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Author Archives: CT Report

Rs9.37b released for textile exporters: Razak Dawood

KARACHI: Advisor to Prime Minister for Commerce, Textile, Industry and Production, and Investment Abdul Razak Dawood said that Ministry of Commerce has released Rs9.37b to textile exporters under various schemes. Taking to Twitter, he said the Ministry of Commerce released duty drawback on taxes (DDT) Rs3.9 billion under 2018-21 and Rs 3.8 billion DDT under 2017-18. Abdul Razzak Dawood also ... Read More »

PSX recovers after opening crash, trading at 30,1298 as of 4:00pm

KARACHI: At the time of filing this report at 4:00 pm, the benchmark KSE-100 Index showed signs of recovery from early meltdown and was being traded at 30,12983 points. PSX began with a drop on Thursday as markets dropped by 1752.01 (-5.76%) to 28,664.04 amid Coronavirus fears as Pakistan reported the first deaths because of the virus. At the time ... Read More »

Coronavirus: Interior ministry shuts Wagah Border for two weeks

LAHORE: Interior Ministry on Thursday has closed Wagah Border in order to curb the spread of deadly coronavirus in the country. According to the notification issued by the ministry, the border will remain shut for two weeks. The notification further stated that the suspension of activities at the border is in the best interest of both Pakistan and India. The ... Read More »

FO advises Pakistani diaspora to avoid non-essential travel, practice social-distancing

ISLAMABAD: The Foreign Office on Thursday advised the Pakistani community abroad to avoid all non-essential travel, stay clear from points of congregation and practice social-distancing in a responsible manner for the safety of their own and of all around. “We advise our diaspora to exercise caution and personal responsibility for their personal health as well as of those in their ... Read More »

PSX makes sharp recovery after crash

KARACHI: The Pakistan Stock Exchange (PSX) recovered after opening crash on Thursday as KSE-100 index was trading at 30, 347 points at 12:30 pm. Earlier, trading was halted at Pakistan Stock Exchange for 45 minutes within 10 minutes of trade as KSE-100 index was down 1,752 points or 5.6 percent and was trading at 28, 664 points. KSE30 index fell ... Read More »

Pakistan Post offers EMO service to send money at doorstep

ISLAMABAD: The Pakistan Post is offering Pakistan Post Electronic Money Order (EMO) service which is known as post to the doorstep, adding that these EMOs are paid at the doorstep of the recipient. An official told the state-run news agency on Thursday that now EMO service is the swift way to transfer money from one post office to another post ... Read More »

Stocks continue to take a battering; 100-index down 1,719 points; trading halted

KARACHI: Trading at the Pakistan Stock Exchange (PSX) was halted again on Thursday when the benchmark KSE-100 index plunged 1,719 points after the start of the morning session. This is the sixth time in the last nine days when trading had to be suspended. The index was at 28,696 points when the halt was triggered. On Wednesday, stocks slumped more ... Read More »

KPT shipping intelligence report March 19

KARACHI: The Karachi Port Trust (KPT) issued the following shipping report for the last 24 hours, ending 0700 hours on Thursday. ALONG SIDE (Bulk Oil Pier) OP-I Shalamar D. Crude Oil PNSC 18/03/20 OP-II Hafnia Europe D. Mogas Alpine 17/03/20 ALONG SIDE (East Wharves): 1 Sc Taipei D. Chemical Alpine 15/03/20 10/11 Roadrunner Bulker D.Gen.Cargo Golden 18/03/20 13/14 Amber L ... Read More »

NYSE to shift fully to e-trading from Monday after two coronavirus cases

NEW YORK: The New York Stock Exchange (NYSE) will temporarily close its trading floors and move fully to electronic trading from Monday, its owner Intercontinental Exchange Inc said after an employee and a trader were tested positive for the coronavirus. They were last in the exchange building on March 13, the company said on Wednesday. The facilities to be closed ... Read More »

Coronavirus: Pakistan Railways to suspend eight trains to Karachi

LAHORE: The Pakistan Railways has Thursday decided to suspend the operation of eight trains to Karachi in the wake of the coronavirus pandemic. Federal Minister for Railways Sheikh Rashid Ahmed said the trains will be discontinued from March 25 and the decision has been taken on the Sindh government’s request. The federal minister clarified that the financial situation of the ... Read More »

FBR extends date for filing ST returns up to March 25

ISLAMABAD: Federal Board of Revenue (FBR) has extended the last date for filing sales tax and federal excise return for the month of February 2020 up to March 25, 2020. In a circular issued on Wednesday to all chief commissioners Inland Revenue of Large Taxpayers Unit (LTUs), Regional Tax Offices (RTOs), the FBR informed to extend the date of submission ... Read More »

Pakistan Stock falls to five-year low to 28,633 points

The Pakistan Stock Exchange fell to its lowest level in more than five years Thursday morning after the benchmark KSE-100 lost another 1,700 points within few minutes of its opening, leading to a trade halt of 45 minutes, the sixth in the last 10 sessions. After temporary halt was lifted, the bourse shed more points, sending the KSE-100, a gauge to ... Read More »

Customs Preventive seizes smuggled betel nuts & rice near Banaras area

KARACHI: Collectorate of Customs Preventive Anti-smuggling Organization (ASO) has recovered huge quantity of smuggled betel nut (areca) and rice from Metroval Banaras area. According to sources, Collector Saquif Saeed received credible information about smuggling of betel nuts from Punjab to Sindh. He immediately constituted anti-smuggling squad to thwart any attempt of smuggling. The anti-smuggling squad enhanced patrolling in the area. ... Read More »

Trade, current deficits witness decline as remittances rise in 2019-20

KARACHI: The current account and trade deficits have witnessed a massive decline during the first eight months of the ongoing fiscal year 2019-20 as compared to the same period of the previous year. According to the details shared by the State Bank of Pakistan (SBP), the current account deficit witnessed a 71 percent decline during the first eight months and ... Read More »

Moody’s lowers Pakistan’s growth forecast to 2.5pc

ISLAMABAD: Moody’s Investor Service lowered its forecast for Pakistan growth rate at 2.5 per cent for the current fiscal year owing to Covid-19 even though it said risks for the entire Asia-Pacific (APAC) region were generally on the downside. In December 2019, the New York-based rating agency had projected Pakistan’s growth rate at 2.9pc for the current year. This coincided ... Read More »

FBR withdraws valuation of sugar for collection of sales tax

ISLAMABAD: Federal Board of Revenue (FBR) has withdrawn valuation of sugar for the purpose of sales tax collection in order to ensure clearance at prevalent international rates. The FBR issued SRO 233(I)/2020 dated March 18, 2020 to amend SRO 812(I)/2016 dated September 02, 2016. The FBR had fixed valuation at $725 per metric ton through previous notification. However, the prices ... Read More »

Japan initiates for importing skilled manpower from Pakistan: Envoy

ISLAMABAD: The Japanese government has initiated process of importing skilled manpower from Pakistan in 14 different sectors aimed to providing employment opportunities for Pakistanis labor force, Minister and Deputy Head of Mission, Embassy of Japan in Pakistan Yusuke Shindo said. Sharing strategy and action plan with APP here Thursday, he said that application have been invited from skilled Pakistanis, who ... Read More »

Pharmaceutical goods’ export increase 7.21pc in 8 months

ISLAMABAD, Mar 19 (APP):The export of pharmaceutical goods from the country witness an increase of 7.21 percent during the first eight months of current financial year (2019-20) as compared to the export of corresponding period of last year. The pharmaceutical exports were recorded at US $149.540 million during July-February (2019-20) as against the export of US $139.487 million during July-February ... Read More »

Flour crisis likely in Karachi as wheat prices go up

KARACHI: Following the consistent increase in the number of coronavirus cases in Sindh, the provincial capital Karachi is likely to face flour crisis as wheat prices went up after a halt in supplies from the open market. Karachiites flocked towards retail shops and wholesale markets to purchase and stock flour sacks inside homes amid fear of coronavirus that has increased ... Read More »

Textile exports increase by 5.30pc during eight months of FY2019-20

LAHORE: Textile exports of the country during first eight months of current financial year (2019-20) grew by 5.30 per cent as compared to the corresponding period of last year. During the period from July- February 2019-20, textile products worth US $ 9,373,400 million were exported against US $ 8,901,495 million during the same period of last year. According to the ... Read More »