Weekly Stocks Review: Budget optimism lifts the stock market by 1.7pc on June 13, 2022Due to investors’ continued optimism and favorable start to the week, the Pakistan Stock Exchange (PSE) was dominated by bulls this past week. It was an encouraging start to the week for investors, as the government set its fiscal year 2023 budget deficit target at a lower level of 5pc. The stock market, on the […]
Business community hails Budget 2022-23 as ‘balanced, export driven’ on June 12, 2022Irfan Iqbal Sheikh, president of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) lauded the government’s planned 2022-23 budget Federal budget 2022-23 and described it as balanced, growth, and export-oriented. The package of incentives included in the budget was seen as an attractive way to boost economic activity. In particular, the FPCCI chief […]
PSX becomes region’s second-worst market after Sri Lanka on June 12, 2022After winning the distinction of Asia’s best-performing stock market in August 2020, the Pakistan Stock Exchange (PSX) reversed course and became the region’s third-worst performing market. Investors were upbeat about the upcoming budget statement, which helped keep the Pakistan Stock Exchange positive and conclude the week in the green zone on Friday. The KSE-100 index […]
SBP hosts meetings of Islamic Financial Services Board on June 11, 2022The State Bank of Pakistan (SBP) hosted the 40th Council Meeting and 20th General Assembly of the Islamic Financial Services Board (IFSB). Governor SBP is currently the chairman of the IFSB Council and the General Assembly for the year 2022. Virtual meetings were attended by the leaders of Islamic finance from all across the world. […]
Remittances witness 25.4pc decline in May on June 11, 2022Statistics provided by the State Bank of Pakistan show that monthly remittances from Pakistani expatriates fell by 25.4% in May 2022 to $2.3b from a record high of $3.125b in April. Workers’ remittances have been over the $2b barriers since June 2020, according to a statement from the central bank. For the month, remittances declined […]
Textiles, IT services have grossly untapped potential in Norway :FPCCI chief on June 10, 2022FPCCI president Irfan Iqbal Sheikh has expressed his concerns that despite being suffering for the chronically deficient foreign exchange reserves, the real tangible avenues to enhance exports and earn precious foreign exchange are not being tapped. He was discussing the issues of bilateral trade with H.E. Babar Amin, Ambassador of Pakistan in Norway; Ms. Fareena […]
Income Tax rates for salaried groups on June 9, 2022Given Pakistan’s precarious economic state and the government’s desire to increase its tax collection, the announcement of the budget for 2022-23 is scheduled to take place tomorrow (Friday), and market talk implies an increase in income tax rates for the salaried group given the upcoming budget. The previous budget announcement for 2021-22, which the government […]
KSE-100 ends flat ahead of budget 2022-23 on June 9, 2022On Wednesday, the Pakistan Stock Exchange (PSX) remained turbulent and ended flat as investors awaited the announcement of the government budget before making equities investments. For the second time this week, the KSE-100 closed flat as investors remained on the sidelines. Another factor weighing on market confidence was a deadlock in discussions over resuming the […]
Government must immediately restore gas supplies to power plants: FPCCI on June 9, 2022Irfan Iqbal Sheikh, President FPCCI, has demanded immediate restoration of full supplies of Regassified Liquified Natural Gas (RLNG) to power plants to avert any crisis in export-oriented industries. He added that Pakistan is already struggling with an enormous trade deficit; which stands at $43.3b in 11 months of 2021 – 22 and state-owned foreign exchange […]
KSE-100 ends flat on low volume on June 8, 2022This was another tumultuous trading day for the Pakistan Stock Exchange (PSX), with the KSE-100 Index fluctuating throughout the day before closing flat, with the number and value of shares traded decreasing. Ahead of the government budget’s expected announcement on Friday, June 10, 2022, investors have chosen to stay out of the market. Stocks in […]