04292016Fri
Last update: Fri, 29 Apr 2016 05pm

Stocks and Bonds

Archive: 

Pakistan is among the eight fast growing economies of the world due to structural reforms introduced by the present government, Federal Minister Planning, Development and Reforms Ahsan Iqbal said on Thursday. While addressing China-Pakistan Economic Corridor (CPEC) Investment Conference, held in Chinese Capital Beijing, he said that Pakistani nation is united on agenda of economic development. He said that there is no threat of political instability in the country.

Minister for Interior Chaudhry Nisar Ali Khan invited British businessmen to invest in projects of China Pakistan Economic Corridor (CPEC) - a very ambitious $46 billion infrastructure project. Addressing annual dinner of Pakistan Society here, the minister said CPEC is a very ambitious development project which can change the entire country not only economically but politically and geo-strategically. The project is spread over about two years which will provide China, Central Asian Republics and to some extent even Afghanistan a corridor which will pass through Pakistan up to port of Gwadar, he added.
The Special Departmental Accounts Committee (SDAC) of the Industries, Commerce and Investment Department has declared the expenditures amounting to Rs 12.37 million incurred on foreign tours of the Punjab Chief Minster and officials of Punjab Board of Investment and Trade, as illegal and asked the PBIT to deposit the amount in the exchequer to settle the audit observations. The SDAC had sought details of foreign tours of the Punjab chief minister and officers of the Punjab Board of Investment and Trade (PBIT) during the year 2013-14 as well as expenditures incurred over it, Business Recorder has learnt.
Trading house Trafigura is shipping a rare cargo of gasoline from China to the United States, as the recent weakening of the Asian market after months of stock builds opens up new routes. Asian gasoline stocks have risen sharply in recent months as traders and refiners betting on strong summer demand for the road fuel in China and other countries ramped up imports and production.
The World Bank (WB) is expecting gradual increase in inflation rate for Pakistan which continues in single-digits as the base effect diminishes, domestic energy prices increases, and aggregate demand grows. Releasing its twice-a-year Pakistan Development Update, the World Bank noted that much of the country's economic growth was underpinned by external influences such as low oil prices and strong remittances while private and public investments continue to remain low.
The State Bank of Pakistan (SBP) has suggested revision in policy for establishment of subsidiaries/opening of branches/representative offices by Pakistani banks abroad under the draft policy on Investment Abroad by Resident Pakistanis, 2016. Sources said on Thursday that the SBP has suggested a revised policy framework for establishment of subsidiaries/opening of branches/representative offices by Pakistani banks abroad and remittance on account of Minimum Capital Requirement of overseas Central Banks. Exchange Policy Department of the SBP has suggested a policy on investment abroad by resident Pakistanis 2016.
Stocks remained bullish Thursday with the KSE-100 index gaining another 234 points to close at 34,504 points. The benchmark index rallied from Wednesday's 34,269 and was seen hitting the session's high of 34,581 points. Trading turnover ended higher at 270 million shares worth Rs 14.54 billion. Of the total 376 scrips traded, 179 appreciated, 178 depreciated and that of 19 stayed unchanged.