Business

Pakistan receives $2.5 billion from the export of IT services.

Published

5 months ago

Farwa

According to the Pakistan Bureau of Statistics (PBS), this indicates a gain of 20.41 percent when compared to the US $2.135 billion received through the provision of services during the corresponding months of the previous fiscal year 2022–2023–23.

From US $1.729 billion in July of last year to US $2.153 billion in July through April of 2023–24, the export increased by 24.55% over the reviewing months.

The export of computer services saw a rise of 10.80% in software consultation services, from US$ 633.107 million to US$ 701.456 million this year, and a 19.24% growth in hardware consultancy services, from US$ 4.793 million to US$ 5.715 million.

Nonetheless, the export of maintenance and repair services fell by 45.69%, from US $2.762 million to US $1.500 million, while the import and export of computer software services increased by 6.77 percent, from $489.737 million to $522.909 million.

At the same time, the export increased by 105.90% from US $4.240 million to US $8.730 million during the review months.

The information services had a 167.58% growth in news agency services exports from US $2.505 million to US $6.730 million, while other information-related services saw a 16.83% increase from US $1.735 million to US $2.027 million.

From US $402.260 million to US $430.590 million, the export of telecommunication services climbed by 7.04 percent, according to the numbers.

In terms of telecommunication, the PBS data showed that the export of call centre services rose by 17.59 percent over the course of the month, from US $180.682 million to US $212.467 million. In contrast, the export of other telecommunications saw a 1.56 percent decline this year, from US $221.578 million to US $218.123 million.

Business

The Pakistan Stock Exchange hits a record high as it approaches 97,000 points.

Published

11 minutes ago

Farwa

The benchmark Hundred Index of the Pakistan Stock Exchange (PSX) has surpassed 96,000 points, creating a new all-time high, marking a historic milestone. The index saw an incredible 855-point spike, closing at 96,711 points, the highest level ever seen in the history of the market.

The index increased by 765 points earlier in the day to reach 96,622 points, and then by an additional 488 points to trade at 96,344 points. Good economic conditions and high investor confidence are reflected in the steady rising trend.

Analysts credit the market’s outstanding success to rising foreign investment, better investor sentiment, and economic advancements. The PSX is now among the best-performing markets in the area because to its consistent growth.

With more increases anticipated in the days ahead, the PSX’s bullish momentum demonstrates the financial sector’s resiliency.

Business

The price of flour in Islamabad, Punjab, has increased by Rs 1,300.

Published

41 minutes ago

Farwa

In these districts, the proprietors of wheat mills have increased the price of an 80kg bag by Rs1300, according to the facts.

Separately, the Naan Bai Association has instituted an emergency meeting to discuss the bread (roti) tariff.

Prior to this, the federal government successfully negotiated with the owners of the wheat mills and eliminated a 5.5% advance income tax.

Before this, the government announced and staged a walkout against the advance income tax imposed in the budget 2024–2025, and the government established a committee to negotiate with the flour mills association.

READ: In Karachi, the cost of flour reaches Rs2,200 for 20 kg

As a result of the successful conclusion of the negotiations, the government abolished the levy, and the mill owners subsequently called off their strike.

The proprietors of the flour mills went on strike for three days, which is relevant to our discussion since it caused a shortage of flour, especially in Karachi.

On July 11, the flour mill owners declared and staged a walkout in protest of the tax imposed in the 2024–2025 budget.

According to the flour mill owners, they are already having trouble operating their business because of rising electricity costs.

Business

Amidst better macroeconomic data, stocks are still rising.

Published

1 day ago

Farwa

Following positive remarks made by the International Monetary Fund (IMF) team during its just-completed visit, the Pakistan Stock Exchange (PSX) continued to see bulls’ rise.

The benchmark KSE-100 index gained 813.04 points on Tuesday and was currently trading at 95,808.71 points.

Increased purchasing was observed in a number of industries, including power generation, cement, commercial banks, oil and gas exploration firms, OMCs, and pharmaceuticals.

HUBCO, PSO, SBGPL, MARI, OGDC, PPL, MEBL, and MCB were among the index-heavy stocks that saw a financial bonanza.

A number of variables are thought to be responsible for the market’s ongoing bullish momentum, chief among them being Finance Minister Muhammad Aurangzeb’s refutation of press reports about the potential for a mini-budget.

Investor confidence was also bolstered by an increase in Pakistan’s foreign exchange reserves.

The benchmark KSE-100 index finished Monday at 94,995 points, so keep that in mind.