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TRADE

Oct 18, 1999

  1. International
  2. Finance
  3. Industry
  4. Policy
  5. Trade
  6. Gulf

Stocks tumble

The KSE 100-share index on Thursday fell by more than seven per cent wiping out Rsl7bn from the market capitalization as the first post-army takeover session after the dismissal of the Nawaz Sharif witnessed massive panic selling from all and sundry but it was well-absorbed at the dips.

After moving either-way, the KSE 100-share index finally finished 92.52 points or 7.36% lower at 1,164.43 as compared to 1,256.85 points on Tuesday as leading base shares, Hub-Power and PTCL came in for massive battering.

The Lahore stock market remained bearish as LSE 101-share index slumped by 22.67 points to close at 302.36 at the end of the day when trading opened on Thursday following a day's break on Wednesday.

Some 39.44 million shares were traded against the previous day's 22.501 million shares. Shares of 92 companies were traded on the day with 35 losing and three gaining in value.

Gold prices surge

Gold prices surged by Rs 111 per 10 grams in the bullion market on Thursday and jewelers claimed the demand for yellow metal went up after the closure of the bullion market on Wednesday.

The 24 karat gold was quoted at Rs 5,555 per 10 grams on Thursday as against Rs 5,444 per 10 grams on Tuesday. The market remained closed on Monday as a result of closure of banks, foreign exchange markets, stock market etc.

Dump trucks

The government will suffer an estimated loss of Rs220-240 million per annum in duties and taxes owing to import of dump truck (new), which are currently being imported duty free.

This was informed by Pakistan Automotive Manufacturers Association (PAMA) in a letter to the government.

PAMA says that the import of completely built up (CBU) dump trucks under NRI was subject to 45 per cent duty against 60 per cent on the ordinary trucks and it has now been altogether abolished.

The association said that the cost of an imported truck, mostly used and outdated models, is usually less than half of the truck assembled in the country with more than 50 per cent local contents.

Oil, farm machinery imports soar by 100 pc

Agricultural machinery imports went up by 100.79 per cent while petroleum products registered an increase in import at 101.27 per cent. Palm oil's import declined by 51.14 per cent. Fertilizers' import went up by 56.52 per cent. Sugar import declined by 84.18 per cent.

Agricultural machinery imports went up by 100.79 per cent from $8.265 million to $16.595 million. Petroleum products registered an increase in import at 101.27 per cent, from $189.698 million to $381.807 million.

Import of tea went down in the quarter by 29.83 per cent, from $61.977 million to $43.488 million. Palm oil's import declined by 51.14 per cent, from $166.898 million to $81.554 million.

Power generating machines' import declined by 40.02 per cent, from $46.488 million to $27.884 million. Fertilizers' import went up by 56.52 per cent from $18.588 million to $29.094 million.

Wheat's import went down by 39.12 per cent, from $70.244 million to $42.767 million. Textile machinery went down by 27.13 per cent, from $46213 million to $33.674 million.

Soyabean oil's import went down by 36.60 per cent; from $44.032 million to $27.915 million. Construction and mining machinery's import declined by 51.12 per cent, from $36.691 million to $17.933 million.

Road motor vehicles and rubber tyre and tubes showed decline in import by 7.18 per cent, an increase by 11.43 per cent, respectively. Sugar import declined by 84.78 per cent, from $2.162 million to $0.329 million.

Pulses' import declined by 28.05 per cent, from $22.067 million to $15.878 million. Electrical machinery's import went up by 10.80 per cent, from $31.142 million to $34.505 million. Iron and steel import went up by 13.55 per cent $73.929 million to $83.949 million.

Textile, rice augment exports in first quarter  

The export of textile products and rice marked a reasonable growth after a long period, augmenting overall exports during the first quarter of 1999-2000.

Current trade statistics show that the textile sector has witnessed 6.44 percent growth and rice 16.34 percent during July-September, 1999, when compared with the corresponding period of previous fiscal.

In term of dollars the export of textile products improved by $78.314 million, at $1294.814 million during the first quarter of this fiscal as against $1216.30 million in the similar period in 1998-99. In rupee the external trade of textile sector surged by 12.13 percent, at Rs 66.878 billion as against Rs 59.643 billion of last year.

Similarly, rice export grew by $12.289 million dollars, at $87.184 million compared with last year's $78.898 million. In rupee rice export improved by 22.09 percent to Rs 4.499 billion compared with Rs 3.685 billion.

Export of cotton yarn surged by 6.65 percent, cotton fabrics 1.76 percent, knitwear 15.48 percent, bed-wear 24.90 percent, readymade garments 8.06 percent, tarpaulin & canvas goods 23.38 percent, tulle, lace embroidery 236 percent, other textile made-up excluding towels and bed-wear 23.90 percent and the trade of waste material of textile fibres/fabrics increased by 16.68 percent.

Tax relief for fruit export urged

Experts of six-day seminar on marketing of fruits and vegetables have recommended that government must give tax relief for export development of these commodities.

Earlier, experts finalized recommendations at the concluding session of the seminar at the National Agricultural Research Centre(NARC).

The participants said as far as marketing infrastructure and its support is concerned, research and development should be market-oriented, not research driven.