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KSE closes at 78 points lower

KARACHI: Karachi Stock Exchange ended lower amid thin activity. Index went down by 77.95 points closing at 29619.84 points against 29697.79 points a day earlier. At local equity market benchmark KSE-100 share index misplaced 77.95 points or 0.26 per cent. Market witnessed another range bound session with less participation. Textile stocks remained under pressure due to gas price increase by ... Read More »

Selling spree downs KSE to 9-month low

KARACHI: Stock market remained dull throughout the day, which saw volume shrunk 45pc to 73m shares, recording a 9-month low. Trading value fell to Rs4 billion which was at 14 months low. The KSE-100 index managed to claw up by 20.99 points to 29,697.79. While local institutions and individuals were on the sell side, the market received support from foreign ... Read More »

Gold, jewellery clearance: Customs, TDAP to be linked through WeBOC

KARACHI: Directorate of Reforms and Automation has started its work on formation of Requirement Specification Documents (RSD) in connection with import/export of gold, jewellery and gemstones relates to SRO 760/2013. FBR sources informed Customs Today that the Economic Co-ordination Committee has decided to establish interface between Pakistan Customs and Trade Development Authority of Pakistan in order to automate Customs clearance ... Read More »

Rupee fluctuates owing to political situation in Lahore

ISLAMABAD: US dollar appreciated to as much as over Rs 100 in the currency market due to nervousness created by the arrival of Dr Tahirul Qadri and subsequent events in the day in connection to his arrival. Currency dealers in the open market said that the arrival of Dr Qadri and ensuing political tension depressed the market. Nervous traders turned ... Read More »

Customs wins legal battle over 10kg gold seizure from Iranian

ISLAMABAD: After struggle of twenty five years, Pakistan Customs has won the legal battle over confiscation of ten kilograms of smuggled gold worth tens of millions of rupees. Supreme Court of Pakistan has given its verdict over the confiscation of the gold from Iranian citizen Ghulam Hussain Ramzan Ali in favour of Pakistan Customs while rejecting his appeal. The Iranian ... Read More »

Slash in capital gains tax on the cards

ISLAMABAD: The federal government is most likely to reduce burden on income from shares trading by over 28 percent and fix the capital gains tax (CGT) rate at 12.5 percent for next fiscal year. As per details, the government may amend the definition of short-term period for capturing longer periods to make for the losses that it will incur due ... Read More »

Dollar jumps in open market ahead of summer vacations

KARACHI: After staying stable for over a month and a half, US dollar crossed Rs 100 mark in the open market towards the end of this week, said currency traders. Dollar crossed Rs100 by midday however returning back to Rs 99.85 by the close, said a money changer. The greenback breached the limit on Thursday as it was traded at ... Read More »

Money changers get immunity from ST

LAHORE: In compliance with the federal government directives, the Punjab Revenue Authority (PRA) has exempted foreign currency dealers and money changers services from sales tax. As per details, the provincial tax authority has decided to grant exemption to currency dealers from provincial sales tax for two years to encourage foreign exchange inflows into the country. The currency dealers and government ... Read More »

LSE looses 10.59 points

LAHORE: Lahore Stock Exchange witnessed bearish trend by losing 10.59 points, as the LSE Index-25 opened with 5233.90 points and closed at 5223.31 points on Monday. The market’s overall situation also did not correspond to an upward trend as it remained at 1.364 million shares to close against previous turnover of 3.038 million shares, showing a downward slide of 1.674 million shares. ... Read More »

LSE drops 99.59 points

LAHORE: Lahore Stock Exchange here Wednesday witnessed bearish trend by losing 99.59 points, as the LSE Index-25 opened with 5490.17 points and closed at 5390.58 points. The market’s overall situation also did not correspond to an upward trend as it remained at 1.753 million shares to close against previous turnover of 2.224 million shares, showing a downward slide of 471,000 shares. While, out ... Read More »

Rupee at 96 a dollar in another episode of appreciation trend

KARACHI: Pakistani rupee’s climb against the US dollar continued on Friday as the US currency traded as low as Rs 96.10 in the inter-bank and Rs 98.20 in the open market. The rupee has appreciated by 13 per cent over the past few months. There is no sign yet that the trend will change soon. Currency dealers in the inter-bank ... Read More »

Ban on gold import to be lifted in two weeks

LAHORE: Federal Commerce Minister Khurram Dastgir has said that ban on import of gold would be lifted in two weeks with an ultimate goal to facilitate the value added exports of the commodity. “The government has devised a comprehensive plan to allow import of gold and the ban will be lifted in two weeks,” the minister said while addressing a ... Read More »

Greenback falls to Rs97

KARACHI: The US dollar plummeted to Rs97-level on Monday, continuing its depreciation from the previous week. According to, the greenback was being bought at Rs97.70 and sold at Rs97.90 in the interbank-market. However, in the open market the dollar is being sold at Rs100.40 and bought at Rs100.15, registering a slight decrease in its value from the previous day. ... Read More »

Greenback traded at Rs98: Dollar slips further in inter-bank market

KARACHI: The US dollar again fell back to one year low of Rs98 in the inter-bank market, prompting currency dealers to expect further decline. The dollar kept resisting in the inter-bank market for the last three days but could not break the psychological barrier of Rs100. Dealers in the inter-bank market said the State Bank had been influencing to keep ... Read More »

Rupee declines, expected to stabilize around 100 mark

ISLAMABAD: The rupee has decline by 80 paisas to close at 99.35 against the US dollar in the interbank market, dealers said. The forex market faced some panic on buying pressure and speculative sentiment, they said. The rupee hovered in the range of 99.35 and 99.45 per dollar at the commencement of the trading. The dealers expect the rupee to ... Read More »

LSE gains 1.77 points

LAHORE: Lahore Stock Exchange has witnessed bullish trend by gaining 1.77 points, as the LSE Index-25 opened with 5083.80 points and closed at 5085.57 points. The market’s overall situation, however, did not correspond to an upward trend as it remained at 3.190 million shares to close against previous turnover of 3.556 million shares, showing a downward slide of 366,500 shares. While, out ... Read More »

‘Mystery’ of sudden rise in forex reserves yet to be unfolded

KARACHI: Net foreign exchange reserves with State Bank of Pakistan (SBP) rose by $1.03 billion during the second and third weeks of the outgoing month which provided the much-needed vigor to strength rupee against dollar. The current drastic appreciation in rupee against the dollar is largely due to the increase in the net foreign exchange reserves with SBP. However, one ... Read More »

ECC lifts ban on gem export, ban on gold import extended

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has approved to lift restrictions on the export of Gem Stones. However the body extended the ban on the import of gold under SRO 760 up to 31st March. The meeting of the Economic Coordination Committee (ECC) of the Cabinet took place under the chairmanship of the Federal Minister for Finance ... Read More »

Expats remittances rise by 11pc in 8 months

KARACHI: Remittances sent by overseas Pakistani surged by 10.95 percent to the amount of $10.245053 billion in the first eight months (July to February) of the current fiscal year, against $9.234077 billion during the same period of last fiscal year, said a SBP statement here. The inflow of remittances in July- February FY14 from Saudi Arabia, United Arab Emirates ( ... Read More »

Dollar plunges below Rs98, price of POL must lower down

KARACHI: The Pakistani rupee hit eight-month high on Wednesday against the dollar, trading below the key psychological 100-to-a-dollar level. Dollar further plunged to Rs97.90 in interbank and Rs98.00 in the open market during the day, witnessing Rs2.40 decease in the open market.  Foreign currency dealers said that the rupee maintained its upward journey for the second consecutive day both in ... Read More »