Business
Pakistan Stock Exchange closed on a positive note
Karachi, March 10, 2020: Market rebounded today erasing most of the losses sustained yesterday. Market opened on a positive note today with +145 points, however, dipped again and lost 145 points (intra-day). Oil & gas stocks kept the selling pressure on, due to low oil prices that maintained a plateau of ~U$34/bbl. Interestingly, both OGDC…
Pakistan Stock Market index closed on a negative note
Karachi, March 09, 2020: Market witnessed bloodbath situation, which was triggered by the crashing of oil price from US$45/bbl on Friday’s opening to US$ 28/bbl today (a staggering 62 percent decline). Resultantly, oil stocks hit lower circuit breakers, with OGDC and PPL showing offers of 16 million and 13 million throughout the day. Similar situation…
Sindh Food Authority temporarily sealed Dunkin Donuts factory
Karachi, March 09, 2020: Sindh Food Authority temporary sealed Dunkin Donuts manufacturing unit factory in the site area, after exploring the factory the Sindh Food Authority team find some expired packets of candies (bunties) and some unrefined items which have been intermixed. On the instructions of the director-general of food authority, Sindh Food Authority enforcement…
FBR collected Rs. 345bln additional tax in Jul-Jan
Karachi, March 09, 2020: Federal Board of Revenue has stated that revenue has grown by 17 percent with additional revenues of Rs.345 billion over last year. In the current Fiscal Year 2019-20, out of target of Rs.920 billion for the period from July to January 2020. The FBR has accumulated Rs. 897.5 billion Income Tax…
Oil price crash to benefit Pakistan’s macros
Karachi, March 09, 2020: Oil prices has dropped by more than 30 percent as OPEC failed to strike a deal with its allies regarding production cuts. Saudi Arabia has slashed its prices as it is reportedly getting ready to ramp up production, leading to fears of an all-out price war. WTI crude briefly dropped to…