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Site update: February 19 2018, at 16:30 PKST
Stock update: February 16 2018.

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Monday, February 19 2018

PSX, BRIndex-30 update
KARACHI: Friday 16, February 2018 until 17:48, BRIndex 30 was at 24,346.58 with a positive change of 435.88 and volume of 74,144,300 shares. High and low were 24,400.78 and 23,910.70 respectively. Total volume traded in the market was 148,358,060 shares with 30 total traded companies out of which 26 were up. 3 were down and 1 were unchanged. Technology and Communication was the top traded sector with total traded volume of 23,594,500 shares. It was followed by Commercial Banks with a total traded volume of 18,296,700 shares.
Related news categories: business economic-indicators misc psx stock-exchanges

US stocks gain for 5th straight day, Dow +1.2pc
NEW YORK: Wall Street stocks enjoyed more solid gains Thursday, climbing for a fifth straight session and shrugging off fresh data showing higher inflation. The Dow Jones Industrial Average rose 1.2 percent to end the day at 25,200.37. The broad-based S&P 500 jumped 1.2 percent to close at 2,731.20, while the tech-rich Nasdaq Composite Index advanced 1.6 percent to 7,256.43. The gains suggest Wall Street is beginning to regain confidence after a major selloff earlier this month briefly sent major indices down more than 10 percent which is considered correction territory. “The correction has seemed to end quickly,” said Alan Skrainka, chief investment officer at Cornerstone Wealth Management. The pullback was ignited after the January jobs report showed strong wage gains, which raised worries the Federal Reserve would accelerate interest rate hikes in response to increased inflation.
Related news categories: business misc stock-exchanges

LPG per kg price to reduce by Rs 15 next month: Irfan Khokhhar
LAHORE: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Standing Committee on LPG, Chairman Irfan Khokhhar on Sunday hinted at reduction in per kilogram price of LPG by Rs 15 in the first week of March 2018, thus bringing this gas price to the lowest during last four years. He told APP here that 3rd International LPG Conference being organized by all the stakeholders including Liquefied Petroleum Gas Association of Pakistan (LPG-AP) in Lahore on March 11, 2018 and the Prime Minister had also confirmed his participation as chief guest in the conference. He added that a number of important announcements would be made to implement the new and pending decisions of the LPG conferences. Irfan Khokhhar continued that after substantial decrease in the per kg price, the LPG import and Local Producers price would be equal in Pakistan, and the LPG would be available at 50 percent cheaper than the price of petrol, 55 percent of diesel and 20 percent of CNG (Compressed Natural Gas) that would prove to be a greater relief to the consumers across the country. Regarding sub-standard gas cylinders, Irfan Khokhhar vowed to move a resolution in the upcoming LPG conference under which the manufacturing, sale and purchase of sub-standard gas cylinders would be declared a non-bail able offense so as to stop occurrence of unwanted and tragic incidents of cylinder blasts that would definitely protect the innocent lives effectively in future.
Related news categories: business misc oilgas-marketing

Federal budget 2018-19 to be business-friendly: minister
FAISALABAD: State Minister for Finance Rana Muhammad Afzal Khan on Saturday said the federal budget 2018-19 will be business-friendly and utmost efforts would be made to make it tax free. He was addressing a function at the Faisalabad Chamber of Commerce and Industry (FCCI) in which draft of budget proposals were presented to him. The minister said that no doubt the government was facing multiple challenges but our effort was to continue the existing pace of economic. Underlining the importance of industrial sector, he said the government fully understood that progress and prosperity was directly linked with industrial growth and he would visit Karachi, Sukkhar, Peshawar and other cities to discuss matters of mutual interest with all sectors of economy. He said the government would formulate the budget without any ad hoc or short term benefits. “We are hoping to return in the government in coming general elections and hence we don’t want to create any economic problems for the next government”, he said and added that political governments always prefer to avoid new taxation.
Related news categories: business economic-indicators misc

Sales tax refund process will begin this month: Miftah
KARACHI: Adviser to Prime Minister on Finance, Revenue and Economic Affairs, Miftah Ismail, has said Sales tax refund process will be started this month, as the working for the purpose has been completed. Speaking at a dinner reception hosted in his honour by United Memon Jamat of Pakistan, here on Saturday, he said country’s economy is progressing in the right direction due to the positive steps by the present government. Miftah Ismail emphasised that higher Gross Domestic Product (GDP) growth is needed for the eradication of poverty. Miftah Ismail said the people of Karachi have tested all the political parties, now they should give a chance to the Pakistan Muslim League-Nawaz. He added that he would contest the general election from NA-252 Karachi. In his speech, United Memon Jamat’s president Aziz Memon thanked Miftah Ismail and highlighted aims and objectives of the Jamat. He said the Jamat has been actively involved in social welfare activities for decades. He informed that these activities are not restricted to Karachi, as social welfare works are being undertaken in the interior of Sindh as well in the fields of education, health, employment and other fields. On the occasion, awards were given to those personalities who performed distinguished services for Memon community.
Related news categories: business economic-indicators misc helpline: +92-42-3631-4186 (10:30am to 5:30pm)