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KARACHI: Gold prices have hit a record peak in the local market, sparking interest among investors and traders.
Globally, the price of gold per ounce increased by $60, reaching $2,470. This significant rise was mirrored in the local market, where the price per tola soared by Rs4,600 to Rs254,000, setting a new high.
In Karachi, the price per ten grams of gold also experienced a sharp increase, climbing by Rs4,287 to reach Rs217,764. These adjustments come after a period of fluctuating prices.
As recently as July 9, there was a notable decline in gold prices. Globally, the price per ounce fell by $12 to $2,362, while locally, the price per tola dropped slightly by Rs100 to Rs245,000, and the price per ten grams decreased by Rs86 to Rs210,048.
Earlier in the week, the local market saw a gradual rise of Rs2,900 over three days. Market analysts suggest that this upward trend in prices is due to subdued buying activity, which has influenced the pricing dynamics in local markets.

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KARACHI: The Pakistan Stock Exchange (PSX) surged to new heights, gaining 684 points to close at an all-time high of 81,839 points. This remarkable 0.84% increase from the previous close of 81,156 points showcases a bullish momentum in the market.
A week earlier, the PSX shattered all previous records to reach the historic 81,000-point mark during intraday trade, an unprecedented milestone driven by robust buying from local and foreign investors.
On Tuesday, KSE-100 maintained a bullish trend and gained 1,367 points to hover at 81,320.88 points with 1.72% positive change as compared to the previous closing of 79,944.09 points.
Experts have attributed the bullish trend to various factors including the privatization and staff-level agreement with the International Monetary Fund (IMF).
Ahsan Mehanti from Arif Habib Corp emphasized the role of accommodating State Bank of Pakistan (SBP) policy rates in stimulating market activity. Meanwhile, Khurram Shehzad, CEO of Alpha Beta Core, highlighted investor confidence in anticipated economic reforms and stability, anticipating further market growth.
This surge comes amidst ongoing market resilience despite temporary interruptions, such as the recent fire incident at the PSX building, which briefly suspended trading activities but did not dampen overall investor sentiment.

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ISLAMABAD: The Pakistan Petroleum Dealers Association (PPDA) announced the immediate end of the nationwide petrol pump strike on Friday.
Speaking at a press conference in Karachi, PPDA Chairman Abdul Sami Khan, alongside other officials, declared the decision to suspend the strike.
“We made this decision immediately due to tourists being stranded in the northern areas. Our one-day strike has been successful, but people are suffering because motorbikes can’t run,” he said.
Khan explained that tourists in Malakand, Swat, and Hazara were among the reasons for ending the strike. “The strike wasn’t easy, as the entire government was against it,” he added.
Abdul Sami warned that the sale of smuggled petrol in the country is likely to increase, attributing the situation to the government’s double taxation policies.
The association had called an emergency meeting earlier today to decide on the next course of action for their countrywide strike.
PPDA Chairman Abdul Sami Khan stated that no negotiations had taken place with the government or administration.
Earlier in the day, the strike by the petroleum dealers against federal budget taxes saw some petrol stations shut down across many cities and major highways, however, most petrol pumps in major cities including Lahore and Karachi remained operational.
The day-long shutterdown strike called by the owners to protest the taxes introduced in the federal budget of around 13,000 fuel stations nationwide was set to start at 6am today.
Despite many petrol pumps in Karachi remaining closed on Friday morning, some continued operating as usual, especially along Rashid Minhas Road, University Road and Shahrah-e-Faisal.
In contrast, the majority of the fuel stations in Lahore did not observe the strike at all.
The Petroleum Division and the Oil and Gas Regulatory Authority (OGRA) have issued directives to keep petrol pumps open.
OGRA spokesperson Imran Ghaznavi affirmed in a joint statement with the Petroleum Division that petroleum products would remain available across the country. “There is an adequate supply of petroleum products in the country,” the statement assured.

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ISLAMABAD: Talks between the Pakistan Petroleum Dealers Association (PPDA) and the government have failed, leading the PPDA to announce the closure of petrol pumps nationwide from Friday.
PPDA President Abdul Sami Khan announced that the strike could last more than one day, advising dealers to keep fuel stocked at petrol pumps until July 4.
The strike involves 14,000 dealers who will shut down their petrol pumps on July 5.
Khan urged citizens to fill their vehicle tanks before the strike begins.
“We met with the finance minister, the chairman of the FBR, and the chairman of OGRA, but the talks yielded no results, which is why we are striking. Double taxation is a violation of the Constitution,” Khan stated.
The government has been advised to prepare for potential disruptions in the fuel supply chain due to the strike, which could significantly impact daily life across Pakistan.
The petroleum dealers are demanding the withdrawal of the advance income tax imposed in the budget 2024-25.
Abdul Sami Khan warned that this tax would devastate the petrol pump business, which is already struggling with minimal profits and high inflation.
“The additional burden of taxes will destroy our business. There is no other option but to close the business because of this unfair tax,” he asserted.

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ISLAMABAD: In a meeting of the federal cabinet chaired by Prime Minister Shehbaz Sharif, several significant decisions were made to ensure economic stability, promote renewable energy, and enhance national security.
Prime Minister Shehbaz Sharif directed that no new duty be imposed on solar panels, ensuring common citizens have affordable access to renewable solar energy. He stressed the importance of low-cost solar energy reaching every citizen, reinforcing his commitment to making renewable energy accessible and affordable.
“Low-cost renewable solar energy will be made accessible to every citizen,” he insisted.
The prime minister detailed his strategy for boosting the economy, which includes increasing exports by developing small and medium-scale industries. He emphasized abolishing privileges for the elite and resource exploiters, prioritizing economic security and equal development opportunities for all citizens.
“We are planning hard to move the economy in a positive direction,” he added.
Taking cabinet members into confidence on the misunderstandings and speculations about the ‘Azm-e-Istehkam Vision’, Prime Minister Sharif clarified that it did not involve launching new operations. Instead, he announced that intelligence-based operations already underway would be intensified to decisively root out terrorist remnants and violent extremism.

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ISLAMABAD: Prime Minister Shehbaz Sharif acknowledged during his address to the National Assembly on Tuesday that the federal government collaborated with the International Monetary Fund (IMF) in formulating the annual budget for the Fiscal Year 2024-25.
He highlighted that the government’s decision to work with the IMF was driven by necessity, emphasizing the challenges faced in meeting the budgetary requirements.
The federal budget, amounting to Rs18.87 billion, was presented on June 12 with an ambitious tax revenue target of Rs13 trillion for the upcoming fiscal year, aimed at strengthening the case for a potential new bailout agreement with the IMF.
Pakistan is currently engaged in discussions with the IMF to secure a loan ranging between $6 billion to $8 billion, seeking to prevent an economic default in a region experiencing notably sluggish growth rates.
PM Shehbaz assured the National Assembly that the treasury would promptly update them on the IMF’s response, expressing optimism for a positive outcome.
He further outlined his government’s efforts to curb expenditures and combat corruption. During the session, he announced the abolishment of the Pakistan Public Works Department, citing pervasive corruption within its development budget.
He disclosed the formation of a rightsizing committee, led by Finance Minister Muhammad Aurangzeb, tasked with streamlining government operations and delivering substantial outcomes by the specified timeline.
Emphasising his administration’s commitment to regional development, the premier underscored initiatives aimed at uplifting southern Punjab.
He noted that the PML-N-led government has consistently allocated budgets and employment opportunities exceeding the region’s population ratio.
PM Shehbaz stated that specific measures included a 10% increase in allocation for southern Punjab under national schemes such as the laptop distribution and PM Rozgar schemes.
He added that the Zevar Taleem Programme saw a significant rise in stipends for female students, from Rs200 to Rs1000.
Furthermore, the PM highlighted federal investments in major infrastructure projects across southern Punjab, including the Lodhran-Khanewal Motorway and the Dera Ghazi Khan-Muzaffargarh Motorway.
Responding to opposition concerns, he highlighted the imminent results of these initiatives, expected to manifest within approximately six weeks.
The PM’s address comes amid heightened scrutiny over government spending and efforts to enhance transparency and efficiency in public administration.

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ISLAMABAD: The Senate proposed a total of 128 recommendations, including nine concerning the Public Sector Development Programme (PSDP) for the year 2024-25, to the National Assembly for inclusion in the Finance Bill 2024 during a session on Monday.
These recommendations will be forwarded to the National Assembly, which will decide whether or not to incorporate them into the Finance Bill.
Of the total recommendations, 69 were general recommendations on the budget for 2024-25. Additionally, eight pertained to the Customs Act, 1969; 23 to the Sales Tax Act, 1990; 15 to the Income Tax Ordinance, 2001; three to the Federal Excise Act, 2005; and one to Abandoned Properties.
Chairman of the Senate Standing Committee on Finance, Saleem Mandviwala, presented the Senate’s budget recommendations, which were adopted by the House.
Earlier, speaking on the floor of the House, Mandviwala stated that they were given six days instead of the usual 14 to review the budget document and prepare recommendations for the lower house of parliament.
He mentioned that 32 associations and chambers of commerce from all provinces, along with members of civil society, including representatives from education, medical, retail, and automotive sectors, met with the finance committee to provide their feedback.
The chairman noted that out of the total Rs18.9 trillion budget, approximately Rs9.75 trillion would be allocated for interest and debt repayments, with Rs2.63 trillion needed to cover the budget deficit.
He criticised the authorities for not bringing 2.9 million non-filers into the tax net to increase revenue, instead of burdening the poor.
The committee unanimously rejected the increased tax on the lower-tier salaried class and the tax imposed on baby milk.
Mandviwala highlighted that, for the first time, persons with disabilities who served in public departments presented their grievances, stating they had been ignored in previous budgets. The committee proposed allocating a special allowance for them and addressing their concerns.
He also called for incentives for charity hospitals and taxation for those charging fees. He further expressed concern over new taxes on school children’s books and stationery items, supporting public and stakeholder demands to abolish these taxes.
The chairman urged all political parties to avoid politicising Pakistan’s economy, warning that continued politicisation could lead to a worse budget next year. He advocated for a genuine charter of the economy, similar to the Charter of Democracy, to protect the economy from derailment.
The Upper House recommended raising the minimum wage from Rs37,000 to Rs45,000 and providing an extra allowance equivalent to 100% of their basic pay for disabled persons. They also suggested broadening the tax base and reducing the tax burden on the salaried class.
It further recommended withdrawing the 10% GST on newsprint imports and restoring the zero-rated status for the print industry. They also proposed withdrawing the sales tax on poultry feed to avoid increasing poultry product prices, which would affect consumers.
Additionally, the Senate suggested reversing the increase in the petroleum levy on petroleum products.
For economic documentation, the Senate recommended making credit/debit card transactions mandatory for purchases above Rs35,000, adding that a uniform sales tax rate should be imposed on solar industry parts, whether imported or locally produced.
The Senate proposed withdrawing the expected 36% increase in general sales tax collection, amounting to Rs4.9 trillion next year.
They also suggested reducing the Rs7,458 billion in indirect taxes, including sales tax, excise duty, customs duty, and service tax, by 50% to lower the prices of essential goods and food items for the poor.
Furthermore, the Upper House proposed increasing the Rs5,512 billion in direct taxes by broadening the tax net and including major industries such as sugar, cement, tobacco, fertilisers, power sector entities, and large business chains.
The Senate suggested offering customs duty concessions on electric vehicles valued below $50,000 instead of above this threshold. They also recommended continuing zero-rated exemptions for sectors such as pharmaceuticals, books, newspapers, agricultural produce, and medical supplies.
To reduce government expenditures, the Senate recommended renegotiating IPP agreements to eliminate the Rs2.1 trillion in capacity payments to IPPs for 2024. They also proposed bringing entities involved in annual tax evasion of approximately Rs5.8 trillion, constituting about 6.9% of GDP, into the tax net.
For substantial annual revenue savings, the Senate proposed a complete ban on goods smuggling. They further recommended reviving GST exemptions for medical equipment, medicines, intraocular lenses used in cataract surgery, and other medical devices to support charitable hospitals.
For the development of Balochistan, the Senate recommended new programs, scholarships, and schemes for the province’s youth and students. It also proposed allocating funds for energy projects, including LPG plants, to address power shortages in the province.
The Senate recommended reinstating the exemption for local supplies made in the FATA/PATA regions under the Income Tax Ordinance, 2001, until June 30, 2025.

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