Latest news with #FederalBudget
Business Recorder
4 hours ago
- Business
- Business Recorder
Optimism continues, KSE-100 crosses 120,000 level
Bullish momentum was observed at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index crossing the 120,000 level, amid a gain of over 650 points during the opening hours of trading on Monday. At 10:10am, the benchmark index was hovering at 120,326.64 level, an increase of 635.55 points or 0.53%. Buying was observed in key sectors including cement, commercial banks, fertilizer, oil and gas exploration companies, OMCs and refinery. Index-heavy stocks PRL, HUBCO, PSO, SNGPL, MARI, OGDC, POL and PPL traded in the green. During the previous week, the PSX saw a mild recovery last week ended on May 30, supported by improved economic policy clarity. However, gains remained limited as investors braced for potential tax-related announcements in the upcoming Federal Budget. The benchmark KSE-100 Index closed at 119,691 points on Friday, recording a gain of 588 points or 0.49% on a week-on-week (WoW) basis, up from 119,102.67 points at the close of the previous. Internationally, Asian share markets and the dollar made a soft start on Monday as US-China trade tensions continued to simmer, while investors turned defensive ahead of key US jobs data and a widely expected cut in European interest rates. There was little obvious reaction to President Donald Trump's threat late Friday to double tariffs on imported steel and aluminium to 50%, beginning on June 4, a sudden twist that drew the ire of European Union negotiators. Speaking on Sunday, Treasury Secretary Scott Bessent said Trump would soon speak with Chinese President Xi Jinping to iron out a dispute over critical minerals. Beijing then forcefully rejected Trump's trade criticism, suggesting a call might be some time coming. White House officials also continued to play down a court ruling that Trump had overstepped his authority by imposing across-the-board duties on imports from US trading partners. Markets will be particularly interested to see if Trump goes ahead with the 50% tariff on Wednesday, or backs off as he has done so often before. In the meantime, caution reigned and MSCI's broadest index of Asia-Pacific shares outside Japan went flat. Japan's Nikkei fell 1.4%, while Hong Kong dropped 2.5%. South Korean stocks edged up 0.2% on hopes a snap presidential election on Tuesday would deliver a clear winner. EUROSTOXX 50 futures dipped 0.2%, while FTSE futures and DAX futures were little changed. S&P 500 futures eased 0.4% and Nasdaq futures lost 0.5%. This is an intra-day update
CNN
6 hours ago
- Business
- CNN
Interviews with White House Budget Director Russ Vought; House Democratic Leader Hakeem Jeffries; Senator Chris Murphy - State of the Union with Jake Tapper and Dana Bash - Podcast on CNN Audio
Interviews with White House Budget Director Russ Vought; House Democratic Leader Hakeem Jeffries; Senator Chris Murphy State of the Union 47 mins On CNN's State of the Union, Dana Bash sits down for an exclusive interview with the man seen as the architect behind President Trump's scorched-earth effort to upend the federal government, White House Budget Director Russ Vought. Then, House Democratic Leader Rep. Hakeem Jeffries joins Dana to detail his party's plan to counter Trump's agenda, as well as respond to a new CNN poll showing Americans frustration with the Democratic Party. Next, Democratic Sen. Chris Murphy pushes back against Republican messaging around President Trump's massive spending and tax cut bill. Finally, Democratic Rep. Debbie Dingell, CNN Senior Political Commentator Scott Jennings, and CNN Political Commentators Jamal Simmons and Shermichael Singleton weigh in on Elon Musk's exit from the Trump administration, as well as early 2028 moves by Democrats.
Business Recorder
8 hours ago
- Business
- Business Recorder
PSX sees mild recovery
KARACHI: The PSX saw a mild recovery last week ended on May 30, supported by improved economic policy clarity. However, gains remained limited as investors braced for potential tax-related announcements in the upcoming Federal Budget. The benchmark KSE-100 Index closed at 119,691 points on Friday, recording a gain of 588 points or 0.49 percent on a week-on-week (WoW) basis, up from 119,102.67 points at the close of the previous. Meanwhile, average daily trading volumes increased by 35 percent WoW, rising to 662 million shares compared to 491.5 million shares in the preceding week. Market capitalization rose by Rs. 118 billion during the week, reaching Rs. 14.503 trillion compared to Rs. 14.385 trillion in the previous week. BRIndex100 also gained 103.45 points during the last week to close at 12,842.51 points compared to 12,739.06 points a week earlier. Average daily turnover at BRIndex100 was 575.59 million shares. BRIndex30 up by 288.93 points on a week-on-week basis to 37,794.85 points with the daily average share trading volumes of 432 million. Analysts noted that despite the uptick, the market remained largely range-bound, moving within a narrow band of 1,770 points, weighed down by uncertainty surrounding potential revenue measures in the Federal Budget FY26. Investors remained cautious ahead of the upcoming federal budget amid growing concerns over proposed tax measures. On the economic side, the week commenced with IMF concluding its visit to Pakistan without reaching an agreement on certain budget items, leading the government to reschedule the budget presentation to June 10, 2025. However, the virtual negotiations are continuing, with both sides to focus on measures to enhance tax revenues and curtailing expenditures. Meanwhile, China reaffirmed its commitment to refinance $3.7 billion in commercial loans denominated in the Chinese currency, before the end of June-2025. In other developments, the SBP's net buying from the currency markets stood at $223 million in Feb-2025 to further strengthen foreign exchange reserves, bringing the cumulative purchases of $5.9 billion during 8 months of FY25. In the recently held T-bill auction, SBP raised Rs772 billion against the target of Rs650 billion, with yields remaining largely flat across different maturities. Moreover, SBP reserves also rose by $70 million week on week to $11.52 billion. According to AHL Research, the KSE-100 index remained range-bound throughout the week, weighed down by uncertainty regarding potential revenue measures in the upcoming Federal Budget FY26. Foreign investors remained net sellers during the week, recording an outflow of $5.57 million, which was largely absorbed by local buyers. Overall, sentiment stayed cautious as market participants awaited clarity on fiscal policies and tax reforms expected in the upcoming budget announcement. While analyzing on the monthly basis, Topline sales desk stated that the benchmark KSE 100 Index gained 7.5 percent on month on month (MoM) basis, this gain can be attributed to cut in policy rate by 100bps by SBP to 11 percent in its monetary policy meeting, citing the improvement in inflation outlook relative to the previous assessments and approval of first review of EFF by IMF board along with a new facility under Resilience and Sustainability Facility of $1.4 billion. Analysts at AHL Brokerage house stated that market is expected to remain positive in the coming weeks, with developments around the upcoming federal budget likely to drive short-term sentiment, along with room for more rate cut in the upcoming Monetary Policy Committee (MPC) meeting as it forecasted inflation stands at 7.0 percent in next fiscal year. The KSE100 is anticipated to sustain its upward trajectory, with a target of 165,215 points by December 2025, primarily driven by strong earnings in fertilizers, sustained ROEs in banks, and improving cash flows of E&Ps and OMCs, benefiting from falling interest rates and economic stability, they added. Copyright Business Recorder, 2025
Business Recorder
3 days ago
- Business
- Business Recorder
Budget on June 10: advisor
ISLAMABAD: Amid rumours regarding a possible delay due to Eid holidays, Khurram Shahzad, advisor to the finance minister said budget will be announced as per schedule. In his statement, Shahzad said, 'As communicated earlier, the upcoming Federal Budget FY26 is on schedule to be announced on June 10. Similarly, the upcoming Pakistan Economic Survey FY25 is scheduled to be announced on June 9.' Copyright Business Recorder, 2025
Express Tribune
3 days ago
- Business
- Express Tribune
Budget on track, June 10 confirmed
The government on Thursday insisted that no decision has been made to postpone the federal budget for fiscal year 2025-26, clarifying that the previously announced date of June 10 remains unchanged. The clarification came amid speculations regarding a possible delay due to Eid holidays. "The federal budget will be presented on June 10," Federal Finance Secretary Imdad Ullah Bosal told the media after exiting a committee meeting at the National Assembly. He said the National Economic Council (NEC) meeting date may be revised, while the upcoming fiscal year's budget is being finalised in consultation with the IMF. Moreover, Adviser to the Finance Minister Khurram Schehzad wrote on X that no decision has been made to postpone or reschedule the budget. "As communicated earlier, the upcoming Federal Budget FY26 is on schedule to be announced on June 10, 2025," he wrote. "Similarly, the upcoming Pakistan Economic Survey FY25 is scheduled to be announced on June 9, 2025."
