Latest news with #PakistanEconomicSurvey
Business Recorder
5 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
5 days ago
- Business
- Express Tribune
Stocks rally on blue-chip buying
Listen to article The Pakistan Stock Exchange (PSX) opened with renewed vigour on Thursday following a day's closure to mark Youm-e-Takbeer, which reflects the nation's nuclear achievements and military strength. The KSE-100 index gained ground as global equities rallied after a US court blocked the imposition of President Trump's new tariffs. European shares and US stock futures rose, lifting the mood at the PSX. Additionally, optimism ahead of the presentation of Pakistan Economic Survey and the federal budget on June 9 and 10, respectively, fuelled a buying spree, with expectations of relief for the agriculture sector, a narrowing fiscal deficit and export-friendly US trade measures. Crude oil gains supported energy stocks while blue chips led the advance of the index, which oscillated between the intra-day high of 119,639 and intra-day low of 118,482. Arif Habib Corp MD Ahsan Mehanti commented that stocks closed higher amid speculation in the pre-budget session with investors expecting relief for the agri-sector and as Pakistan-India tensions eased. Expectations of US tariff and trade incentives supporting exports, a falling fiscal deficit and surging global crude oil prices aided the bullish close at the PSX, he added. At the end of trading, the benchmark KSE-100 index posted a notable rise of 638.50 points, or 0.54%, and settled at 118,971.41. Topline Securities, in its review, wrote that the local bourse kicked off trading on a strong footing and wrapped up the session with a surge of 638 points (+0.54%) at 118,971. Intra-day excitement peaked with a high of 1,306 points, reflecting bullish sentiment across the board. Heavyweights stocks of sectors like cement, bank, fertiliser and oil contributed 413 points to the index gains, it said. Arif Habib Limited (AHL), in its commentary, said that after taking out last week's low, the KSE-100 remained range bound and was poised to push towards 118.2k. Some 65 shares rose while 34 fell with Lucky Cement (+2.82%), United Bank (+1.19%) and Fauji Fertiliser (+0.66%) being the top positive contributors. On the contrary, K-Electric (-6.28%), Pakistan Services (-2.28%) and MCB Bank (-0.39%) were the biggest drags. On the macro front, AHL said, China assured Pakistan of refinancing a commercial debt of $3.7 billion maturing between March and June. Also, Power Minister Awais Leghari stated that the government would review K-Electric's new tariffs. "Heading into the week's final session, the KSE-100 is down 0.11% week-on-week, with a sustained move towards 120k likely," it added. KTrade Securities remarked that activity at the PSX remained focused on blue-chip stocks, with cement, bank, fertiliser, communication and oil shares adding a cumulative 450 points to the index. Despite budget concerns, confidence emerged towards the end of the rollover week and focus was expected to be on blue chips, it predicted. According to JS Global analyst Muhammad Hasan Ather, stocks witnessed a 0.5% surge, climbing 1,306 points to the intra-day high of 119,639, as investor sentiment strengthened amid expectations of fiscal discipline and IMF loan inflows. Optimism was fuelled by signals of upcoming tax relief for the salaried class and alignment of the budget with the IMF guidelines, he added. Overall trading volumes increased to 741.7 million shares compared with previous tally of 690.4 million. The value of shares traded during the day was Rs23.9 billion. Shares of 466 companies were traded. Of these, 268 stocks closed higher, 159 fell and 39 remained unchanged. WorldCall Telecom was the volume leader with trading in 137.5 million shares, rising Rs0.13 to close at Rs1.43. It was followed by K-Electric with 119.6 million shares, losing Rs0.37 to close at Rs5.52 and Pakistan Telecommunication Company with 65.7 million shares, gaining Rs1.95 to close at Rs26.23. During the day, foreign investors bought shares worth Rs7.7 million, the National Clearing Company reported.
Business Recorder
24-05-2025
- Business
- Business Recorder
FY26 budget on June 10
ISLAMABAD: Pakistan government will present its budget for the financial year 2025-26 on Tuesday, June 10, 2025, Khurram Schehzad, the finance minister's adviser, said on Friday. He wrote in a post on X, 'The Federal Budget for FY 2025–26 of Pakistan will be presented on June 10, 2025'. 'The Pakistan Economic Survey 2024–25 will be released a day before the Federal Budget, on June 9, 2025,' Schehzad said. Earlier it was expected that Finance Minister Muhammad Aurangzeb will present the budget in National Assembly on June 2, before Eidul Adha. Copyright Business Recorder, 2025
Business Recorder
23-05-2025
- Business
- Business Recorder
Pakistan govt to present budget for FY2025-26 on June 10
Pakistan government will present its budget for the financial year 2025-26 on Tuesday, June 10, 2025, Khurram Schehzad, the finance minister's adviser, said on Friday. 'The Federal Budget for FY 2025–26 of Pakistan will be presented on June 10, 2025,' he wrote in a post on X. 'The Pakistan Economic Survey 2024–25 will be released a day before the Federal Budget, on June 9, 2025,' Schehzad said.
Arab News
02-05-2025
- Business
- Arab News
Pakistan foils bid to smuggle donkey hides worth Rs80 million to China
KARACHI: Pakistan Customs has foiled an attempt to smuggle donkey hides, worth around Rs80 million ($283,862), to China, a customs spokesperson said on Friday. The staff deployed on the Risk Management Profiling System of the Karachi customs collectorate detected a container number SEGU-3154225 cleared from the South Asia Pakistan Port (SAPT) terminal in Karachi, whose export documents showed 285 packages of leather products were being sent to China by Messrs. Wow Trading. The container was allowed to be loaded on a ship after the export collectorate issued a permit, but customs authorities conducted a detailed inspection after being informed by the Anti-Smuggling Organization (ASO) staff and found the prohibited donkey hides in the container. '[The inspection] resulted in the recovery of 14,000 kilograms of prohibited donkey hides, declared under the guise of leather products, in the container, the export of which is prohibited under the export policy of the Government of Pakistan,' Irfan Ali, a customs spokesperson, said in a statement. 'A case has been registered against the exporter under the relevant provisions of the Customs Act. Further investigation is underway.' Pakistan is frequently listed as one of the countries with the highest number of donkey populations worldwide, with Islamabad reporting its donkey population had increased to 5.9 million during the fiscal year 2023-24 from 5.5 million in 2019-2020, according to the Pakistan Economic Survey (PES) 2023-24. The animal's meat and hides are quite popular in China. Gelatin derived from donkey hides is highly sought after in China for its use in Ejiao, a traditional medicinal remedy. Several Chinese eateries sell donkey meat and burgers for consumption. The seizure of donkey hides comes amid a Pakistani government crackdown on smuggling of various goods. 'Karachi Customs Enforcement Collector Moinuddin Wani appreciated and praised the performance of the officers and staff of the enforcement collectorate for this successful operation,' Ali added.
