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Tag Archives: Finance Ministry

FBR seeks action against Sindh Police, HDA for non-payment of taxes

KARACHI: The Federal Board of Revenue(FBR) has once again sent a reminding letter to the finance minister, requesting action against Sindh Police and Hyderabad Development Authority for not submitting their due taxes worth millions of rupees. The FBR wants to take action against Sindh Police and Hyderabad Development Authority in September but Federal Government adjuster stopped them in doing so ... Read More »

Closing: KSE keeps upward rally with 192pts, up 0.61% to close 31872.73pts

KARACHI: The Karachi Stock Exchange benchmark KSE 100-index gained 192.01 points or 0.61 percent to reach 31872.73 points and volume of 257,480,050 shares on Wednesday. Buoyant Karachi Stock Exchange continued its march toward historic high of 32,000 steadily as benchmark KSE 100-index added another 213.01 points or 0.67 to scores tally, taking it to 31893.17 points till midday trading. Easing ... Read More »

Closing: KSE gains 102pts, up 0.33% despite warnings of Imran

KARACHI: KARACHI: The Karachi Stock Exchange benchmark KSE 100-index gained 101.74 points or 0.33 percent to reach 31299.72 points and volume of 238,689,700 shares on first day of trading, Monday. There were rumours of downward trend as Pakistan Tehreek-e-Insaf Chairman Imran Khan has warned government if they do not agree his demands, he will going to shut down all business ... Read More »

Closing: KSE plunges 52pts, down 0.17% on upcoming PTI showdown

KARACHI: The fast-changing political scenario and fears of a looming political showdown on Nov 30 caused ripples in the Karachi Stock Exchange as benchmark KSE 100-index lost 51.72 points or 0.17 percent and plunged to 31218.38 points and volume of 166,378,330 shares on last day of trading, Friday. The stocks failed to cash in on the euphoria created by Pakistan’s ... Read More »

Closing: KSE plunges 184 pts, down 0.59% as weeklong uncertainty haunts investment trends

KARACHI: The Karachi Stock Exchange lost 184.37 points or -0.59 percent to reach 31270.10 points and volume of 117,327,160 shares on Thursday. Earlier, the KSE gained 53.29 points or +.17 per cent to reach 31507.76 points amid the news reports that the government has sold over $1 billion Sukuk bonds at international market. The stock witnessed maximum trading at 31545.14 ... Read More »

Finance Ministry levies 20% duty on import of sugar

ISLAMABAD: The Finance Ministry has levied regulatory duty on the import of sugar and issued a notification to the Pakistan Customs in this regard. According to details, the ministry issued SRO-1043 (I)/2014 through a notification to put 20% regulatory duty on the import of sugar falling under the Pakistan Customs Tariff headings 1701.1310, 1701.1390 and 1701.9910 of the First Schedule ... Read More »

Closing: KSE bounces back with 231pts, up 0.74% to close at 31454.47pts

KARACHI: The Karachi Stock Exchange recovers 230.73 points or +0.74 percent to reach 31454.47 points and volume of 145,707,940 shares on Wednesday. The KSE share-100 index opened at overnight closing of 31,223 and appeared confidence, going up steadily. The market set the pace for the day trading, boosting confidence of the investors. Though the traders exercised cautioned, the trading remained ... Read More »

Closing: KSE loses 93pts, down 0.30% to close at 31223.7pts ahead of PTI big show

KARACHI: The Karachi Stock Exchange lost another 93.22 points or -0.30 percent to reach 31223.74 points and volume of 103,084,430 shares on Tuesday as PTI going to organize ‘big’ public meeting in Islamabad on Nov 30 this week. The market opened on negative note and remained bullish, forcing investor to exercise caution. Stocks remained bearish ahead of PTI’s call for ... Read More »

Finance Ministry striving hard for promotion of Islamic banking

  ISLAMABAD: The Finance Ministry is striving hard for promotion of Islamic banking as a distinct and viable system to address the financial services need of the public in general and business community in particular. In this regard, the Finance Ministry is also pressing on the concerned stakeholders to take initiate necessary initiatives for improving public perception about Islamic banking” ... Read More »

Closing: KSE recovers 279pts, up 0.89% on investors’ confidence

KARACHI: The Karachi Stock Exchange shrugged off the gloom of previous two days and set its pace for the upward march and gained 279.48 points or +0.89 percent to reach 31518.52 points and volume of 89,545,590 shares on last day of trading, Friday. The Karachi Stock Exchange opened on a positive note and set off on the recourse to remedy ... Read More »

Elevated money market affecting FX market, opines Finance Ministry

ISLAMABAD: Although elevated money market rates helped stabilise exchange rate by increasing the cost of rupee liquidity yet it not only discouraged speculative activity in the FX market, but also kept the interest rate differential between the rupee and foreign currency loans high. A highly-placed source at the Finance Ministry told this scribe here on Wednesday that 15 commercial banks, ... Read More »

Closing: KSE-100 loses 250pts, down 0.78% to close below 32000pts level

KARACHI: The Karachi Stock Exchange (KSE) lost 250.11 points or -0.78% to reach 31756.29 points and volume of 187,615,200 shares on Wednesday. Earlier, trading in the market started on a positive note and the index kept on ticking, adding 219 points to the overnight tally. The stocks opened at overnight closing of 32,006.40 points and continued upward march, showing signs of confidence. However, ... Read More »

FBR speeds up sales tax refund process to facilitate exporters

ISLAMABAD: The Federal Board of Revenue has enhanced efforts of  making early payment of sales tax refund to facilitate the exporters as well as to enhance exports. Following the directions of the Finance Ministry, FBR has taken initiatives to liquidate sales tax refund claims including, 22000 small refund claims up to Rs one million were cleared in one go in ... Read More »

Closing: KSE-100 achieves another milestone, crosses historic 32,000pts barrier

KARACHI: The Karachi Stock Exchange (KSE) managed to cross 32,000 points barrier and gained a substantial 303.61 points to reach 32006.40 points and volume of 212,121,500 shares on Tuesday. The benchmark KSE 100-index witnessed variation as it opened with positive note, gaining 83.99 points or +0.26pc to reach 31786.78 points and observed highest trading of 31819.23 and lowest trading of ... Read More »

Finance Ministry gets Credit Bureau Act approved by Federal Cabinet

ISLAMABAD: The Finance Ministry has got approved in principle a summary for legislating draft of Credit Bureau Act 2010 from the federal cabinet, impeccable sources told Customs Today on Monday. Currently, only a couple of private credit bureaus are functioning, but they are without any legal framework or regulatory requirements which has raised concerns for the State Bank of Pakistan ... Read More »

Finance Ministry ‘wants’ provinces to spend resources on basic amenities

International comparison shows spending on education and health is lower in Pakistan as compared to regional countries   ISLAMABAD: The Finance Ministry feels an urgent need to enhance financial capacity of the provinces to ensure their significant contribution to national economic growth by channeling fiscal resources to priority areas. “An international comparison suggests that the spending on education and health ... Read More »

KSE-100 strongly rebounds with 359pts, nears to historic 32,000pts mark

KARACHI: Bulls bounced back strongly and kept their rule at the Karachi Stock Exchange (KSE) again as the benchmark KSE 100-Index surged a considerable 358.72 points or 1.14% to reach 31702.79 points and volume of 172,777,940 shares on first day of trading, Monday. The market started the week in a fashion and picked up the thread from weekend closing of 31344.07 ... Read More »

Weekly review: KSE observes mixed week, gains 400pts to set new mark

KARACHI: The Karachi Stock Exchange (KSE) 100-index opened on positive sentiments on the first day of trading and gained 400 points in the week-long trading, as it opened at 30,912 points on Monday and closed at 31344.07 points on Friday. On Monday, Bull-run continued to cheer the Karachi Stock Exchange (KSE) as the benchmark KSE 100-Index after crossing highest-ever psychological ... Read More »

Closing: KSE falters on 32,000pts rally, reverses to 31344pts losing 97.75pts

  KARACHI: The Karachi Stock Exchange 100-index lost 97.75 points to settle at 31344.07  points and volume of 9,856,868,839  shares on last day of trading, Friday. Earlier, benchmark KSE 100-index lost 94.65 points or 0.30 per cent to reach 31347.17 points on the last trading day. The bullish spree broke yesterday when KSE closed losing 187.38 points or 0.59% to settle at 31441.82 ... Read More »

Income support levy results in high encashment from National Saving Schemes

ISLAMABAD: The Finance Ministry has said that income support levy announced in the Federal Budget for the fiscal 2013-14 resulted in higher encashment from the National Saving Schemes (NSS). “This levy discouraged the people from keeping their savings in NSS,” said an official source at Ministry of Finance while talking to this scribe here, adding that the withdrawal of the ... Read More »