ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Tuesday approved to amend Import Policy Order to further tighten labeling requirement in order to facilitate local consumers to understand product ingredients.
(more…)Author: Faisal Shahnawaz
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Jhagra says mining industry has potential for industrial growth
KARACHI: Finance Minister of Khyber Pakhtunkhwa Taimur Saleem Khan Jhagra on Tuesday said that mining industry has huge potential for industrial growth and job creation.
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Equity market falls by 262 points on selling pressure
KARACHI: The equity market fell below 40,000 points on Tuesday owing to selling pressure throughout the day.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 39,957 points as against 40,220 points showing a decline of 262 points.
Analysts at Arif Habib Limited said that the market remained under pressure throughout the day barring an initial burst of positivity that added 100 points to the index.
During the day, the index went down by 278 points and breached 40,000 level.
Blue chips stayed low and selling pressure by end of session caused further pressure.
Major volumes were observed in Power, Cement, Chemical and Banking sectors.
Sentiment drivers during the session were PM’s speech on Indian allegation on the recent attack, which was although positive in stance but stock prices showed investors’ concern.
Sectors contributing to the performance include Banks (-72 points), E&P (-42 points), Fertilizer (-32 points), Tobacco (-26 points), Textile (-14 points).
Volumes declined from 99 million shares to 94 million shares (-5 percent DoD). Average traded value also declined by 19 percent to reach US$ 28 million as against US$ 34 million.
Stocks that contributed significantly to the volumes include KEL, STPL, PAEL, PIBTL and PTC, which formed 32 percent of total volumes.
Stocks that contributed positively include LUCK (+14 points), MCB (+10 points), PSO (+8 points), SYS (+3 points), and ICI (+3 points). Stocks that contributed negatively include HBL (-41 points), PAKT (-26 points), SNGP (-18 points), UBL (-16 points) and MARI (-14 points).
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SME financing crosses over Rs500 billion: SBP
KARACHI: State Bank of Pakistan (SBP) on Tuesday said that SME financing by banks has first time crossed the milestone of Rs500 billion.
SME financing was recorded at Rs 513 billion at the end of CY 2018 compared to Rs 450 billion in the corresponding period last year, exhibiting growth of 14 percent.
The growth in SME financing was even more prominent in the last six months of CY 2018 (July-Dec, 2018) wherein it registered an increase of 25 percent.
This increase in SME financing attracts greater significance keeping in view the fact that SBP policy rate during CY 2018 witnessed a rising trend.
Due to continued focus of State Bank for facilitating SMEs access to formal sources of finance, SME financing increased significantly during CY 2018.
The substantial increase in SME financing is mainly attributable to implementation of the policy for promotion of SME finance issued by the State Bank of Pakistan in December 2017.
The SME policy ensured provision of enabling regulatory environment for SME finance, prescribing SME financing targets for banks/DFIs, sensitizing banks to adopt SME financing as a viable business proposition, advising banks to provide non-financial advisory services for making SMEs bankable, simplifying procedures for SME financing and introduction of new SBP refinance schemes for SMEs through banks/DFIs.
Under the policy so far more than 2,500 bankers have been trained through focused trainings by the training institute of the central bank.
Similarly, awareness has also been created among more than 20,000 stakeholders including SMEs through special programs held by SBP and SBP BSC all across the country.
The impact of SBP interventions resulted into significant rise in outstanding SME finance by banks/DFIs coupled with 2.3 percent decrease in non-performing SME portfolio of banks over last year.
It is pertinent to mention that Government of Pakistan is also providing all out support to promote SME sector.
The substantial tax incentives to the banks on their incremental financing to SMEs announced in recent economic reforms bill is in line with measures identified in government’s 100-day agenda for development of SME sector.
This will continue to encourage banks to fulfill the financing needs of SMEs.
It is worth mentioning that SME sector is contributing 30 percent towards country’s GDP, employ more than 80 percent of non-agricultural workforce and generate 25 percent in export earnings. Thus, SME sector has huge potential for employment generation and poverty alleviation.
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Taking out of jewellery and precious stones prohibited
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Karachi the Pak Rupee Depreciated in the early trade on Tuesday owing to higher import and corporate payment demand
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