01172017Tue
Last update: Tue, 17 Jan 2017 03pm

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Privatisation Board headed by Chairman Privatisation Commission Muhammad Zubair is to approve new plan to dispose of dysfunctional Pakistan Steel Mills (PSM) on Tuesday (tomorrow). According to sources, the Board would discuss both options ie long term lease and sell off, adding that if the board clears the proposals, then it would be submitted to the Cabinet Committee on Privatisation (CCoP) that is expected to meet on January 20. Finance Minister Senator Ishaq Dar will preside over the CCoP meeting.

Prime Minister Nawaz Sharif is scheduled to reach Davos, Switzerland on Monday for five-day visit where he would participate in the World Economic Forum's (WEF) Annual Meeting. Prime Minister Nawaz Sharif will participate in the World Economic Forum (WEF)'s Annual Meeting at Davos, Switzerland, on the invitation of WEF's Executive Chairman, Professor Klaus Schwab. The annual meeting will be held from 17-20 January 2017.
Finance Minister Ishaq Dar has announced on Sunday increase in petrol prices by Rs 1.77 per litre and High Speed Diesel (HSD) by Rs2 per litre, for the next fortnight. Dar said at a news conference, here, that the prices of Light Diesel Oil (LDO) and kerosene would remain same from January 16-31.
The Federal Board of Revenue (FBR) has increased sales tax on motor spirit and high speed diesel oil from January 16, 2017. Explaining the SRO 21(I)/2016 issued by the FBR here on Sunday, sources said that the sales tax on motor spirit has been increased from 14.5 percent to standard rate of 17 percent. The motor spirit has been excluded from the table of petroleum products specified in the SRO 21(I)/2016. The exclusion of motor spirit from SRO 21(I)/2016 has brought this POL product under the standard rate of sales tax ie 17 percent.
Pakistan Stock Exchange (PSX) witnessed a mixed trend during the outgoing week ended on January 13, 2017. At the end of the week, the index closed at 49,210.50 points, with a net gain of 172.27 points. Average daily trading volumes on the ready counter increased by 19.7 percent to 488.87 million shares. Average daily trading value surged by 6.6 percent to Rs 22.68 billion against previous week's Rs 21.27 billion. Total market capitalisation increased by Rs 64 billion to Rs 9.859 trillion.
Pakistan Stock Exchange (PSX) witnessed a mixed trend during the outgoing week ended on January 13, 2017. At the end of the week, the index closed at 49,210.50 points, with a net gain of 172.27 points. Average daily trading volumes on the ready counter increased by 19.7 percent to 488.87 million shares. Average daily trading value surged by 6.6 percent to Rs 22.68 billion against previous week''s Rs 21.27 billion. Total market capitalisation increased by Rs 64 billion to Rs 9.859 trillion.
The futures spread increased by 301bps to 8.99 percent during the outgoing week ended on January 13, 2017. Trading activities on the futures counter slightly improved as the average daily trading volumes increased by 4.8 percent to 53.56 million shares. However, trading value on futures counter decreased by 9.2 percent to stand at Rs 4.731 billion during this week.