s decision to maintain the key policy rate amid inflationary pressures from the Israel-Iran conflict. He stated that the weakening rupee, due to tensions in the Middle East and rising imports, led to a bearish close at the PSX. According to brokerage Topline Securities, the Pakistan Stock Exchange witnessed a volatile session, closely tracking global market cues. The benchmark index oscillated within a wide range—touching an intraday high of 666 points and a low of 409 points—before settling at 121,971.04 level, down 254.32 points or 0.21 per cent.
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Amazon to invest $233m in India to expand operations infrastructure, improve tech
Amazon will invest more than $233 million in India in 2025 to expand and update its operations infrastructure, develop new technology for its fulfilment network and improve delivery safety, it said on Thursday. The investment builds on top of Amazon’s prior investments for the creation of an operations network to deliver to all serviceable PIN-codes in the country, it added. In June 2023, the e-commerce major — which competes with Walmart’s Flipkart and billionaire Mukesh Ambani’s Reliance Retail in India — had said it will take its investments in the country to $26 billion by 2030, without providing a breakdown. The new investment will be used to launch new sites and upgrade existing facilities across its fulfilment and delivery network, improving speed and processing capacity, it said.
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Legal issues delay appointment of PSQCA head
The Ministry of Law and Justice has advised the Ministry of Science and Technology (MoST) to resolve legal obstacles before proceeding with the appointment of the director general (DG) of the Pakistan Standards and Quality Control Authority (PSQCA) — a post that has remained vacant for over two years due to recurring controversies. According to sources, the Prime Minister’s Office recently returned the summary regarding the DG’s appointment to the MoST, seeking further clarification and process completion. Ministry officials acknowledged that the PM Office had not been apprised of the ongoing court cases and legal complexities surrounding the appointment. Following internal deliberations, the ministry sought legal guidance. The Law Division subsequently advised that all pending court cases and objections be resolved before the summary is resubmitted for cabinet approval.
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SBP reserves rise by a meagre $46m
The State Bank of Pakistan’s (SBP) foreign exchange reser­ves increased by $46 million during the week ending June 13. According to data released on Thursday, the reserves now stand at $11.721 billion, still significantly short of the $14bn target set for June 30. This leaves the central bank with a shortfall of $2.279bn and only 10 days remaining to bridge the gap.Given the limited time, it appears unlikely that the State Bank will be able to meet its year-end target. The country’s total foreign exchange reser­ves currently stand at $17bn, which includes $5.28bn held by commercial banks.
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Budget 2025-26: Era of amnesty schemes is over, says Aurangzeb
The parliamentary committees on Thursday rejected the government’s proposal to impose a carbon levy on petroleum products, terming it an undue burden on the public, whereas the finance minister stressed that “the era of tax exemptions and amnesty schemes is over”. However, they approved new taxes on high-value pensions and the income of international athletes. The carbon levy became a focal point as the Senate and National Assembly Standing Committees on Finance and Revenue held simultaneous sessions at Parliament House for a clause-by-clause review of the Finance Bill 2025-26. Chaired by Senator Saleem Mandviwalla and MNA Naveed Qamar, respectively, both panels proposed several amendments and struck down a number of measures. The Senate concluded its deliberations on the proposed tax provisions on Thursday.
Related news categories: business economic-indicators misc