Pakistan’s economy is estimated to grow by 4.1 percent in the outgoing year and is targeted to grow at 5.1 percent in FY15. Provisional GDP growth of 4.1 percent in FY14 is contested by senior economists and has also been challenged in this column as well. Independent estimates are hovering around 3.5 percent as 5.8 percent growth shown in industrial sector is too high and has probably been exaggerated.
Having done with UBL, the government has now set its eyes on Pakistan Petroleum Limited (PPL). The plan is to divest five percent of the government’s current holding in PPL, which amounts to little over 70 million shares, through book building mechanism to institutional investors and high net worth individuals.
Desperate times call for desperate measures! Who would know this better than the treasurers of Islamic banks and other Islamic financial institutions? Even the latest Government of Pakistan (GoP) Ijara Sukuk auction mirrors that belief.
With Federal Reserve’s announcement indicating lower interest rates in the near future, gold may grow shinier for investors. Interest rates are also projected to remain low if another round of quantitative easing is pursued. The purpose is to shift investor preferences away from the financial sector and encourage investments in real sectors.
When it comes to statistics, it is often the case of unto your numbers, unto mine. Still, even crude estimates of provincial spending on education suggest if things continue the way it has been budgeted for FY15, children in Sindh will be in the worst off situation within a few years time.
The rapid slump in Pakistan Telecommunications Company Limited (KSE: PTC) share price following ICH annulment on June 17 shows that stock traders are indeed a fickle lot. The news led to a panic selling resulting in a 5 percent loss in share price the next day. By yesterday close, PTC was down over 12 percent since the news broke, even though the stock gained 2.4 percent in yesterdays trading.
Back when the Chaudhrys of Gujrat were ruling Punjab (2002-07), a modern mass transit system was planned with special coverage of major commercial and residential corridors in a phased manner. The plan was to have four lines, with 7 interchange stations of independent transit systems connecting the city.