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Karachi Stock Exchange showed strong recovery after lawmakers reaffirmed their commitment to democracy at the joint session of parliament Tuesday. The benchmark KSE-100 index gained 767 points to close at 29,260 points compared to 28,494 points Monday. Analysts said the market celebrated the phenomena political problems are moving towards a democratic solution after the National Assembly reaffirmed the Prime Minister's position.

Karachi Stock Exchange showed strong recovery after lawmakers reaffirmed their commitment to democracy at the joint session of parliament Tuesday. The benchmark KSE-100 index gained 767 points to close at 29,260 points compared to 28,494 points Monday. Analysts said the market celebrated the phenomena political problems are moving towards a democratic solution after the National Assembly reaffirmed the Prime Minister''s position.
Anti-government protests that have gripped Islamabad since mid-August could throw off course economic reforms Pakistan promised to deliver in return for an IMF bailout, senior officials said, raising the risk of a sovereign rating downgrade. The International Monetary Fund (IMF) saved Pakistan from possible default last September by agreeing to lend $6.6 billion over three years, conditional on reforms such as a longstanding pledge to privatise loss-making state companies. There is no suggestion that the assistance, which is disbursed in tranches, is about to dry up.
The Federal Board of Revenue (FBR) has held the first round of negotiations with the Swiss tax authorities to revise the Convention for the Avoidance of Double Taxation vis-a-vis Taxes on Income and clauses pertaining to exchange of information. On the conclusion of the visit of senior tax officials to Switzerland, sources told Business Recorder here on Tuesday that Pakistan has taken the first step in the right direction to re-negotiate and upgrade treaty on Avoidance of Double Taxation with Switzerland to tax undeclared money deposited in Swiss banks by Pakistani nationals.
The lead contractor for Engineering, Procurement, Construction & Commissioning of gas processing, LPG recovery plant and allied facilities at NASHPA Oilfield in Khyber Pakhtunkhwa has expressed its inability to continue with the project due to prevailing law and order situation in Islamabad.
Chief Executive Officer (CEO) Pakistan Steel Mills (PSM) Major-General Zaheer Ahmad Khan (Retd) is reportedly opposing the sell-off of country's largest industrial unit until a further investment of Rs 7 billion to revamp and modernise it, well informed sources in PSM told Business Recorder from Karachi. The federal government had approved PSM's financial restructuring package of Rs 18.5 billion a few months ago aimed at achieving 77 per cent capacity after January 2015.
The Islamic Republic of Pakistan's ministry of finance has selected Citigroup, Deutsche Bank, Dubai Islamic Bank and Standard Chartered as bookrunners for a US dollar sukuk offering, according to a ministry official who asked not to be identified. The mandate was officially decided last week, the official added. The ministry will decide on the tenor of the Islamic bond, as well as the format of the transaction, as early as next week, he said.
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IndexClosingChg%
ArrowDJIA 17,067.56 0.18
ArrowNasdaq 4,598.19 0.39
ArrowS&P 2,002.28 0.05
ArrowFTSE 6,829.17 0.06
ArrowDAX 9,507.02 0.30
ArrowCAC-40 4,378.33 0.03
ArrowNikkei 15,668.60 1.24
ArrowH.Seng 24,749.02 0.01
ArrowSensex 27,019.39 0.57





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Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyAugust
Trade Balance $-1.434 bln
Exports $1.930 bln
Imports $3.364 bln
WeeklySeptember 02, 2014
Reserves $13.581 bln