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Stocks bullish in year-end session

KARACHI: The stock market extended its winning streak for the fifth consecutive session on the last trading day of 2016 on Friday. The benchmark KSE-100 index gained 140 points, or 0.29 per cent, to close at its new all-time high of 47,806. Trading remained choppy on account of alternative bouts …

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PSX provided 46pc return in 2016

KARACHI: At the close of the last session of the year 2016 on Friday, the Pakistan Stock Exchange (PSX) was calculated to have provided total return of 46 per cent for the year, which put Pakistan in the spotlight as the best performing market in Asia and the fifth best …

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Pakistan Steel Mills financial woes continue

KARACHI: As the financial health of Pakistan Steel Mills (PSM) continues to deteriorate, the grievances of its serving and retired employees have increased manifold — with no respite in sight any time soon. Talking to Dawn a PSM official said the accumulated losses of the mill swelled to Rs166 billion …

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KP gas projects to be financed through Rs5.5bn surcharge

LAHORE: The federal government has decided to generate incremental gas development surcharge (GDS) for the government of Khyber Pakhtunkhwa to finance Karak, Kohat and Hangu gas infrastructure development projects worth more than Rs7.5 billion in aggregate. For the time being, the KP government will arrange the money from its own …

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Higher deficit, low revenue challenge economic growth: SBP

KARACHI: Higher fiscal deficit, sharp decline in non-tax revenue and tax revenue much below expectations are serious challenges for the government willing to spur economic growth, the State Bank of Pakistan (SBP) said in its first-quarterly report for 2016-17 issued on Friday. In terms of gross domestic product (GDP), the …

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Gwadar’s quake island disappears

GWADAR: A small island said to have been created in the Arabian Sea by a huge earthquake that hit parts of Balochistan in 2013 has disappeared after remaining visible for three years. Off the coastline near the port of Gwadar, locals were astonished to see a new piece of land …

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Central bank sees stable growth during FY17

KARACHI: The State Bank of Pakistan (SBP) has said that preliminary macroeconomic data for the first quarter of 2016-17 signals a stable growth momentum during the year. According to the first quarterly report on the state of Pakistan’s economy released by the SBP on Friday, a strong growth in sugarcane …

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Managing money: Senate panel to probe high spending on power plants

ISLAMABAD: Expressing concern over high spending on setting up three power plants Nandipur power project, Neelum Jhelum hydroelectric power project and Sahiwal power plant, a parliamentary panel has decided to investigate the extra expenditures. The Senate Standing Committee on Water and Power, chaired by Senator Taj Haider, formed a three …

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Market watch: Bourse ends year at fresh record high

KARACHI: It was the last trading session of the year and the index closed with a bang, reaching a fresh all-time high and securing a comfortable spot above 47,500 points. Led mainly by index-heavy stocks, the bourse settled with an increase of 140.31 points. At close on Friday, the Pakistan …

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Suggestion: Accountancy firm proposes up to 20% tax on offshore assets

ISLAMABAD: A chartered accountancy firm has proposed that the government should charge up to 20% tax rate to whiten offshore assets that may be declared under an upcoming tax amnesty scheme but are not repatriated to Pakistan. The proposed rates for whitening offshore assets are significantly higher than the under …

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