KARACHI: The Forex Association of Pakistan (FAP) has released the buying and selling rates for the Euro against the Pakistani Rupee (PKR) at the close of trading on Friday, July 09, 2021.
(more…)Day: July 10, 2021
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Open market buying and selling of UK Pound in Pak Rupee closing July 09
KARACHI: The Forex Association of Pakistan (FAP) issued following buying and selling of UK Pound in Pak Rupee (PKR) on close of trading on Friday July 09, 2021:
The buying and selling of 1 UK Pound is Rs218 and Rs220.
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Open market buying and selling of US Dollar in Pak Rupee closing July 09
The Forex Association of Pakistan (FAP) has reported the buying and selling rates of the US Dollar (USD) against the Pakistani Rupee (PKR) at the close of trading on Friday, July 09, 2021.
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FBR drafts rules for warehousing, export of POL products
ISLAMABAD: The Federal Board of Revenue (FBR) has drafted rules for bonded warehousing and export POL Products.
The FBR issued SRO 872(I)/2021 on Friday and proposed amendments to Customs Rules, 2001. The FBR invited recommendations on the draft rules from stakeholders before finalizing the rules to make part of the law.
Following new rule 363A has been suggested regarding bonded warehousing and export of POL products:
(1) The owner may store any imported POL products in a warehouse and export the same in accordance with rules 363A to 363F.
(2) At the time of arrival of goods at a port, the owner shall file goods declaration through WeBOC system for in-bonding of the imported POL products submitting the documents as required under the Act.
(3) The securities in the shape of postdated cheques and indemnity bond furnished by the owner under section 86 of the Act, at the time of warehousing of POL products, shall continue to be in force notwithstanding the transfer of the goods to any other person or firm unless the warehoused POL products are exported by way of supply to conveyances as provisions and stores as provided in section 106 of the Customs Act, without payment of any duties, taxes or levies, as the case maybe.
Explanation / Note: Since the POL products, to be imported under this scheme, will be shipped or supplied without foreign exchange remittances from Pakistan, on account of cost of goods at the time of their imports, therefore, no Electronic Import Form (EIF) shall be required at the time of filing of GD for their in-bonding. Similarly, no EIF shall be required at the time of export. The owner of any POL products, warehoused in accordance with the foregoing provisions of this rule, may export such POL products as provisions and stores for conveyances proceeding to any foreign territory including by way of direct sale or sale through a third party.
Explanation / Note: ‘direct sale’ — means that owner makes a direct sale to the owner or charterer of the conveyance and deliver the POL products to such conveyance. ‘Sale through a third party’ — means that the owner will:
(i) issue sales invoice to a foreign entity other than the owner or charterer of the conveyance; and
(ii) deliver POL products to a conveyance on the instructions of such foreign entity.
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Weekly Review: market to pick pace as results season about to start
KARACHI: The stock market likely to pick pace next week as result season is about to commence, analysts said. They said that cyclical sectors can once again attract the limelight on the back of robust economic activity.
Moreover, oil prices have continued to remain downwards sticky with no outcome on the oil output increase, which could spur buying in E&P scrips.
That said, fears over the COVID fourth wave could keep the sentiment cautious.
The benchmark KSE-100 of Pakistan Stock Exchange (PSX) is currently trading at a PER of 6.8x (2021) compared to Asia Pac regional average of 16.2x while offering a dividend yield of ~6.9 per cent versus ~2.3 per cent offered by the region.
Equities continued to depict a range bound behavior for another week. This week saw Pakistan raising USD 1 billion through a “tap issue” from Eurobonds, at even better pricing than the issue in April earlier this year. That said, a spike in COVID cases (infection ratio has risen to 3.65 per cent compared to an average of 1.7 per cent in the last two weeks) has kept the confidence in the bourse in check.
Moreover, uncertainty over how the geopolitical scenario pans out with regards to the US exit from Afghanistan, and Pakistan’s crucial role in this, has also kept sentiment jittery. The index closed at 47,563 points, down by 0.3 per cent / 123 points WoW.
Sector-wise negative contributions came from i) Oil & Gas Exploration Companies (68 points), ii) Tobacco (57 points), iii) Refinery (49 points), iv) Textile Composite (41 points), and v) Food & Personal Care Products (36 points). Whereas, the sectors that contributed positive include i) Commercial Banks (127 points), ii) Fertilizer (50 points), iii) Technology & Communication (50 points), iv) Inv.Banks/Inv.Cos./Securities Cos. (10 points) and Chemical (6 points). Scrip-wise negative contributors were PAKT (58 points), UNITY (39 points), NRL (37 points), PPL (28 points) and ANL (21 points). Whereas, scrip-wise positive contribution came from HBL (88 points), TRG (43 points), MEBL (35 points), EFERT (31 points) and AGP (26 points).
Foreign selling continued this week clocking-in at USD 5.2 million compared to a net sell of USD 8.4 million last week. Selling was witnessed in Other sectors (USD 5.4 million) and Food sector (USD 1.1 million). On the domestic front, major buying was reported by companies (USD 4.1 million and Mutual funds (USD 3.9 million). Average volumes arrived at 486 million shares (down by 22 per cent WoW) while average value traded settled at USD 107 million (down by 1 per cent WoW).
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Assets of Islamic banks surge by 30.6%: State Bank
KARACHI: The assets of Shariah compliant banks in Pakistan have increased by 30.6 per cent to Rs4.39 trillion by end of quarter January – March 2021 as compared with Rs3.36 trillion in the same quarter of the last year, State Bank of Pakistan (SBP) said on Friday.
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Company registration rises to 145,913 by June 2021: SECP
ISLAMABAD: The total number of companies registered with the Securities and Exchange Commission of Pakistan (SECP) has increased to 145,913 by end June 2021, a statement said on Friday.
The commission registered 2,504 new companies in June 2021, indicating a growth of 63 per cent as compared to corresponding period last year.
Ninety-nine per cent of these were incorporated online and 45 per cent applicants were issued registration certificates the same day, whereas 203 new foreign users were registered from overseas.
Of the newly registered companies, 65 percent were registered as private limited companies, 31 percent as single member companies and four percent as public unlisted companies, not for profit associations, foreign companies and limited liability partnership (LLP). Total capitalization (paid-up-capital) of newly incorporated companies for the current month is amounted to Rs3.3 billion.
The construction & real estate sector took the lead with the incorporation of 474, trading with 382, I.T with 275, services with 216, ecommerce with 129, food & beverages with 105, textile with 86, corporate agricultural farming with 76, education with 66, engineering, and market & development 54 each, pharmaceutical with 50, healthcare with 45, tourism with 39, mining & quarrying, and transport with 36 each, chemical with 34, auto & allied with 33, cables & electric goods with 31, logging with 27, communication with 26, power generation with 24, paper & board, and cosmetics & toiletries with 19 each, steel & allied with 18, broadcasting & telecasting, and fuel and energy with 16 each, wood & wood products with 13 and 105 companies were registered in other sectors.
Foreign investment has been reported in 66 new companies. These companies have foreign investors from Austria, Azerbaijan, Bangladesh, China, France, Germany, Ghana, Hong Kong, Iran, Italy, Kyrgyzstan, Malawi, Mexico, the Netherlands, Nigeria, Oman, Philippines, Qatar, Russia, Singapore, Slovakia Republic, Sweden, Syria, Turkey, the UK, Uruguay and the US.
The highest numbers of companies, i.e. 810 were registered in Islamabad, followed by 807 and 394 companies registered in Lahore and Karachi respectively. The CROs in Peshawar, Multan, Faisalabad, Gilgit-Baltistan, Quetta and Sukkur registered 174, 127, 98, 62, 22, and 10 companies respectively.