KARACHI: Pakistan stocks ended up 63 points on Thursday owing to range bound trading activity witnessed during the day.
(more…)Author: Faisal Shahnawaz
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Dollar climbs to PKR 221.50 on rising political tension
KARACHI: The US dollar on Wednesday climbed up by 82 paisas against the Pakistani Rupee to PKR 221.50 owing to rising political tension in the country.
The exchange rate ended with a decline of 82 paisas in rupee value to end at PKR 221.50 to the dollar from previous day’s closing of PKR 220.68 in the interbank foreign exchange market.
READ MORE: Rupee slips sharply to dollar on PTI long march
Currency experts said that the announcement of the longa march by Pakistan Tehreek I Insaaf (PTI) had shaken investors’ confidence.
PTI Chief Imran Khan two days back announced long march against the present government. He announced the rally would begin from Friday October 28, 2022 for an indefinite period.
Since the announcement of country-wide protest rally the rupee fell PKR 1.77 against the dollar.
PTI Chief Imran Khan was removed as prime minister through a vote of no confidence by the allied political parties in April this year. Imran Khan claimed that his government was toppled by a conspiracy.
READ MORE: Rupee recovers to PKR 219.73 against dollar
Prior to the announcement of the long march, the rupee witnessed recovery against the greenback due to removal of Pakistan name from the grey list of the Financial Action Task Force (FATF).
Further, the sentiments were also improved due to commitment of Asian Development Bank (ADB) to finance the country. The ADB approved a financing of $1.5 billion to the country. Currency experts said that the approval of loan program by the ADB helped the rupee to make gain.
Interestingly, the amount of $1.5 billion was received last night by the State Bank of Pakistan (SBP). However, the fund transfer also failed to support the local currency.
READ MORE: Dollar slips to PKR 220.41 on improved economic sentiments
Previously, the rupee was also supported by contraction in current account deficit during the first quarter of the current fiscal year.
Pakistan’s current account deficit has recorded a decline of 37 per cent to $2.21 billion during first quarter (July – September) of fiscal year 2022/2023, according to official data released last week.
The current account deficit of the country was $3.53 billion in the same quarter of the last fiscal year.
READ MORE: Rupee gains 11 paisas to dollar on ADB loan approval
Contraction in current account deficit can be attributed to significant fall in trade deficit. The trade deficit also contracted by 21.32 per cent to $9.22 billion during first quarter of the current fiscal year as compared with the deficit of $11.72 billion in the same quarter of the last fiscal year.
Furthermore, the local currency also received support as the level of foreign exchange reserves were remained flat.
Pakistan’s weekly foreign exchange reserves increased nominally to $13.251 billion by week ended October 14, 2022 as compared with $13.247 billion a week ago i.e. October 7, 2022.
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Indus Motor declares 76% fall in net profit during 1QFY23
Indus Motor Company Limited (INDU) has declared massive fall of 76 per cent in its net profit during first quarter (July – September) of the fiscal year 2022/2023.
According to financial results submitted to Pakistan Stock Exchange (PSX) on Thursday, the company declared after tax profit at Rs1.29 billion for the quarter ended September 30, 2022 as compared with Rs5.42 billion in the corresponding quarter of the last fiscal year.
Indus Motor, which is maker of Toyota Motors in Pakistan, also announced earnings per share t Rs16.50 for the first quarter of the current fiscal year as compared with the EPS of Rs69.02 in the same quarter of the last year.
Board of directors of the company met on October 26, 2022 and announced first interim cash dividend for the quarter ended September 30, 2022 at Rs8.20 per share i.e. 82 per cent.
Analysts at Ismail Iqbal Securities said that topline of the company arrived in at Rs37.3 billion against the estimates of Rs42.9 billion, down 48 per cent and 43 per cent on Quarter on Quarter (QoQ) and Year on Year (YoY) respectively, primarily as result of 51 per cent and 52 per cent QoQ and YoY decline in car sales volumes.
The deviation in revenue could be due to rise in compensation on advances from customers and car prices revisions yet to reflect as cars might have been sold at March 2022 and April 2022 prices during the quarter.
Gross margins fall to lower ever levels of 6.3 per cent on account of depreciation of Pakistani Rupee (PKR) against the US dollar and lag price hike that is yet to reflect, according to the analysts.
Elevated deposit rates resulted in other income clocking in at Rs5.16 billion fell one per cent QoQ, despite likely fall in advances. Effective tax rate clocked in at 29.5 per cent against 88.1 per cent recorded in the last quarter.
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OGDCL announces huge oil discovery at Attock
KARACHI: Oil and Gas Development Company Limited (OGDCL) on Thursday announced huge oil discovery at Attock District, Punjab Province, Pakistan.
The company shared the information of oil discovery with the Pakistan Stock Exchange (PSX) and London Stock Exchange.
READ MORE: OGDCL discovers gas deposits at Kohat District
In its communication, the company said that OGDCL being operator of Toot Mining Lease with 100 per cent working interest has made oil discovery from Lockhart Formation at Toot Deep-1 well which is located in Attock District, Punjab province, Pakistan.
READ MORE: Latest petroleum prices in Pakistan
Toot Deep # 01 well was spudded-in on December 25, 2022 and successfully drilled down to total depth at 5545 meters in Tobra Formation. Based on interpretation results of open hole logs data, Lockhart Formation has successfully tested oil at the rate of 882 Barrel per day and 0.93 million standard cubic feet per day (MMSCFD) gas at well head flowing pressure (WHFP) of 600 pounds per square inch (psi) at 32/64” choke size.
READ MORE: Techaccess Pakistan hosts session on in power sector cybersecurity
“This discovery has further extended the hydrocarbon play area in Pothohar basin, OGDCL being leading exploration and production company in Pakistan has adopted aggressive exploration strategies which has resulted in hydrocarbon discoveries.”
This discovery will add to the hydrocarbons reserves base of OGDCL and contribute positively towards oil and natural gas production from indigenous resources of Pakistan, the company added.
READ MORE: Lucky Cement installs 25.3 MW solar energy plant at Karachi
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State Bank issues foreign exchange rates on October 27, 2022
KARACHI – The State Bank of Pakistan (SBP) has once again disclosed the foreign exchange rates for October 27, 2022, providing insights into the value of the Pakistani Rupee (PKR) against major international currencies.
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Bitcoin to PKR, USD on October 27, 2022
KARACHI: The exchange rate of Bitcoin (BTC) in Pakistani Rupee (PKR) and US Dollar (USD) on October 27, 2022.
One Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs4,553,593.53 on October 27, 2022 at 07:58 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs4,401,645.13 at closing on October 26, 2022.
The rate of Bitcoin in US Dollar (USD) is $20,741.22 on October 27, 2022 at 07:58 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $20,223.07 at closing on October 26, 2022.
READ MORE: Bitcoin to PKR, USD on October 26, 2022
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Ripple to PKR, USD on October 27, 2022
KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) and US Dollar (USD) on October 27, 2022.
One Ripple (XRP) in Pakistani Rupee (PKR) is Rs103.96 on October 27, 2022 at 07:58 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs101.02 at closing on October 26, 2022.
The rate of Ripple in US Dollar (USD) is $0.47 on October 27, 2022 at 07:58 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.46 at closing on October 26, 2022.
READ MORE: Ripple to PKR, USD on October 26, 2022
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Dogecoin to PKR, USD on October 27, 2022
KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) and US Dollar (USD) on October 27, 2022.
One Dogecoin to PKR is Rs16.22 on October 27, 2022 at 07:58 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs14.43 at closing on October 26, 2022.
The rate of Dogecoin in US Dollar (USD) is $0.07 on October 27, 2022 at 07:58 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.07 at closing on October 26, 2022.
READ MORE: Dogecoin to PKR, USD on October 26, 2022
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Disclaimer: All data and information are provided for informational purposes only. The data has not been provided for trading purposes or financial, investment, tax, legal, accounting, or other advice. In the case of trading, it is advised to consult your broker or financial representative to verify pricing before executing any trade. The exchange rate does not constitute investment advice. Further, it is not a recommendation to buy, sell or hold any security or financial product.
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Ripple to PKR, USD on October 27, 2022
KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) and US Dollar (USD) on October 27, 2022.
One Ripple (XRP) in Pakistani Rupee (PKR) is Rs103.96 on October 27, 2022 at 07:58 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs101.02 at closing on October 26, 2022.
The rate of Ripple in US Dollar (USD) is $0.47 on October 27, 2022 at 07:58 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.46 at closing on October 26, 2022.
READ MORE: Ripple to PKR, USD on October 26, 2022
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Dogecoin to PKR, USD on October 27, 2022
KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) and US Dollar (USD) on October 27, 2022.
One Dogecoin to PKR is Rs16.22 on October 27, 2022 at 07:58 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs14.43 at closing on October 26, 2022.
The rate of Dogecoin in US Dollar (USD) is $0.07 on October 27, 2022 at 07:58 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.07 at closing on October 26, 2022.
READ MORE: Dogecoin to PKR, USD on October 26, 2022
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Bitcoin to PKR, USD on October 27, 2022
KARACHI: The exchange rate of Bitcoin (BTC) in Pakistani Rupee (PKR) and US Dollar (USD) on October 27, 2022.
One Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs4,553,593.53 on October 27, 2022 at 07:58 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs4,401,645.13 at closing on October 26, 2022.
The rate of Bitcoin in US Dollar (USD) is $20,741.22 on October 27, 2022 at 07:58 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $20,223.07 at closing on October 26, 2022.
READ MORE: Bitcoin to PKR, USD on October 26, 2022
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Disclaimer: All data and information are provided for informational purposes only. The data has not been provided for trading purposes or financial, investment, tax, legal, accounting, or other advice. In the case of trading, it is advised to consult your broker or financial representative to verify pricing before executing any trade. The exchange rate does not constitute investment advice. Further, it is not a recommendation to buy, sell or hold any security or financial product.
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Dogecoin to PKR, USD on October 27, 2022
KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) and US Dollar (USD) on October 27, 2022.
One Dogecoin to PKR is Rs16.22 on October 27, 2022 at 07:58 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs14.43 at closing on October 26, 2022.
The rate of Dogecoin in US Dollar (USD) is $0.07 on October 27, 2022 at 07:58 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.07 at closing on October 26, 2022.
READ MORE: Dogecoin to PKR, USD on October 26, 2022
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Ripple to PKR, USD on October 27, 2022
KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) and US Dollar (USD) on October 27, 2022.
One Ripple (XRP) in Pakistani Rupee (PKR) is Rs103.96 on October 27, 2022 at 07:58 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs101.02 at closing on October 26, 2022.
The rate of Ripple in US Dollar (USD) is $0.47 on October 27, 2022 at 07:58 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.46 at closing on October 26, 2022.
READ MORE: Ripple to PKR, USD on October 26, 2022
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Bitcoin to PKR, USD on October 27, 2022
KARACHI: The exchange rate of Bitcoin (BTC) in Pakistani Rupee (PKR) and US Dollar (USD) on October 27, 2022.
One Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs4,553,593.53 on October 27, 2022 at 07:58 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs4,401,645.13 at closing on October 26, 2022.
The rate of Bitcoin in US Dollar (USD) is $20,741.22 on October 27, 2022 at 07:58 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $20,223.07 at closing on October 26, 2022.
READ MORE: Bitcoin to PKR, USD on October 26, 2022
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Disclaimer: All data and information are provided for informational purposes only. The data has not been provided for trading purposes or financial, investment, tax, legal, accounting, or other advice. In the case of trading, it is advised to consult your broker or financial representative to verify pricing before executing any trade. The exchange rate does not constitute investment advice. Further, it is not a recommendation to buy, sell or hold any security or financial product.
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SBP receives $1.5 billion from Asian Development Bank
State Bank of Pakistan (SBP) on Wednesday night said it received $1.5 billion from Asian Development Bank (ADB) as disbursement of policy based loan for Pakistan.
In a Tweet on Wednesday late night, the central bank said that it had received $1.5 billion from the ADB in value October 26, 2022 as disbursement of policy based loan for the government of Pakistan.
“These proceeds have increased the foreign exchange reserves of SBP and will be reflected in the reserves for the week ending October 28, 2022,” it added.
READ MORE: Asian Bank approves $1.5 billion to finance Pakistan
Earlier an official statement revealed that the ADB released $1.5 billion to the SBP under Building Resilience Under Active Countercyclical Expenditures (BRACE) Program.
The BRACE program aims to support the government’s efforts to deal with the adverse impacts of devastating floods, supply chain disruptions, rising energy, fuel prices and inflation on the poor and vulnerable.
READ MORE: FATF removes Pakistan from grey list
It would expand the number of families receiving cash transfers through Benazir Income Support Programme (BISP) from 7.9 million to 9 million, increase the number of children enrolled in primary and secondary schools, and enhance geographic coverage of health services and nutritional supplies for pregnant and lactating mothers and children under 2 years old.
The program is completely aligned with the Government’s strategy to provide targeted and temporary countercyclical relief measures.
The facility aims to support deployment of planned countercyclical development expenditure and will promote sound macroeconomic management.
READ MORE: Foreign direct investment in Pakistan plunges by 47% in 1QFY23
The program is also in line with the framework of ongoing International Monetary Fund (IMF) program to implement necessary structural reforms to improve the country’s macroeconomic prospects.
It will also enhance support for business entities to safeguard employment and would help increasing food security measures as well. Furthermore, it will also strengthen social safety net and fiscal measures for the government’s crisis response.
The BRACE program amounting to US$ 1.5 billion was approved by the ADB Board on Friday, 21st October 2022.
This program was initially conceived and approved by the ADB’s Board in May 2022 under a new Countercyclical Support Facility (CSF) to provide targeted support to its developing member countries (DMCs) facing emergency situations.
READ MORE: Pakistan’s weekly forex reserves increase nominally
The signing ceremony of the BRACE Program was held on 24th October 2022 at Prime Minister House, which was witnessed by the Prime Minister of Pakistan, Federal Minister for Economic Affairs, Sardar Ayaz Sadiq, Federal Minister for Finance and Revenue, Senator Ishaq Dar along with Director General ADB Central and West Asia Department.
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Karachi Interbank Offered Rates KIBOR – October 26, 2022
KARACHI: State Bank of Pakistan (SBP) on Wednesday issued the Karachi Interbank Offered Rates (KIBOR) as on October 26, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 14.80 15.30 2 – Week 14.92 15.42 1 – Month 15.05 15.55 3 – Month 15.53 15.78 6 – Month 15.59 15.84 9 – Month 15.59 16.09 1 – Year 15.60 16.10 READ MORE: Karachi Interbank Offered Rates KIBOR – October 25, 2022