Business

PSX staged a strong recovery today, with the KSE-100 Index closing at 170,331, up 1,377 points (+0.81% DoD), reclaiming the key 170,000 level on a closing basis. Investor sentiment improved amid easing geopolitical concerns, prompting broad-based buying from the opening bell and pushing the benchmark index sharply higher, said 𝐀𝐥𝐢 𝐍𝐚𝐣𝐢𝐛, Deputy Head of Trading of Arif Habib Ltd. While some gains were trimmed later in the session, sustained buying interest kept the market firmly in positive territory for most of the day. On the macro front, media reports suggest that the Federal Government is likely to present the FY27 Budget on June 12 instead of the previously scheduled June 10, with a final decision expected within the next couple of days. UBL, HUBC, HBL, LUCK, and MEBL emerged as the top contributors, collectively adding 526 points to the index. On the flip side, PSEL, MCB, THALL, PSX, and JDWS weighed on performance, jointly eroding 60 points. Market activity remained robust, with traded volume rising to 765mn shares and turnover reaching PKR 27.1bn. TPLP led the volume chart with 56.5mn shares traded. 𝐎𝐮𝐭𝐥𝐨𝐨𝐤: Going forward, improving geopolitical sentiment has provided near-term relief to the market. However, investors are likely to remain focused on regional developments and upcoming budget announcements, which may continue to influence market direction in the coming sessions.

Karachi, June 9, 2026: Ignite, operating under the Ministry of IT and Telecom (MoITT), has signed an agreement with the Mobilink Bank led consortium which includes CyberVision International, to establish and operate the National Incubation Center (NIC) Sialkot, further strengthening Pakistan’s innovation and entrepreneurship ecosystem. The partnership aims to create a dedicated platform for technology driven startups and innovative ventures in Sialkot, one of Pakistan’s leading industrial and export hubs. The signing ceremony took place at the Ministry of IT and Telecommunication offices in Islamabad and was attended by senior Ministry officials, Ignite and Mobilink Bank representatives. Speaking on the occasion, Federal Minister for Information Technology and Telecommunication, Ms. Shaza Fatima Khawaja, said:“The establishment of NIC Sialkot reflects the Prime Minister, Shehbaz Sharif’s Digital National Pakistan vision. The government is fully commitment to nurturing innovation and digital entrepreneurship across Pakistan by equipping young entrepreneurs with the right resources and opportunities.” Renowned globally for its sports goods, surgical instruments, leather products, and musical instruments industries, Sialkot has emerged as a growing center for e-commerce and digital exports. NIC Sialkot will strengthen this entrepreneurial strength by supporting up to 25 startups annually through mentorship, business development services, investor linkages, market access opportunities, and networking support. The establishment of NIC Sialkot aligns with the government’s vision of expanding innovation infrastructure beyond major metropolitan centers, creating new opportunities for entrepreneurship, technology adoption, employment generation, and export growth across Pakistan. CEO Ignite Mr. Muhammad Bilal Abbasi stated:“NIC Sialkot is another important milestone in Ignite’s mission to strengthen Pakistan’s startup ecosystem. The centre will help entrepreneurs transform innovative ideas into scalable businesses while promoting technology adoption, industrial productivity and export competitiveness.” The National Incubation Centre (NIC) Sialkot, is aimed at empowering local entrepreneurs to build globally competitive companies. Applications for the inaugural Cohort 1 incubation programme are also officially open. To apply visit the website of NIC Sialkot. https://www.nicsialkot.com President and CEO Mobilink Bank, Mr. Haaris Mahmood Chaudhary said:Pakistan’s economic resilience demands broad-based participation — not growth concentrated in a few cities, but opportunity extended to small enterprises across the country. At Mobilink Bank, we believe innovation must be accessible, inclusive, and rooted in local business realities. Through NIC Sialkot, we are equipping entrepreneurs with mentorship, digital tools, financial solutions, and market access to scale with confidence.” While open to startups from all sectors, NIC Sialkot will particularly support ventures aligned with the city’s industrial strengths, including sports technologies, healthcare and surgical technologies, manufacturing innovation, e commerce, export enabling solutions, and emerging digital industries. The center will also encourage innovation in high growth areas such as Artificial Intelligence, Industry 4.0, advanced manufacturing, smart supply chains, health technologies, and digital commerce. The National Incubation Center (NIC) is Pakistan’s premier technology incubation and acceleration initiative and is funded by the Ministry of IT and Telecommunication and Ignite National Technology Fund. NICs operate a nationwide network with seven distinct regional centers across major cities, each partnering with top-tier private industry leaders, academia, and global accelerators.

KARACHI: The Businessmen Panel Progressive (BMPP) has urged the government to prioritize export growth, industrial development, and expansion of the tax base in the upcoming federal budget, while reducing the cost of doing business by lowering the General Sales Tax (GST) to 15 percent and abolishing the Super Tax. Addressing a press conference at the Karachi Press Club, BMPP Chairman and Senior Vice President of Federation of Pakistan Chambers of Commerce and Industry, Saquib Fayyaz Magoon, said the forthcoming budget should focus on export-led growth, tax reforms, and relief for the manufacturing sector. He stressed that reducing the cost of doing business and broadening the tax net were essential, while imposing additional taxes on already compliant sectors was counterproductive. FPCCI Vice Presidents Amanullah Paracha and Asif Sakhi, former Vice President Shabbir Mansha Churra, and other business leaders were also present. Magoon said that if the government could not completely abolish the Super Tax, it should at least exempt the manufacturing sector to encourage investment and provide relief to industries. He maintained that burdening any single sector with additional taxes was not a sound policy and that all sectors should be treated equally. He called for the restoration of the Fixed Tax Regime and measures to facilitate the inclusion of new taxpayers into the tax net. To simplify compliance, he proposed the introduction of a single-page tax return form that would be easier for businesses and small traders to understand and file. Highlighting challenges facing the agricultural sector, Magoon demanded the withdrawal of taxes on cottonseed and special relief measures for the oilcake and cottonseed sectors. He also called for significant reductions in taxes on industrial raw materials to lower production costs and improve the competitiveness of Pakistani products in international markets, ultimately boosting exports. He said FPCCI’s budget proposals place exports at the center of economic policy, arguing that increasing exports is essential for addressing Pakistan’s economic challenges. He urged the government to consult exporters and the business community on export-related policies and matters concerning the Final Tax Regime. Expressing concerns over the proposed tax collection target of Rs15.2 trillion for the next fiscal year, Magoon described it as unrealistic and disconnected from economic realities. He noted that revenue targets had also been set unrealistically high in the previous fiscal year and were subsequently revised downward. “Merely setting ambitious tax targets serves little purpose,” he said, adding that revenue goals should be based on the actual capacity of the economy and prevailing business activity. He stressed that tax collection targets should be determined in consultation with exporters and relevant stakeholders. Magoon further stated that growth targets for different sectors should also be set through consultations with industry representatives and stakeholders. According to him, unilateral policymaking is ineffective and creates uncertainty within the business community. Calling for extensive tax relief for the chemical industry, he said the sector has significant potential to contribute to industrial growth and exports. He also urged the government to review tax incentives available in the former FATA and PATA regions, ensuring that such concessions are aligned with local demand-and-supply conditions and economic realities to prevent misuse and maintain fair market competition. Reiterating his concerns over the proposed Rs15.2 trillion tax target, Magoon said such goals do not reflect ground realities and have historically required downward revisions. He also called for tax and growth targets to be formulated through stakeholder consultations rather than unilateral decisions. Among other proposals, he recommended exempting individuals earning up to Rs100,000 per month from income tax and increasing the minimum wage by 15 percent in view of rising inflation. He also advocated special tax incentives for the chemical industry and a comprehensive review of tax concessions granted to FATA and PATA. Speaking on the occasion, Shabbir Mansha Churra said the federal budget should focus on economic growth rather than revenue targets alone. Asif Sakhi emphasized the need to make trade bodies partners in policy implementation, while Amanullah Paracha stressed that economic growth would remain elusive without broadening the tax base and simplifying the tax system to make it more business-friendly and less intimidating.