The law-enforcement agencies, including the Rapid Response Force (RRF) of Sindh Police, foiled a terrorist attack on the busy Pakistan Stock Exchange in Karachi on Monday morning by killing all the four terrorists of a banned outfit. The LEAs managed to finish off all the terrorists within eight minutes. The National Assembly (NA) on Monday passed the Finance Bill 2020 with a total outlay of Rs7,294.9 billion amid sloganeering and protest from the opposition giving legal effect to the budgetary proposals for next fiscal year. The rupee lost further grounds on Monday due to increased demand for dollars as multinational companies’ repatriated dividends following the end of the fiscal year.
Market View: The KSE-100 Index closed yesterday’s trading session at 34,181.7 points, up by 242.7 points. We expect the market to remain range bound in the upcoming session, however, cyclicals may drive the index on the back sharp monetary easing.
Brent oil (USD/bbl): 41.56 (-0.36% D/D)
WTI Crude oil (USD/bbl): 39.51 (-0.48% D/D)
Gold (USD/oz): 1783.7 (+0.16% D/D)
Terror attack at PSX foiled in swift operation
KARACHI: The law-enforcement agencies, including the Rapid Response Force (RRF) of Sindh Police, foiled a terrorist attack on the busy Pakistan Stock Exchange in Karachi on Monday morning by killing all the four terrorists of a banned outfit. The LEAs managed to finish off all the terrorists within eight minutes.
Budget 2020-21 sails through NA
ISLAMABAD: The National Assembly (NA) on Monday passed the Finance Bill 2020 with a total outlay of Rs7,294.9 billion amid sloganeering and protest from the opposition giving legal effect to the budgetary proposals for next fiscal year.
Govt to sell Rs2.460 trillion debt in July-September
KARACHI: The government aims to sell domestic debt worth Rs2.460 trillion in July-September 2020 to finance the budget deficit, the central bank said on Monday.
Rupee extends losses
KARACHI: The rupee lost further grounds on Monday due to increased demand for dollars as multinational companies’ repatriated dividends following the end of the fiscal year.
NA approves Electric Vehicle Policy 2020
ISLAMABAD: The government on Monday got approval of National Assembly on Finance Bill 2020 and incorporated Electric Vehicle Policy 2020 and granted income tax exemptions to Sindh Institute of Urology and Transplantation (SIUT), Shaukat Khanum Memorial Trust and National Endowment Scholarship for Talent (NEST).
SBP revising regulatory limits on consumer financing
KARACHI: In order to facilitate the banking customers, the State Bank of Pakistan (SBP) has said it is revising regulatory limits for consumer financing upwards.The SBP, amending the Regulation R-8 of the Prudential Regulations for Consumer Financing, has enhanced the maximum clean limit for credit card and personal loan/financing from all banks/DFIs up to Rs7 million. https://www.brecorder.com/news/40001858/sbp-revising-regulatory-limits-on-consumer-financing
Diamer-Bhasha Dam: Wapda, GB Scouts ink MoU for project’s security LAHORE: In a major development, a memorandum of understanding (MoU) was signed on Monday between the Pakistan Water and Power Development Authority (Wapda) and Gilgit Baltistan (GB) Scouts for raising a GB Scouts Wing for security of Diamer Bhasha Dam Project.
Petrol shortages: ‘Independent’ body formed to carry out probe
ISLAMABAD: Prime Minister Imran Khan has constituted a four-member “independent” technical committee to probe and verify the prompt actions taken by both Oil and Gas Regulatory Authority (OGRA) and Petroleum Division to handle the petroleum crises.
Major amendments made in Finance Bill 2020
ISLAMABAD: The government has restricted the scope of Federal Board of Revenue’s (FBR) powers to have real time access to databases of agencies and withdrawn a major provision of the Finance Bill 2020 of revision of wealth statement after seeking prior approval of the Commissioner through amendments in the Finance Bill 2020.
FBR to implement tax relief measures from July 1
ISLAMABAD: The Federal Board of Revenue (FBR) will implement income tax, customs duty and sales tax/excise duty relief measures, and new enforcement/administrative measures introduced through the Finance Bill, 2020, from July 1st, 2020.
Duty drawback to be paid to exporters on FIFO basis
ISLAMABAD: The Federal Board of Revenue (FBR) will pay customs duty drawback to the exporters on a first-in first-out (FIFO) basis under the new policy on processing and sanctioning of such claims.
Commercial importers: Fixed tax regime should be restored: PBIF
KARACHI: President Pakistan Businessmen and Intellectuals Forum (PBIF), Mian Zahid Hussain has emphasised that the fixed tax regime should be restored for commercial importers otherwise this sector will collapse creating un-resolvable problems.
Oil rises 3% on improving economic data
Oil prices rose about $1 a barrel on Monday, after bullish data from Asia and Europe, but investors are wary about sharp spikes in new coronavirus infections around the world. Brent crude rose 74 cents, or 1.8%, to $41.76 a barrel. U.S. crude gained $1.21, or 3.1%, to $39.70 a barrel.
Gold steadies near multi-year peak as virus fears mount
Gold prices were little changed on Monday, but held close to a near eight-year peak scaled last week, as the accelerating spread of the coronavirus threatened to derail hopes of an economic recovery.
Spot gold eased 0.1% to $1,769.52 per ounce, but only $9.54 shy of its highest since October 2012 hit last Wednesday.
Japan up nearly 2% as Asia Pacific stocks rise; China’s June manufacturing activity beats expectations
Stocks in Asia Pacific rose in Tuesday morning trade as China’s official manufacturing Purchasing Manager’s Index for June came in above expectations. The Nikkei 225 in Japan rose 1.84% in morning trade, following its more than 2% slide on Monday. The Topix index also added 1.29%. In South Korea, the Kospi gained 1.6%.