Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • Foreign exchange reserves increase by $307 million to $23.52 billion

    Foreign exchange reserves increase by $307 million to $23.52 billion

    KARACHI: The foreign exchange reserves of the country increased by $307 million to $23.52 billion by week ended April 23, 2021, State Bank of Pakistan (SBP) said on Thursday.

    The foreign exchange reserves of the country were at $23.213 billion by week ended April 16, 2021.

    The foreign exchange reserves of the central bank increased by $384 million to $16.428 billion by week ended April 23, 2021 as compared with $16.044 billion a week ago.

    However, foreign exchange reserves held by commercial banks fell by $77 million to $7.092 billion by week ended April 23, 2021 as compared with $7.169 billion a week ago.

  • Stock market sheds 196 points on selling activities

    Stock market sheds 196 points on selling activities

    KARACHI: The stock market fell by 196 points on Thursday owing to selling observed during the day. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 44,863 points as against last day’s closing of 45,059 points, showing a decline of 196 points.

    Analysts at Arif Habib Limited said that the market declined further today with a drop of 278 points during the session and ended the session -196 points.

    Selling was evident across the board, but had the most impact on Cement, Fertilizer, Steel sectors. Financial results have failed to generate the usual interest among investors perhaps due to the upcoming tight budget right after Ramadan and a long hibernating period till the next financial results will be announced.

    International crude oil prices were on the rise overnight, however, E&P stocks did not react to it. Among scrips, HASCOL led the table with 43.8 million shares, followed by GGL (32.6 million) and TELE (19.5 million).

    Sectors contributing to the performance include Banks (-58 points), Cement (-56 points), Fertilizer (-33 points), Power (-28 points) and Tobaco (-13 points).

    Volumes declined from 305.7 million shares to 280.7 million shares (-8 percent DoD). Average traded value also declined by 16 percent to reach US$ 88.6 million as against US$ 105 million.

    Stocks that contributed significantly to the volumes include HASCOL, GGL, TELE, TRG and GGGL, which formed 45 percent of total volumes.

    Stocks that contributed positively to the index include HASCOL (+10 points), KTML (+10 points) and ICI (+8 points). Stocks that contributed negatively include FFC (-26 points), SNGP (-26 points), MCB (-14 points) and POML (-13 points).

  • Rupee gains 26 paisas against dollar

    Rupee gains 26 paisas against dollar

    KARACHI: The Pak Rupee gained 26 paisas against the dollar on Thursday owing to improved economic indicators and suspension of loan repayment for Pakistan.

    The rupee ended Rs153.62 to the dollar from previous day’s closing of Rs153.88 in the interbank foreign exchange market.

    Currency experts said that market was remained optimistic owing to current account surplus during first nine months of the current fiscal year.

    Besides, sentiments were also improved owing to suspension of loan repayment by G-20 countries.

  • Corporate tax rate should be brought down to 25pc

    Corporate tax rate should be brought down to 25pc

    KARACHI – Tax practitioners gathered at a pre-budget seminar organized by the Karachi Tax Bar Association (KTBA) have urged the government to consider reducing the corporate tax rate to 25 percent in the upcoming budget for 2021/2022.

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  • FBR advised to use withholding statements for identifying new taxpayers

    FBR advised to use withholding statements for identifying new taxpayers

    KARACHI: Tax practitioners have advised the Federal Board of Revenue (FBR) to examine withholding statements and extract information of persons not paying taxes and not filing their annual returns.

    The members of Karachi Tax Bar Association (KTBA) in their pre-budget 2021/2022 seminar urged the FBR for mining of its database to identify new taxpayers & those not fully discharging their liabilities

    FBR should extract information from withholding statements, details of government supplies and maintain a database of above third party information, according to a presentation made by Haider Patel, former president, KTBA.

    He further suggested that relevant organizations, departments, institutions including utility companies, banks, NADRA and information obtained related to offshore transactions should submit prescribed information on quarterly basis to the FBR.

    The FBR has been further advised effective enforcement for compliance of filing of Return of Income under section 114 of Income Tax Ordinance, 2001.

  • PSX issues new trading, office timings

    PSX issues new trading, office timings

    KARACHI: Pakistan Stock Exchange (PSX) on Wednesday issued new timings of trading and office of the exchange effective from Thursday April 29, 2021.

    In a notification the exchange said that in line with the decision of National Command and Operation Center (NCOC) regarding the COVID-19 situation and subsequent reduction in banking hours by the State Bank of Pakistan (SBP) notified today, PSX has also revised its market and office timings keeping in view the smooth clearing and settlement within the reduced banking hours.

    The revised timings, as appended, shall take effect from trading day April 29, 2021 and shall remain in force till further notice.

    Following is the revised schedule of PSX:

    PSX timings 01

  • Equity market ends down by 234 points in range bound trading

    Equity market ends down by 234 points in range bound trading

    KARACHI: The equity market recorded a decline of 234 points on Wednesday while trading in range bound during the day.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 45,059 points as against previous day’s closing of 455,293 points, showing a decline of 234 points.

    Analysts at Arif Habib Limited said that the market traded range bound today between -272 points and +296 points during the session.

    Selling pressure was concentrated in Banks, E&P, Cement and Steel sector stocks similar to what was witnessed yesterday and the absence of active buyer exacerbated the situation leading to index closing lower than LDCP.

    Technology stocks saw NETSOL performing, whereas TRG declined over the day. Service Global Footwear (SGF) hit upper circuit on the first day of listing on PSX, but selling pressure brought the price down. Among scrips, TELE topped the volumes with 29.3 million shares, followed by ANL (25.6 million) and TRG (18.3 million).

    Sectors contributing to the performance include Banks (-93 points), E&P (-44 points), Technology (-35 points), Cement (-33 points), Pharma (-29 points) and Fertilizer (+30 points).

    Volumes declined from 366.8 million shares to 305.7 million shares (-17 percent DoD). Average traded value also declined by 7 percent to reach US$ 104.6 million as against US$ 112.1 million.

    Stocks that contributed significantly to the volumes include TELE, ANL, TRG, UNITY and GGGL, which formed 33 percent of total volumes.

    Stocks that contributed positively to the index include COLG (+24 points), FFC (+21 points), NRL (+13 points), ENGRO (+13 points) and POL (+12 points). Stocks that contributed negatively include HBL (-39 points), OGDC (-36 points), PPL (-24 points), MCB (-23 points) and TRG (-21 points).

  • SBP revises bank timings

    SBP revises bank timings

    KARACHI: State Bank of Pakistan (SBP) on Wednesday revised the office and public dealing hours of banks.

    The SBP said that in line with the decision of National Command & Operation Centre (NCOC) to contain the spread of COVID-19, the SBP will observe the following office hours, which will also be followed by all banks / DFIs / MFBs till further orders:

    Bank office hours:

    Monday to Thursday from 9:00 a.m. to 2:00 p.m. (without break)

    Friday from 9:00 a.m. to 1:00 p.m. (without break)

    Banks / MFBs have been advised to observe the following business (banking) hours for public dealing:

    Monday to Thursday from 9:00 a.m. to 1:00 p.m. (without break)

    Friday 9:00 a.m. to 12:30 p.m. (without break)

    Previously, the SBP issued bank timings during Ramazan on April 12, 2021. However, new timings shall supersede the instructions contained in BPRD Circular Letter No.10 dated April 12, 2021.

  • Rupee makes 62 paisas recovery against dollar

    Rupee makes 62 paisas recovery against dollar

    KARACHI: The Pak Rupee made a recovery of 62 paisas against the dollar on Wednesday after depreciating the value for seven consecutive trading sessions.

    The rupee ended Rs153.88 to the dollar from previous day’s closing of Rs154.50 in the interbank foreign exchange market.

    The latest recovery in the local unit was seen after a continuous fall for seven consecutive days.

    The rupee has started falling against the dollar from mid of the current month. The rupee has been weakened by Rs1.68 against the dollar during last seven trading days between April 27, 2021 and April 15, 2021.

  • K-Electric declares 222 percent growth in quarterly net profit despite massive impairment loss

    K-Electric declares 222 percent growth in quarterly net profit despite massive impairment loss

    K-Electric Limited (KE), a leading power generation and supply company, has reported an impressive 222 percent increase in net profit for the quarter ending March 31, 2021.

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