Pkrevenue.com

Day: March 9, 2020

  • SBP to announce monetary policy on March 17

    SBP to announce monetary policy on March 17

    KARACHI: State Bank of Pakistan (SBP) will announce monetary policy statement for next two months on March 17, 2020, a statement said on Monday.

    The monetary policy committee (MPC) will review the existing policy rate along with economic indicators and inflation.

    The SBP kept the policy rate at 13.25 percent during the three policy statement.

    The SBP kept the policy rate unchanged at 13.25 percent since July 2019 on the back of uptick in prices of consumer items.

    Market analysts anticipate 100 basis points cut in policy rate due to sharp decline in world oil prices and improvement in economic indicators.

  • FBR allows tier-1 retailers to integrate POSs by March 30

    FBR allows tier-1 retailers to integrate POSs by March 30

    ISLAMABAD: Federal Board of Revenue (FBR) has allowed big retailers to integrate their point of sale (POS) with FBR’s online system by March 31, 2020 in order to avoid legal action.

    The FBR on Monday extended the date of online integration of Tier-1 retailers.

    The FBR said that it had condoned the time limit as provided in Sales Tax Rules, 2006 up to March 31, 2020, for online integration of tier-1 retailers’ POSs with board’s computerized system for real-time reporting of sales.

    However, this permission is subject to condition that the teir-1 retailers should furnish in writing their willingness to integrated all their POSs in terms of the rules to respective Regional Tax Offices (RTOs)/Large Taxpayers Units (LTUs) by March 15, 2020.

    Previously, the deadline was expired on December 15, 2019 which was given by the FBR to tier-1 retailers to integrate their POSs with the FBR online system.

    All tier-1 retailers are required to integrate all their POSs with FBR’s computerized system.

    Tier-1 retailer is defined in section 2(43A) of the Sales Tax Act, 1990, to be a person who falls in any of the following categories:

    (a) a retailer operating as a unit of a national or international chain of stores;

    (b) a retailer operating in an air-conditioned shopping mall, plaza or centre, excluding kiosks;

    (c) a retailer whose cumulative electricity bill during the immediately preceding twelve consecutive months exceeds Rupees twelve hundred thousand;

    (d) a wholesaler-cum-retailer, engaged in bulk import and supply of consumer goods on wholesale basis to the retailers as well as on retail basis to the general body of the consumers”; and

    (e) a retailer, whose shop measures one thousand square feet in area or more.

  • Stock market ends down by 1161 points despite sharp recovery

    Stock market ends down by 1161 points despite sharp recovery

    KARACHI: The stock market made significant comeback after intraday crash on Monday and trimmed the decline 1161 points to close the market.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended 37,059 points from last Friday’s closing of 38,220 points showing decline of 1161 points or 3.3 percent.

    The market witnessed decline of 2300 points in intraday trading.

    Analysts at Topline Securities said that KSE 100 index declined by 3.13 percent to close at 37,059 level, taking cue from international markets, where bears dominated following the deepest oil price cut by Saudi Arabia (sharpest decline since 1991) as OPEC failed to strike a deal with its allies regarding production cuts.

    Market witnessed its first ever halt as KSE 30 index made an intraday decline of 1200 (down by -7.4 percent), where rule states that if KSE-30 Index continues to trade 4 percent above or below its opening index value for consecutive 5 minutes, trading in all securities shall be halted for 45 minutes.

    E&P sector which declined by 7 percent in light of decline in oil prices was largely responsible for market halt, as the sector has a significant weight of 19 percent in KSE 30 index.

    Secondly, the expectation of a rate cut gained further momentum consigning banks to the depths with several index heavy banks (HBL,UBL, BAHL, BAFL, MEBL) hitting lower locks.

    As a result the 100 index was down 2,302 points at its lowest ebb.

    Some recovery was witnessed in the market on the back of cyclicals, as investor’s started cherry picking especially in the cement sector given the high leverage status.

    Trading volume and value for the day stood at 308mn shares and Rs.11.4 billion respectively. FCCL was today`s volume leader with 30.7 million shares.

  • Rupee witnesses massive depreciation as stock market crashes

    Rupee witnesses massive depreciation as stock market crashes

    KARACHI: The rupee fell by Rs2.34 against dollar on Monday due to panic prevailed following massive decline in global stock markets.

    The rupee ended Rs156.58 to the dollar from last Friday’s closing of Rs156.24 in interbank foreign exchange market.

    Currency experts said that due to high volatility in the local stock market the currency market followed the suit. The benchmark KSE-100 of Pakistan Stock Exchange (PSX) recorded decline of 1161 points on Monday.

    However, they believed that the falling international oil prices would help the local currency to make gain in coming days.

    The foreign currency market was initiated in the range of Rs154.52 and Rs154.70. The market recorded day high of Rs156.70 and low of Rs154.70 and closed at Rs156.58.

    The exchange rate in open market also witnessed depreciation in rupee value. The buying and selling of dollar was recorded at Rs156.70/Rs157.00 from last Friday’s closing of Rs154.00/Rs154.30, in cash ready market.

  • Byco Petroleum announces setting up diesel hydro de-sulphurising unit

    Byco Petroleum announces setting up diesel hydro de-sulphurising unit

    KARACHI: Byco Petroleum Pakistan Limited has announced to set up a diesel hydro de-sulphurising unit and a fluid catalytic cracking unit with the facilitation from Byco Industries Incorporated.

    In an information shared with Pakistan Stock Exchange (PSX) on Monday, the company said that a meeting of the Board of Directors of Byco Petroleum Pakistan Limited was held on Monday, March 09, 2020 and decided in-principal to set up: a diesel hydro de-sulphurising unit; and a fluid catalytic cracking unit.

    These facilities will be set up with the facilitation from Byco Industries Incorporated, being the majority stakeholders of the company.

    Consequently, for such purpose, the board resolved to call an extraordinary general meeting of the shareholders for seeking approval/authorization to enter into transactions/arrangements with the company’s related party, Cnergyico PK Limited (CPL) for: leasing of necessary assets/components by the company from CPL, which will be assembled into refinery units, including (a) a diesel hydro de-sulphurising unit and (b) a fluit catalytic cracking unit; and availing a subordinated loan from CPL, for the purpose of installing, commissioning and making operational the processing units, which shall enable the company to reduce sulphur content in diesel and convert furnace oil into gasoline and diesel for use in its business and ancillary arrangements.

  • US Consul General visits CDC

    US Consul General visits CDC

    KARACHI – May 19, 2025 – In a significant move to strengthen economic cooperation between the United States and Pakistan, US Consul General Rob Silberstein led a high-level delegation from the US Consulate in Karachi to the Central Depository Company of Pakistan Limited (CDC). The visit, held at CDC’s head office, was part of ongoing efforts to bolster trade and investment relations between the two countries.

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  • Massive fall in global oil prices blessing for Pakistan economy: analysts

    Massive fall in global oil prices blessing for Pakistan economy: analysts

    KARACHI: The massive fall in international oil prices are blessing for Pakistan economy, analysts said on Monday.

    At the opening of international markets on Monday, oil prices declined significantly with WTI down by 26.5 percent to USD 30/bbl, Brent Oil down by 25 percent to USD 34/bbl and Arab Light Oil down by 34 percent to USD 34/bbl.

    This resulted as a direct consequence of disintegration of OPEC-Plus alliance while major countries could not agree to cut the oil output to reduce its supply to the global markets.

    “Pakistan is a net importer of oil with petroleum group imports contributing 25 percent to imports. WTI Oil prices averaged USD 57/bbl during past 12 months and have currently nosedived to USD 30/bbl. Pakistan would be able to save USD 5bn per annum on its imports,” analysts said at Arif Habib Limited.

    A decline in oil prices reduces Pakistan’s import bill hence resulting to lower trade and current account deficits and saves foreign currency.

    Consequently, lower oil prices translate to lower inflation demanding monetary easing leading to better consumer purchasing power benefitting other sectors with higher demand.

    Major benefitting sectors include cyclical sectors like cement, steel and automobiles. Major sectors which will bear the brunt of lower oil prices would include E&P, Refineries and OMCs.

    Lower oil prices improve government’s budget balance as it enhances government’s ability to collect taxes and reduces the amount of subsidy the government provides on sale of energy.

    In addition, the government would be able to spend the additional taxation on PSDP, improving growth prospects of the economy.

    The objective of the government should be, in addition to lower inflation, cover tax collection shortfall and implement long-awaited energy sector reforms including gas and electricity.

  • Rupee falls in early trade as stock market crashes

    Rupee falls in early trade as stock market crashes

    KARACHI: The foreign currency market followed the stock market decline as Pak Rupee depreciated by 81 paisas against dollar in early trading on Monday.

    The dollar is being traded at Rs155.05 in early trade in interbank foreign exchange market.

    The rupee was ended Rs154.24 to the dollar on last Friday trading.

    Earlier in the day the stock market was crashed and stopped trading. The market fell below five percent on record low in international oil prices.

    Analysts at currency market said that the currency market was facing import of uncertainty in the stock market.

  • Engro Polymer stops production activities on SEPA notice

    Engro Polymer stops production activities on SEPA notice

    KARACHI: The production activities have been stopped at plant of Engro Polymer and Chemicals located at Port Muhammad Bin Qasim, said a statement on Monday.

    The production activities have been stopped after Sindh Environment Protection Agency (SEPA) took notice of gas leakage incident at the plant.

    The company in a notification informed the stock market: “In relation to isolated incident reported to Pakistan Stock Exchange on March 06, 2020, Engro Polymer and Chemicals Limited (ECPL) has received a notice under Section 21(2) of Sindh Environment Protection Act, 2014 from the Enviornmental Protection Agency Government of Sindh. The notice has directed EPCL to stop all production activities at the plant and fixed a hearing on March 10. In compliance with the notice, all production activities are on hold at the plant.”

    Earlier on Friday March 6, 2020 the incident was reported at Engro Polymer and Chemcial.
    In a statement the company said that it was gathering complete details related to the incident.

    “Based on initial reports, some people have been shifted to a nearby medical facility for treatment of vomiting/nausea condition,” it said.

    The company’s staff is accompanying these people to ensure that they receive adequate medical treatment, it said. “No injuries or fatalities have been reported,” the company added.

    It further said that specific areas of the plant have been taken offline as a precautionary measure, and the company will conduct a complete and thorough investigation into the incident and will keep the stock exchange informed with any material developments in the matter.

  • Equity market crashes; halts on lower lock

    Equity market crashes; halts on lower lock

    KARACHI: Trading at the stock market has been halted after witnessing lower lock on Monday morning owing to sharp decline in world oil price.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) fell by 2,107 points or 5.83 percent at the opening on Monday morning.

    The market was trading at 36,113 points when it was suspended on lower lock. The market was closed at 38,220 on last Friday.

    Analysts said that the sharp decline in world oil prices was behind stock market crash.