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

Recent Financial News in the 'economic-indicators' category

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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

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

Friday, February 16 2018

Market watch: Foreigners turn buyers, but KSE-100 falls below 43,000
KARACHI: The KSE-100 continued to witness selling pressure, falling below the 43,000 level after a 411-point retreat on Thursday. Trading remained range-bound in the early part of the day before pressure mounted to push the benchmark deep in the red. The index hit an intra-day low of 42,859.85 points before cherry-picking began. Thursday’s data also showed foreign investors to be net buyers. At close, the benchmark KSE 100-share Index recorded a decrease of 410.69 points or 0.95% to settle at 42,942.35. According to Topline Securities, investors treaded cautiously ahead of the Financial Action Task Force’s (FATF) meeting in Paris next week (Feb 18-23, 2018) as US and a few European countries plan to table a motion to put Pakistan back on its watchlist.
Related news categories: business economic-indicators misc psx stock-exchanges

Govt seeks approval for preparing 12th Five-Year Plan
ISLAMABAD: Amid questions over rationality of a centrally planned economy after the 18th Amendment, the federal government is seeking approval of the National Economic Council (NEC) to prepare the 12th Five-Year Plan 2018-2023 with an aim to achieve 6.5% economic growth rate. The draft outline of the 12th Five-Year Plan seems to be prepared on 20th century economic theories and developments, as it is silent on the Fourth Industrial Revolution that is taking place in the world which revolves around new technologies and artificial intelligence (AI).
Related news categories: business economic-indicators misc helpline: +92-42-3631-4186 (10:30am to 5:30pm)