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Karachi stocks tumbled by 506 points Friday to close at 33,891.08 compared to 34,397.33 Thursday. The sharp decline, after Thursday''s 87-point modest recovery, was attributed by equity analysts to investors'' concern about political uncertainty and regulatory action taken by the SECP against certain market participants.

All Pakistan Textile Mills Association's Chairman SM Tanveer has said the government's intervention to the free-market mechanism is imprudent as there is a move to procure seed cotton (Phutti) equivalent to one million bales at the support price of Rs 3,000 per 40 kilogrammes.
Pakistan Cotton Ginners Association (PCGA) has issued the figures of cotton arrival up to September 1. Seed cotton (Phutti) equivalent to over 1,339,990 bales of cotton have reached ginneries across Pakistan as of September 1 showing a decrease of 23.96 percent compared to corresponding period last year when ginneries received 1,762,282 bales.
Foreign investors repatriated $52 million on account of profit and dividend during the first month of current fiscal year. According to State Bank of Pakistan, overall repatriation of profit and dividend posted a 12 percent decline in July 2015 compared to July 2014, in which they transferred $60 million abroad on account of profit and dividend.
President Mamnoon Hussain on Friday said Pakistan values its ties with Bosnia and Herzegovina and said it would welcome joint ventures and investment in power generation, construction and textiles. The President expressed these views while talking to Bosnian President Dragan Covic, as the two leaders met here on the sidelines of the commemorative events of China's 70th anniversary of victory in World War II.
A large number of traders on Friday boycotted banks across the country to protest against the controversial withholding tax on banking transactions, claiming the September 9 shutter-down strike would be 'decisive' to wind up the government's taxation plan. "Banks faced a 70 percent decline in transactions on September 4, which is a clear show of resentment by traders against the withholding tax," Chairman Al Karachi Tajir Ittehad, Atiq Mir told Business Recorder.
A parliamentary panel Friday gave a deadline of 40 days to all provinces to ensure transfer of all Railways lands to the organisation and warned that any delay in this regard would force the parliament to approach court along with the Railway Ministry. The Senate Standing Committee on Railways met with Fateh Muhammad Hassani in the chair which expressed serious reservations over provincial governments' reluctance except Khyber Pakhtunkhawa for not co-operating and transferring the railways lands.

 



 
Index Closing Chg%
Arrow DJIA 16,102.38 1.66
Arrow Nasdaq 4,683.92 1.05
Arrow S&P 1,921.22 1.53
Arrow FTSE 6,042.92 2.44
Arrow DAX 10,038.04 2.71
Arrow CAC-40 4,523.08 2.81
Arrow Nikkei 17,792.16 2.15
Arrow H.Seng 20,840.61 0.45
Arrow Sensex 25,201.90 2.18





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Banking Review 2014


Annual2013/14
Foreign Debt $62.649bn
Per Cap Income $1,512
GDP Growth 4.24%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyAugust 27, 2015
Reserves $18.509 bln