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Author: Mrs. Anjum Shahnawaz

  • Stock market gains around 800 points on improved investors’ confidence

    Stock market gains around 800 points on improved investors’ confidence

    KARACHI: The stock market on Monday gained by around 800 points on improved confidence of investors after after significant decline during past many trading sessions.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 29,562 points as against 27,765 points showing an increase of 798 points.

    Analysts at Arif Habib Limited said that the KSE-100 index increased significantly today, after an initial stutter of +/- 100 points.

    Apparently, the mutual funds, which have been a major seller during the past several sessions, were not selling with the same aggression as in recent past.

    E&P and Banks, which have received several bantering in the past couple of sessions, moved north with most volume observed in Banks.

    Besides, the anticipation of lower current account deficit for the month of July 2019, talks of EMOF by State Entities were making rounds, which caused investors to remain optimistic and buy.

    Several scrips, among Steel, Cement and Banking sectors hit upper circuit.

    Banking sector led the volumes table with 15.2 million shares, followed by Cement (13.6 million) and O&GMCs (11.1 million).

    Among scrips, TRG topped the volume charts with 7.5 million, followed by SMBL (6 million) and MLCF (5.9 million).

    Sectors contributing to the performance include Banks (+257 points), E&P (+142 points), Fertilizer (+116 points), Cement (+63 points), and Power (+60 points).

    Volumes also increased from 65.2 million shares to 102.5 million shares (+57 percent DoD). Average traded value also increased by 15 percent to reach $ 24.8 million as against $ 21.5 million.

    Stocks that contributed significantly to the volumes include TRG, SMBL, MLCF, HASCOL and UNITY, which formed 30 percent of total volumes.

    Stocks that contributed positively include HBL (+84 points), OGDC (+73 points), MCB (+70 points), ENGRO (+59 points) and PPL (+53 points). Stocks that contributed negatively include NESTLE (-15 points), ABOT (-6 points), MTL (-5 points), AGIL (-1 points) and SHEL (-1 points).

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  • Rupee gains 34 paisas on improved foreign inflows

    Rupee gains 34 paisas on improved foreign inflows

    KARACHI: The Pak Rupee gained 34 paisas against dollar on Monday as inflows of home remittances and export receipts helped the local unit to appreciate.

    The rupee ended Rs158.62 to the dollar from last Friday’s closing of Rs158.96 in interbank foreign exchange market.

    Currency experts said that the inflows of home remittances related to Eid ul Azha and improved export receipts helped the local unit to improve the value.

    The foreign currency market was initiated in the range of Rs158.80 and Rs158.90. The market recorded day high of Rs158.80 and low of Rs158.60 and closed at Rs158.62.

    The exchange rate in open market was also witnessed appreciation in local currency. The buying and selling of dollar was recorded at Rs158.50/Rs159.00 from last Friday’s closing of Rs159.00/Rs159.50 in cash ready market.

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  • Commerce ministry extends date for submitting DLTL claims

    Commerce ministry extends date for submitting DLTL claims

    KARACHI: The ministry of commerce has extended the last date for submission /resubmission of claims of Drawback of local Taxes and Levies (DLTL).

    The State Bank of Pakistan (SBP) on Monday informed banks that the commerce ministry extended the date for claiming DLTL.

    The central bank said that in terms of Commerce Division, Ministry of Commerce & Textile’s letter F.No. 5(2)/2017-SO(M&I) dated July 30, 2019, it has been decided to extend the deadline for submission/ resubmission of claims from claimants to Authorized Dealers (ADs) under Para 1(4)(a) and 1(4)(d) of the subject Order till August 15, 2019.

    Further, the deadline for submission of the claims from ADs to the field offices of State Bank of Pakistan – Banking Services Corporation (SBP-BSC) shall be August 30, 2019.

    Likewise, the last date for submission of incremental claims from exporters to ADs under Para 1(4)(b) of the subject Order, shall be October 16, 2019 and from ADs to SBP-BSC October 31, 2019.

  • Auction of confiscated vehicles to be held on August 20 at ASO Headquarters

    Auction of confiscated vehicles to be held on August 20 at ASO Headquarters

    KARACHI – The Model Customs Collectorate (MCC) Preventive has officially announced the upcoming auction of a large number of confiscated vehicles. The event is scheduled to take place on August 20, 2019, at the Anti-Smuggling Organization (ASO) Headquarters, located at NMB Wharf, Ghass Bandar, East Wharf, Karachi.

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  • Commerce ministry issues clarification to ban on Indian imports

    Commerce ministry issues clarification to ban on Indian imports

    The Ministry of Commerce has issued a clarification regarding the ban on imports from India, stating that Letter of Credit (LC) or Bill of Lading (BL) issued prior to August 09, 2019, will be allowed for customs clearance.

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  • Non-ATL commission agents to pay up to 24 percent withholding tax

    Non-ATL commission agents to pay up to 24 percent withholding tax

    ISLAMABAD: Federal Board of Revenue (FBR) has said that commission agents not appearing on Active Taxpayers List (ATL) shall pay 24 percent withholding tax during tax year 2019/2020 effective from July 01, 2019.

    The FBR issued Withholding Tax Card for tax year 2019/2020 saying that the collection of withholding tax is payable under Section 233 of Income Tax Ordinance, 2001.

    The revenue body said that Federal Government, Provincial Government, Local authority, Company AOP constituted by or under any law or principal shall collect withholding tax from recipient of brokerage or commission or agent at the time the brokerage or commission is actually paid.

    The following rates shall be applicable:

    (i) Advertising Agents, the tax rate shall be 10 percent for compliant taxpayers and 20 percent for persons not appearing on ATL.

    (ii) Life insurance agents where commission received is less than 0.5 million per annum, the tax rate shall be 8 percent for compliant taxpayers and 16 percent for persons not appearing on ATL.

    (iii) Persons not covered in (i) & (ii), the tax rate shall be 12 percent for compliant taxpayers and 24 percent for persons not appearing on ATL.

  • Hubco declares commercial operation date for 1320MW coal-based power plant

    Hubco declares commercial operation date for 1320MW coal-based power plant

    KARACHI: China Power Hub Generation Company (CPHGC) – a joint venture between The Hub Power Company Ltd. (HUBCO) and China Power International Holding – has declared the Commercial Operations Date (COD) of its 1320MW imported coal power plant and integrated jetty with coal transhipment capacity of 4.2 MTPA, a statement said on Sunday.

    Developed in record time, as per schedule and within projected costs, the CPHGC project is a part of the early harvest energy projects under China Pakistan Economic Corridor (CPEC) framework, making it truly a project of national and strategic significance.

    The plant will add 9 billion kWh of electricity to the national grid every year, meeting electricity needs of 4 million households in the country. The Project’s two units achieved synchronization with the National Grid on December 28, 2018 and May 28, 2019, respectively, while the Integrated Coal Jetty became operational in December 2018 with arrival of the first shipment of coal.

    “The successful completion of CPHGC project has fortified the dream of energy independence of Pakistan. Since the synchronization earlier in May, we conducted extensive testing of the systems to make sure we deliver quality while keeping HSE as our top-priority. I am glad that this Pak-China synergy has resulted in engineering excellence and has fulfilled our promise of providing Pakistan with affordable and ample energy” said Khalid Mansoor, CEO HUBCO.

    It is important to note that the Project has also delivered on various social commitments for improving the lives of the local community of Hub and Lasbella.

    Together with its partners, CPHGC has setup a school in Gadani, a floating jetty for fishermen in Abbas Village and has conducted various training and development programs for the local youth of Balochistan.

    The Pakistani principal of the project, The Hub Power Company Limited currently produces over 2920 MW through its four plants spread over Baluchistan, Punjab and Azad Jammu & Kashmir.

    HUBCO is the only power producer in Pakistan with four projects listed in the CPEC out of which three are under-construction namely Thar Energy Limited (TEL) and Thalnova Power Thar (Pvt.) Ltd. and Sindh Engro Coal Mining Company (SECMC) at Thar Block II.

    The power generation capacity of the Company will enhance to over 3580MW after completion of the aforementioned power projects.

  • SBP sets maximum payment limits for board members of banks, DFIs

    SBP sets maximum payment limits for board members of banks, DFIs

    KARACHI: The State Bank of Pakistan (SBP) on Saturday amended Prudential Regulations G-1 and sets maximum limits for payment to board members of banks and Development Financial Institutions (DFIs).

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  • FBR starts verifying imported goods in spot checking of markets, shopping plazas

    FBR starts verifying imported goods in spot checking of markets, shopping plazas

    ISLAMABAD: Federal Board of Revenue (FBR) has decided to launch mega crackdown against smuggled goods and in this regard joint teams of the revenue body will visit markets and shopping plazas in major cities of the country from September 01, 2019.

    The FBR on Saturday issued a notification related to anti-smuggling drive, which highlighted the adverse impact of smuggled goods on the economy in general and industrial activities in particular.

    The FBR said that it had started phased program, which included verification of imported documents of foreign goods available in the market.

    “With effect from September 01, 2019 special joint teams of the FBR may be visiting major shopping areas especially large retailers in major cities to check the import documents the imported goods available for sale to ensure compliance to various requirement of the law,” it said.

    The FBR clarified that such checking would not be called ‘raid’. “All teams will be conducting respective identification as being officially designated and the team will be headed by a senior person.”

    It further said that in case a retailer/shopkeeper had not documents at the time of checking then the team would provide adequate opportunity to submit the document in respective offices/shops after reasonable time.

    The FBR said that all relevant persons are expected to cooperate with the FBR personnel during this exercise which is being undertaken to ensure compliance of laws and discourage sale of smuggled goods.

    The FBR asked Member Customs (Operations) and Member (IR-Operations) to supervise the activity and provide complete assistance to the joint team wherever required.

    The FBR also directed Director General (I&I) and Director General (I&I) Inland Revenue to constitute joint teams under intimation to this office and concerned Member Operations keeping in view the scope of the activity on countrywide basis.

  • Karachi traders criticize FBR for not including in consultative committee

    Karachi traders criticize FBR for not including in consultative committee

    Traders associations from Karachi have strongly criticized the Federal Board of Revenue (FBR) for excluding representatives of small traders and shopkeepers from Pakistan’s commercial capital in its newly formed consultative committee on the fixed tax scheme.

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