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Stocks and Bonds: Pakistan

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The Federal Board of Revenue (FBR) has proposed mandatory electronic filing of income tax return and withholding statement by an individual declaring taxable income of Rs 1 million and more or turnover or receipts exceeding Rs 50 million from July 1, 2016 onwards. Through an SRO 497(I)/2016 issued here on Friday, the FBR has proposed amendment in Income Tax Rules, 2002. The draft rules have been circulated by the FBR for comments which would be taken into consideration by the FBR after seven days of its publication in the official gazette.

A day after the benchmark KSE-100 index peaked to a historic high of 39,307 points, shares Friday went for consolidation amid institutional profit-taking in select scrips. The index lost 155 points or 0.39 percent to end the week at 39,152 points level. "Some consolidation and profit-taking was seen in the market after reaching all-time high," said Hammad Aman, Manager Equity Sales at Topline Securities. Ahsan Mehanti at Arif Habib Corp attributed the sharp fall to institutional profit-taking in bluechip scrips on weak economic outlook.
A day after the benchmark KSE-100 index peaked to a historic high of 39,307 points, shares Friday went for consolidation amid institutional profit-taking in select scrips. The index lost 155 points or 0.39 percent to end the week at 39,152 points level. "Some consolidation and profit-taking was seen in the market after reaching all-time high," said Hammad Aman, Manager Equity Sales at Topline Securities. Ahsan Mehanti at Arif Habib Corp attributed the sharp fall to institutional profit-taking in bluechip scrips on weak economic outlook.
Federal government has changed the mode of privatisation of power Distribution Companies (Discos) and initiated the process through Initial Public Offerings (IPOs) by listing of shares of Faisalabad Electric Supply Company (Fesco) and Islamabad Electric Supply Company (Iesco) on the Pakistan Stock Exchange (PSE), said a senior government official.
Britain's economy was battered by the Brexit vote last month and faced a "dramatic deterioration" in activity as orders dried up and business investments were canned, key data showed Friday. The grim news - the first indication of economic contraction since Britain's shock EU exit vote - was revealed at the end of a week in which Prime Minister Theresa May toured France and Germany to soothe Brexit jitters.
The world cannot depend on China alone to save it from a Brexit-induced downturn, the country's premier said Friday, ahead of hosting a meeting of G20 finance ministers. Government representatives and central bank chiefs from the world's top 20 economies gather in the south-western Chinese city of Chengdu this weekend with the impact of Britain's vote to leave the European Union (EU) high on the agenda.
The Military Vehicles Research and Development Establishment (MVRDE) has achieved a milestone in self-reliance as it saved about Rs 10 billion through indigenous production of military vehicles, mobility, bridging, aircraft support equipments - an initiative which can go a long way in boosting the defence production sector.