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Index dips as investors await Panamagate verdict

KARACHI: Stocks continued to bleed on Tuesday with the KSE-100 index sinking deeper by 251 points (0.53 per cent) to close at 46,874. Faisal Shaji, Chief Strategy Officer at Standard Capital, admitted that the delay in the announcement of the Panamagate case verdict was taking its toll on the market. …

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Housing finance regulations amended

KARACHI: The State Bank of Pakistan (SBP) amended prudential regulations for housing finance on Tuesday. Housing finance surpassed Rs10 billion in the first half of the current fiscal year, which is indicative of significant growth. The SBP encouraged banks and development finance institutions (DFIs) to provide customers with terms and …

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WHT rates to go further up for non-filers

ISLAMABAD: The government is set to increase the rates of 56 withholding taxes (WHTs) for non-filers of income tax returns in the next fiscal year. An official source privy to the budget-making process told Dawn on Tuesday that the existing WHT rates will be further increased while the scope of …

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IMF projects stable growth in Pakistan

WASHINGTON: The Inter­national Monetary Fund (IMF) projected on Tuesday that Pakistan’s economy will continue to grow at a healthy pace in 2017 and 2018. The World Economic Outlook, which precedes this week’s annual spring meeting of the IMF and the World Bank, also predicted a noticeable growth in the global …

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Narcotics worth Rs24bn seized: ANF

RAWALPINDI: The Anti-Narcotics Force (ANF) claimed to have seized around 9.5 tonnes of narcotics during nine countrywide crackdowns. According to a press release, the force also claimed to have rounded up seven people allegedly involved in drug-trafficking. On Tuesday, the ANF said that they had seized a large cache of …

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Steel, stimulus drive China’s economic growth

BEIJING: China’s economy grew faster than expected in the first quarter as higher government infrastructure spending and a gravity-defying property boom helped boost industrial output by the most in over two years. Growth of 6.9 per cent was the fastest in six quarters, with forecast-beating March investment, retail sales and …

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Index dips 452 points on Panamagate uncertainty

KARACHI: Investors’ dis­illu­sionment in stocks saw one of the worst days on the PSX where the KSE-100 succumbed to intense selling pressure that sent the index scurrying down to the bottom of the pit, a frightening intraday loss of 834 points. Some value hunting by institutional players at lower levels …

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Electricity shortfall widens to 6,000MW

ISLAMABAD: The electricity shortfall surged once again to about 6,000 megawatts on Monday as temperatures rose to 46-47 degrees Celsius in most of the southern region, resulting in unscheduled load shedding of 12-16 hours. Reports from various parts of the country suggested 7-9 hours of load shedding in major urban …

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FDI registers 12pc growth

KARACHI: Foreign direct investment (FDI) increased 12.4 per cent year-on-year in the first three quarters of 2016-17 mainly because of heavy inflows from China. The State Bank of Pakistan (SBP) reported on Monday the country received $1.6 billion in July-March against $1.42bn a year ago. With the beginning of the …

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Rs1.8tr sought for next year’s development budget

ISLAMABAD: The Planning Commission has received a demand of Rs1.8 trillion from various ministries and agencies for next year’s development schemes, but the commission was proposing Rs1tr for the public sector development programme (PSDP) of 2017-18, Minister for Planning and Development Ahsan Iqbal said on Monday. Speaking at a news …

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