CDNS achieves collection target of Rs116 billion

ISLAMABAD -The Central Directorate of National Savings (CDNS) has achieved collection net target of Rs116 billion by January, 10 of fiscal year 2019-20. The CDNS has set Rs352 billion annual collection target for the year 2019-20 as compared to Rs324 billion for the previous year’s 2018-19 to enhance savings and promoting saving culture in the country, senior official of CDNS told APP here on Tuesday. The directorate has also revised and increased the gross target of Rs1570 billion for fiscal year 2019-20, he said. Replying to a question, he said CDNS had collected Rs 410 billion by June 30, exceeding the target of Rs 324 billion set for the year while during the preceding year of 2017-18, CDNS collected Rs155 billion. The total savings held by the CDNS stood at Rs 1,150 billion by June 30 while the directorate had Rs 774 billion savings by the same date, a year ago, he said. The senior official said due to the rationalization of CDNS certificates’ rates, the directorate had collected more savings than expected, therefore CDNS revised its target upward from Rs 224 to 324 billion for FY 2018-19. Replying to a question, he said CDNS has decreased the interest rate on the investment bonds due to current market situation. The CDNS interest rates were decreased due to lower rates of Pakistan Investment Board (PIB), he said. “The National Savings interest rates are linked with the policy of PIB set by State Bank of Pakistan (SBP)”, said a senior official of CDNS said. CDNS has decided to change and lower the rates of different Certificates for January 1, 2020, he said.

Stock market sheds 121 points

ISLAMABAD - Pakistan Stock Exchange (PSX) Tuesday noted bearish trend as KSE 100 index closed at 42,626.47 points as compared to 42,747.62 points on the last working day with the negative change of 121.15 points (0.28 %). A total of 177,567,170 shares were traded compared to the trade 173,897,330 shares during the previous day, whereas the value of shares traded during the day stood at Rs 6.812 billion as compared to Rs 7.050 billion during last trading day. Total 344 companies’ transacted shares in the Stock Market today, out of which 127 recorded gain and 205 sustained losses whereas the share price of 12 companies remained unchanged.