AABS 815.11 -12.89 AATM 62.48 -2.62 ABL 170.34 0.79 ABOT 941.94 10.94 ACIETF 17.30 -0.06 ACPL 233.97 -1.03 ADAMS 65.27 -4.29 ADMM 53.96 2.03 ADOS 29.00 0.00 AEL 33.68 1.68 AGHA 6.90 -0.05 AGIC 41.00 -0.50 AGICR2 5.92 0.27 AGIL 170.25 15.35 AGL 45.35 -0.21 AGP 168.20 4.21 AGSML 8.87 0.16 AGTL 358.22 -3.68 AHCL 16.02 -0.29 AHL 134.61 -0.91 AHTM 101.50 3.50 AICL 93.28 -1.61 AIRLINK 132.61 -1.37 AKBL 104.21 -1.32 AKDHL 150.94 -0.06 AKDSL 37.58 0.56 AKGL 57.00 0.07 ALAC 19.98 -0.26 ALIFE 32.78 -0.72 ALNRS 123.22 -2.78 ALTN 7.59 -0.08 AMBLR4 19.29 -0.70 AMTEX 4.10 -0.19 ANL 9.99 0.17 ANSS 26.02 0.91 ANTM 76.92 4.02 APL 589.49 2.72 ARCTM 42.32 -2.66 ARM 27.90 0.00 ARMG 58.59 -2.41 ARPAK 179.16 2.18 ARPL 427.63 -4.97 ARUJ 11.71 -0.28 ASC 9.69 0.00 ASCR2 0.02 -0.05 ASHT 39.12 1.61 ASIC 39.52 -0.53 ASL 14.04 0.03 ASTL 15.24 -0.08 ASTM 137.65 -18.75 ATBA 181.04 0.40 ATIL 79.07 -0.43 ATLH 1,594.02 -4.94 ATRL 1,190.45 -8.55 AVN 29.67 -0.82 AWTX 1,601.11 -160.11 AWWAL 10.00 0.00 BAFL 57.38 -1.09 BAFS 518.45 8.10 BAHL 161.16 -1.84 BAPL 34.06 2.67 BATA 879.91 -2.09 BBFL 42.58 -0.12 BCL 84.56 7.76 BCML 42.60 1.39 BECO 4.64 -0.03 BELA 55.81 0.31 BERG 174.10 15.70 BFAGRO 33.04 0.01 BFBIO 132.05 0.04 BFMOD 24.55 0.54 BGL 10.25 -0.16 BHAT 819.53 -0.47 BIFO 121.37 -7.10 BILF 38.39 -1.11 BIPL 26.37 -0.40 BIPLS 38.63 -0.36 BML 56.95 0.41 BNL 6.20 -0.04 BNWM 67.41 -0.04 BOK 30.42 0.34 BOP 34.43 -0.76 BPL 51.00 0.01 BRRG 45.90 1.40 BTL 900.60 -2.96 BUXL 926.77 6.78 BWCL 483.47 -0.52 BWHL 230.10 -2.90 CASH 50.30 0.30 CCM 45.01 -0.99 CENI 55.84 -1.16 CEPB 27.55 0.00 CFL 64.19 3.83 CHAS 84.40 -0.21 CHBL 9.02 -0.08 CHCC 302.51 -4.49 CLCPS 3.58 0.21 CLOUD 62.85 0.00 CLOV 6.62 -0.17 CLVL 45.29 5.29 CLVLR 0.08 -0.22 CNERGY 15.00 -0.45 COLG 1,199.71 17.71 CPHL 73.94 -1.10 CPPL 111.58 -3.42 CRTM 70.80 -0.20 CSAP 101.03 -1.34 CSIL 5.68 -0.12 CSILR3 1.88 0.27 CTM 6.66 -0.20 CWSM 51.18 0.19 CYAN 41.91 -1.06 DAAG 100.28 12.27 DADX 99.39 -8.50 DATM 2.35 -0.20 DAWH 275.28 15.28 DBCI 12.32 -0.75 DCL 10.01 -0.29 DCR 40.24 0.04 DEL 19.69 0.02 DFML 16.98 -0.17 DFSM 13.98 -0.51 DGKC 207.81 -2.19 DHPL 26.55 -0.42 DIIL 72.61 0.12 DINT 60.40 -0.59 DLL 49.94 -0.46 DMC 176.67 0.07 DMTM 8.56 0.04 DMTX 34.96 0.46 DNCC 16.14 0.02 DOL 29.97 0.47 DSIL 9.96 -0.46 DSL 4.76 -0.11 DSML 51.25 1.24 DWAE 22.60 -0.69 DWSM 6.64 0.01 DWTM 10.00 -0.98 DYNO 350.75 2.75 ECOP 49.16 1.16 EFERT 185.15 3.64 EFGH 75.72 -4.68 EFUG 129.86 1.06 EFUL 158.30 -0.77 ELCM 200.57 0.62 ELSM 155.52 13.97 EMCO 43.33 -0.56 ENGRO 485.38 3.39 ENGROH 267.62 -1.38 EPCL 35.64 -0.86 EPQL 24.67 -0.28 ESBL 10.30 -0.19 EWIC 66.83 0.00 EXIDE 477.33 -7.57 FABL 95.46 -0.64 FANM 10.39 0.14 FASM 328.71 -3.28 FATIMA 155.14 -1.84 FCCL 54.27 -1.23 FCEL 4.91 0.03 FCEPL 156.44 6.44 FCIBL 35.29 0.79 FCL 27.36 -0.59 FCSC 4.68 -0.02 FDIBL 2.92 -0.17 FDPL 4.70 -0.02 FECM 27.07 -1.77 FECTC 106.10 -1.44 FEM 11.48 -0.32 FEROZ 356.98 1.98 FFBL 88.94 8.43 FFC 552.45 -0.25 FFL 15.50 -0.15 FFLM 13.97 -0.68 FHAM 32.50 -0.15 FIBLM 18.39 2.39 FIL 213.03 3.03 FIMM 219.15 9.15 FLYNG 41.56 -0.38 FMLR 50.08 -0.86 FNEL 1.19 0.01 FPJM 23.38 4.07 FPRM 10.96 -0.93 FPRMR2 1.17 -0.33 FRCL 98.32 0.43 FRSM 41.60 -2.06 FSWL 153.57 0.00 FTMM 19.93 -2.21 FTSM 45.51 -2.48 FUDLM 8.00 0.55 FZCM 255.00 0.11 GADT 323.89 -3.11 GAL 657.04 15.02 GAMON 22.31 -1.67 GATI 93.65 -0.84 GATIR 15.04 0.04 GATM 23.68 -0.32 GCIL 34.75 0.55 GCILB 9.30 -0.22 GCWL 15.40 -0.07 GCWLR 9.01 0.00 GDL 17.09 -0.21 GEMBCEM 11.30 -0.30 GEMBLUEX 6.66 -0.05 GEMMEL 34.85 -0.06 GEMNETS 23.72 0.00 GEMPACRA 35.11 0.00 GEMPAPL 10.50 0.00 GEMSPNL 85.95 8.05 GEMUNSL 20.00 0.00 GFIL 29.00 -1.10 GGGL 8.05 -0.15 GGL 22.35 0.05 GHGL 41.51 -0.30 GHGL 40.11 -0.89 GHNI 1,307.62 17.62 GHNL 33.90 -0.30 GIL 2,408.45 215.26 GLAXO 332.08 -5.52 GLPL 700.00 0.00 GOC 173.78 3.78 GRR 22.66 0.06 GRYL 21.84 -1.16 GSKCH 120.23 -3.98 GSPM 6.90 0.00 GTECH 8.58 -0.22 GTYR 29.50 -0.65 GUSM 8.87 0.17 GVGL 53.76 -0.74 GWLC 53.31 -0.19 HABSM 80.00 -0.02 HACC 18.65 1.30 HAFL 475.23 -0.78 HALEON 719.51 4.51 HASCOL 20.44 0.16 HBL 315.72 -3.28 HBLTETF 105.54 -0.10 HCAR 240.03 -8.97 HCL 959.26 9.26 HGFA 14.50 -0.44 HICL 14.72 -0.83 HIFA 5.10 0.00 HINO 342.63 -7.37 HINOON 928.47 -6.53 HIRAT 6.14 -0.12 HLEL 26.59 -1.29 HMB 100.17 -0.83 HMM 5.80 0.01 HPL 4,042.76 -39.14 HRPL 22.20 -0.15 HSPI 8.81 0.82 HTL 40.20 -0.50 HUBC 209.45 -0.24 HUMNL 10.14 -0.34 HUSI 50.00 -1.18 HWQS 19.32 1.18 IBFL 261.74 -5.94 IBLHL 46.45 -0.03 ICCI 14.58 -0.42 ICI 591.53 -3.37 ICIBL 17.77 -0.53 ICL 133.91 -0.99 IDEAL 49.01 0.00 IDRT 37.93 0.40 IDSM 60.72 3.52 IDYM 134.99 0.48 IGIHL 268.41 11.41 IGIL 19.50 0.00 ILP 106.18 -2.82 IMAGE 26.33 0.23 IML 25.60 -0.50 IMS 20.49 0.19 INDU 1,929.67 -9.22 INIL 169.28 -2.92 INKL 98.31 -1.69 INL 23.19 0.18 IPAK 37.93 -0.07 IREIT 8.04 0.04 ISIL 1,864.00 -51.00 ISL 90.12 -1.98 ITANZ 38.22 -1.03 ITTEFAQ 8.31 -0.14 JATM 39.42 -0.58 JDMT 136.16 -8.64 JDWS 895.00 -10.00 JGICL 78.14 0.13 JKSM 347.84 48.64 JLICL 116.22 -1.28 JOPP 160.06 -11.94 JSBL 13.01 -0.31 JSBLR1 0.01 0.00 JSCL 22.01 -0.74 JSGBETF 41.00 -0.09 JSGCL 167.25 7.15 JSIL 42.51 1.01 JSMFETF 11.54 -0.23 JSML 56.46 -0.54 JSRR 10.80 0.20 JUBS 46.60 -2.40 JVDC 144.71 -0.44 KAPCO 27.38 -0.07 KASBM 1.19 0.00 KCL 144.13 -0.87 KEL 7.25 0.01 KHSM 11.65 0.00 KHTC 310.00 4.00 KHYT 1,907.21 97.21 KML 9.10 -0.10 KOHC 93.87 -1.85 KOHE 15.56 0.00 KOHP 22.05 -1.42 KOHTM 120.93 -3.57 KOIL 40.23 -0.72 KOSM 5.25 -0.13 KPUS 851.03 -3.97 KSBP 230.65 -7.35 KSBP 112.37 -2.61 KSBPR 3.02 0.72 KSTM 12.97 0.46 KTML 43.43 0.78 LCI 219.34 -1.66 LEUL 65.47 0.00 LIVEN 33.65 -0.33 LMSM 63.91 0.00 LOADS 13.03 -0.05 LOADSR1 0.09 -0.10 LOTCHEM 27.51 -0.49 LPGL 93.68 -2.32 LPL 21.02 0.35 LSECL 6.12 -0.17 LSECLR 0.36 -0.39 LSEFSL 2.73 -0.12 LSEPL 4.65 -0.05 LSEVL 12.55 0.24 LUCK 433.39 -5.61 MACFL 56.90 -1.70 MACTER 268.86 -5.12 MARI 663.67 -3.31 MARI 634.37 2.39 MCB 400.17 -4.83 MCBAH 24.00 0.00 MCBIM 164.86 1.86 MDTL 5.35 -0.09 MEBL 572.30 -5.70 MEHT 140.51 -1.47 MERIT 9.66 -0.33 META 9.67 -0.83 MFFL 173.51 -1.49 MFFLR1 9.01 0.06 MFL 40.11 -0.41 MIIETF 16.66 0.01 MIRKS 32.60 -1.30 MIRKSR 8.67 0.12 MLCF 99.27 -0.28 MODAM 5.73 -0.09 MQTM 28.86 -1.58 MRNS 61.00 -1.73 MSCL 23.28 -0.52 MSOT 167.59 -2.36 MTL 301.70 -0.29 MUGHAL 78.31 -0.69 MUGHALC 61.98 1.97 MUREB 925.01 -11.21 MWMP 57.99 -1.01 MZNP-ETF 17.91 -0.05 NAGC 79.62 3.57 NATF 371.78 4.67 NATM 75.01 -4.99 NBP 185.58 -1.62 NBPG-ETF 27.34 -0.33 NCL 36.38 -0.62 NCML 16.06 0.03 NCPL 58.17 -1.19 NESTLE 7,532.76 75.64 NETSOL 122.10 -4.51 NEXT 14.49 0.39 NICL 261.34 0.34 NITG-ETF 37.40 0.01 NML 143.39 0.28 NONS 84.84 2.13 NPL 67.46 -1.09 NRL 560.67 4.16 NRSL 42.11 2.01 NSRM 211.85 -3.15 OBOY 18.01 -0.24 OBOYR2 0.64 -0.39 OCTOPUS 29.57 -0.42 OGDC 331.69 1.69 OLPL 48.01 -0.04 OLPL 24.15 -0.45 OLPM 25.87 -0.12 OML 86.10 -1.90 ORIXM 16.29 0.29 ORM 11.29 -0.13 OTSU 410.67 -9.33 PABC 99.15 -0.85 PACE 10.32 0.03 PAEL 38.75 -0.64 PAKD 124.87 -3.23 PAKL 56.97 0.68 PAKMI 1.30 -0.01 PAKOXY 333.95 -15.70 PAKQATAR 19.35 -0.08 PAKRI 16.89 -0.32 PAKT 1,390.54 -8.46 PASL 2.39 -0.09 PASL 0.75 0.00 PASM 9.10 -0.01 PCAL 180.43 -2.75 PECO 669.25 -0.75 PGLC 16.38 0.32 PHDL 50.40 1.60 PIAA 22.17 0.17 PIAB 828.42 57.80 PIAHCLA 25.27 -0.35 PIAHCLB 17,300.00 125.00 PIBTL 16.49 0.25 PICT 43.60 -1.20 PIL 5.23 -0.30 PIM 52.44 -1.56 PINL 11.28 0.78 PIOC 257.93 -1.05 PKGI 37.82 -0.08 PKGIR 1.36 -0.69 PKGP 38.80 -0.11 PKGS 776.58 -5.43 PMI 4.70 0.19 PMPK 1,431.85 121.85 PMRS 429.00 -6.18 PNSC 506.03 -2.97 POL 730.04 -5.96 POML 156.62 -1.38 POWER 22.72 -0.28 PPL 232.24 -3.76 PPP 142.37 4.36 PPVC 28.58 0.43 PQGTL 13.19 -0.81 PREMA 34.57 -0.55 PRET 496.67 -3.33 PRL 104.88 -1.42 PRWM 66.00 -0.50 PSEL 897.00 16.99 PSMC 609.00 0.00 PSO 364.92 -0.33 PSX 49.52 -0.23 PSYL 123.26 1.26 PTC 68.80 -0.89 PTL 54.28 -0.70 QTECH 39.52 -0.48 QUET 15.08 -0.40 QUICE 29.54 -0.91 RCML 400.22 -4.78 REDCO 29.93 -0.95 REWM 165.06 -8.84 RICL 12.24 -0.02 RMPL 9,270.41 18.40 RPL 16.09 0.08 RUBY 23.85 0.94 RUPL 31.10 -0.90 SAIF 45.90 -1.08 SANE 8.07 -1.13 SANSM 122.20 -4.79 SAPL 870.00 0.00 SAPT 1,440.31 0.00 SARC 90.51 -0.49 SASML 333.96 -6.04 SAZEW 1,883.57 -0.19 SBL 13.61 -0.09 SCBPL 67.67 -0.07 SCL 750.07 0.07 SEARL 85.99 -0.91 SEARLR2 0.15 -0.10 SEL 27.20 -0.12 SELECT 27.49 -0.61 SEPL 154.91 -1.59 SERT 43.80 -1.59 SFL 1,136.91 -0.09 SGF 116.36 -1.29 SGPL 28.74 -2.22 SGPL 33.89 -7.52 SGPLR 11.22 0.00 SHCM 60.12 0.62 SHDT 56.99 -0.96 SHEL 185.01 -4.09 SHEZ 234.76 3.76 SHFA 480.08 -4.53 SHJS 145.05 -2.96 SHNI 8.65 -0.32 SHSML 374.91 -6.00 SIBL 7.09 -0.11 SIEM 1,553.01 -6.99 SILK 1.15 -0.01 SINDM 31.31 0.50 SITC 757.64 -2.36 SKRS 27.80 -1.18 SLGL 15.44 -0.04 SLL 1.70 -0.44 SLM 24.02 -0.03 SLYT 18.12 -0.38 SMBL 2.17 -0.03 SMCPL 40.40 -0.30 SML 95.81 -3.75 SMTM 11.90 -0.09 SNAI 36.88 -2.00 SNBL 20.36 -0.54 SNGP 101.71 -0.19 SPAC1 14.13 0.52 SPAC2 13.85 0.07 SPEL 44.58 0.08 SPEL 48.93 0.04 SPL 49.41 1.38 SPLC 1.70 0.07 SPSL 16.26 0.01 SPWL 8.70 0.04 SRR 16.72 0.02 SRVI 196.08 -3.90 SSGC 27.94 0.24 SSML 23.40 -0.85 SSOM 452.00 -10.00 STCL 10.08 -0.22 STJT 175.87 -8.62 STL 24.71 -0.07 STLR 12.92 0.42 STML 49.55 -1.45 STPL 8.53 -0.11 STYLERS 51.46 0.16 STYLERSR 1.72 0.39 SUHJ 22.20 0.00 SURC 147.13 0.38 SUTM 119.42 1.42 SWL 316.53 28.78 SYM 12.84 0.14 SYS 127.72 2.83 SZTM 92.01 1.96 TATM 167.91 -4.19 TBL 9.29 -0.09 TCORP 19.77 -0.24 TCORP 19.31 -2.20 TCORPR1 0.79 -0.73 TELE 7.72 -0.30 TGL 180.29 -1.61 THALL 563.21 -16.79 THCCL 76.47 0.22 TICL 1,205.46 -144.52 TISL 3.16 -0.05 TOMCL 36.36 -0.74 TOMCLR 3.81 1.00 TOWL 144.28 4.23 TPL 23.79 0.14 TPLI 57.00 1.04 TPLL 20.81 0.01 TPLP 14.59 0.39 TPLRF1 9.82 0.02 TPLT 32.44 1.43 TREET 23.25 -0.38 TREETR2 5.62 0.65 TRG 55.51 -1.19 TRIPF 138.46 -3.04 TRSM 17.08 -0.11 TSBL 2.41 0.08 TSBLR1 0.18 -0.04 TSMF 15.97 -0.03 TSML 496.96 -4.13 TSPL 16.41 -0.58 UBDL 28.14 -1.36 UBL 449.10 -1.70 UBLP-ETF 29.22 -0.07 UCAPM 6.63 0.31 UDLI 17.94 -0.25 UDPL 119.59 -0.41 UNIC 11.80 -0.07 UNITY 9.12 -0.69 UPFL 25,644.90 -327.08 UVIC 19.85 0.35 WAFI 174.45 1.25 WAHDAT 15.66 -0.23 WAHN 272.16 -10.84 WASL 6.63 -0.20 WASLR 0.79 0.15 WAVES 10.00 -0.24 WAVESAPP 9.07 0.12 WAVESAPPR 0.67 -0.09 WHALE 8.01 -0.19 WTL 1.16 -0.01 WYETH 2,008.00 8.00 YOUW 5.13 -0.06 ZAHID 69.89 1.67 ZAL 39.28 -0.72 ZIL 354.82 4.84 ZTL 16.49 -0.21 ZUMA 20.65 1.42

Fiscal gap: real elephant in room

July 01, 2024

As per the announcement for the federal budget 2024-25, Pakistan will have to finance a budget deficit of Rs8,500 billion. This is such an important and staggering figure, yet no one recognises its real impact. We have been told that it is 8% of the GDP, but no one tells us that it is actually 45% of the total budget for 2024-25. To add some spice to it, a total of Rs7,800 billion will be financed through domestic financing, for which the lending rate is around 20%. Thus, the real figure would be even higher. For reference, the net federal receipts for 2024-25 would be Rs10,377 billion. Despite all the additional revenue mobilisation measures, the fiscal deficit would be 82% of the net federal revenue. It is quite interesting to note that despite the very strict and squeezing new tax measures, we are talking about additional revenue of a couple of Rs100 billion. Imagine the situation if we have to make up for even one fourth of this fiscal deficit. Pakistan has been grappling with serious debt challenges for a long time, and one of the central issues is its budget or fiscal deficit. Addressing this budget deficit requires prudent fiscal management, revenue diversification, and targeted spending. Policymakers must strike a balance between debt servicing and essential expenditures to ensure long-term economic stability.