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PSX: Political stability encourages bulls roam all over the bourse

KARACHI: KSE-100 Index recovered when the fear over Govt-Opposition confrontation lessened today. As a result, with an augmentation of 0.73%,  it closed at 33,439.69 points.

WorldCall Telecom was the volume leader with 17.2 million shares. It was followed by Dost Steels with 5.4 million shares and Lotte Chemical with 5.1 million shares. Others who contributed to the higher turnover included Unity Foods and Bank of Punjab. Sector-wise, cement came under selling pressure whereas,  exploration & production added the highest at 96 points. Banks also helped index rise despite a few declining scrips.  Engro Corporation and Fauji Fertilizer closed in the green. 

Engro Corporation with 2.10pc, Oil and Gas Devel­opment Company 1.71pc, MCB 1.86pc, Pakistan Oilfi­elds 2.56pc, Pakistan Petro­leum 1.52pc, Nestle Pakistan 4.92pc, Mari Petroleum 2.32pc, Pakistan International Bulk Terminal 6.88pc and Fauji Fertiliser with 0.77pc were the major gainers.

Shares of 353 companies were traded today out of which shares of 214 closed higher, 115 plummeted and 24 remained stagnant.

A relevant piece published earlier: 

Pakistan among top 20 reformers globally in Ease of Doing Business: World Bank

ISLAMABAD: World Bank Country Director for Pakistan, Patchamuthu Illangovan has said that Pakistan has made it to WB’s 2020 list of top 20 reformers globally in Ease of Doing Business.

“With 6 reforms, #Pakistan emerges among top 20 reformers globally in Ease of Doing Business. Rankings will be released on Oct 24. We laud the COLLECTIVE action of Federal, #Sindh & #Punjab Govts for an impressive feat. @investinpak @eodbpunjab @EODBSindh,” Illangovan said in a tweet.

Illango@Illango_WB

With 6 reforms, emerges among top 20 reformers globally in Ease of Doing Business. Rankings will be released on Oct 24. We laud the COLLECTIVE action of Federal, & Govts for an impressive feat.@investinpak @eodbpunjab @EODBSindh http://ow.ly/WeWP30pCefm 

Top 20 reformers in Doing Business 2020

doingbusiness.org

According to World Bank report issued earlier this month, Pakistan improved in six areas measured by Doing Business—starting a business, dealing with construction permits, getting electricity, registering property, paying taxes and trading across borders—reflecting the country’s development of an ambitious reform strategy including the establishment of national secretariat and Prime Minister’s reform steering committee.

“Pakistan made starting a business easier by expanding procedures available through the online one-stop shop,” the WB report said.

“In addition to improvements in property registration, obtaining a construction permit became easier after the Sindh Building and Control Authority and the Lahore Development Authority streamlined approval workflows and improved the operational efficiency of their one-stop shops. The launching of online portals for new commercial connections made getting electricity easier, and tariff changes are announced in advance.”

Moreover, tax compliance has become easier through online payment modules for value added tax and corporate income tax, and a lower corporate income tax rate,” the statement added.

The WB also appreciated ‘enhancing of the integration of various agencies into an electronic system’ and ‘improvement in coordination of joint physical inspections at the port’ which made trading across the borders easier.

Pakistan made trading across borders easier by enhancing the integration of various agencies into an electronic system and by improving coordination of joint physical inspections at the port.

News Pakistan

M M Alam

M. M. Alam is a Pakistan-based working journalist since 1981. Karachi University faculty gold medalist Alam began his career four decades ago by writing for Dawn, Pakistan’s highest circulating English daily. He has worked for region’s leading publications, global aviation periodicals including Rotors (of USA) and vetted New York Times as permanent employee of daily Express Tribune. Alam regularly covers international aviation and defense-related events including Salon Du Bourget (France), Farnborough (United Kingdom), Dubai (UAE). Alam has reported thousands of events and interviewed hundreds of people in Pakistan, UAE, EU, UK and USA. Being Francophone Alam also coordinates with a number of French publications.