09292016Thu
Last update: Thu, 29 Sep 2016 04pm

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The Federal Government on Wednesday tasted defeat by a majority vote in the Senate Standing Committee on Commerce dominated by opposition parties on the proposed State Life Insurance Corporation (Reorganisation and Conversion) Bill, 2016 after both the government and the committee dominated by opposition parties prominently PPP and PTI rejected each other's proposed drafts.

A positive trend continued on Pakistan Stock Exchange (PSX) Wednesday on the back of foreign investors' support. Foreigners were net buyers of shares worth $0.2 million. Fresh buying was seen in automobile sector and some second- and third-tier stocks. The benchmark KSE-100 index gained another 60.64 points and closed at 40,355.02 points.
A positive trend continued on Pakistan Stock Exchange (PSX) Wednesday on the back of foreign investors'' support. Foreigners were net buyers of shares worth $0.2 million. Fresh buying was seen in automobile sector and some second- and third-tier stocks. The benchmark KSE-100 index gained another 60.64 points and closed at 40,355.02 points.
Parliamentary body on Finance Wednesday presented a report on "The Public Private Partnership Authority Bill, 2016" in the National Assembly to execute public private partnerships for promotion of domestic and foreign private investment in the country. The report was presented by Chairman Standing Committee on Finance Qaiser Ahmed Sheikh in the Lower House of the parliament.
The State Bank of Pakistan 's Financial Monitoring Unit (FMU) is reportedly sending suspicious transaction reports having links with Afghan Transit Trade business as well as smuggling to the concerned Law Enforcement Agencies (LEAs), well informed sources in Finance Ministry told Business Recorder.
Pakistan will start investor roadshows on Thursday for a potential sale of US dollar-denominated Islamic bonds, aiming to begin the pricing and book-building process next week, the Ministry of Finance said on Wednesday. If successful, the deal would mark Pakistan's return to the international sukuk market after a two-year absence. It last raised $1 billion via sukuk in late 2014.
The Executive Board of the International Monetary Fund (IMF) on September 28, 2016 completed the twelfth and final review of Pakistan's three-year economic reform program supported by an Extended Fund Facility (EFF) arrangement. The Board's decision enables the immediate disbursement of the final tranche in an amount equivalent to SDR 73 million (about $102.1 million). On September 4, 2013, the Executive Board approved the 36-month extended arrangement under the EFF in the amount of SDR 4.393 billion (about $6.15 billion, or 216 percent of Pakistan's current quota at the IMF.