Pkrevenue.com

Day: March 16, 2020

  • Economic managers discuss coronavirus impact

    Economic managers discuss coronavirus impact

    ISLAMABAD: Dr. Abdul Hafeez Shaikh, advisor to the Prime Minister on Finance and Revenue, chaired a meeting on Monday the impact of the ongoing corona virus epidemic on the economy and the strategy to achieve the targets with maximum success.

    The meeting was held at the Finance Division to review the progress being made by the major sectors of the economy.

    Ministers for Energy and Economic Affairs Division, Chairperson FBR and Secretaries of Finance Division, Ministry of National Food Security and Research and Ministry of Commerce attended the meeting.

    The participants of the meeting shared the details of the ongoing major initiatives of their respective ministries and divisions, their current status of progress to meet the targets set during the current financial year, the impact of the ongoing corona virus epidemic on the economy and the strategy to achieve the targets with maximum success.

    It was agreed during the meeting that all sectors related with the economy will work in unison to achieve the economic targets with maximum effort and that the government will ensure that the common man is not affected by any adverse fallout of the epidemic.

  • Stock market crashes by 2,376 points, witnesses fourth lower lock

    Stock market crashes by 2,376 points, witnesses fourth lower lock

    KARACHI: The stock market ran into bear market on Monday after slipping another 2,376 points and witnessed forth lower lock since last week.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 33,685 points as against 36,061 points showing a decline of 2,376 points.

    Analysts at Arif Habib Limited said that the index marked the 4th halt since last week and since the circuit breakers moved up, the downside came with KSE-30 dropping 5 percent.

    The 100-index sustained a loss of 1651 points at the time of halt, but continued the downtrend ultimately posting a total loss of 2442 points during the session and registering a small recovery by end of session showing a loss of 2376 points.

    Market did not take any positive cue from the upcoming monetary policy, to be announced tomorrow, whereby street anticipates a cut of 50-100bps.

    Fears of coronavirus spread have also caused significant damage to investor sentiment and generally investors were seen sidelined. Index heavy weights in Banking, Cement, Fertilizer, E&P sectors were observed at or near lower circuits.

    Banking sector realized trading volumes of 56.4 million shares, followed by Cement (37.6 million) and Technology (14 million). Among scrips, BOP topped the volumes with 31.1 million shares, followed by MLCF (25.7 million) and FCCL (20.9 million).

    Sectors contributing to the performance include Banks (-689 points), E&P (-326 points), Fertilizer (-281 points), Cement (-220 points), Power (-155 points).

    Volumes declined from 290.5 million shares to 215.4 million shares (-26 percent DoD). Average traded value also declined by 42 percent to reach US$50.9 million to US$ 88.2 million.

    Stocks that contributed significantly to the volumes include BOP, MLCF, UNITY, PPL and TRG, which formed 38 percent of total volumes.

    Stocks that contributed negatively include HBL (-169 points), ENGRO (-140 points), HUBC (-126 points), MCB (-124 points), and UBL (-115 points).

  • Rupee gains 57 paisas against dollar

    Rupee gains 57 paisas against dollar

    KARACHI: The Pak Rupee gained 57 paisas against dollar on Monday owing to falling oil prices in international markets.

    The rupee closed at Rs158.41 to the dollar from last Friday’s closing of Rs158.98 in interbank foreign exchange market.

    Currency dealers said that the international oil prices were falling constantly due to ease in demand on coronavirus threat and price war between Saudi Arabia and Russia.

    The foreign currency market was initiated in the range of Rs157.75 and Rs158.00. The market recorded day high of Rs158.75 and low of Rs157.75 and closed at Rs158.41.

    The exchange rate witnessed stable rupee value. The buying and selling of dollar was recorded at Rs157.00/Rs158.00, the same last Friday’s closing level, in cash ready market.

  • NCCPL allows remote access on coronavirus threat

    NCCPL allows remote access on coronavirus threat

    KARACHI: National Clearing Company of Pakistan (NCCPL) has allowed stock investors to access the company remotely in the wake of spread of coronavirus epidemic.

    A notification issued on Monday said as part of this endeavor, NCCPL’s is providing an option to all its clients to connect remotely from any location in Pakistan to avail and access all the services provided by the Company.

    In order to avail this option, clients are required to meet following basic pre requisites:

    Two Mbps Internet connection from any vendor with Public static IP.

    Share the above connectivity details with NCCPL customer services through official communication channel.

    On fulfillment of these requirements, NCCPL technical support team will get in touch to setup necessary configuration at client’s end.

    NCCPL has been continuously updating and aligning its processes, technology and human resource capabilities as per emerging national and international Business Continuity challenges.

    The NCCPL said: “We are also making sincere efforts to ensure that all such scenarios are covered in our Business Continuity Drills. Because of recent outbreak of pandemic diseases CORONA, NCCPL has improved its business continuity planning with key focus on mitigating such risks.”

    With reference to pandemic diseases such as the recent outbreak of COVID’19, NCCPL has designed a live BCP drill involving all its business applications.

    This activity is planned on March 18-19, 2020 with special focus on NCCPL staff conducting daily operations from remote locations.

    “We would also encourage all NCCPL clients to take part in this activity and connect NCCPL business applications from remote locations as well in order to test and ensure continuity of their operations from their remote setups.”

  • PSX trading halts for fourth time

    PSX trading halts for fourth time

    KARACHI: The trading activities at Pakistan Stock Exchange (PSX) have been halted after indices fell below five percent.

    Experts said that the detection of new coronavirus cases in the country negatively impacted the stock market.

    While the expansion of this epidemic in the world especially the number of deaths increased substantially also discouraged the investors.

    The KSE-100 index fell by 1651 points and was at 34,410 at the time of halt. The market shall resume after 45 minutes.

    The trading has been halted during the past eight days following massive decline in indices.