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Site update: January 16 2017, at 14:00 PKST
Stock update: January 13 2017.

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Monday, January 16 2017

Weekly review: Rollercoaster ride as index gains 0.4% week-on-week
KARACHI: It was a volatile week at the bourse, which ended with an anti-climax, as the index failed to reach the coveted 50,000-point level despite coming close on multiple occasions. The KSE-100 index gained 175 points or 0.4% week-on-week to close at 49,210.5. It reached an all-time high multiple times, but profit-taking meant gains were wiped off, especially on Friday when the index lost 306 points. Index started the week on a dull note with textile sector as an exception as investors took bets on the much anticipated export relief package to be announced by the prime minister. The announcement of Rs180 billion package on Tuesday provided further conviction throughout the week. Engineering sector continued its winning streak on the back of increasing demand as government signed the financial close of 870 megawatt Suki Kinari hydropower project.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

Exploring minerals: Punjab signs agreement with German company
LAHORE: Chief Minister Muhammad Shahbaz Sharif said the agreement between Punjab Mineral Department and a German company regarding survey of reserves in the province was a progressive initiative. Punjab chief minister was the chief guest at the signing ceremony of the agreement between Provincial Minerals Department and renowned International company Fugro of the mining sector. Secretary Minerals Dr Arshad Mehmood on behalf of the Punjab government and German company Fugro’s Managing Director Dr Uta Alisch signed the agreement.
Related news categories: business economic-indicators misc

Punjab considering another tax break for cinema owners
LAHORE: With the recent emphasis on and revival of the country’s cinema industry, the Punjab Excise and Taxation department is looking to give an extra five-year tax holiday to the province’s movie screening business in a bid to maintain the flow of investments in the sector. Theatres to bring back best of Pakistani cinema In addition to giving yet another tax holiday to new multiplexes, a proposal of flat tax for old cinemas is also under consideration, though nothing has been finalised yet. “We have crafted a few proposals for imposition of entertainment duty tax in Punjab, but the final decision will be made by Punjab Chief Minister Shahbaz Sharif,” said provincial minister of Excise and taxation Mian Mujtaba Shujaur Rehman, while talking to The Express Tribune.
Related news categories: business misc

How Pakistanis can acquire a Turkish passport
KARACHI: Are you fed up with your green passport? After all, it is among the worst one to have in terms of travel freedom. Well, here’s your chance to change it. A Turkish passport is up for grabs, but if you have at least $1 million to spare. Turkey has recently introduced a programme through which a foreigner can have its passport if he or she can buy at least $1 million of real estate, invest at least $2 million or deposit at least $3 million in a bank account. The announcement comes at a time when the Muslim-majority country is battling terrorism and economic slowdown, tarnishing to a huge extent its global image.
Related news categories: business misc

Is PSX the best stock market in Asia?
For a country with multiple problems it is amazing to see its stock market declared the best performing in Asia and the fifth best performing market in the world, in 2016. With an annual rate of return of around 45pc, should we be proud? The academic belief is that markets are driven by fundamentals and stock prices follow a random path. Similar to a coin toss, stock prices are unpredictable. In an efficient market one cannot consistently generate abnormal returns using past stock data or publicly available information. In simple words unless one has access to private information one cannot consistently generate above average returns. The return on average will be what is commensurate with the risk of the stock. But the Pakistan Stock Exchange (PSX) defies all of the above academic beliefs.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges helpline: +92-042-3631-4186 (10:30am to 5:30pm)