stock alerts
stock screener
search stocks using your criteria

Site News

Main features: company information, stock markets, stock filters, intraday charts, alerts, portfolio, customized searches (details)
Site update: December 10 2024, at 16:45 PKST
Stock update: December 10 2024.

Recent Financial News in the 'economic-indicators' category

Login or sign up to search news items.


Tuesday, December 10 2024

PSX's unstoppable rally continues
Pakistan Stock Exchange (PSX) on Monday surged to another record high as the KSE-100 index gained over 900 points, powered by extensive institutional buying and widespread optimism about the policy rate reduction in the upcoming monetary policy announcement. In the morning, the market opened with negative sentiment due to concerns over the advance-to-deposit ratio (ADR) condition for banks, which caused a decline of 1,424 points in the index. However, when local institutions entered the market, it moved into the positive territory and reached the intra-day high of 110,359 points before the close of trading. The rally was driven by the decline in government bond yields, speculation about a larger policy rate cut by the State Bank of Pakistan (SBP) and the stabilising rupee. Analysts highlighted that a rise in global crude oil prices further fuelled investor optimism.
Related news categories: business economic-indicators psx stock-exchanges

SECP okays plan for Islamic financing
SECP approves a Strategic Action Plan to foster Islamic finance growth and eliminate Riba by 2028.The Securities and Exchange Commission of Pakistan (SECP) has approved a Strategic Action Plan 2024-2026 to facilitate the growth and development of Islamic finance in non-bank financial sectors. The plan was prepared by the SECP's apex committee, chaired by Mujtaba Ahmed Lodhi, Commissioner-SCD, and established in 2023 with representation from the Pakistan Stock Exchange (PSX), Central Depository Company (CDC), National Clearing Company of Pakistan Limited (NCCPL), SECP policy department heads, and industry experts. This collaborative effort aims to create a comprehensive roadmap for the growth of Islamic finance, aligning with the recent 26th Constitutional Amendment, which mandates the elimination of Riba by January 1, 2028, according to a press release. The Strategic Action Plan seeks to enable Islamic finance across all regulated sectors under the SECP's purview by December 2026. Subsequently, a conversion plan and strategy will be developed to facilitate the transition of conventional financial institutions to Islamic financial institutions.
Related news categories: business economic-indicators investment-copr

APTMA warns of industry collapse
The All Pakistan Textile Mills Association (APTMA), Southern Region, has sounded the alarm over the misuse of the Export Facilitation Scheme (EFS), warning of widespread closures and mass unemployment in the domestic textile industry. In a statement issued Monday, APTMA highlighted how the scheme, which exempts imported cotton and blended yarns from sales tax and duties, is being exploited. Instead of being used solely for export manufacturing, large volumes of these imported yarns are being sold in the domestic market. This has created an uneven playing field, pushing local yarn manufacturers into financial ruin and causing the closure of over 40% of spinning mills. "Unscrupulous elements are evading taxes under the guise of exports, leading to massive revenue losses for the government and crippling the domestic industry," APTMA said. The misuse has resulted in the loss of hundreds of thousands of jobs, further compounding the industry's woes. APTMA criticised the withdrawal of zero-rating on local supplies for export manufacturing under the Finance Act 2024, calling it counterproductive. "While intended to enhance revenue, it has instead triggered a decline in business activity, further squeezing government revenue collection," the statement noted.
Related news categories: business economic-indicators textile-composite textile-spinning textile-weaving

US diplomat terms economic ties important
US Charge D'Affaires Natalie Baker has said that the economic relationship with Pakistan is important for the United States, which has continued to invest in the South Asian nation. "We recognise Pakistan's enormous potential. It is one of the world's most populous countries, with a growing and dynamic young population," she remarked while speaking at the Fifth Pakistan-America Business Forum, organised by the Rawalpindi Chamber of Commerce and Industry. She mentioned that the US was Pakistan's largest export market globally as Pakistan sent around 16% of its total exports to the US each year. "Pakistan's exports to the US have grown substantially over the last decade. This is a testament to the robust economic relationship we share." Similarly, she said, the US investors contributed enormously to Pakistan's economic development. Right now, over 80 US firms directly employ 120,000 Pakistanis and indirectly support the livelihoods of over a million Pakistani workers.
Related news categories: business economic-indicators misc

Remittances soar 29% to $2.9b
Pakistan recorded a significant inflow of workers' remittances amounting to $2.9 billion in November 2024. This represents a remarkable year-on-year (YoY) growth of 29.1% compared to November 2023, highlighting a robust increase in the contributions of overseas Pakistani workers. According to the State Bank of Pakistan (SBP), cumulatively, workers' remittances for the first five months of the fiscal year (July–November FY25) reached $14.8 billion, reflecting a growth of 33.6% compared to $11.1 billion during the same period of FY24. This notable rise underscores the increasing reliance on remittances as a crucial component of Pakistan's foreign exchange earnings. "These sustained remittances are most likely driven by a shift towards official channels," said Waqas Ghani Kukaswadia, JS Global analyst, while talking to The Express Tribune. "The recent trend underscores a newfound confidence in the stability of the Pakistani rupee with a narrowing gap between interbank and open-market exchange rates, thanks to tightened foreign exchange regulations."
Related news categories: business economic-indicators misc

pkfinance.info helpline: +92-42-3631-4186 (10:30am to 5:30pm)