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.
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and outdated models, is usually less than half of the truck assembled in the country with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
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
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