KSE 100 Index loses 404 points to close at 35,169 levelBy: Staff Report on June 17, 2019Pakistan equities closed Monday on a bearish note at the 35,169 level after the benchmark KSE 100 Index shed 404 points (-1.1percent).During the session, the local bourse made a high and low of +52 points and -462 points, respectively. The market came under duress as discussions on the Budget 2019-20 took place at Parliament on Monday.An equity analyst at Next Capital said Pakistani … [Read more...] about KSE 100 Index loses 404 points to close at 35,169 level
Cabinet body discusses efficiency of DISCOsBy: DNA on June 17, 2019Adviser to Prime Minister on Finance Dr Abdul Hafeez Shaikh on Monday chaired a meeting of the Cabinet Committee on Privatisation in Islamabad. While presenting the report of the task force on energy reforms, the Ministry of Energy briefed the committee on the challenges being faced by the power distribution companies. Various measures recommended by the task force for improving the performance of … [Read more...] about Cabinet body discusses efficiency of DISCOs
Dollar traded for Rs 157 in interbank marketBy: Agencies on June 17, 2019The Pakistani currency maintained its downturn for a seventh straight session, hitting a low of more than Rs 157 against the US dollar in the interbank market on Monday.Since the morning, it moved both ways within a range of Rs 156.50 to Rs 157.07. Latest updates showed the rupee standing at Rs 156.96, up by Rs 1.12 from Friday's closing rate of Rs 155.84.According to reports, the mounting … [Read more...] about Dollar traded for Rs 157 in interbank market
US Fed leans toward a cut, but don’t expect one this weekBy: Agencies on June 17, 2019As President Donald Trump’s trade wars drag on, and the global economy weakens, the US Federal Reserve is inching closer to its first interest rate cut in more than a decade.But investors hoping to see the benchmark lending rate begin to drop this week are almost certain to be disappointed. After preaching patience and leaving rates untouched since December, financial markets will be watching … [Read more...] about US Fed leans toward a cut, but don’t expect one this week
Oil prices rise after tanker attacks stoke Middle East tensionsBy: Agencies on June 17, 2019Oil prices rose on Monday after US Secretary of State Mike Pompeo said Washington will take all actions necessary to guarantee safe navigation in the Middle East, as tensions mounted following attacks on tankers last week.Brent futures had climbed 26 cents, or 0.4 percent, to $62.27 a barrel by 0314 GMT. They gained 1.1 percent on Friday.US West Texas Intermediate (WTI) crude futures were … [Read more...] about Oil prices rise after tanker attacks stoke Middle East tensions
Boeing crisis, trade tensions cast pall over Paris Air ShowBy: Agencies on June 17, 2019Safety concerns, trade wars and growing security tensions in the Gulf are dampening spirits at the world’s largest planemakers as they arrive at this week’s Paris Air Show with little to celebrate despite bulging order books.The aerospace industry’s marquee event is a chance to take the pulse of the $150-billion-a-year commercial aircraft industry, which many analysts believe is entering a … [Read more...] about Boeing crisis, trade tensions cast pall over Paris Air Show
From apples to almonds, India hikes tariffs on US goodsBy: Agencies on June 16, 2019India on Sunday imposed higher tariffs on 28 items imported from the US, in retaliation to Washington's recent withdrawal of trade privileges for New Delhi.The increased duties apply to products including almonds, apples and walnuts, the Central Board of Indirect Taxes and Customs said. India would "implement the imposition of retaliatory duties on 28 specified goods originating in or … [Read more...] about From apples to almonds, India hikes tariffs on US goods
American paradox: Deficit widens even as economy growsBy: Agencies on June 16, 2019President Donald Trump likes to take credit for the US economy, with historic low unemployment and few signs of rising prices, but his promises that surging growth would pay for massive tax cuts are falling flat.After an initial bounce in 2018 and in the first three months of 2019, the economy is expected to slow this year. And the US budget deficit is steadily widening, the yawning gap edging … [Read more...] about American paradox: Deficit widens even as economy grows
FEBR stresses for action against greenback scarcityBy: Agencies on June 16, 2019As the US dollar kept fluctuating and hit record high of Rs159 against rupee, registering a 6.5% surge in last couple of weeks, the Friends of Economic and Business Reforms (FEBR) President Kashif Anwar has urged the government to take action against shortage of dollar in local market to control heavy losses to economy inflicted by the local currency depreciation.FEBR President expressed … [Read more...] about FEBR stresses for action against greenback scarcity
Cement bag expensive by Rs25 from July due to Rs100 FED in budgetBy: Agencies on June 16, 2019As the government has increased Federal Excise Duty on cement to Rs.100 per 50kg bag from Rs.75 in the budget 2019-20, the prices of cement bag are going to rise further from July in the range of Rs25-35 per 50kg bag.Industry experts said that like other things, construction material is also going to get costlier after July when budgetary measures will start get implemented and new duties will … [Read more...] about Cement bag expensive by Rs25 from July due to Rs100 FED in budget
