ISLAMABAD: The headline inflation based on Consumer Price Index (CPI) in Pakistan witnessed a contraction of 8.3 percent on a Year-on-Year (YoY) basis in November 2020, according to data released by the Pakistan Bureau of Statistics (PBS) on Tuesday.
(more…)Month: December 2020
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Share market gains 596 points due to less COVID cases
KARACHI: The share market gained 596 points on Tuesday after a peaceful rally of various political parties under the umbrella of Pakistan Democratic Movement (PDM) and lower reported cases of coronavirus.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 41,665 points as compared with the previous day’s closing of 41,069 points, showing a gain of 596 points.
Analysts at Topline Securities said that the market continued its positive momentum with the KSE-100 Index closing the day at 41,665.
Safe completion of the PDM rally along with lower COVID cases improved sentiment at the bourse.
Major positive contributors to the benchmark index were HUBC, ENGRO & PAKT who cumulatively added 170.43 points to the index.
Volumes also saw an uptick with the total traded volume clocking in at 489 million shares while total traded value was registered at Rs19.5 billion.
UNITY was today’s volume leader with 67.87 million shares traded and the stock closing up 7.05 percent amid news reports that the company is all set to issue a Rs3 billion Sukuk to fund its working capital requirements.
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Rupee weakens by 40 paisas against dollar
KARACHI: The Pak Rupee fell by 40 paisas against the dollar on Tuesday owing to payment demand for import and corporate payments.
The rupee ended 159.82 to the dollar from the previous day’s closing of Rs159.42 in the interbank foreign exchange market.
Currency dealers said that the demand for import and corporate payments was higher during the day.
They said that the market had also seen supply of the dollar but was not sufficient to help the local currency.
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Tax bar opposes making phone SMS as mode of service
KARACHI: Karachi Tax Bar Association (KTBA) on Tuesday opposed making mobile phone SMS as a legal mode for serving notices.
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