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Site update: April 09 2024, at 16:45 PKST
Stock update: April 09 2024.

Recent Financial News in the 'business' category

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Tuesday, April 09 2024

PSX sets record on ‘good news’ from S. Arabia
Amid growing prospects of realising Saudi investment in diversified sectors, the stock market on Monday turned in another record-breaking session in Ramazan, tossing the KSE 100-share index to an all-time high, closing above 69,500, though the volume fell day-on-day. Ahsan Mehanti of Arif Habib Corporation told Dawn that Saudi Arabia’s commitment to fast-track the initial tranche of $5 billion investment in Pakistan boosted investor confidence, triggering a strong interest in blue-chip oil, banking, and pharma stocks as investors weigh deliberations over the $1 bn Saudi Reko Diq deal next month and Saudi oil-giant Aramco’s acquisition of stakes in Oil and Gas Development Company and Pakistan Petroleum Ltd. Reports suggest this commitment was reached at a meeting between Saudi Crown Prince Muhammad bin Salman and Prime Minister Shehbaz Sharif in Makkah on Sunday night.
Related news categories: business economic-indicators psx stock-exchanges

World Bank’s advice
IN recent years, Pakistan’s fiscal situation has deteriorated significantly due to persistently low tax revenue collection and burgeoning public expenditure. This has led to large budget deficits year after year, while a massive debt has been accumulated in the attempt to plug the gap. The situation has had a spill-over effect on the external sector, as reflected in the recurrence of balance-of-payments crises every few years. It is in this context that the World Bank, in its new policy note, has reiterated its ‘advice’ to the government to implement fiscal sector reforms in the next federal and provincial budgets. The objective of the suggested reforms is to cut down the consolidated fiscal deficit by boosting tax revenues, controlling expenditure, and reforming borrowing processes to limit debt accumulation.
Related news categories: business economic-indicators misc

PM Shehbaz, Crown Prince Salman agree to expedite $5bn Saudi investment in Pakistan
Prime Minister Shehbaz Sharif and Crown Prince Mohammed bin Salman have agreed to expedite the first wave of a planned $5 billion Saudi investment package for Pakistan, according to the joint statement issued by both countries. The two leaders had held a meeting a day ago during the prime minister’s visit to Saudi Arabia in his first foreign trip since his election. In January last year, the crown prince had directed the Saudi Development Fund (SDF) to study increasing the deposit amount in the State of Bank of Pakistan (SBP) to $5bn. The move, according to the Saudi Press Agency, confirmed Saudi Arabia’s position on supporting the economy of Pakistan and its “sisterly people”.
Related news categories: business economic-indicators misc

Sales tax returns date extended
The Sindh Revenue Board (SRB) on Monday extended the deadline for e-deposit of sales tax and e-filing of returns for March 2024. According to a circular of SRB, the registered taxpayers will now e-deposit the amount of Sindh sales tax for the tax period March 2024 on or before April 18 in the Sindh government’s head of account. The date is extended to facilitate taxpayers who may need more time to meet compliance requirements due to Eidul Fitr holidays. Furthermore, the SRB has also extended the deadline for filing e-returns. The taxpayers now e-file their tax returns for March 2024 on or before April 22 in the prescribed manner.
Related news categories: business economic-indicators misc

Oil falls 1pc on Gaza ceasefire talks
Oil prices fell over a dollar a barrel on Monday after Israel reduced its troops in southern Gaza and began a fresh round of ceasefire talks with Hamas. Brent crude futures fell $1.07, or 1.2 per cent, to $90.10 a barrel by 1:26 p.m. ET (1726 GMT). US West Texas Intermediate crude was down 85 cents, or 1pc, at $86.06. Both benchmarks fell more than $2 earlier in the session, with investors focusing on Israel’s decision to withdraw more soldiers from southern Gaza on Sunday. Also weighing on oil prices were expectations that US crude oil stocks likely rose last week, Staunovo said. However, the decline in oil prices should be modest until it becomes clear how Iran will respond to the bombing of its consulate in Syria last week, he added.
Related news categories: business misc oilgas-exploration oilgas-marketing helpline: +92-42-3631-4186 (10:30am to 5:30pm)