Pkrevenue.com

Author: Mrs. Anjum Shahnawaz

  • Textile exports increase by 3.68% in seven months

    Textile exports increase by 3.68% in seven months

    KARACHI: The exports of textile products have recorded increase of 3.68 percent during first seven months (July – January) 2019/2020 on the back of improvement in readymade garments and knitwear.

    The exports of textile group were at $8.1 billion during first seven months of current fiscal year as compared with 7.81 billion in the corresponding period of the last fiscal year, according to data released by Pakistan Bureau of Statistics (PBS) on Monday.

    The textile sector was facing several issues pertaining to fuel prices and payment of tax refunds.

    On the other hand the government allowed many incentives to export sector for encouraging the exporters. The government allowed zero rated of sales tax which is only available to the exporters.

    The exports of readymade garments recorded 11 percent increase during the period under review. The exports readymade garments increased to $1.68 billion during first seven months of the current fiscal year as compared with $1.516 billion in the same period of the last fiscal year.

    The exports of knitwear recorded 6.27 percent increase to $1.83 billion during July – January 2019/2020 as compared with $1.72 billion in the corresponding period of the last fiscal year.

    The exports of bed wear recorded 2.77 percent growth to $1.39 billion during first seven months of the current fiscal year as compared with $1.35 billion in the same period of the last fiscal year.

    However, the exports of cotton cloths fell by 3.62 percent to $1.19 billion during the period under review as compared with $1.23 billion in the corresponding period of the last fiscal year.

    The exports of towels registered nominal decline to $444 million during first seven months of the current fiscal year as compared with $446.45 million in the corresponding period of the last fiscal year.

    The export of cotton yarn was also registered flat growth to $640 million during first seven months of the current fiscal year as compared with $635 million in the same period of the last fiscal year.

  • Poisonous gas incident: KCCI criticizes NDMA

    Poisonous gas incident: KCCI criticizes NDMA

    KARACHI: Karachi Chamber of Commerce and Industry (KCCI) on Monday criticized the National Disaster Management Authority (NDMA) for not responding to the tragic incident of poisonous gas leakage in Kemari area, which claimed six lives.

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  • Stock market ends up by 34 points in dull trading

    Stock market ends up by 34 points in dull trading

    KARACHI: The stock market increased by 34 points on Monday amid dull trading activities.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 40,276 points as against 40,243 points showing an increase of 34 points.

    Analysts at Arif Habib Limited said that the market witnessed dull activity today barely trading 100 million shares, even lower than 118 million shares observed on Friday.

    E&P, Fertilizer, Cement and OMCs bore selling pressure, and even Banking sector (barring HBL) faced selling pressure.

    News related to HBL’s irregularities in New York branch caused panic amongst investors, however, HBL did recover significantly post clarification by Management on the issue.

    The Stock, which has financial results due on February 19, traded near upper circuit.

    Vanaspati sector ranked top among volume leaders with 16.1 million shares, followed by Cement (15.4 million) and Banks (12 million).

    Among scrips, UNITY realized trading volumes of 16.1 million shares, followed by DGKC (9.1 million) and HASCOL (7.9 million).

    Sectors contributing to the performance include Banks (+74 points), OMCs (+23 points), E&P (30 points), Power (-29 points), Inv Banks (-13 points).

    Volumes declined further from 117.6 million shares to 99.8 million shares (-15 percent DoD).

    Average traded value increased by 16 percent to reach US$ 28.4 million as against US$ 24.5 million.

    Stocks that contributed significantly to the volumes include UNITY, DGKC, HASCOL, HBL and PIBTL, which formed 42 percent of total volumes.

    Stocks that contributed positively include HBL (+108 points), KAPCO (+16 points), PSO (+15 points), JLICL (+7 points) and COLG (+6 points).

    Stocks that contributed negatively include HUBC (-48 points), PPL (-17 points), OGDC (-15 points), MCB (-12 points), and DAWH (-12 points).

  • Rupee ends down by 11 paisas against dollar

    Rupee ends down by 11 paisas against dollar

    KARACHI: The Pak Rupee ended down by 11 paisas against dollar on Monday owing to demand from importers and corporate buyers.

    The rupee ended Rs154.28 to the dollar from last Friday’s closing of Rs154.17 in interbank foreign exchange market.

    The currency dealers said that the market witnessed higher demand for dollars after opening two weekly holidays.

    The foreign currency market was initiated in the range of Rs154.28 and Rs154.34. The market recorded day high of Rs154.29 and low of Rs154.16 and closed at Rs154.28.

    The exchange rate in open market witnessed appreciation in the rupee value. The buying and selling of the dollar recorded at Rs154.00/Rs154.30 from last Friday’s closing of Rs154.20/Rs154.50 in cash ready market.

  • Port activity remains normal, no gas leakage reported: KPT chairman

    Port activity remains normal, no gas leakage reported: KPT chairman

    KARACHI: Rear Admiral Jameel Akhtar, Chairman, Karachi Port Trust (KPT) on Monday said that the port activities are remained normal and there is no incident of gas leakage reported in port area.

    He was addressing press conference following the poisonous gas claimed five lives last day in Kemari near the Karachi Port.

    “I assure all that there is no leakage of any poisonous gas from port area,” he said, adding that the movement to and from city to the port area are remained normal.

    He said that handling of containers was normal at all berths of the port. “Nothing was happened at oil insulation area,” he said, adding that if such thing was happened how could it was possible that port staff worked normally.

    The chairman said that federal minister for ports and shipping had also visited the affected areas.

    The chairman said that the authorities were grieved over human losses.

  • Clearance resumes as EPA clears Custom House building

    Clearance resumes as EPA clears Custom House building

    KARACHI: Customs clearance has been resumed after a briefed period of closure as Environment Protection Agency (EPA) cleared the Custom House Karachi from any threat owing to spread of toxic gas.

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  • Customs clearance suspended due to mysterious gas threat

    Customs clearance suspended due to mysterious gas threat

    KARACHI: Port activities and customs clearance were suspended on Monday as precautionary measures in the wake of mysterious toxic gas which claimed at least five lives.

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  • HBL to complete New York branch closure by March 31

    HBL to complete New York branch closure by March 31

    KARACHI: Habib Bank Limited (HBL) on Monday said that it will complete the closure of its New York Branch by March 31, 2020 in coordination with the New York State banking regulators.

    In information shared with the Pakistan Stock Exchange (PSX), the bank said that upon such closure HBL will no longer operate any bank branch in the United States.

    The bank said that it wishes to thank the State Bank of Pakistan (SBP), the New York State Department of Financial Services, and the Federal Reserve Bank of New York for their consistent support and cooperation through the process of winding down and closing the New York Branch.

    HBL remains committed to engaging in progressive banking practices while ensuring compliance with all international and local laws and regulations across its network, the bank said.

  • KPT denies toxic gas leakage from port area

    KPT denies toxic gas leakage from port area

    KARACHI: Karachi Port Trust (KPT) has clarified new reports about leakage of toxic gas from inside port area.

    KPT spokesman in a statement on late Sunday night said that there has been no leakage of chemical or gases inside the KPT port area and from any berthed vessel/ship.

    “All safety precautions remain applied while handling POL or chemicals from ships at Karachi Port,” the spokesman said.

    The casualties being admitted in Hospitals are from northern side of keamari town and not from the port or immediate area and their statement was also about presence of chemical gases in air. “Linking the same with handling of chemical and POL ships is not correct and, therefore, denied,” the spokesman added.

    The KPT is offering complete support to the Keamari residents falling victim to chemical gas incident. “KPT Hospital located in Keamari area, being within the reach, has been made available to Keamari residents for treatment,” the spokesman added.

    Moreover, the Chairman KPT Rear Admiral Jamil Akhtar has also had discussion with Commander Karachi Rear Admiral Zahid Ilyas over the incident and Pakistan Navy is dispatching their Biological and Chemical Damage control Team to the affected area and its vicinity for ascertaining facts behind the incident.

  • Mysterious gas kills four near Karachi Port

    Mysterious gas kills four near Karachi Port

    KARACHI: Leakage of poisonous gas from unknown place on Sunday killed at least four people and faint many others.

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