Pakistan's Economy - News and Updates

[Asad varda]

Pakistani Who Won Prize Bond 123 Times and Money Laundering
A Pakistani claimed to have won Pakistani Prize Bond Lottery 123 times In the Wake of FATF regulations and global anti-money laundering drive.

 

[ejaz007]

PSX sheds 526 points, enters correction territory



By Equities Correspondent

NOVEMBER 20, 2019

PSX picked up the sentiments from Asian and European markets as KSE 100 slid below the 38,000-mark intraday, while volumes fell slightly from the previous session.

The KSE 100 Index breached 38,000-mark and recorded its intraday low at 37,977.63. It settled lower by 526.69 points at 38,037.68. The KMI 30 Index was down by 1,049.49 points or -1.67pc to close at 61,690.51, while the KSE All Share Index depreciated by 330.13 points, ending at 26,896.80. Out of the total traded shares, 119 advanced and 211 declined.

The market was in correction mode as it preceded power-packed performance in the past several days. Of the 95 traded companies in the KSE 100 Index 24 closed up 70 closed down, while 1 remained unchanged. Total volume traded for the index was 186.50 million shares. The overall trading volumes declined by 15pc and were recorded at 327.64 million.

Sectors that pulled the KSE 100 Index lower included banking by 202.50 points, oil and gas exploration 112.58 points and cement 48.98 points. Among the companies, Habib Bank Limited), Engro Corporation Limited and Oil and Gas Development Company Limited dented the index the most.

The most points added to the index was by Fauji Fertilizer Company Limited which contributed 24 points followed by National Foods Limited with 10 points, THAL limited with 7 points, International Steels Limited with 7 points and AGP limited with 5 points.

Volume leaders in a volatile session turned out to be Worldcall Telecom followed by The Bank of Punjab and PakElektron Limited. The scripts had exchanged 28.33 million, 17.10 million and 15.08 million shares, respectively.

Meanwhile, the State Bank of Pakistan conducted an auction on Wednesday in which it sold Market Treasury Bills worth Rs 256.03 billion for 3, 6 and 12 months. Auction target was Rs 500.00 billion against a maturing amount of Rs 175.77 billion. Cut off yield for 3, 6 and 12 months were 13.5899, 13.2899 and 13.2499 percent. The 6 month cut off yield remained unchanged while the 3 and 12 month yields increased by 30 and 46 basis points.

Total amount offered was Rs 518.25 billion out of which the SBP accepted Rs 239.71 billion. The SBP received bids worth Rs 222.89 billion for 3 months, Rs 108.08 billion for 6 months and Rs 187.28 billion for 12 months out of which it accepted Rs 178.89 billion, Rs 15.54 billion and Rs 45.28 billion, respectively.

https://dailytimes.com.pk/503824/psx-sheds-526-points-enters-correction-territory/

 

[Syed1.]

You can easily identify who is a paindu patwari when they didn't bother posting when stock exchange went up 8000 points in 3 months, but rush to post at a minor drop of 500 points.


You have to be special type of dumb and ignorant loser to be a patwari, and these patwaris reinforce it everyday.

 

[jupiter2007]

https://youtu.be/wtC_jETsRho

https://tribune.com.pk/story/2105320/1-business-tycoon-praises-pm-economic-turnaround/?amp=1

 

[pkuser2k12]

https://twitter.com/x/status/1201530988469374977

 

[ejaz007]

Govt admits to pocketing: Rs45 per litre on diesel, Rs35 per litre on petrol

Listen

ISLAMABAD: The government on Friday admitted in the National Assembly that it was charging Rs45 per litre on diesel and Rs35 per litre on petrol in taxes.

The National Assembly was informed that the oil prices in Pakistan were not being increased consistently rather these were revised upward or downward 17 times from September 2018 to December 2019.

In a written reply to a question posed by MNA Chaudhry Barjees Tahir, Minister for Petroleum Omar Ayub told the lower house that there had not been a substantial decrease in the oil prices in the global, Arab and Gulf markets.

In fact, oil prices had been fluctuating upward and downward in the global market. During the 17 times revision, the prices of various petroleum products were increased only on 6-7 occasionswhile prices were decreased and maintained on 10-11 occasions, he explained.

“It is not a fact that people are deliberately deprived of the fruits of decrease,” he said. “The benefit of the decrease in oil prices was passed on to the public on several occasions," the minister said.

Meanwhile, the opposition parties’ protest against non-production of detained parliamentarians blocked the National Assembly proceedings on Friday. The opposition members staged a walkout from the House when Deputy Speaker Qasim Suri did not give floor to the PML-N member Chaudhry Birjees Tahir, who wanted to raise the issue of four members who were not produced in the House despite issuance of production orders by the speaker.

Sardar Akhtar Mengal and other parliamentarians of the Balochistan National Party (BNP) also accompanied the opposition members in walkout. Meanwhile, one of PML-N members pointed out the lack of quorum. After counting, the chair suspended proceedings for a few minutes. However, the government benches could not manage the quorum and also could not convince the opposition members to return to the House.

Consequently, the Deputy Speaker adjourned the proceedings till Monday afternoon. The opposition parties are under protest against non-production of Shahid Khaqan Abbasi, Asif Ali Zardari, Khawaja Saad Rafique and Syed Khursheed Shah whose production orders had already been issued by the speaker.

https://www.thenews.com.pk/print/57...-per-litre-on-diesel-rs35-per-litre-on-petrol

 

[jupiter2007]

will the lottery system in Pakistan (even for temporary time) be acceptable by conservatives?
If there is no major obstacle government can try lottery system to get the economy out of this mess.

How will it work?
Each ticket for 100 rupees (10 tickets can be sold to an individual at time)
If 1,00,00,000 (One Crore) tickets were sold in a week for 100 rupees per ticket.
= 100,00,00,000 Hundred Crore PKR collected by state

20% Government taxes and administrative fees collected prior to the drawing = 20,00,00,000 Crore

This is how 80,00,00,000 Crore will be distributed.
Person matching all 6 numbers will win 72,00,00,000 Crore
(if more than one winner, they will share this price money)

Anyone matching 5 numbers including power-ball number will win 5,60,00,000‬ Crore
(if more than one winner, they will share this price money)

Anyone matching 5 numbers not including power-ball number will win 1,68,00,000‬ Crore
(if more than one winner, they will share this price money)

Anyone matching 4 numbers including power-ball number will win 50,40,000‬ lakh
(if more than one winner, they will share this price money)

Anyone matching 3 numbers including power-ball number will win 15,12,000.00‬ lakh
(if more than one winner, they will share this price money)

648,000 we be divide among ticket sellers who sold ticket matching all 6 numbers.

People will have to declare this money in their annual tax return.

 

[SSGcommandoPAK]

https://www.facebook.com/

 

[BATMAN]

Pakistani Who Won Prize Bond 123 Times and Money Laundering
A Pakistani claimed to have won Pakistani Prize Bond Lottery 123 times In the Wake of FATF regulations and global anti-money laundering drive.

How is it different than those, who claim they have received gifts of billions from their rich jew ex-wives at the time of divorce!
This clarify why same people were involved in reinstatement of Iftikhar Chodary and gang!

 

[Path-Finder]

https://twitter.com/x/status/1223874765062115330

https://twitter.com/x/status/1221862237838696451

https://twitter.com/x/status/1216073712644116480

https://twitter.com/x/status/1216241297914318848

https://defence.pk/pdf/threads/paki...ebt-with-28-per-capita-increase.652012/page-4

 

[Path-Finder]

https://twitter.com/x/status/1221503680001654784

https://twitter.com/x/status/1221503689489170433

https://twitter.com/x/status/1221503704626384896

https://twitter.com/x/status/1221503708938137601

 

[Path-Finder]

 

[Path-Finder]

bloody khatti train.

https://urdu.siasat.pk/news/2020-02-05/news-7136

 

[fatman17]

Pakistan's red chillis to disappear due to climate change

Sindh province in southern Pakistan is the red chilli capital of Asia; the area is responsible for 85 percent of all red chilli production in Pakistan, contributing 1.5 percent of the country's GDP. However, extreme heat has killed off many of the peppers before workers have a chance to harvest them from the vines.

"Unfortunately overall production of red chillies has gone down in 2019 and it made impact on the price of chillies and its rates doubled," says Mian Muhammad Saleem, President of the Red Chilli Growers Association, Sindh. "We have produced 125,000 tons of red chilli crops in 2018, and in 2019 we have produced only 70 to 80,000 tons of red chilli crops." That's a drop of around 40 percent.

Saleem says the time has come for the government to step up. "The government should intervene on an emergency basis and must introduce seeds that should be heat tolerant or heat resistant."

Farmers would normally sow chilli seeds in January, but the weather cycle in the region is changing and they are still waiting for suitable conditions to grow their crops.

"Due to climate change, weather is shifting its cycle and it causes the sudden rise of heat waves that have an impact on red chilli crops," explains Dr Muhammad Mithal Jiskani, Associate Professor, Department of Plant Pathology, Sindh Agriculture University, Tando Jam. Jiskani has done research which indicates that each acre in the area's 135,000 acres of chilli crops supports five families.

In 2018, red chillies cost Rs 7,000 (46 US dollars) per ton, but last year soared to Rs 18,000 (117 US dollars) per ton, according to Saleem. The high prices mean many buyers have stopped importing chillies from Pakistan. And that means the market could be left with unsold stocks of unaffordable chillies.

Source: albawaba.com


Publication date: Wed 5 Feb 2020

 

[Path-Finder]