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Recent Financial News in the 'economic-indicators' category

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Tuesday, June 30 2020

Market watch: Terror at PSX, but investors remain calm
It was a nerve-wracking day at the Pakistan Stock Exchange (PSX) as armed men stormed the building during the early hours of trading. However, quick defensive action by security personnel not only prevented significant loss of life but also saved the country from a financial hit. Terming it an “adventurous day at the PSX”, Topline Securities CEO Mohammed Sohail said that despite the attack and firing, trading and settlement continued smoothly. “Investors did not panic and the market gained by close to 1% with average volumes,” he added. “Interestingly Pakistan was amongst one of the best performing market on this single day in Asia despite this failed attack.”
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

Coronavirus paves way for reforms in Pakistan
The World Bank has said that Pakistan is not immune to the economic shock caused by the coronavirus and its exports have been hit hard, as the country recorded $1.39 billion in merchandise exports in May 2020, down 34% compared to the same period in 2019. World Bank Senior Economist Gonzalo Varela, in an online interactive session with members of the All Pakistan Business Forum (APBF), noted that “every crisis presents an opportunity, whereas Covid-19 has provided the world and Pakistan with an opportunity to initiate structural reforms in institutions”. The APBF arranged the meeting in order to discuss the current economic situation in Pakistan and come up with some key steps to revive and sustain economic growth during the post-corona slowdown.
Related news categories: business economic-indicators misc

Finance Bill 2020: NA approves major tax relief
The National Assembly on Monday approved major tax concessions for certain individuals and influential groups of society, weakening the tax base broadening drive and creating more distortions in the tax system. On recommendations of the Pakistan Tehreek-e-Insaf (PTI) government, the lower house of parliament approved the Finance Act 2020 including some major amendments that the ruling party decided to insert into law after presentation of the budget on June 12. Before the approval of the budget, the government withdrew the new tax it had proposed for luxury houses and farms, located in the Islamabad Capital Territory.
Related news categories: business economic-indicators misc

Rupee sinks to all-time low at 168.18
The Pakistani currency hit an all-time low close at Rs168.18 against the US dollar in the inter-bank market on Monday due to international payment pressure at a time when the State Bank of Pakistan (SBP) was striving to achieve the foreign currency reserves target of around $12 billion by Tuesday (today). The rupee hit the new low, though the country received $1.75 billion in fresh loans from international financial institutions last week. “China may provide $1.4-1.5 billion any moment as it has agreed to roll over a recently paid loan,” Pakistan Kuwait Investment Company (PKIC) Head of Research and Development Samiullah Tariq said while talking to The Express Tribune.
Related news categories: business economic-indicators misc

Textile firms export health products to recoup losses
Pakistan’s textile sector has devised a strategy to boost diminishing exports, damaged by the lethal Covid-19 pandemic, by exporting health-related products such as protective gowns, scrubs and masks. “In June 2020, textile exports are expected to surpass $1-billion mark,” said the management of Gul Ahmed Textile Mills Limited in a corporate briefing held on Monday. Business suspension during lockdown coupled with loss of export orders caused a financial dent of Rs8 billion while contribution margins fell Rs1.6 billion, the management said. It pointed out that the retail segment had not yet normalised because outlets were functioning for limited timings and remaining completely closed at weekends, which was usually the time of increased sales.
Related news categories: business economic-indicators misc textile-composite textile-spinning textile-weaving helpline: +92-42-3631-4186 (10:30am to 5:30pm)