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Stocks add 231 points on mutual fund buying


November 25, 2020

KARACHI: The market limped back on the path of recovery on Tuesday, nursing the wounds of the massive fall a day ago. The KSE-100 index recouped 231 points (0.58 per cent) and closed at 39,863, after hitting the intra-day high of 389 points. Traders and analysts fumbled for reasons of market’s return to the green despite no respite the in …

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Retailers fleecing buyers despite big drop in wholesale onion prices


November 25, 2020

KARACHI: Retail prices of onions continue to remain high despite drop in wholesale prices to Rs1,200-1,300 per maund from Rs2,800 per maund. Retailers were charging Rs60-80 per kg for new Sindh crop depending on the size and quality despite a self-imposed ban by exporters from Nov 3 for a period of 15 days to control rising prices and contain shipment …

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NA body directs Railways, FBR to resolve Chaman port issue


November 25, 2020

ISLAMABAD: In a move to resolve the disagreement over the establishment of an import and export yard at Chaman Dry Port between the Ministry of Railways and the Federal Board of Revenue (FBR), the National Assembly Standing Committee on Railways on Tuesday asked all the stakeholders to mutually agree on the implementation of the project within two weeks and report …

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Consumer confidence improves in third quarter


November 25, 2020

KARACHI: Consumer confidence in the third quarter of 2020 improved by 12.1 per cent quarter-on-quarter, Pakistan Consumer Confidence Index (CCI) survey conducted by the Dun & Bradstreet and Gallup Pakistan showed on Tuesday. “Key findings indicated that consumer confidence improved in Q3CY20 on account of optimistic future expectations amidst complete lifting of lockdown and returning normalcy in trade activities,” it …

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Airline revenues to plunge 60pc this year: IATA


November 25, 2020

PARIS: Airline revenues this year will plunge by 60 per cent as a result of the coronavirus pandemic which threatens the survival of the industry, the International Air Transport Association said on Tuesday. “The Covid-19 crisis threatens the survival of the air transport industry,” with 2020 likely to go down in history as its worst year ever, IATA said. It …

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Provincial govts urged to ensure availability of essentials


November 24, 2020

ISLAMABAD: Reviewing price trend of essential commodities on Monday, the National Price Monitoring Committee (NPMC) urged provincial governments for proactive measures to ensure availability of kitchen items at an affordable price. The NPMC meeting chaired by Finance Adviser Dr Hafeez Shaikh reviewed the price trend of wheat flour, sugar, tomatoes, onions, vegetable ghee, potatoes and chicken on weekly basis. The …

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Consultation process on ‘Digital Assets’ begins


November 24, 2020

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has decided to formulate laws related to establishment of Digital Assets in the country and defining the status of cyber currency. The first briefing in this regard was held here Monday in the SECP head office. The meeting was led by Additional Director, Primary Market Approvals, Securities Market Division Najia Ubaid …

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Dollar rises on high demand


November 24, 2020

KARACHI: Rupee depreciated by another 32 paisas on Monday as demand for dollar spiked after importers rushed to open letter of credits (LCs) in fears of rising number of Covid-19 cases and lockdowns. Currency experts in the inter-bank market said the dollar on Monday was traded at Rs161.04 compared to Rs160.72 on Nov 20. Earlier, the dollar had lost against …

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Industry rejects SSGC’s plea for gas price hike


November 24, 2020

ISLAMABAD: Major stakeholders including commercial and industrial representatives on Monday opposed increase in prescribed gas prices demanded by the Karachi based Sui Southern Gas Company Ltd (SSGCL) to meet its revenue requirements for the current fiscal year. Instead the All Pakistan Textile Mills Association (Aptma) made a case for cut in the well-head gas price to reduce the cost of …

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Govt to save Rs300bn in electricity costs in three years: minister


November 24, 2020

ISLAMABAD: Blaming the PML-N government for leaving behind “landmines”, Planning and Development Minister Asad Umar on Monday claimed that the decisions taken by the PTI government would have a cumulative impact of more than Rs300 billion on electricity costs over the next three years (2021-23). Speaking at a news conference, Mr Umar, who also heads the Cabinet Commit­tee on Energy …

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