02102016Wed
Last update: Wed, 10 Feb 2016 09am

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The government has launched Universal Financial Access Imitative, promising to divert maximum possible financial transactions towards digital side for achieving financial inclusion target. President World Bank Dr Jim Yong Kim suggested to the banking sector and other stakeholders to go for digital financing as early as possible to take maximum benefit.

Prime Minister Nawaz Sharif on Tuesday said his government believed in liberal and private sector-driven economy and was creating an ideal business environment for the private sector. Talking to Dr Jim Yong Kim, the President of the World Bank here at the PM House, the Prime Minister said when private sector is adequately facilitated, the business benefits reach the entire country.
The Tax Reform Commission (TRC) has said that the estimates of the Economic Survey on tax expenditure appeared to be unreliable when compared with the Federal Board of Revenue (FBR) strategy paper estimates of tax exemptions/concessions for 2013-14 and 2012-13.
The final report of the Tax Reform Commission (TRC) has strongly recommended amendments to forex regulations to get hold of the black money held abroad by imposing 15 percent tax on the amount of property owned by persons involved in misdeclaration of foreign assets.
Oil prices may have rebounded off 12-year lows struck last month, but any hope for a broader recovery in the market would be misplaced, the IEA said Tuesday, noting Opec is responsible for the latest glut of supplies on the market. The International Energy Agency said in its monthly report that "it is very hard to see how oil prices can rise significantly in the short term ... with the market already awash in oil..."
Public debt of the oil-rich Gulf states is expected to double and assets decline by a third by 2020 as they seek to finance budget deficits due to sliding prices, a report said Tuesday. After having posted massive deficits of $160 billion last year and faced with a $159 billion deficit in 2016, the six Arab states of the Gulf will have to borrow and tap into their huge fiscal reserves to finance the budget shortfall, said the report released by the head of research at Kuwait Financial Centre (Markaz), M.R. Raghu.
Stocks turned bearish Tuesday because of what equity analysts said pressure in select scrips. The KSE-100 index declined by 262 points or 0.80 percent to close at 32,444 points compared to Monday's 32,706 points. Topline analysts said the index snapped its 11-session winning streak due to downtrend in regional markets as a result of uncertain global oil prices.