KSE administration censors currency exchange business in premises
The KSE authorities have warned of stern action against violators
KARACHI (Dunya News) – Karachi Stock Exchange (KSE) administration on Thursday has directed officials to limit businesses to shares trading and do not conduct currency exchange activities.
The administration has stated that members are only allowed to open brokerage houses and carry on share-related businesses.
The KSE authorities have warned of stern action against persons who do not follow the order. No member is allowed to indulge in currency exchange business. The administration has also warned of revoking of violators’ licenses.
Separately, KSE stocks are rising owing to oil and cement, Dunya News reported.
Cement sales in first four months of FY 2015-16
Cement sales in first four months of the Fiscal Year 2015-16 increased 4 percent taking the total to at least 11 million tons.
All Pakistan Cement Manufacturers Association stated on Wednesday that local sales have surged by at least 14 percent up to 90 lac ton. On the other hand, cement exports have fallen by 27 percent. The fall has seen a difference of at least seven lac ton compared to the past year.
In 2014, the exports stood at 27 lac ton whereas in the current year total of cement that has been exported is 20 lac ton.
The association stated that cement sales depend up to 80 percent on the local market. The association members have appealed the government to take steps to halt illegal smuggling of Iranian cement. The members said that the crime affects the sales on large scale.
The cement manufacturers have called for imposition of regulatory duty on imported cement bags up to at least 20 percent. It should be mentioned here that the association have demanded the imposition in addition to the already existing custom duty.
The manufacturers have tabled another demand regarding gas exports. The government has been asked to wave off at least five percent of the total taxes on gas exports via sea.
