The Pakistan Stock Exchange (PSX) witnessed a negative session on Wednesday, with the benchmark index of representative shares ceding ground to the bears by the end of trading. Arif Habib Ltd said the KSE-100 index hit an intraday low of 406.62 points following the market chatter about new tax measures in the upcoming budget. Investors decided to book profits after news reports emerged that the
PAKISTAN’S economy faces a severe multidimensional crisis amid a gloomy and uncertain outlook. A recent State Bank report on the state of the economy during the first half of the present fiscal year admits that macroeconomic fundamentals are deteriorating, but it understates the severity of the painful crisis the country and its people have been contending with for the last one year — just as Fina
Tycoons, aware of challenges and Prime Minister Shehbaz’s government’s weakness, are not hopeful. The volatile market is desperate for positive signals. The people, however, expected relief in an election-year budget. To avoid higher levies on their income/profit, bankers, brokers and barons are lobbying hard, approaching heavyweights in the power corridors. The currency dealers, commodity trad
Engro Polymer and Chemicals Ltd (EPCL) — which is the country’s only manufacturer of polyvinyl chloride or PVC resin used in plastic and rubber production — has been facing long delays in setting up its $23 million hydrogen peroxide plant. Speaking to a group of journalists at the Bin Qasim factory on Wednesday, company officials said the cost of the under-construction facility has exceeded the
The government raised Rs2.29 trillion through treasury bill auctions on Wednesday, surpassing the target, as well as the requirement for the maturity of the bills. The cash-starved government raised a total of Rs2.286tr, exceeding the target of Rs1.8tr. This amount also exceeded the required funds for the maturity of the treasury bills on the same day by 35 per cent. In fact, the government rai