October records 26pc jump in new companies registering in Pakistan

ISLAMABAD: Advent of new companies in Pakistan saw a 26 per cent jump in the month of October as the securities commission registered 2,701 new entrants with 97 of them registering from abroad, ARY News reported on Wednesday.

The Securities & Exchange Commission of Pakistan (SECP) noted among the new companies, 99 pc of them registered themselves online 34pc of all the companies registered in a single day.

The trade sector was the biggest bracket of the newly registered companies according to October data as 341 new competitors enrolled as such. Following the lead is the construction with 245 and I.T with 231 companies, SECP notification said.

According to the regional breakup, most of the companies registered in Islamabad as the capital territory swept in 714 of them while Lahore and Karachi enrolled 611 and 318 companies, in that order.

Moreover, the data shared by the securities watchdog noted 35 of all companies registered in October had a foreign investment base.

READ: October exports grow 2.1pc rebounding to ‘pre-COVID level’

Separately on the business and commerce activities, Prime Minister’s aide on commerce and industries Abdul Razak Dawood chaired a meeting yesterday to review the current export trends, noting a 2.1 pc jump in October exports.

According to the press statement following the meeting, the advisor was informed that as per the provisional trade data for the month of October 2020, the exports stood at US$ 2,066 million as compared to US$ 2,024 million in the corresponding period last year.

Razak was apprised by the ministry on the imports during the same period underscoring a contraction of 10.3% as imports have decreased from US$4 billion to US$3 billion in October 2020.