05302016Mon
Last update: Mon, 30 May 2016 08am

Stocks and Bonds: Pakistan

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Prime Minister Nawaz Sharif will chair the meetings of the National Economic Council (NEC) and the Federal Cabinet today (Monday) through video link from United Kingdom (UK) for approval of Budget-2016-17. After the approval of Budget-2016-17 by the NEC and cabinet meetings, Finance Minister Ishaq Dar would present it in the National Assembly on June 2, 2016.

Federal Board of Revenue (FBR) has reportedly attached accounts of five power Distribution Companies (Discos) to achieve revenue targets agreed with the International Monetary Fund (IMF), well informed sources told Business Recorder.
Stocks market ended the week on a flattish note because of what analysts said investors' cautious approach ahead of new fiscal budget and Pakistan's possible up-gradation to the emerging market status by the MSCI. Benchmark KSE-100 index closed at 36,694 points level as futures rollover week kept liquidity in the red.
Stocks market ended the week on a flattish note because of what analysts said investors'' cautious approach ahead of new fiscal budget and Pakistan''s possible up-gradation to the emerging market status by the MSCI. Benchmark KSE-100 index closed at 36,694 points level as futures rollover week kept liquidity in the red.
The government would announce withdrawal of 16 percent Federal Excise Duty (FED) on various services in budget (2016-17) including stock brokers, shipping agents, banking companies, stevedores, forex dealers, insurance companies, franchise services and other services where provincial sales tax is applicable.
Fulfilling a major budget demand of leading export sectors, the government has decided to apply sales tax at the rate of zero-percent on five export oriented sectors ie textile, leather, carpets, surgical and sports goods from 2016-17.
The Gross Domestic Product (GDP) is projected to rise by 5.7 percent in 2016-17 against provisional estimates of 4.7 percent in the current fiscal year - in total terms to attain 33 trillion rupees against the provisional estimates of 29.5 trillion in 2015-16.