The Pakistan Tehreek-e-Insaf (PTI) government has accepted the long outstanding demand of stockbrokers to constitute a fund for stabilising the stock market. Adviser to Prime Minister on Finance Abdul Hafeez Shaikh accepted the proposal to form the fund at a meeting with the Pakistan Stock Exchange’s (PSX)
India’s foreign exchange reserves declined by $2.057 billion during the week ended May 17, official data showed. According to the Reserve Bank of India’s weekly statistical supplement, the overall forex reserves decreased to $417.998 billion from $420.055 billion reported for the week ended May 10.
The Pakistani rupee hit a new all-time low of Rs149.35 to the US dollar in the inter-bank market on Friday. This is the second successive day when rupee continued to lose ground against the greenback under the fresh round of depreciation. On Thursday, the local currency lost 3.62% to close at Rs146.52 to the US dollar in inter-bank.
Modi has come under increasing pressure to fire up the economy, which has slowed in each of the past three quarters -- losing its status as the world's fastest-growing -- with unemployment at its highest since the 1970s.
Prime Minister Imran Khan has taken one more step towards economic development as the federal government decided to establish Pakistan’s first corporate restructuring company.
Pakistan Minister for Economic Affairs Hammad Azhar has said the government has set the target of reducing fiscal deficit to four per cent in the next one or two years.
Sensex and Nifty gained for the second straight day on Friday amid reports that the government could roll-back or tweak the controversial tax on the Foreign Porfolio Investors (FPIs).
Despite the flight of over Rs20,500 crore worth of foreign funds from the country’s stock market, the government seems adamant to implement the taxation surcharge on the super-rich category, which has spooked Foreign Portfolio Investors (FPIs).
Growth worries following the dismal second quarter GDP numbers led most stocks to end lower on Monday which was most visible in the broader markets as the BSE mid-cap index lost nearly 1 per cent.