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PSX: Bourse bleeds due to Sharif’s Mumbai statement

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Political noise lets bears growl in the bourse

KARACHI: As the PM called NSC on the advice of Army to discuss deposed prime minister’s remarks apropos Mumbai carnage, bears attacked the bourse.

Benchmark KSE-100 Index closed in the red (42,499) shedding 1096 points. Rs. 7.13b worth of 176m shares changed hands on the week’s first trading day. Value of the 291 shares plummeted, 35 augmented while 11 remained stagnant.

Commercial Banking, Cement and Chemical Sectors led the trade with 20.3m, 18.7m and 16.6m shares changing hands respectively.

The top five leaders of the day include: K-Electric Limited, 12.1m shares (-4.46pc); First Dawood Investment Bank Ltd., 8.8m shares (+1.99pc); Bank Of Punjab, 8.7m shares (-4.27pc); Fauji Cement Co Ltd., 8.2m shares (-4.93pc); Lotte Chemical Pakistan Ltd., 6.6m shares (-4.49pc).

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ECC approves uninterrupted gas supply to export oriented industry

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ECC approves uninterrupted gas supply

ISLAMABAD: Economic Coordination Committee at its meeting here today approved the mechanism for supply of uninterrupted gas to zero-rated export-oriented industry.

The meeting chaired by Finance Minister Asad Umar approved the supply of RLNG to the export industry for three months from December this year to February next month.

According to the mechanism, the export sectors will be provided mix energy including RLNG from March to November.

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German business delegation due on 22nd Oct.

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KARACHI: A thirty-member business delegation from Germany -representing important sectors like energy, engineering, security technology, financial services, and construction- will be on a two-day visit to Karachi, from 22ns October.
This delegation was the result of joint efforts by Bavarian Ministry of Economic Affairs, Energy and Technology; Pakistan Embassy in Berlin with support of Dr. Poetis, who is Honorary Consul General of Pakistan in Munich; the Embassy of Germany in Pakistan and the German Consulate in Karachi, President GPCCI, Qazi Sajid Ali told APP here today.
On the first day, German-Pakistan Chamber of Commerce and Industry has arranged a conference on the trade and investment opportunities in Germany and Pakistan. Sindh Chief Minister Syed Murad Ali Shah is expected to inaugurate this programme.
Then, the delegation would visit Karachi Chamber of Commerce and Industry, Trade Development Authority of Pakistan, Sindh Board of Investment, Pakistan Business Council’s secretariat and the Governor House.
Qazi said that after a long period of time, a business delegation from Germany was coming to Karachi for business discussion with Pakistani counterparts and would finalize the projects of mutual interest for the bilateral business growth. Some of the German businessmen are also interested in the joint ventures. The visit would encourage German investment here and exports of Pakistani goods to Germany.

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Spanish companies’ investments welcomed

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PTV employees degrees to be verified

ISLAMABAD: Minister for Information and Broadcasting Chaudhry Fawad Hussain today said Spanish companies were welcome to invest in the energy, infrastructure and tourism projects in Pakistan.
Speaking at a reception hosted by the Spanish embassy to celebrate the National Day of Spain, he said Pakistan highly valued its friendly and cooperative relations with Spain, bilaterally as well as in the context of European Union.
“Our relationship is based on mutual respect and similarity of perceptions on global issues of mutual concern. The trajectory of Pakistan Spain ties is positive and we are determined to make every effort to maintain it.”
The minister said, “Our mutually beneficial cooperation is strengthened by our shared democratic values, commitment to continued engagement and willingness to help each other. Pakistan looks forward to deepening its partnership with Spain for the achievement of its objectives of peace, prosperity, and development.”
He said Pakistan and Spain closely cooperated on issues of importance, both bilaterally as well as at the multilateral platforms, including the United Nations.
Bilateral trade between the two countries stood at US$ 1.07 billion with Pakistan’s exports of US$ 860 million and imports of US$ 211 million for the period June 2017-March 2018. There is substantial potential for further expansion.
“There is a considerable number of Pakistanis living in Spain and they serve as a bridge between our two friendly countries and positively contribute to the economic development of Spain,” he said adding, “We will have more investment opportunities after the establishment of Special Economic Zones, aimed at promoting regional trade. We have lots of business opportunities with investment-friendly policies. Let us progress together through collective efforts and cooperation.”
Fawad said the government would welcome investment of European Union countries in projects related to CPEC.
He invited people from all friendly countries for a visit to Pakistan for business and tourism. “They will find a much safer Pakistan than it was a few years ago. The situation has improved and will improve further.”
He extended deepest felicitations to the government and people of Spain on their National Day. Spain’s Ambassador to Pakistan Carlos Morales said Pakistan had a rich cultural heritage and he witnessed many changes during his more than three-year stay in the country. The one major change was that Pakistan was now a more safe place, which was a major achievement.
He said Spain wanted to boost relations with Pakistan in the fields of trade and investment. The ambassador said during his stay he tried to enhance people-to-people contacts and bilateral cooperation in the areas of education, culture, and tourism.
Hundreds of Pakistani students were pursuing graduate and postgraduate studies in Spain, he added. Earlier, national anthems of the two countries were played at the event attended by politicians, members of the diplomatic corps and prominent citizens from all walks of life.

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