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PARC to relieve 52 security guards
5782 hours ago
Source: The News
ISLAMABAD: Pakistan Agriculture Research Council (PARC) administration has put its 52 security employees on notice, telling them that their services a ... more
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PQ activity
5782 hours ago
Source: The News
KARACHI: Shipping activity was normal at Port Qasim (PQ), during the 24 hour period ended 0800 hours on Saturday.
Berth occupancy was maintaine ... more
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Rupee quoted stronger
5782 hours ago
Source: The News
KARACHI: The Pakistani rupee was quoted almost 4 per cent firmer against the dollar on Saturday afternoon, but there was barely any trade and it was u ... more
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Venezuela’s oil reserves second to Saudi Arabia’s
5782 hours ago
Source: The News
CARACAS: Venezuela’s proven crude oil reserves had swelled to 130 billion barrels as of late April, marking a rise of 30 billion from its prior estima ... more
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Auto sales fell 5pc in April
5782 hours ago
Source: The News
KARACHI: According to the data released by Pakistan Automotive Manufacturers Association (PAMA) for local auto sales in April 2008, the sales of cars ... more
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FBR trying to curb misdeclaration
5782 hours ago
Source: The News
LAHORE: The Chairman Federal Board of Revenue, Abdullah Yousaf has said that agreements with China and UAE have been signed to check misdeclaration.b ... more
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SBP halts Euro, British Pound, Dirham export
5782 hours ago
Source: Geo Television Network
KARACHI: State Bank of Pakistan (SBP) has halted indefinitely all exchange companies from exporting British Pound, Euro and Dirham, meanwhile, the dollar in open market still got costlier.
Central Bank spokesman, Syed Wasim Ahmad told Geo News that the cash export of currencies by the exchange companies has been stopped forthwith. Exchange companies used to carry out in cash different currencies with the permission of the Central Bank and as against that dollars were imported. Forex market sources told that the government had taken this step in 2001 also for salvaging the sinking rupee, which had triggered black marketing of dollar.
Dollar in the inter-bank market was sold during Friday trading at Rs69.70, while in the open market it remained at Rs69.20. Forex Association president, Malik Bostan urged the Central Bank to take action against banks instead of exchange companies, as they were indulging in rupee value speculation trading. ... more
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Stocks lose over 700 points in one week
5782 hours ago
Source: Geo Television Network
Stocks lose 728 points in one week
KARACHI: The local capital market witnessed steep weekly fall with KSE-100 Index sinking to its 3-month low of 14,229 during the week ending May 9th.
The 5-percent fall came as investors remained jittery over the rupee’s consistent slide against the U.S dollar mid renewed fears of political and economic instability.
But currency was not the only issue dampening investor sentiments, as banking stocks shed over 6.5 percent after the arrest of senior officials of Bank of Punjab.
Meanwhile, a 10-rupee reduction in cement prices put pressure on cement sector whose market cap decreased by 4.2 percent.
However, power producers being good defensive stocks were up 1.2 percent over the week.
Market analysts said with a loss of 728 points in just 1 week values have started to emerge in different scrips.
But they say much depends on the state of Pak rupee and the future of ruling coalition after the apparent deadlock on the judicial crisis. ... more
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Trade deficit hits $16.8 bn
5782 hours ago
Source: Geo Television Network
KARACHI: Pakistan’s trade deficit hits unprecedented level of 16.8 billion dollars till April in the current fiscal year.
Chairman Federal Board of Revenue, Abdullah Yousuf has said the trade deficit could not be born forever and therefore the tax net target will have to be raised to Rs1500 billion. ... more
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