World

PM Shehbaz Sharif expresses grief over South Korea plane crash

12/30/2024

Trudeau Accuses India of Violating Canada’s Sovereignty Amid Rising Tensions

10/16/2024

Azerbaijan mourns 38 killed in plane crash in Kazakhstan

12/27/2024

The Jammu and Kashmir Issue: The Pioneering Protagonists

12/25/2024

Home World (page 64)

Sorry, but when I decide who to vote for on Election Day, it will be the person I think can best represent the country, not the candidate that will most impress my boyfriend.

The stock market soared to unprecedented heights on Thursday, fueled by investor optimism over the federal budget's decision to maintain the Capital Gains Tax (CGT) status quo for the fiscal year 2024-25. Pakistan Stock Exchange's (PSX) benchmark, the KSE-100 Shares Index, surged to a record high of 76,208.16 points, marking a historic single-day gain of 3,410.73 points or 4.69%. "The market had anticipated an increase in capital gains tax, leading investors to significantly reduce their exposure," said Adnan Sheikh, Assistant Vice President of Pak Kuwait Investment Co, speaking to Reuters. Following the budget announcement and Monday's 150 basis points cut in the central bank's policy rate, Sheikh anticipated a record-setting day for the market, citing equities as the best medium-term investment option. In addition to the capital gains tax, analysts noted that the budget and other revenue measures were in line with expectations. The market rally sparked widespread buying interest across top sectors, including automobile assemblers, cement, commercial banks, engineering, oil and gas marketing companies (OMCs), and refineries. The euphoria in the market came a day after Finance Minister Senator Muhammad Aurangzeb presented Pakistan's federal budget for 2024-25, which aims to increase tax revenue to Rs13 trillion for the fiscal year starting July 1, a nearly 40% increase from the current year. The budget is intended to achieve modest 3.6% growth, balancing the need to satisfy the International Monetary Fund (IMF) while addressing the nation's fiscal challenges through increased taxation. "We believe this budget will serve as a prior action for a new IMF programme," Topline Securities stated in a note. If parliament passes the budget in compliance with IMF measures, Topline Securities expects the forward price-to-earnings ratio to increase to 6.93 in three years, up from the current 3.4, a historic high. Pakistan's international sovereign bonds also rallied, with longer-dated maturities seeing significant gains. The 2036 bond recorded its largest increase in over two months, trading at just over 77 cents on the dollar, according to Tradeweb data. Finance Minister Muhammad Aurangzeb defended the decision to increase tax revenue, stating that the current tax-to-GDP ratio of just under 10% was unsustainable. Key objectives for the upcoming fiscal year include gradually increasing the tax-to-GDP ratio to 13% over the next three years, Aurangzeb added during a press conference following the budget presentation in parliament.

DIGITAL STORIES

PSX reaches all-time high of 76,208 points following CGT status quo.

The stock market soared to unprecedented heights on Thursday, fueled by investor optimism over the federal budget’s de…

News

Historic verdict: Donald Trump convicted on all charges in hush money trial

Donald Trump Convicted on All 34 Counts in Hush Money Trial, Can Still Run for President Former President Donald Trump has b…

News

Can Donald Trump still run for president after conviction?

Donald Trump Can Still Run for President in 2024 Despite Conviction Legal experts confirm that former president Donald Trump…

News

PM Shehbaz Sharif to embark on five-day visit to China on Tuesday

Prime Minister Shehbaz Sharif to Meet Chinese President Xi Jinping and Premier Li Qiang PM Shehbaz Sharif to Embark on Five-…

Former US president Donald Trump Thursday called the day "sad for America" referring to the security presence outside the courtroom in Manhattan, New York City, as the jury commenced deliberation on his hush-money case. The 77-year-old has been restricted by the gag order issued by Judge Juan Merchan, who is overseeing the case. Earlier, the Republican was fined $9,000 for violating nine gag orders. While speaking to reporters, he once again targeted the restraining order saying he would love to talk but could not because of his gag order, and called the moment the “sad day for America”. The business mogul also aimed at the prosecutor brought by Manhattan District Attorney Alvin Bragg, again reiterating that the criminal charges against him were politically motivated. "I haven't seen one legal scholar or expert in the law saying that this case should have been brought," Donald Trump said Thursday. During his brief remarks, Trump called the charges a “disgrace” and again castigated the security security arrangements present outside the Manhattan courthouse. The former commander-in-chief claimed: “This is a very sad day for America. The whole world is watching. And it’s a very sad day for New York. The whole system is rigged.”

World

Why is it a ‘sad day for America’?

Former US President Donald Trump described Thursday as a “sad day for America” due to the heavy security presenc…

1...636465...73 Page 64 of 73

PM Shehbaz Sharif expresses grief over South Korea plane crash

Trudeau Accuses India of Violating Canada’s Sovereignty Amid Rising Tensions

Azerbaijan mourns 38 killed in plane crash in Kazakhstan

The Jammu and Kashmir Issue: The Pioneering Protagonists

World

PSX reaches all-time high of 76,208 points following CGT status quo.

Historic verdict: Donald Trump convicted on all charges in hush money trial

Can Donald Trump still run for president after conviction?

PM Shehbaz Sharif to embark on five-day visit to China on Tuesday

Why is it a ‘sad day for America’?

Important Links

@Follow Me

ABOUT

About us

Follow us