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SECP to revisit proposal for cut in dividend payment time


March 4, 2021

LAHORE: The Securities and Exchange Commission of Pakistan (SECP) on Wednesday agreed to review the proposed amendment to the Companies (Distribution of Dividends) Regulations 2017, which requires cash dividend payment in three working days from the date of its approval by the general meeting of the company’s shareholders in case of final dividend and its board in case of interim …

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Trade deficit widens by 10.64pc in 8MFY21


March 4, 2021

ISLAMABAD: Pakistan’s trade deficit posted double-digit growth as it widened by 10.64 per cent to $17.54 billion in the eight months of 2020-21 (8MFY21) from $15.85bn over the corresponding period last year, Pakis­tan Bureau of Statistics (PBS) data showed on Wednesday. The trade gap has been widening since Dec 2020. In February, it swelled by 23.93pc to $2.52bn as against …

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Stocks extend overnight gains


March 4, 2021

KARACHI: The stock market remained on an upward trajectory on Wednesday. The KSE-100 index gained 197 points, or 0.4 per cent, and closed at 46,161. The market opened in the green as almost simultaneously polling for elections to the Senate commenced. However, the market didn’t show interest in the event as most expected the government candidate in Islamabad, Finance Minister …

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Govt raises cut-off yields on PIBs by up to 42bps


March 4, 2021

KARACHI: The government on Wednesday increa­sed the returns on the long-term Pakistan Investment Bonds (PIBs) up to 42 basis points despite no change in the policy interest rate. It raised Rs84.3 billion through action of PIBs (fixed rate). Higher returns encourage the banks to increase their investment in the long-term government papers. The government raised Rs28.75bn for three-year tenure against …

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ECO to explore ways to boost cooperation post-Covid


March 4, 2021

ISLAMABAD: The 14th summit of the 10-member Economic Cooperation Organisation (ECO) will be held virtually on Thursday (today) for deliberating prospects of enhancing regional cooperation in the aftermath of the Covid-19 pandemic. Prime Minister Imran Khan will open the summit as Pakistan is the chair of the 13th summit, which was held in Islamabad in March 2017. Turkish President Recep …

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Cement sales soars 14pc in 8MFY21


March 3, 2021

KARACHI: Overall cement sales posted a growth of 14 per cent to 37.95 million tonnes in 8MFY21 from 33.31m tonnes in the same period last fiscal year. Local dispatches increased by 15.51pc to 31.62m tonnes in 8MFY21 from 27.37m tonnes in the same period last year. Exports also grew 6.62pc to 6.33m tonnes from 5.94m tonnes in 8MFY20. As per …

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Ogra split on flare gas consumption mechanism


March 3, 2021

ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) is divided over the specifications, standards and process for commercial consumption of flare gas in the transport sector (through CNG stations). The regulator has adopted different positions at different times on the use of flare gas produced in the oil and gas fields that cannot be transported through pipelines due to quality …

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China’s billionaires club swells


March 3, 2021

BEIJING: More than 200 billionaires were created in China last year as booming stock markets and a flood of new listings offset the ravages of the virus pandemic, according to a global tally released on Tuesday. The size of China’s exclusive billionaire’s club has almost doubled in the past five years as the world’s number two economy continued to outpace …

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Stocks stage 370-point rally on aggressive buying


March 3, 2021

KARACHI: Stocks staged a surprise rally on Tuesday as all eyes were on the Senate elections to be held on Wednesday. However, the pragmatists among in­­vestors thought it the right time to pick up stocks available at attractive valuations. The KSE-100 index gained 370.84 points, or 0.81 per cent, to close slightly short of the 46,000 level at 45,964.27. Earlier, …

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Private sector borrowing rises by 80pc


March 3, 2021

KARACHI: Private sector borrowing through banks went up by 80 per cent in the first eight months of the current fiscal year, reflecting accelerated economic activities in the country. Though the government is not optimistic about economic growth rate, the pace of borrowing from the private sector indicates economic activities are higher than they were in the previous fiscal year. …

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