Pkrevenue.com

Month: August 2020

  • FBR allows sugar import at reduced rates of income tax, sales tax

    FBR allows sugar import at reduced rates of income tax, sales tax

    ISLAMABAD: Federal Board of Revenue (FBR) on Monday allowed import of sugar at reduced rate of income tax and sales tax for the quantity as approved by the government.

    The FBR issued SRO 770(I)/2020 and SRO 771(I)/2020 to amend Income Tax Ordinance, 2001 and Sales Tax Act, 1990 for allowed reduced rates of advance income tax at 0.25 percent and sales tax at one percent.

    Through SRO 771(I)/2020, the Second Schedule of Income Tax Ordinance, 2001 has been amended.

    In the Schedule, in Part- II, after the omitted clause (9A), the following new clause has been inserted, namely:—

    “(9AA) In respect of import of white crystalline sugar falling under H.S codes 1701.9910 and 1701.9920 from the 25th day of August, 2020 to the 15th day of November, 2020 (both days inclusive), tax under section 148 shall be collected at the rate of 0.25 percent provided that such imports shall not exceed three hundred thousand metric tons in aggregate, as per mode and manner prescribed by Ministry of Commerce during the said period.”

    Earlier, on August 20, 2020, the FBR issued SRO 750(I)/2020 to allow exemption of income tax on sugar import by Trading Corporation of Pakistan.

    It said: “The provisions of Section 148, in pursuance of the Cabinet Division in case No. 541/30/2020 dated August 04, 2020, not apply on import by the Trading Corporation of Pakistan of 300,000 metric tons of white sugar having PCT heading 1701.9910, 1701.9920, specification B.”

    Through S RO 770(I)/2020, it is allowed:

    The imported white crystalline sugar, falling in PCT headings 1701.9910 and 1701.9920, shall be chargeable to sales tax under clause (b) of sub-section (1) of section 3 of the Sales Tax Act, 1990, at the rate of one percent; and

    The exemption shall be applicable to white crystalline sugar to be imported during the period from 25th August, 2020 to 30th November, 2020 (both days inclusive), as per quantity, quality , mode and manner determined by the Ministry of Commerce and Textile, Government of Pakistan; and

    The imported white crystalline sugar falling in PCT headings 1701.9910 and 1701.9920 shall also be exempt from payment of minimum value addition tax as specified in the Twelfth Schedule to the Sales Tax Act, 1990.

    Earlier, the FBR issued SRO 751(I)/2020 dated August 20, 2020 to exempt whole of sales tax on import of 300,000 metric tons of white sugar (PCT 1701.9910, 1701.9920, specification B as per PSQCA standards) by Trading Corporation of Pakistan.

  • Pakistan records current account surplus of 1.9pc to GDP in July

    Pakistan records current account surplus of 1.9pc to GDP in July

    KARACHI: The balance of payment of the country registered current account surplus i.e. 1.9 percent of the GDP during the first month of the current fiscal year, according to statistics released by State Bank of Pakistan (SBP) on Monday.

    The BOP witnessed a current account deficit of 2.8 percent of the GDP in July 2019.

    The statistics revealed that the current account surplus stood at $424 million in July 2020 as compared with current account deficit of $613 million in the same month of the last year.

    The current account surplus may be attributed to record inflows of workers’ remittances in July 2020. In the month under review the workers’ remittances rose to $2.77 billion. This is the highest ever level of remittances in a single month in Pakistan, according to the SBP.

    The exports also exhibited 6.1 percent growth to $2 billion in July 2020 as compared with $1.88 billion in the same month of the last year. On the other hand the import bill of the country declined by 0.7 percent to $3.68 billion in July 2020 as compared with $3.71 in the same month of the last year.

    The trade deficit narrowed by 7.7 percent to $1.68 billion in July 2020 as compared with the deficit of $1.83 billion in the same month of the last year.

  • Rupee ends down by nine paisas on import, corporate payments demand

    Rupee ends down by nine paisas on import, corporate payments demand

    KARACHI: The Pak Rupee ended down by nine paisas against dollar on Monday owing to higher demand for import and corporate payments, dealers said.

    The rupee ended Rs168.38 to the dollar from last Friday’s closing of Rs168.29 in interbank foreign exchange market.

    Currency experts said that the local currency was under pressure due to higher demand for the greenback as market was opened after weekly holidays.

    They hoped that the local currency likely to rebound in coming days due to sufficient supply of the foreign currency in the shape of export receipts and remittances.

    The liquid foreign exchange reserves of the country increased by $137 million to $19.655 billion by week ended August 13, 2020, State Bank of Pakistan (SBP) said.

    The foreign exchange reserves of the country were at $19.518 billion by week ended August 07, 2020.

    The foreign exchange reserves held by the central bank also increased by $139 million to $12.608 billion by week ended August 13, 2020 as compared with $12.469 billion a week ago.

    The SBP attributed the increase in reserves to proceeds of $249.4 million from Asian Infrastructure Investment Bank (AIIB). Meanwhile, during the week, SBP also made government external debt repayments of $151.0 million.

    The foreign exchange reserves held by commercial banks slightly down by $2 million to $7.047 billion by week ended August 13, 2020 as compared with $7.049 billion a week ago.

  • Inflation increases more for persons with lower buying power

    Inflation increases more for persons with lower buying power

    ISLAMABAD: Persons with lower buying power have witnessed sharp increase in inflation for week ended August 20, 2020 as compared with the same week a year ago.

    According to data of Sensitive Price Indicator (SPI) issued by Pakistan Bureau of Statistics (PBS), the inflation increased more for persons having less buying powers and the inflation is lower for those persons have sufficient money to buy essential items.

    The PBS categorized five expenditure groups to assess the price movement of essential items on weekly basis.

    The data shows the trend of inflation amongst the expenditure groups as:

    For expenditure group up to Rs17,732: inflation increased by 11.49 percent by the week ended August 20, 2020 when compared with week ended August 22, 2019.

    For expenditure group between Rs17,733 and Rs22,888: inflation increased by 11.22 percent by the week ended August 20, 2020 when compared with week ended August 22, 2019.

    For expenditure group between Rs22,889 and Rs29,517: inflation increased by 10.05 percent by the week ended August 20, 2020 when compared with week ended August 22, 2019.

    For expenditure group between Rs29,518 and Rs44,175: inflation increased by 9.20 percent by the week ended August 20, 2020 when compared with week ended August 22, 2019.

    For expenditure group above Rs44,175: inflation increased by 6.98 percent by the week ended August 20, 2020 when compared with week ended August 22, 2019.

  • FBR updates withholding tax rates on purchase of domestic, international air tickets

    FBR updates withholding tax rates on purchase of domestic, international air tickets

    The Federal Board of Revenue (FBR) has updated the withholding tax rates on the purchase of domestic and international air tickets for the tax year 2021. According to the FBR, this update follows the incorporation of amendments made to the Income Tax Ordinance, 2001 through the Finance Act, 2020.

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  • FBR implements functional system for big taxpayers

    FBR implements functional system for big taxpayers

    ISLAMABAD: Federal Board of Revenue (FBR) has implemented a functional system separating functions of enforcement, audit and legal for big taxpayers.

    This functional system has only been introduced at the large taxpayers units (LTUs) where FBR makes assessment of taxpayers with high annual turnover.

    In order to implement the FBR has issued jurisdiction orders for LTUs Karachi, Lahore and Islamabad.

    According to an order issued on August 05, 2020 the FBR re-designated the jurisdiction of Chief Commissioner Inland Revenue and Commissioner Inland Revenue of LTU Karachi.

    The functional system has been implemented from August 10, 2020.

    The Commissioner Audit shall have powers and functions included:

    Income Tax:

    (a) Calling for information and audit of cases under Part VIII of chapter X, assessment, amendment of assessment and agreed assessment under Part II of Chapter X, charge of tax under Chapter II, computation of taxable income and total income under Chapter III and computation of taxable income under Part II of Chapter X arising out of such orders, rectification of orders related to audit and exercise of powers and functions under Section 175 and 176 or under any specific provision of law and rules provided in the Income Tax Ordinance, 2001 and Schedules thereto in respect of audit and assessment;

    (b) assessment under Section 143 and 144;

    (c) Computation of income chargeable to tax, determination of tax payable thereon, allowing credit of the tax already paid or of the determined refunds while exercising powers and performing function and mentioned at (a) and (b).

    (d) Best judgment assessment under Section 121 read with sub section 10 of Section 177 in respect of cases under audit;

    (e) Exercising powers to determine income under ‘Anti-Avoidance’ provisions contained in Chapter VIII;

    (f) Revision of assessment under Section 122A in respect of audit related cases;

    (g) imposition of penalty under Part X of Chapter X against defaulters in respect of cases under audit;

    (h) Perform any other functions in determining and computing income chargeable to tax and correct tax payable under the said Ordinance and Rules made thereunder;

    (i) To process / finalize complaints in respect of existing taxpayers’ cases;

    (j) Implementation of audit planning and audit strategy in accordance with audit guidelines and audit manuals developed by FBR or Member (Taxpayers’ Audit);

    (k) To grant approval for revision of return of income and wealth statements;

    (l) Disposal of external / internal audit paras related to audit;

    (m) Giving effect to orders of the appellate authorities / FTO orders related to audit;

    (n) Any other audit functions assigned the Chief Commissioner Inland Revenue or FBR for achieving the purpose of the Income Tax Ordinance, 2001 & Rules and Procedures framed thereunder.

    Sales Tax:

    (a) Audit and assessment of registered persons;

    (b) Risk based audit through profiling and analysis;

    (c) Recovery of un-disputed liability detected during audit;

    (d) Monitoring of audit schedule, etc.;

    (e) Maintenance and analysis of audit records and audit related database;

    (f) Post refund audit and scrutiny;

    (g) Deregistration audit;

    (h) Investigative audit in cases related for audit under Section 38 of the Sales Tax Act, 1990, and exercise of powers under Section 38A and 38B in respect of cases under audit;

    (i) Implementation of audit planning and audit strategy in accordance with audit guidelines and audit manuals developed by FBR or Member (Taxpayers’ Audit);

    (j) Disposal of external/internal audit paras related to audit;

    (k) Granting approval for the revision of returns;

    (l) Grant of extension in time/condonation of delay in respect of audit related functions as per the relevant provisions of Sales Tax Act and Rules made thereunder;

    (m) Exercise of powers under Section 38 regarding functions/assignments related to cases selected for audit;

    (n) Exercise of powers under section 45A(4) in respect of the cases related to audit functions;

    (o) Rectification of mistakes in respect of orders relating to audit functions;

    (p) Giving effect to orders of the appellate authorities/FTO orders relating to audit;

    (q) Any other audit function given by the Chief Commissioner Inland Revenue or FBR for achieving the purpose of Sales Tax Act, 1990 and Rules and Procedure framed thereunder.

    Federal Excise:

    (a) Audit and assessment of registered persons;

    (b) Risk based audit through profiling and analysis;

    (c) Maintenance and analysis of audit records and audit related database;

    (d) Implementation of audit planning and audit strategy in accordance with audit guidelines and audit manuals developed by FBR or Member (Taxpayers’ Audit);

    (f) Disposal of external / internal audit paras related to audit;

    (g) Granting approval for the revision of return;

    (h) Grant of extension in time / condonation of delay in respect of audit related functions as per the relevant provisions of Federal Excise Act 2005 and Rules made thereunder;

    (i) Rectification of mistakes in respect of orders relating to audit functions;

    (j) Exercise of powers and chapter IV of FED Act, 2005 regarding functions/assignments related to audit to the extent of conducting search of a premises;

    (k) Any other audit function given by Chief Commissioner Inland Revenue or FBR for achieving the purpose of Federal Excise Act, 2005 and Rules and procedures framed thereunder.

    The Commissioner Enforcement shall have powers and functions included:

    Income Tax:

    (a) Enforcement, recovery and collection of income tax;

    (b) Ensuring and enforcing compliance of the statutory provisions regarding filing of statutory returns, statements, furnishing of information, maintenance of prescribed accounts, documents and records; imposition of penalty and taking other action under the law against non-compliant taxpayers;

    (c) Best judgment assessment under Section 121, except in cases under audit;

    (d) Provisional Assessment under the Tenth Schedule;

    (e) Monitoring of deduction, collection and payment of tax at source by withholding/collecting agents; issuance of exemption/lower rate certificates and charging of tax on defaulting withholding/collecting agents;

    (f) Passing orders under Division IV of Part V of Chapter X of the Income Tax Ordinance, 2001;

    (g) Imposition of penalty and charging default surcharge for non-filing of statutory statements and default of withholding/payment of withholding taxes;

    (h) To make any other related action under the provisions of the Income Tax Ordinance, 2001 regarding withholding taxes;

    (i) Effect collection and recovery of tax under Part-IV and V of Chapter X;

    (j) Determine and issue refunds under Part-VI of Chapter-X including refund adjustments;

    (k) Rectification of mistakes in respect of orders relating to the enforcement functions;

    (l) Giving effect to orders of the appellate authorities / FTOs orders relating to enforcement;

    (m) Rectification of cases not related to audit;

    (n) Launching prosecution under Part-XI of Chapter-X;

    (o) Disposal of international and external audit observation / paras other than those related to audit and assessment;

    (p) Imposition of penalty under Part-X of Chapter-X except the cases under audit;

    (q) Revision of assessment under Section 122A in respect of enforcement related cases;

    (r) Grant of extension in filing of returns/statements;

    (s) Any other powers and functions not specifically assigned to any other commissioner Inland Revenue;

    (t) Exercise powers under Section 175 and 176 in respect of cases other than cases under audit;

    (u) Any other enforcement related powers and functions assigned by the Chief Commissioner Inland Revenue or FBR for achieving the purpose of the Income Tax Ordinance, 2001 and Rules and procedures framed thereunder.

    Sales Tax:

    (a) Enforcement and collection of sales tax;

    (b) Recovery action under section 11 of the Sales Tax Act, 1990 against non-filers and short-filers, and any other auction under Section 11 for enforcement related functions, except the cases under audit;

    (c) Suspension, black listing and deregistration of the registered persons;

    (d) Enforcement of returns;

    (e) Sales Tax registration;

    (f) Processing and sanctioning of refund claims filed under Section 10 and 66 of the Sales Tax Act, 1990;

    (g) Reporting of Revenues;

    (h) Disposal of international and external audit observations/paras related to enforcement functions;

    (i) Disposal of CREST discrepancies;

    (j) Industrial Surveys;

    (k) Powers and functions regarding investigation, prosecution and arrest of a person;

    (l) Implementation of enforcement planning and strategy in accordance with guidelines developed by the FBR;

    (m) Extension in time/condonation of delay regarding filing of returns/refund claims;

    (n) Authorization of zero rated/concessionary imports and local purchases;

    (o) Exercise of powers under Section 38, 38A and 38B regarding functions/assignments related to enforcement;

    (p) Exercise of powers under section 40B and 40C;

    (q) Exercise of powers under section 45A(4) in respect of cases related to enforcement functions;

    (r) Giving effect to orders of appellate authorities / FTO orders relating to enforcement;

    (s) Rectification of mistakes in respect of orders relating to enforcement functions;

    (t) Any other powers and functions not specifically assigned to any other commissioner Inland Revenue;

    (u) Any other enforcement related power function assigned by the Chief Commissioner Inland Revenue or FBR for achieving the purpose of Sales Tax Act 1990 and Rules made there under.

    Federal Excise:

    (a) Enforcement and Collection of Federal Excise;

    (b) Processing and sanctioning of refund claims filed under Federal Excise Act 2005;

    (c) Enforcement of returns and registration of persons liable to be registered;

    (d) Reporting of Revenue;

    (e) Disposal of internal and external audit observations/paras/Crest discrepancies related to enforcement functions;

    (f) Implementation of enforcement planning and strategy in accordance with guidelines developed by the FBR or Member (Enforcement and Accounting);

    (g) Extension in time / condonation of delay for filing of return;

    (h) Exercise of powers under chapter IV of the FED Act 2005 with the exception of the powers and functions assigned to Commissioners Inland Revenue Audit.

    (i) Rectification of mistakes in respect of orders relating to enforcement functions;

    (j) Any other powers and functions not specifically assigned to any other Commissioner Inland Revenue;

    (k) Any other enforcement related power and function assigned by the Chief Commissioner Inland Revenue or FBR for achieving the purpose of Federal Excise Act, 2005 and Rules and Procedures framed thereunder.

    The Commissioner Legal shall have powers and functions included:

    Income Tax:

    (a) Defending appeals before Commissioner Inland Revenue (Appeals), instituting and defending departmental appeals and references under Part-III of Chapter X, prosecution of cases instituted under any provision of the Income Tax Ordinance, 2001, filing and pursuing CPLAs in the Supreme Court of Pakistan, and representing the department in the process of liquidation;

    (b) Defending complaints before Federal Tax Ombudsman (FTO);

    (c) File/defend presentations before the President of Pakistan;

    (d) Appoint legal advisors and assign cases, wherever required, for representation before appellate fora;

    (e) Grant recognition/approval to provident funds, superannuation funds, and gratuity funds under the Sixth Schedule; and exercise all the powers under the said Schedule;

    (f) Grand of approval to Non-Profit Organizations under Section 2(36).

    (g) Any other legal functions assigned by the Chief Commissioner Inland Revenue or the FBR for achieving the purposes of Income Tax Ordinance, 2001 and Rules made thereunder.

    Sales Tax:

    (a) Preparation, institution, follow up and defense of cases before Supreme Court, High Court, Appellate Tribunal;

    (b) Preparation, follow-up and defense of cases before Commissioner (Appeals) and Alternative Dispute Resolution Committee;

    (c) Matters relating to Federal Tax Ombudsman (FTO); and

    (d) Any other legal function assigned by the Chief Commissioner Inland Revenue or the FBR for achieving the purpose of Sales Tax Act, 1990 and rules made thereunder.

    Federal Excise:

    (a) Preparation, institution, follow up and defense of cases before Supreme Court, High Court, Appellate Tribunal;

    (b) Preparation, follow-up and defense of cases before Commissioner (Appeals) and Alternative Dispute Resolution Committee;

    (c) Matters relating to Federal Tax Ombudsman (FTO); and

    (d) Any other legal function assigned by the Chief Commissioner Inland Revenue or the FBR for achieving the purpose of FED Act 2005 and rules made thereunder.

  • Withholding tax rate on educational fee updated

    Withholding tax rate on educational fee updated

    ISLAMABAD: Federal Board of Revenue (FBR) has updated withholding tax rate on payment of educational fee for tax year 2021.

    The FBR issued withholding tax card 2020-2021 (updated up to June 30, 2020) after incorporating amendment to Income Tax Ordinance, 2001 through Finance Act, 2020.

    Under Section 236I of Income Tax Ordinance, 2001, every person preparing fee voucher or challan shall collect/deduct withholding tax from the person depositing/paying fee at the time of payment of fee. The tax paid as withholding tax is adjustable against payable tax liability.

    Every Educational institution has to collect advance tax on the amount of fee (inclusive of tuition fee & all charges received by the educational institution, by whatever name called, excluding the amount which is refundable) exceeding Rs. 200,000 per annum ( other than an amount paid by way of scholarship) at the rate of five percent from the persons not appearing in the Active Taxpayers List (ATL).

    Through Finance Act, 2020 the persons filing income tax returns and are on the ATL are no more require to pay advance tax at the time of paying educational fee.

  • Withholding tax rates on sales made to retailers, wholesalers, distributors

    Withholding tax rates on sales made to retailers, wholesalers, distributors

    ISLAMABAD: Federal Board of Revenue (FBR) has issued withholding tax rates on sales made by manufacturers to retailers, wholesalers and distributors during tax year 2021.

    The FBR issued the withholding tax card 2020-2021 (updated up to June 30, 2020) incorporating amendment made to Income Tax Ordinance, 2001 made through Finance Act, 2020.

    Under section 236G of the Ordinance, every manufacture or commercial importer of electronics sugar, cement, iron and steel products, fertilizers, motorcycles, pesticides, cigarettes glass, textile, beverages, paint or foam sector shall collect/deduct withholding tax from distributor, wholesaler and dealer at the time of sale.

    Advance tax has to be collected from wholesaler, distributor and dealers at the time of sales made to them:

    In case of fertilizers the withholding tax rate shall be 0.7 percent of gross amount. The tax rate shall be increased by 100 percent in csae persons are not on the Active Taxpayers List (ATL).

    In case of other than fertilizers the tax rate shall be 0.1 percent of gross amount. The tax rate shall be 0.2 percent of gross amount if persons not on the ATL.

    The tax withheld under this section shall be adjustable.

    Under Section 236H of the Ordinance, every manufacture ,distributor, dealer, wholesaler or commercial importer of electronics, sugar, cement, iron & steel products, motorcycles, pesticides, Cigarettes glass, textile, beverages, paint or foam sector shall collect/deduct from every retailer at the time of sale.

    Advance tax has to be collected from retailers at the time of sales made to them:

    In case of electronics the withholding tax rate shall be 1 percent of the gross amount and the rate shall be 2 percent of gross amount if persons are not on the ATL.

    The withholding tax rate under this section for others shall be 0.5 percent of gross amount and the rate shall be 1 percent in case persons are not on the ATL.

    The tax collected/deducted under this section shall be adjustable.

    Under Section 236HA of the Ordinance, every person selling petroleum products shall collect/deduct withholding tax from every petrol pump operator or distributor, where such operator or distributor is not allowed a commission or discount at the time of sale of such products.

    Advance tax has to be collected on ex-depot sale price of such petroleum products at the rate of 0.5 percent of ex-depot sale price and the rate shall be 1 percent of ex-depot sale price.

    The withholding tax collected/deducted under this section shall be final.

  • Weekly Review: Market to materialize GIDC judgment

    Weekly Review: Market to materialize GIDC judgment

    KARACHI: The stock market likely to materialize decision of the apex court related to Gas Infrastructure Development Cess (GIDC) in coming week.

    Analysts at Arif Habib Limited said that although profit taking at the index was due, materialization of certain decisions recently (GIDC judgment and MOUs signed with IPPs) exacerbated the market performance.

    With that being said, Pakistan continues to fare better amongst regional and world markets on the COVID-19 front while positive economic developments such as augmenting remittances, growing FX reserves, stable currency, and revival in cyclical demand (Cement, Steel and Automobile) also paints a positive picture for the country.

    The benchmark KSE-100 index of Pakistan Stock Exchange is currently trading at a PER of 7.1x (2021) compared to Asia Pac regional average of 14.0x and while offering DY of ~6.3 percent versus ~2.7 percent offered by the region.

    Pressure was witnessed at the index this week, marking the end of a rally that spanned over 8 consecutive weeks.

    To recall, trading commenced on a negative note given possible curtailment of returns of Independent Power Producers (IPPs) by the incumbent government, under MOUs signed over the weekend.

    Whereas negative bearings from the GIDC judgment of the Supreme Court on industries (Fertilizer and Cement scrips in particular) from end of last week rolled over in the outgoing week.

    On the flip side, Oil Marketing Companies (OMCs) rallied on the back of expected clearance of the circular debt position. With that said, the equity bourse closed at 39,622 (down by 669 points / 1.7 percent WoW).

    Sector-wise positive contributions came from i) Oil & Gas Marketing Companies (39 points), ii) Pharmaceuticals (22 points), iii) Transport (9 points), iv) Paper & Board (5 points), and v) Vanaspati & Allied Industries (3 points). Whereas negative contributions came from Power Generation (218 points) and Fertilizer (165 points). Scrip-wise positive contributions were led by POL (33 points), FFC (32 points), SNGP (30 points), ABL (15 points), and SSGC (14 points).

    Foreign selling this week clocking-in at USD 4.0 million compared to a net buy of USD 8.7 million last week. Selling was witnessed in Banks (USD 3.2 million) and Cement (USD 2.9 million). On the domestic front, major buying was reported by Insurance Companies (USD 7.9 million and Individuals (USD 7.3 million). Average volumes settled at 441 million shares (down by a 24 percent WoW) while average value traded clocked-in at USD 107 million (down by 15 percent WoW).

  • Stock market sheds 247 points on heavy profit booking

    Stock market sheds 247 points on heavy profit booking

    KARACHI: The stock market witnessed heavy profit booking on Friday on reports of approval of privatization of two major energy companies.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 39,621 points as against 39,869 points showing a decline of 247 points (-0.6 percent DoD).

    Analysts at Arif Habib Limited said that the market took heavy bantering today on the pretext of profit booking as well as news of approval of privatization of OGDC and PPL.

    Both the E&P scrips saw significant selling pressure, besides Cement, O&GMCs, Pharma and Fertilizer sectors. Banking sector that bore selling pressure throughout the session saw recovery by the end, which helped KSE-100 index put recovery.

    Technology sector led the volumes with 74.5 million shares, followed by Cement (64.9 million) and Power (31.8 million). Among scrips, WTL posted 23.9 million shares, followed by ANL (21.7 million) and TPL (9.4 million).

    Sectors contributing to the performance include E&P (-89 points), Power (-45 points), Cement (-36 points), O&GMCs (-29 points) and Inv Banks (-13 points).

    Volumes increased from 394.6 million shares to 400.5 million shares (+2 percent DoD). Average traded value, however, registered a decline of 3 percent DoD to reach US$ 81.6 million as against US$ 84.5 million.

    Stocks that contributed significantly to the volumes include WTL, ANL, TPL, DCL and UNITY, which formed 25 percent of total volumes.

    Stocks that contributed positively to the index include NBP (+14 points), HBL (+12 points), ENGRO (+12 points), FCEPL (+10 points) and BAFL (+7 points). Stocks that contributed negatively include PPL (-52 points), OGDC (-40 points), HUBC (-37 points), PSO (-23 points) and DAWH (-14 points).