VOLUME 13 | No 318 Lahore Regd No. CPI 251 WORLD STOCKS/ SPORTS COMMODITIES 6P10 6P9 The Oil falls after Afridi parts Trump urges ways with PSL OPEC not to An English Daily published simultaneously from Lahore and Faisalabad team Karachi cut supply PAGES 12 | Rs 20 Buwww.thsebusiiness.ncom.pk eRabsi-ul-Awasl 05, 1440, KWiendgnsesday, November 14, 2018 Late recovery helps PSX close in green By Our Staff Correspondent reach an intraday high before settling +2.50 per cent) and Pakistan Interna- sonal care products sector (-2.79 per- to currency devaluation and higher higher by a minor 55.95 points at tional Bulk Terminal Limited (PIBTL cent), closed-end mutual fund sector input cost might have motivated the KARACHI: The Pakistan Stock Ex- 41,152.28. The KMI 30 index gath- +1.39 per cent) were the top traded (-2.14 percent) and vanaspati and al- customers to get into an early purchase. change (PSX), following the trend from ered 66.11 points at 70,588.61, while scripts of the day. lied industries sector (-1.70 percent) Pakistan Suzuki Motors Company the last trading session, started the day the Karachi Stock Exchange All The scripts had traded 21.85 mil- were the top losers. Limited (PSMC +2.07pc), Millat Trac- in red on Tuesday but took a U-turn in Share index closed higher by 35.04 lion, 17.75 million shares and 12.83 The automobile assembler sector lost tors Limited (MTL +0.27pc), Indus the second half to end with slight gains. points at 29,851.59. Out of 341 total million shares respectively. 0.70 per cent from its cumulative mar- Motor Company Limited (INDU Foreign investors continued selling on scripts traded, only 145 advanced The top gainers of the day included ket capitalization after the announce- +0.12pc) all ended positively. Monday with a net outflow of $1.73m. while 171 declined. chemical sector (+2.87 per cent), to- ment of the latest data by the Pakistan On the other hand, Honda Atlas The Karachi Stock Exchange The overall trading volumes de- bacco sector (2.48 percent), modaraba Automotive Manufacturers Association Cars (Pakistan) Limited (HCAR) was (KSE) 100 index lost 335.74 points clined from the preceding session to sector (2.43 percent), miscellaneous (PAMA). Auto sales increased by 6pc down by 4.15 percent, Atlas Honda shortly after the start of the trading 177.17 million. Lotte Chemical Pak- sector (+1.79 percent) and paper and year-on-year and 28pc on month-on- Limited (ATLH) by 1.12 percent and session to touch an intraday low. istan Limited (LOTCHEM +5.52 per board sector (+1.77 percent). month in October 2018. Ghandhara Industries Limited (GHNI) It then recovered 106.09 points to cent), TRG Pakistan Limited (TRG On the other hand, food and per- The anticipated increase in price due by 3.44 percent. C M Pak assures action against tax evasion, IMF hails Y K Govt-IMF talks prove g successful Tax policy board would be separated from the FBR The Business Report policy level talks which were During the first round, the held, the government is ex- officials of Finance Ministry ISLAMABAD: The dia- pected to increase power and and FBR apprised the IMF logue between Minister of State gas tariff and tax net. delegation on next budget and for Revenue Hammad Azhar steps being taken to increase and IMF delegation on tax re- tax. The IMF delegation, led forms and increasing income Govt to fulfill by its chief Herald Finger, have succeeded, on Tuesday. kicked off nearly two weeks The minister of state for IMF financial talks with Pakistani team on revenue held a meeting with necessities the formal written request of IMF delegation on tax re- Islamabad for a possible forms and increasing income. The Business Report bailout package, which will Federal Board of Revenue be country’s 13th bailout. ISLAMABAD: President Dr Arif Alvi chairs the Governors Conference at the Aiwan-e-Sadr. (FBR) chairman Jahanzaib ISLAMABAD: The On October 11, Pakistan Khan and other officials also spokesperson of the gov- had formally requested fi- attended the meeting. ernment on Economy and nancial assistance from the Aasia Bibi handing over Sources said that the dia- Energy Affairs Dr Farrukh IMF, the fund, setting in mo- Commanders logues with the IMF teams Saleem said on Tuesday tion a series of talks that No proposal to have succeeded. The IMF that PM Imran Khan had could lead to a bailout. vow to ensure Canada in team welcomed the action made successful foreign After campaigning on an against tax evaders. visits to put the national anti-corruption platform, PM writ of the state touch with Pak, The IMF team was given a economy back on track. Khan won July’s general grant India MFN detailed briefing on increas- Talking to a news chan- election on wave of popular The Business Report says Justin ing tax income, preventing nel, he said present gov- support. But the country’s status, Dawood tax evasion, tax notices and ernment is consulting with heavy current account deficit RAWALPINDI: COAS General By Our Special the country self-sufficient. “Pak- The Business Report team was ensured that the ac- economic experts to utilise has cast a shadow over his Qamar Javed Bajwa on Tuesday Correspondent istanis should work on increas- tion against tax evasion will all possible options to sta- first months in power, with presided over the 215th Corps Com- ing export volume as it is the TORONTO: Canadian Prime Min- continue indiscriminately. ble the economy. He said foreign exchange reserves manders Conference held at GHQ. LAHORE: Advisor to PM only method to attain a sustain- ister Justin Trudeau has said that his The IMF was further told that the govt is going to hold falling to just $8.4bn, According to a press statement is- for Commerce, Textile, Industry able economy”, he said adding country is in talk with Pakistan on the the tax policy board would be talks with International barely enough to cover the sued by the ISPR, the forum re- and Investments Abdul Razak that we are trying to give a level- handing over Aasia Bibi. separated from the FBR. Monitory Fund to fulfill country’s imports for the viewed geo-strategic environment Dawood has categorically de- playing field to all export-ori- Talking to a foreign news agency on Earlier, after first round of financial necessities. rest of this year. and security situation of the country. nied the rumours of granting ented industries by providing Tuesday, Justin Trudeau stated that he The meeting also discussed India, the Most Favourite Na- them energy at lower tariffs, now does not wanted to talk on this issue progress of ongoing operations, fenc- tion (MFN) status. the different export clusters in anymore but Canada is a welcoming ing along Pak-Afghan border, situa- “There is no proposal from Pakistan especially in Punjab country in this regard. tion along Eastern Border, including our end to give India the most will become competitive with Earlier this week Canada has asked Visible change will be seen Indian ceasefire violations deliber- favourite nation status”, Da- rest of the world. Pakistan to ensure safety of Aasia Bibi ately targeting innocent citizens. The wood said while talking with Talking about cement sector, after her release by the SCof Pakistan within next few months: PM forum reiterated to continue its ef- media at first International Ce- the advisor to PM said that ce- in the blasphemy case and resultantly ISLAMABAD: PM Imran Khan has di- the Prime Minister Office in Islamabad. forts for bringing enduring peace in ment Conference held in Lahore, ment sector is playing a pivotal countrywide violent protests. rected members of the National Assembly The prime minister said that the govern- the country while supporting all ini- jointly organised by INTER- role in infrastructural develop- from Sindh to play their role highlighting and ment was also supporting investment in com- tiatives towards regional peace. CEM and Pakistan Cement ment of Pakistan and China Pak- addressing the problems facing people. mercial and social welfare sectors along with The forum also expressed its resolve Manufacturers Association. istan Economic Corridor led A delegation of National Assembly repre- defence sector. The ministry of defence for continued support to all state insti- He further said that there is no projects have further fueled the sentatives from Sindh met Prime Minister briefed the PM. Minister for Defence Pro- tutions for ensuring writ of the state short cut to success. “It will take sectors performance and indus- Imran Khan at his residence here on Tuesday. duction Zubida Jalal, PM Special Assistance and rule of law in which lies the peace, some time before Pakistani econ- try’s output at a record level. Governor Sindh Imran Ismail briefed the Iftikhar Durani, Defence Secretary Leftiuent stability and prosperity of the country. omy can enter in sustainable “Cement sector is playing a PM upon the Karachi Package and informed General (retd) Muhammad Ijaz Chaudhry and (Picture on Back page) mode, there is no short cut to this, great role in creating employ- him about the issues of Karachi. other senior officials attended the meeting. however the world has started ment opportunities, infrastruc- During the meeting PM directed the repre- PM praised the performance of defence giving positive vibes for Pakistan tural developments”, he said sentatives to play their role in resolving the is- ministry and its affiliated departments. PM FIA questions and number of export orders are adding that currently six new ce- sues of general public besides sharing the pain Khan also stressed involvement of private on a rise”, Dawood said adding ment plants in Pakistan are un- Another report adds: The Foreign and sufferings of people indiscriminately.