Author: Mrs. Anjum Shahnawaz

Stock market gains 231 points on positivity in banking, energy sectors

KARACHI: The stock market gained 231 points on Tuesday as investors have showing positive sentiments in banking and energy sectors.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 39,863 points as against 39,632 points showing an increase of 231 points.

Analysts at Arif Habib Limited said that the market traded in the positive zone today, even though Government announced lock down and School closures yesterday.

Consistent increase in international crude oil prices helped E&P stocks stage a comeback, whereas Banks and O&GMCs also traded positively for most part of the session.

Cement sector saw selling pressure, which came on the back of anticipation of slow growth in Cement dispatches due to winter season.

The underlying Cement sector stocks saw trading at discount of 12 percent to 18 percent from their respective recent peaks.

By the end of session, renewed buying interest was seen in Cement sector, which brought the index up, closing +231 points. Trading volumes remained below 200 million.

Sectors contributing to the performance include E&P (+67 points), Banks (+41 points), Fertilizer (+26 points), Technology (+22 points) and O&GMCs (+18 points).

Volumes declined from 174.7 million shares as against 195.1 million shares (-11 percent DoD). Average traded value also declined by 9 percent to reach US$ 42.4 million as against US$ 46.7 million.

Stocks that contributed significantly to the volumes include UNITY, MLCF, TRG, HUMNL and PRL, which formed 37 percent of total volumes.

Stocks that contributed positively to the index include POL (+23 points), DAWH (+18 points), MARI (+18 points), LUCK (+16 points) and OGDC (+16 points). Stocks that contributed negatively include COLG (-6 points), INDU (-6 points), DGKC (-5 points), ENGRO (-4 points) and MLCF (-4 points).

November 24, 2020
Customs valuation enhanced for garments on EDE data variations

KARACHI: Pakistan Customs has enhanced the imported low-end brand garments from China and other destinations after identifying data variations in Electronic Data Exchange (EDE).
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November 24, 2020
Rupee recovers 96 paisas against dollar

KARACHI: The Pak Rupee recovered 96 paisas against the dollar on Tuesday following the central bank kept the policy rate unchanged and lower demand of the foreign currency from importers.

The rupee ended Rs160.09 to the dollar from the previous day’s closing of Rs161.05 in the interbank foreign exchange market.

Currency dealers said that a day earlier the State Bank of Pakistan (SBP) kept the key policy rate unchanged at 7 percent giving confidence to trade and industry.

They further said that the imposition of lockdown to prevent spread of coronavirus in international markets also discouraged importers from placing new orders to their foreign suppliers.

The rupee gained to Rs158.30 against the dollar on November 17, 2020. However, since then the local currency witnessed a declining trend.

Rupee depreciates by 10 paisas against dollar

November 24, 2020
FBR cuts staff strength to half on coronavirus resurgence

ISLAMABAD: Federal Board of Revenue (FBR) on Monday directed all the tax offices to cut the staff (BS-1 to BS-15) by 50 percent with immediate effect in the wake of resurgence of coronavirus.

In a circular issued by the FBR, stated that due to resurgence of COVID-19 and keeping in view the NCOC decision, the directions/instructions to reduce the staff strength (BS-1 to BS-15) by 50 percent is required to be implemented with immediate effect.

“It is once again advised to reduce the staff strength within the available human resource limit (BS-1 to BS-15) by 50 percent on fortnightly rotation basis with effect from November 24, 2020, and to strictly follow all other instructions issued vide FBR Circular dated November 11, 2020.”

The competent authority has desired that instructions/orders in this regard must be issued by respective Members/Chiefs FBR (HQ) immediately and copy of the same must be shared by 12:00pm on Tuesday November 24, 2020.

Earlier, the FBR issued detailed SOPs for all the field offices for strictly compliance, which included:

i. FBR (HQ) and all its field formations are advised to reduce the staff strength (BS-1 to BS-15) by 50 percent on fortnightly rotation basis with effect as per the following plan:

a. Anyone suffering from flue and fever may remain off but to be available in respective stations and on cell phone.

b. All Members / Chiefs FBR (HQ) and heads of all field formations are advised to decide about rotation of their offices, prepare the list (duty/off) of officials (BS-1 to BS-15).

ii. Any employee who has symptoms of COVID-19 i.e. fever, cough, shortness of breath should get himself/herself tested immediately and report to the Admin Wing of FBR (HQ) of Headquarters of their respective field formations to be allowed to stay isolated till he/she is tested negative.

iii. The employees are also directed to wear face masks during office hours, avoid hand-shakes, hugs and maintain social distance as per standard SOPs.

iv. Employees above 50 years of age may be allowed to work from their homes except those employees whose presence is unavoidable for smooth functioning of the official business. Heads of all field formations area advised to take decision in this regard, accordingly. Field offices are further advised to allow female staff (mother of children) to work from their homes.

v. it is advised that all those employees who are suffering from flu, fever or carrying medical history of frequent chest infections, asthma, cardiac related problems or any other major disease shall be allowed to work from their homes. Moreover, reception staff will monitor everyone who enters office premises with the help of infrared thermal thermometers.

November 24, 2020
Duty exempted on import of medical equipments for prevention, treatment of COVID

ISLAMABAD: Federal Board of Revenue (FBR) on Monday exempted customs duty, regulatory duty and additional customs duty on import of medical instruments and equipments for prevention and treatment of COVID pandemic.

The FBR issued SRO 1251(I)/2020 dated November 23, 2020 to exempt whole of customs duty, regulatory duty and additional customs duty on import of around 61 items. The exemption has been granted on import of such goods with effect from October 04, 2020 to June 30, 2021.

Following goods are exempted from customs duty, regulatory duty and additional customs duty:

01. Real-time PCR system (standard 96-well plate and 0.2ml tubes format, 5 channel)

02. Biosafety cabinet

03. Auto Clave 50 liter capacity

04. Multi channel pipette (0.5 – 10 ul)

05. Single channel pipette

06. Multi channel pipette 20-200 ml

07. Vacuum fold

08. Micro Centrifuge (Non-refrigerated, Rotor capacity 12X 1.5/2.0ml vessles, 2XPCR strip, Max. Speed: 12, 100 x g (13,400 rpm)

09. PCR cabinet (HEPA filter system, UV and white light)

10. Real-time PCR kit for the detection of Coronavirus (SARS-CoV-2)

11. Viral RNA Extraction Kit and machine (Automatic Extractor)

12. VTM (Viral Transport Medium)

13. Dr Oligo Synthesizer

14. Refrigrator/freezer (-20C)

15. Vortex Machine

16. Refrigerated Centrifuge Machine (Rotor capacity 1.5ml x 24, max. speed 14000 rpm)

17. UPS (6 KVA)

18. Tyvek Suits

19. N-95

20. Biohazard bags (18 liters)

21. PAPR (Powdered Air Purifying respirators)

22. Multimode ventilator with air compressor

23. Vital sign monitor with 21BP and ETco2 two Temp.

24. ICU motorized patient bed with side cabinet and over bed table

25. Syringe infusion pump

26. Infusion pump

27. Electric suction machine

28. Defibrillator

29. X-Ray Mobile Machine

30. Simple Nebulizer

31. Ultrasound machine

32. Noninvasive BIPAP

33. ECG Machine

34. Pulse Oximeters

35. Ripple Mattress

36. Blood gas analyzer

37. AMBU Bag

38. Nitrile Gloves

39. Latex Gloves

40. Goggles

41. Face Shields

42. Gum Boots

43. Mackintosh bed sheets

44. Surgical Masks

45. Air Ways

46. Diaflow

47. Disposable Nebulizer Mask Kit

48. ECG Electrodes

49. ETT Tube (Endotracheal Tubes) All sizes

50. Humidifier Disposable Flexible

51. IV Cannula all sizes

52. IV Chambers

53. Oxygen Recovery Kit

54. Padded Sheets

55. Stomach Tube

56. Stylet for Endotracheal Tube

57. Suction Tube control valve

58. Tracheostomy Tube 7, 7.5, 8

59. Ventilator Circuit

60. Ventury Masks

61. Disposable shoes over (water proof)

November 23, 2020
Phone SMS included as mode of service for tax notices

ISLAMABAD: Federal Board of Revenue (FBR) expanded the scope of service tax notices and included mobile phone SMS as valid service of documents.
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November 23, 2020
Transit trade activity starts at Gwadar Port

ISLAMABAD: A first carrier containing 200 tons of fish from international waters arrived at Gwadar. The fish will be shipped to China in reefer containers, said Federal Board of Revenue (FBR) on Monday.

According to the FBR statement the arrival of the container at the Gwadar Port will open a new era of prosperity and growth for the people of Baluchistan and the economy of the country.

This has been made possible under the directions of the Prime Minister of Pakistan to kick start operations at the Gwadar Port.

Pakistan Customs is all geared up to realize the vision of the Prime Minister Imran Khan for transforming Gwadar into an International Transit trade Hub and facilitate trade through Gwadar Port.

FBR has already notified International Transshipment Rules vide SRO 218(I)/2020 dated 10.03.2020. A dedicated Directorate of Transit Trade has also been established at Gwadar to work closely with the stakeholders and transform Gwadar into a Transit trade hub.

As a result of this proactive approach and support of all stakeholders, in the coming days, more vessels containing international cargo including LPG, Steel Pipes, DAP fertilizer for transit to Afghanistan is scheduled to arrive at Gwadar Port.

This reflects the confidence of the international business community and shipping lines in the economic potential of the Port and excellent trade facilitation measures put in place by Pakistan Customs.

Gwadar is the future of Pakistan and will help the country in earning much needed foreign exchange in the future.

During the recent visit of a high level Pakistani delegation to Afghanistan led by Advisor on Commerce, the Afghan businessmen have shown interest in making investment for trade through Gwadar Port.

November 23, 2020
Share market ends down by 555 points amid partial lockdown

KARACHI: The share market ended down by 555 points on Monday following rise in coronavirus cases and imposition of partial lockdown in different cities.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 39,633 points as against 40,187 points showing a decline of 555 points.

Analysts at Arif Habib Limited said that following the rising cases of Corona and partial lock down in different cities, coinciding with the roll-over week, the KSE100 index took heavy bantering that resulted in Index losing 873 points during the session.

O&GMCs, Banks, Cement sector stocks played major role in this drop. E&P sector stocks saw trades executed below respective LDCPs, with the exception of POL, which recovered on the back of increase in international crude prices.

SBP also announced Monetary Policy keeping the rate unchanged at 7 percent, which was in line with street consensus.

Sectors contributing to the performance include Banks (-121 points), Cement (-65 points), O&GMCs (-64 points), Technology (-42 points) and Fertilizer (-41 points).

Volumes increased to 195.5 million shares against 189.6 million shares the other day (+3 percent DoD). Average traded value however declined by 1.4 percent to reach US$ 46.4 million as against US$ 47.05 million.

Stocks that contributed significantly to the volumes include UNITY, HASCOL, TRG, WTL and PRL, which formed 32 percent of total volumes.

Stocks that contributed positively to the index include COLG (+6 points), POL (+5 points), ABOT (+3 points), NESTLE (+3 points) and HMB (+3 points).

Stocks that contributed negatively include HBL (-30 points), PSO (-26 points), TRG (-26 points), MEBL (-17 points) and MCB (-17 points).

November 23, 2020
Dollar advances to Rs161.05

KARACHI: The US dollar strengthened against the Pakistani rupee on Monday, gaining 32 paisas due to increased demand for imports and corporate payments. The exchange rate settled at Rs161.05 to the dollar in the interbank foreign exchange market, rising from last Friday’s closing of Rs160.73.
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November 23, 2020
SBP keeps key policy rate unchanged at 7 percent

KARACHI: The monetary policy committee of the State Bank of Pakistan (SBP) has decided to keep the key policy rate unchanged at 7 percent for next two months.
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November 23, 2020