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IMF says inequality could be reduced via higher income tax for rich!

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WASHINGTON: Utilizing its half-yearly fiscal monitor IMF has stated that forcing the top one percent earners to pay more Income Tax would reduce inequality.

IMF – by means of documents – has rubbished the argument that higher tax rates for rich would cause the economic growth to suffer: “Empirical results do not support this argument, at least for levels of progressivity that are not excessive”.

The global institution has also suggested considering different types of wealth taxes.

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Business

PSX: Bulls were seen in the bourse on the week’s last trading day!

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KARACHI: Benchmark KSE-100 Index closed in the green at 44,179 after gaining 598 points on the week’s last trading day.

Rs. 10.75b worth of 209.5m shares changed hands. Value of the shares of 264 shares augmented, 103 plummeted while 15 remained stagnant.

Today’s top traders were: WorldCall Telecom, 13.0m shares (+2.50pc); Sui Southern Gas Co. Ltd.,  12.2m shares (+3.53pc); Dewan Cement, 11.4m shares (-4.43pc); Fauji Cement, 8.0m shares (+3.33pc); TRG Pak Ltd., 8.0m shares (+2.79pc).

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Business

PSX: Bourse remains in the green on week’s 5th trading day!

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KARACHI: Benchmark KSE-100 Index closed today at 43581 with an augmentation of 222 points. Rs. 13.7b worth of 269m shares changed hands on week’s fourth trading day.

While value of the shares of 217 shares augmented, 148 plummeted and 9 remained stagnant, Technology/Communication, Cement and Chemicals led the trade with 31.7m, 30.0m and 26m shares respectively.   

Top five traders of the shares today were: TRG Pak Ltd., 17.6m shares (-0.93pc); Lotte Chemical, 15.4m shares (+5.90pc); Azgard Nine, 13.2m shares (-0.53pc); Dewan Cement, 11.6m shares (+0.04pc); Sui Southern Gas Company Ltd., 11.3m shares (-0.68pc).

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Business

PSX: Despite political noise Benchmark KSE-100 Index gains 419 points!

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KARACHI: Not treating the PAT-led commotion in the walled city gravely the bulls reigned the bourse on the week’s 3rd day of trading enabling it to close in the green at 43359.

Rs. 6.65b worth of 151m shares changed hands. Value of the shares of 238 companies augmented, 114 declined and 23 remained stagnant.

Commercial Banking, Textile and Cement Sectors led the trade today with 17.79m, 16m and 14.9m shares respectively.

Top five traders were: Pace (Pak) Ltd., 10.9m shares (-4.21pc); Azgard Nine, 10.4m shares (+5.19pc); Lotte Chemical, 6.8m shares (+4.23pc); K-Electric Ltd., 6.5m shares (-0.95pc); Faysal Bank, 6.2m shares (+0.12).

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