Briefs

PSX issues notification

By our correspondent

KARACHI: After the impending MSCI upgrade of Pakistan into the Emerging Market status, the management of the Pakistan Stock Exchange notified the process for determination of closing prices of stocks on Wednesday.

According to the notification, “Closing Price” for all shares would be determined over the last two hours of the regular market session on the basis of volume weighted average price (VWAP) as against the current practice of last 30 minutes.

This change will only be for a limited period, ie, from May 26 to June 2 only, it added. As such, this is a temporary measure purely to facilitate expected large number of transactions in the transition to MSCI–EM Index, the notification said.

 

Asian nations to develop infrastructure

By our correspondent

ISLAMABAD: Asian nations have agreed to develop infrastructure and improve financial arrangements for stronger regulatory cooperation among the members of Asian Parliamentary Assembly (APA), a statement said on Wednesday.

“The APA Standing Committee on Staff and Financial Regulations meeting, held in Abu Dhabi, deliberated financial regulations and emphasised on the need for transparency, accountability, and efficient management of financial resources in the APA budgeting and spending” the press release said.

The two-day event has been organised by the United Arab Emirates (UAE) Parliamentary Division of the Federal National Council (FNC).

“Hosting the APA meeting reflects the UAE's prestigious stature and embodies the success achieved by the FNC's parliamentary diplomacy,” Al Mutawaa, FNC member, deputy chairman APA, and chair of the committee, said while recognising the APA’s role in bringing Asian parliaments closer.

Representing Pakistan at the meeting, Senator Nuzhat Sadiq, Javed Abbasi, and Secretary Senate Amjed Pervez Malik vociferously highlighted the important issues related to financial regulations.

“Pakistan strongly believes in promotion of parliamentary linkages and regional integration for the collective benefit of the region,” one of the Pakistani delegates said speaking on the occasion.

 

Govt warned against trade deficit surge

By our correspondent

LAHORE: Pakistan Industrial and Traders Associations Front (PIAF) chairman Irfan Iqbal Sheikh has warned the federal government against incessant surge in trade deficit in the ongoing fiscal year, a statement said on Wednesday.

The trade deficit, in the first 10 months of the fiscal year 2016/17, widened by as much as 40 percent, whereas he termed the current scenario dicey situation for the economy.

Sheikh termed increase in the country’s exports as only way to slash the soaring gap. Costly access to electricity and traumatising power cuts are one of the main reasons behind this plummet, he said, adding that the industry acknowledges the macroeconomic stability achieved by the government in the last four years; however, the ever-increasing balance of trade deficit is eating the economic stability.

 

Dewan Motors honoured

By our correspondent

KARACHI: Dewan Motors Private Limited, the official importer of BMW in Pakistan, has been awarded "Excellence in Direct and Special Sales" in the Middle East for the year 2016, a statement said on Wednesday.

“It is yet another milestone in the illustrious history of Dewan Motors,” said Dewan Muhammad Yousuf Farooqui, chairman of Dewan Motors.

The honour was bestowed upon Dewan Motors during the visit of senior officials from the International Direct and Special Sales Department, BMW Group AG, Germany, the statement said.

“Pakistan is a very important market for the BMW Group’s International Direct and Special Sales Department; and Dewan Motors has always been an exceptional partner,” said Harald Scheffel, manager sales, BMW Group International Direct and Special Sales.

“We are delighted to present Dewan Motors with the BMW Group award for the Excellence in Direct and Special Sales for the best dealer in the Middle East,” Scheffel added.

BMW Group AG selected Dewan Motors as their partner in 2004 for progressive imports, marketing, sales and after sales of BMW vehicles in Pakistan, it added.