ISLAMABAD: The headline inflation based on Consumer Price Index (CPI) in Pakistan witnessed a contraction of 8.3 percent on a Year-on-Year (YoY) basis in November 2020, according to data released by the Pakistan Bureau of Statistics (PBS) on Tuesday.
(more…)Author: Mrs. Anjum Shahnawaz
-
Share market gains 596 points due to less COVID cases
KARACHI: The share market gained 596 points on Tuesday after a peaceful rally of various political parties under the umbrella of Pakistan Democratic Movement (PDM) and lower reported cases of coronavirus.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 41,665 points as compared with the previous day’s closing of 41,069 points, showing a gain of 596 points.
Analysts at Topline Securities said that the market continued its positive momentum with the KSE-100 Index closing the day at 41,665.
Safe completion of the PDM rally along with lower COVID cases improved sentiment at the bourse.
Major positive contributors to the benchmark index were HUBC, ENGRO & PAKT who cumulatively added 170.43 points to the index.
Volumes also saw an uptick with the total traded volume clocking in at 489 million shares while total traded value was registered at Rs19.5 billion.
UNITY was today’s volume leader with 67.87 million shares traded and the stock closing up 7.05 percent amid news reports that the company is all set to issue a Rs3 billion Sukuk to fund its working capital requirements.
-
Rupee weakens by 40 paisas against dollar
KARACHI: The Pak Rupee fell by 40 paisas against the dollar on Tuesday owing to payment demand for import and corporate payments.
The rupee ended 159.82 to the dollar from the previous day’s closing of Rs159.42 in the interbank foreign exchange market.
Currency dealers said that the demand for import and corporate payments was higher during the day.
They said that the market had also seen supply of the dollar but was not sufficient to help the local currency.
-
Tax bar opposes making phone SMS as mode of service
KARACHI: Karachi Tax Bar Association (KTBA) on Tuesday opposed making mobile phone SMS as a legal mode for serving notices.
(more…) -
Diesel oil price hiked by Rs4/liter
ISLAMABAD: The government has increase the price of high speed diesel oil by Rs4 per liter. The prices of other POL products have been kept unchanged for next fortnight with effect from December 01, 2020, a statement said on Monday.
The government in its endeavor to provide maximum relief to the public has decided to absorb most of the increase in international prices of petroleum products, the statement said.
The prices of MS (Petrol), Kerosene (SKO) and Light Diesel Oil would remain the same w.e.f. 01 December 2020 for the next fifteen days.
However, due to significant increase in the international price of High Speed Diesel (HSD), the price of High Speed Diesel has been increased by Rs. 4.00 per liter for the same period.
The price of high speed diesel has been increased to Rs105.43 per liter from Rs104.43.
The prices of MS (Petrol) at Rs100.69; Kerosene (SKO) at Rs65.29, ant Light Diesel Oil at Rs62.86 have been kept unchanged for next fortnight.
-
SBP makes mandatory for banks to construct ramps for disable persons
KARACHI: State Bank of Pakistan (SBP) on Monday made it mandatory for all banks to construct ramps at their branches for persons with disabilities.
The SBP said it had decided to make it mandatory for all banks/ MFBs/ DFIs to construct ramps at all newly opened and existing place of business (excluding Mobile Banking Units) to make it accessible for persons with disabilities and wheelchair users.
For the purpose, a 2-year time-bound action plan to construct ramps at your all-existing places of business shall be submitted to SBP by December 31, 2020.
In addition, a senior level management committee of the respective banks, MFBs and DFIs shall be constituted who will be responsible for monitoring the overall progress on the action plan.
Further, the quarterly implementation report should be submitted within 15 days after the end of each quarter.
The SBP further said that instructions issued vide CPD Circular No. 06 of 2014 requiring banks/MFBs to provide visually impaired/blind persons with equitable access to banking and financial services, the banks have also been advised to submit the compliance status by December 31, 2020.
-
Stock market gains 262 points despite early day losses
KARACHI: The stock exchange gained 262 points on Monday after making recovery from early day losses.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 41,069 points as against 40,807 points showing an increase 262 points.
Analysts at Arif Habib Limited said that the market opened on a negative note with -24 points and slipped a total of 137 points during the session, before Banking sector took the front seat and drove the index to recover the intra-day loss and put together an increase of 308 points. The index closed +262 points.
MSCI semi-annual index review changes, which were made earlier in the month, had today as the effective date. Resultantly, MCB among banking sector and OGDC, PPL among E&P sector saw brisk activity.
PSO also reacted to the prospect of share swap arrangement as proposed by the Petroleum Division to settle Circular debt among public sector entities in the energy chain.
Although, international crude oil prices were down on the concerns of OPEC+ meeting scheduled for tomorrow, where deferment of oil supply till Q1, 2021 will be taken.
Among scrips, HUMNL topped the volumes with 88.5 million shares, followed by TRG (31.7 million) and PRL (24.7 million).
Sectors contributing to the performance include Technology (+57 points), Banks (+50 points), O&GMCs (+48 points), Cement (+36 points) and E&P (+25 points).
Volumes declined from 397.8 million shares to 388.6 million shares (-2 percent DoD). Average traded value however, increased by 7 percent to reach US$ 88.2 million as against US$ 82.5 million.
Stocks that contributed significantly to the volumes include HUMNL, TRG, PRL, KEL and UNITY, which formed 47 percent of total volumes.
Stocks that contributed positively to the index include TRG (+49 points), PSO (+39 points), MCB (+22 points), UBL (+20 points) and LUCK (+20 points). Stocks that contributed negatively include BAHL (-16 points), ENGRO (-16 points), PAKT (-11 points), FFC (-11 points) and KEL (-7 points).
-
Rupee gains four paisas against dollar
KARACHI: The Pak Rupee gained four paisas against the dollar on Monday despite demand for import and corporate payments.
The rupee ended Rs159.42 to the dollar form last Friday’s close of Rs159.46 in the interbank foreign exchange market.
Currency dealers said that the market witnessed demand for the dollars because of the first trading day of the week and the market opened after two weekly holidays.
They said that the supply of the greenback was sufficient to offset the demand and helped the local currency to make gain.
The dealers said that the local currency likely to make gain in coming days owing to improved economic indicators, including the foreign exchange reserves of the country.
The liquid foreign exchange reserves of the country have increased by $467 million to $20.552 billion by week ended November 20, 2020. The foreign exchange reserves of the country were at $20.085 billion by week ended November 13, 2020.
The official reserves of the SBP increased by $484 million to $13.415 billion by week ended November 20, 2020 as against $12.931 billion a week ago. The SBP attributed the increase to official government inflows.
-
Updated ATL: FBR receives record 2.96 million returns
ISLAMABAD: The filing of income tax return has reached a new peak of 2.96 million, according to the updated Active Taxpayers List (ATL) issued by Federal Board of Revenue (FBR) on Monday.
(more…) -
Customs e-commerce clearance facility lauded
KARACHI: Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA) has lauded the efforts of Pakistan Customs for establishing an e-commerce clearance facility in collaboration with the State Bank of Pakistan (SBP).
(more…)