Pakistan Stock Exchange: The Pakistan Stock Exchange (PSX), which won the title of Asia’s best performing stock market in August 2020, is struggling with its poor run. PSX has become the third worst performing market in this segment.
Investors saw 16.27 per cent (or PKR 1.35 trillion) of investments in PSX expire as market capitalization (the total value of all listed companies) hit a multi-year low at PKR 6.95 trillion on Thursday, compared to a peak of 8.29 in June 2021. have arrived.
Petroleum refinery was the most affected sector in terms of losing market capitalisation. The sector capitalization rose to PKR 66 billion in March as compared to PKR 146.56 billion at the end of March 2021. According to the Pakistan Economic Survey 2021-22, the cement sector lost 24 per cent of the market capitalization during the July-March FY22, while the capitalization of automobile assemblers declined by 13 per cent.
The PSX became the third-worst-performing market in Asia, citing the survey, when the benchmark KSE-100 index fell 5.1 per cent (or 2,427 points) in the first nine months (July-March) of the previous fiscal and ended March 31. Closed at 44,929 points. Latest data shows that PSX has become the second worst performing market in the region after Sri Lanka in the entire current financial year (July-June FY22). According to Arif Habib Limited (AHL), PSX has registered a decline of about 31 per cent in dollar terms so far in the current financial year.
Pakistan increases defense budget by more than 11 percent to Rs 1,523 billion
Pakistan has increased its defense budget by more than 11 per cent from last year to Rs 1,523 billion. Pakistan’s Finance Minister Miftah Ismail today presented an annual budget of Rs 9502 billion in the Parliament for the financial year 2022-23. In this, Rs 1,523 billion has been allocated for the defense sector. According to budget estimates, Pakistan is spending the most on an annual basis in the defense sector after loan payments.
At the same time, the total current expenditure for 2022-23 is estimated at Rs 8,694 billion, which is 15.5 percent higher than the budget figure of the last fiscal. According to budget documents, the Pakistan government has committed Rs 1,523 billion for the defense sector, up from Rs 1,370 billion last year. However, it was later increased to Rs 1,450 billion on the demand of the Defense Ministry.
Defense allocation of Rs 1,523 billion this year is 11.16 per cent higher than last year’s allocation of Rs 1,370 billion. Apart from this, the expenditure on repayment of debt in the budget of Pakistan has increased to 29.1 percent of the total budget. This is the biggest expenditure of the government and accounts for 45.4% of the current expenditure.
Pakistan’s Finance Minister Ismail said that the government has set a target of five percent growth in the economy for the next financial year. Which is less than 5.9% of the current financial year. However, the target was 4.8 per cent.
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