07302016Sat
Last update: Sat, 30 Jul 2016 04pm

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Foreign investors repatriated some $2 billion on account of profit and dividend during last fiscal year (FY16), mainly on the back of improved financial results of the corporate sector. Economists said the rising trend in the repatriation of profit and dividend reflects that the country's economy is performing well and foreign investors are getting better margins on their investments in Pakistan.

Gas utilities Sui-Northern Gas Pipelines Limited (SNGPL) and Sui-I Southern Gas Company Limited (SSGCL) have requested the Oil and Gas Regulatory Authority (OGRA) to approve an increase of Rs 81 per Million British Thermal Units (MMBTU) and Rs 17.42 per MMBTU respectively for consumer gas prices. According to sources, the two gas utilities in their applications have sought the increase in gas prices for the financial year 2016-17. SNGPL has requested for an increase of Rs 81 per MMBTU in consumer gas prices, while SSGCL Rs 17.42 per MMBTU.
The Capital Development Authority (CDA) in "connivance" with a private company allegedly inflicted a loss of Rs 12 billion on the national exchequer in the sale of land for the construction of a five-star hotel. Official sources in FIA said that according to an inquiry into the award of a 99-year lease to a private company, the company has allegedly changed the agreement. The civic body leased out land to the company at the rate of Rs 75,000 per square yard for 99 years, sources said.
Pakistan on Friday suspended visa abolition agreement with Kuwait, signed between the two countries in November 2013, over non-compliance. According to an official, Interior Minister Chaudhry Nisar Ali Khan and Kuwait's Deputy Prime Minister Sheikh Sabah Khalid Al-Hamad Al-Sabah signed the visa abolition agreement in November 2013 while the agreement was implemented in August 2014. According to the official, Pakistan suspended visa abolition agreement with Kuwait, following continuous violations of the agreement.
Finance Minister Ishaq Dar Friday chaired a meeting to review the financial aspects of various coal-based power projects currently under the implementation in the country. The minister was briefed by representatives of Ministry of Water & Power on the progress of various projects. The representatives of Ministry of Railways, apprised the Minister on the coal transportation arrangements and other allied matters. The minister reviewed the financial aspects of these projects and expressed his satisfaction on the financial progress achieved so far.
Wall Street turned positive in afternoon trading on Friday, with the S&P 500 index hitting a record intraday high for the seventh time this month, as gains in Alphabet and Amazon more than made up for losses in energy shares. The benchmark index rose as much as 0.36 percent, touching an all-time high of 2,177.09, and was on track for its fifth-straight month of gains.
On Friday, BRIndex30 opened at 23,081.33 points. It touched an intraday high of 23,207.93 points and an intraday low of 22,926.06 points and closed at 23,189.43 points which was 108.1 points or 0.47 percent higher than previous close. Total volume was 102,512,400, which was 70.49 percent of KSE All share volume and 106.47 percent of KSE 100 volume. The KSE All Share volume was 145,435,170 and KSE 100 volume was 96,286,940.