VOLUME 13 | No 315 Lahore Regd No. CPI 251 6P9 SPORTS WORLD STOCKS/COMMODITIES 610 The Babar opposes Karachi Kings decision to An English Daily published simultaneously from Lahore and Faisalabad Gold falls to one-month relegate him PAGES 12 | Rs 20 Buwww.thsebusiiness.ncom.pk esRab- ul- sAwal 02, 1440, Sundlaowy, aNso Fveedm abffeirr m11s, 2018 rate-hiking stance PSX records 1.4 percent decline in outgoing week The Business Report g volatile in the near-term due to worsen- Week began on a negative note, with 1,000 points being wiped off in seven days ing economic indicators, thereby main- KARACHI: The capital market taining our cautious stance and recorded a decline of around 1.4 percent modalities not being finalised with the week with the index closing at 41,389. Tobacco 64 points, and v) Oil and Gas and Advisor to Prime Minister on tex- recommending exposure in blue-chip during the outgoing week where banks, Chinese government during Prime Min- Sector-wise negative contribution Marketing Companies 45 points. tile and industries announced that soon names. cements, oil and exploration and to- ister Imran Khan’s visit. came from Commercial Banks losing Whereas, positive contributions were package will be unfolded which would Meanwhile an analyst from BMA bacco companies witnessed battering Bulls rushed in on Wednesday with 278 points, Oil & Gas Exploration led by Fertilizer gaining 102 points and double exports to China, which helped Capital Management said that with IMF on lack clarity from the government Finance Minister Asad Umer asserting Companies 165 points amid fall in in- Technology & Communication shares 24 textile stocks gain investors’ attention. talks underway, participants are likely about the package received from China that Pakistan has recovered from bal- ternational crude oil prices, Cement 105 points. The market recorded decline on This coupled with export led policies of to keenly track the developments; the to help support the ailing economy. ance of payments crisis. However, ris- points on concern the government potential exclusion of select stocks from new government caused blue chips at same is expected to play a key role in The week commenced on a negative ing inflation and potential increase in would ask companies to regulate prices, the MSCI’s EM index looming around the sector increasing by one to three setting market direction. Among key note, with 1,000 points being wiped off interest rates kept the market momen- however in ECC meeting directives is- the corner led the market to decline. percent during the week. data points, automobile sales for Oct’18 the market within first two days. This tum suppressed. The equity market shed sued to the provincial government to After financial team arriving from An analyst from Habib Metrofinancial are expected early next week where any comes on the back of concerns over 615 points or 1.4 percent during the check the price spiral with the dealers, China, Finance Minister Asad Umar Service expects the market to remain positive surprise may attract investor’s C M 'Control Ch NAB arrests Y K Sarwar,' Pervaiz Shehbaz in tells Tareen Ramzan Sugar The Business Report Mills case LAHORE: Punjab Assembly Speaker The Business Report and Pakistan Muslim League-Quaid (PML-Q) leader Chaudhry Pervaiz Elahi LAHORE: The National Accounta- on Saturday asked, during a meeting with bility Bureau (NAB) on Saturday has ar- Pakistan Tehreek-e-Insaf (PTI) Jahangir rested Pakistan Muslim League-Nawaz Khan Tareen, to control Punjab Governor (PML-N) president and Opposition Chaudhry Sarwar. Leader in the NA Shehbaz Sharif in The exclusive video aired by Dunya Ramzan Sugar Mills case. News has further revealed that Federal Shehbaz, who was arrested by NAB on Minister for Housing and Works Tariq October 5, was produced before the court Bashir Cheema, who was also present in after his transit remand to attend the Na- the meeting, backed the speaker Punjab tional Assembly (NA) session expired. Assembly, saying that Punjab Governor During the hearing, NAB prosecutor will not let Punjab CM Usman Buzdar Waris Ali Janjua informed the court that run the provincial government. Ahad Cheema had also prepared a feasi- Talking to media, Tariq Bashir bility report by himself. Cheema said that he complained about He said the investigation into the scam Ch Sarwar’s intervention to his party’s is not completed yet due to busy schedule leadership. He said that he only had ob- during NA session. jections over interference in his con- Meanwhile, harsh words were also ex- stituency, adding that they were neither changed between the PML-N president angry nor going to be angry. and investigation officer. Shehbaz’s lawyer Amjad Pervez told, “NAB launched inquiry into Ashiana Housing scandal on January 19, sum- Indian firing moned the accused on January 22 and ar- rested him on October 5.” injures four The court briefly reserved its verdict and announced it granting NAB another 14-day physical remand of PML-N pres- civilians ident. Earlier on October 15, NAB had The Business Report LAHORE: Prime Minister Imran Khan offers Dua after inauguration of the Shelter House at the Railway Station. interrogated Shehbaz Sharif regarding CASA Developers and Paragon City RAWALPINDI: At least four people re- scandals prior to his appearance in the ceived serious bullet wounds when Indian Taking step to improve the economy, said Umar court. Ex-Chief Minister of Punjab (CM) border security forces opened unprovoked said he himself ordered investigation fire across the Line of Control (LoC), the into corruption allegations in Ashiana-e- military media wing said on Saturday. Iqbal Housing Scheme. According to a statement issued by the NAB had arrested Muhammad She- Inter-Services Public Relations (ISPR), hbaz Sharif in the Ashiana-e-Iqbal Hous- the incident took place in Leepa sector. ing Scheme scam on October 5. The Heavy weaponry was used by the In- former CM was charged with awarding dian forces, evoking a befitting response 4,000 illegal properties in illegal contracts to his favorite firm. from the Pakistani security forces, the He was apprehended during his ap- statement further said. pearance before NAB in Saaf Pani Com- The injured civilians have been identi- pany scam. Sources told that three files fied as Zaheer, Nasir, Shaukat and were tabled before him. The bureau Muneer. All four belong to Bijlidar and quizzed Sharif regarding a tender DThe Buusiness bReport ai traced, says Uistanis imn other counatries. r Batiala villages. The incident took place g awarded to a private consultancy com- two days after a Pakistan Army soldier Pakistan will receive $1b from KSA within day or two Addressing the Overseas Chamber pany for a survey of the Saaf Pani com- was martyred in unprovoked firing from KARACHI: Federal Minister for of Commerce, he added that about ter Asad Umar on Saturday said nego- on board and in this connection law is pany. the Indian troops on the LoC. Finance Asad Umar on Saturday has 97,000 Pakistanis have properties in claimed to have traced 4000 illegal tiations with International Monetary being drafted. He said FBR could not other countries. properties of Pakistanis in Dubai. Fund (IMF) are in progress and Pak- achieve the set target of tax collection The minister remarked that notices Addressing a ceremony in Karachi, istan will receive $1 billion from Saudi due to corruption. The current govern- are being issued to foreign property the minister revealed that the authori- Arabia in a day or two. ment is taking all possible measures to holders and legal action shall follow. Rashid predicts PIA plane skids ties have also detected 95000 bank ac- He said this while talking to mem- increase the tax net. Furthermore, the finance minister counts of Pakistanis in 27 different bers’ overseas chamber who called on The finance minister said $1 billion called for improvement in the gov- Sindh big names off runway countries. Taking step to improve the him in Karachi. The chamber members will be transferred in Pakistan’s ac- ernment’s tax collecting machinery economy of the country, he added. briefed the finance minister about their counts in a day or two. to boost revenues. He emphasised in Panjgur Earlier, Chief Justice of Pakistan issues and Asad Umar assured them Finance Minister Asad Umar on Sat- that a provision of subsidies is not a (CJP) Mian Saqib Nisar had sum- provision of security to traders. urday stated that the amount of the In- solution to the problem. He contin- The Business Report moned 20 Pakistanis for having illegal Later Asad while talking to media ternational Monetary Fund (IMF) ued that tax courts are being estab- properties abroad after Federal Investi- said that the government was taking bailout package had not yet been fi- lished for the speedy trial of such PANJGUR: An aircraft of Pakistan gation Agency (FIA) submitted report measures to enhance investment in the nalised. The government is yet to de- cases, adding that cases involving International Airlines (PIA) skidded off revealing that 894 Pakistanis possess country. In this regard, industrialists’ termine the amount to be sought from Rs1,300 billion of tax money are the runway during landing in Panjgur on assets in foreign states. Supreme Court suggestions matter a lot. He said there the global lender,” he apprised indus- currently under trial. Saturday. (SC) was also informed that Pakista- is information about existence of ille- trialists. Umar added that the country FM Umar regarded Financial Action According to PIA spokesperson, the nis including 25 politicians own up to gal money in Dubai banks. will receive a sum of $1 billion from Task Force as a serious issue and said flight PK-517 escaped the disaster while $150 billion worth of properties and He further said that information re- Saudi Arabia within a couple of days.