After scaling a historic peak the previous day, the stock market on Thursday came under selling pressure as investors indulged in profit-taking, dragging the index below the 72,000 level. Ahsan Mehanti of Arif Habib Corporation said institutional profit-taking in selected overbought scrips and adjustments in the earning season stalled the overnight rally. He added that the weak rupee and str
The Federal Board of Revenue (FBR) has served an income tax audit notice to an information technology company on suspicion of evading taxes by claiming higher expenses and understating imports amid the government’s increased focus on plugging revenue leakages. The FBR has requested records and books of accounts from M/s Pronet Private Limited under Section 177 of the Income Tax Ordinance, suspe
The foreign currency investment made by overseas Pakistanis through the Roshan Digital Account (RDA) reached a 19-month high at $182 million in March 2024, which indicated an increase in confidence of expatriate Pakistanis in the national economy. According to the State Bank of Pakistan’s (SBP) data, the inflows increased by 29% to $182 million as compared to the investment of $141 million in F
World Bank’s (WB) Global Director for Governance, Arturo Herrera Gutierrez, on Thursday stressed the need for ‘bold’ fiscal reforms to address Pakistan’s debt distress and achieve macroeconomic stability. Speaking at a lecture organised by the Pakistan Institute of Development Economics (PIDE), Gutierrez highlighted the urgency of sustainable fiscal reforms, drawing from international experienc
Pakistani currency on Thursday hit a five-week low at Rs278.48 against the US dollar in the inter-bank market, maintaining its downward trend over the past one month amid speculation about lower supply of the foreign currency and an uptick in its demand in the market. According to the State Bank of Pakistan’s (SBP) data, the rupee shrank 0.03%, or Rs0.09, and closed at Rs278.48 against the gree