Pakistan will be an emerging market: EFG-Hermes Holdings SAE
KSE 100 Index raised 6.8 percent this month and it broke the records.
Before MSCI Inc. upgrades the country to emerging market status, 500 million dollars of Pakistani stocks may be purchased, Bloomberg reported. According to EFG-Hermes Holdings SAE, Pakistani stocks will be so popular for foreign funds that the stock market will attract resources much more than before MSCI Inc. upgrades the country to emerging market status. Ali Khalpey from an investment bank in Cairo says that there may be 500 million dollars of entry to country’s stocks on 31 May. If we compare this with previous years, Pakistan received 532 million dollars of investments totally in 2010.
Chinese firm gets Letter of Interest for Gwadar coal power project
The Private Power and Infrastructure Board (PPIB) issued a Letter of Interest to China Communications Construction Company (CCCC) for the development of 300-megawatts imported coal-fired power project in Gwadar at a cost of Rs55 billion. The project is part of the China-Pakistan Economic Corridor. PPIB Managing Director Shah Jahan Mirza and CCCC Vice President Xu Jun signed the document. CCCC will develop the 300MW power project by utilizing imported coal in Gwadar. The project has already been approved by the Joint Cooperation Committee of the CPEC and the PPIB Board.
Turkey to provide $10m for rehabilitation of TDPs in FATA
Turkey will provide ten million dollars to Pakistan for rehabilitation of temporarily displaced persons in tribal areas and affectees of 2014, floods. An agreement to this effect was signed by Turkish Ambassador Sadik Babur Girgin and Economic Affairs Secretary Tariq Mahmood in Islamabad. Under the agreement, the amount will be equally spent on rehabilitation of IDPs of tribal areas and the flood affectees.
Record 73.6 mln ton sugarcane production registered
The sugarcane production in the country has reached historical height of 73.6 million ton during this year, showing 12.4 per cent increase as compared to 2016. The sugarcane production touched 65.5 million ton mark during 2016 and comfortably exceeded target of 67.5 million ton by a considerable margin of 9 percent. Its production accounted for 3.4 per cent in agriculture’s value addition and 0.7 per cent in overall Gross Domestic Product.
Seafood exports increase by 17.08% during 10 months
The exports of fish and fish preparations from the country witnessed increase of 17.08 percent during the first ten months of the current fiscal year as compared to the corresponding period of last year. The fish exports during July-April (2016-17) were recorded at $316.926 million as compared to the exports of $270.69 million during July-April (2015-16), according to the data of Pakistan Bureau of Statistics. In terms of quantity, the exports of fish and fish preparations increased by 14.28 percent during the period under review by going up from trade of 105,349 metric ton last year to 120,388 metric ton.
Host: Syed Shehreyar Ahmed
Co-host: Yasir Nazar