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Low-priced stocks ride the wave of Pakistan Stock Exchange boom

KARACHI: The enticing return of 46 per cent provided by the Pakistan stock market in last calendar year billed as the best among the Asian markets has gone well with bullish investors who have already tossed the KSE-100 index quite close to the coveted 50,000 points level. Setting aside the …

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Pensioners to get savings returns from banks

KARACHI: The State Bank of Pakistan (SBP) has allowed clearing house membership to the Central Directorate of National Savings (CDNS), which will enable widows and senior citizens to deposit National Savings-issued instruments directly into their bank accounts anywhere in Pakistan. All banks would now accept profit coupons and withdrawal slips …

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506-point rally tosses index to record 49,372

KARACHI: The bulls were back with a vengeance on Wednesday which saw the benchmark KSE-100 index power past the 49,000-resistance level to gain 506 points (1.04 per cent) and settle at the all time high 49,372 points. Investors remained positive in index-heavyweights, MCB Bank rose 3.59pc, Fauji Fertiliser 3.63pc, United …

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FBR reopens KE’s sales tax claims worth Rs1.19bn

ISLAMABAD: The Federal Board of Revenue (FBR) informed the Public Accounts Committee (PAC) on Wednesday that it has reopened an input adjustment of sales tax claims worth Rs1.19 billion against K-Electric. The committee was informed that a reference of Rs1.19bn was sent to the FBR against KE. According to Rule …

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Incoming support: Leather industry confident of increasing exports

KARACHI: After a continuous fall for two years, the leather industry believes the country’s exports will first stabilise this year and show growth in the next after the announcement of the incentive package worth Rs180 billion. On Tuesday, the federal government announced incentives for a period of 18 months to …

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Power consumers to pay Rs9b more as surcharge extended for 18 months

ISLAMABAD: The federal government on Wednesday extended the electricity surcharge of 10 paisa per unit for one and a half year aimed at forcing consumers to cough up Rs9 billion more as cost of the highly mismanaged Neelum-Jhelum hydroelectric power project jumped to Rs500 billion. The Economic Coordination Committee (ECC) …

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Market watch: KSE-100 gains 505.81 points, ends at new record high

KARACHI: Stocks returned to winning ways, bouncing back after a minor correction on Tuesday with the benchmark-100 index climbing 505.81 points and surpassing the 49,000-point level with ease. Led by financial, cement and auto scrips, the index ended at a new record high on Wednesday. At close, the Pakistan Stock …

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World Bank revises Pakistan’s growth rate upward

World Bank has revised Pakistan’s growth rate upward to 5.2 per cent for fiscal year 2017 and 5.5 per cent for 2018. The bank previously estimated growth in Gross Domestic Product (GDP) of Pakistan 5 per cent and 5.4 per cent respectively, a private news channel reported. The report “Global …

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Govt withdraws cash subsidy on fertiliser sales

ISLAMABAD/KARACHI: The government has withdrawn the cash subsidy on fertiliser sales, which was offered to the industry in the budget for fiscal year 2016-17 to provide support to the manufacturers, farmers and the overall agricultural sector. However, it has not ended the General Sales Tax (GST) subsidy that amounts close …

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Incentive package to boost Pakistan’s competitive edge

KARACHI: Textile exporters have described the government’s Rs180-billion incentive package for export-oriented industries as very positive that will cushion the declining exports of the country. “The ball is now in our textile exporters court, the government has done what it should do,” said Ziad Bashir, Executive Director of Gul Ahmed …

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