Karachi, March 14, 2022 – The Chairman of the Federal Board of Revenue (FBR), Dr. Muhammad Ashfaq Ahmed, emphasized the need for a shift in the approach to withholding tax (WHT), suggesting that it should be levied on income rather than transactions. He made these remarks during an address at the Karachi Chamber of Commerce and Industry (KCCI) on Monday.
(more…)Author: Faisal Shahnawaz
-
Customers’ exchange rates on March 21, 2022
KARACHI, March 21, 2022 – The State Bank of Pakistan (SBP) has issued the exchange rates for Monday, March 21, 2022. These rates are based on the weighted average rates of commercial banks and are provided for informational purposes only, according to the SBP.
(more…) -
Bitcoin to Pak Rupee on March 21, 2022
KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs7,377,908.02 on March 21, 2022, in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs7,465,493.84 on March 20, 2022.
The rate of Bitcoin in US Dollar (USD) is $40,902.36 on March 21, 2022 in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $41,333.60 on March 20, 2022.
Disclaimer: All data and information is 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.
-
Ripple to Pak Rupee on March 21, 2022
KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is Rs145.56 on March 21, 2022, in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs145.85 on March 20, 2022.
The rate of Ripple in US Dollar (USD) is $0.81 on March 21, 2022, in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.81 on March 20, 2022.
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.
-
Dogecoin to Pak Rupee on March 21, 2022
KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs21.63 on March 21, 2022, in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs21.56 on March 20, 2022.
The rate of Dogecoin in US Dollar (USD) is $0.12 on March 21, 2022, in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.12 on March 20, 2022.
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.
-
Bitcoin to Pak Rupee on March 20, 2022
KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs7,520,496.42 on March 20, 2022, in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs7,482,773.47 on March 19, 2022.
The rate of Bitcoin in US Dollar (USD) is $41,971.35 on March 20, 2022 in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $41,760.83 on March 19, 2022.
Disclaimer: All data and information is 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.
-
Ripple to Pak Rupee on March 20, 2022
As of March 20, 2022, the exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) stands at Rs146.02 in the open exchange market. This figure marks a slight decrease from the previous day’s rate of Rs147.03, as calculated on March 19, 2022.
(more…) -
Dogecoin to Pak Rupee on March 20, 2022
KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs21.96 on March 20, 2022, in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs21.34 on March 19, 2022.
The rate of Dogecoin in US Dollar (USD) is $0.12 on March 20, 2022, in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.12 on March 19, 2022.
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.
-
Pakistan’s CAD mounts to $12 billion in eight months
KARACHI: Pakistan’s Current Account Deficit (CAD) has widened to staggering above $12 billion during first eight months (July – February) 2021/2022, the State Bank of Pakistan (SBP) said on Saturday.
The current account was surplus by $994 million in the corresponding period of the last months, according to the balance of payment (BOP) issued by the SBP.
READ MORE: Current account deficit widens to $11.58 bn in 7MFY22
Primary reason behind bargaining current account deficit is extraordinary gap in national trade. The trade deficit widened by 82 per cent to $31.95 billion during the first eight months of the current fiscal year as compared with the deficit of $17.53 billion in the corresponding months of the last fiscal year.
READ MORE: Pakistan’s current account deficit balloons to $9.1 bn
Pakistan’s import bill registered an increase of 55 per cent to $52.5 billion during the period under review as compared with $33.86 billion in the same period of the last fiscal year. On the other hand, the exports also grew by 26 per cent to $20.56 billion in the first eight months of the current fiscal year as compared with $16.32 billion in the same period of the last fiscal year.
READ MORE: Pakistan’s CAD balloons to $7.1 billion in five months
Meanwhile, workers’ remittances rose to $21 billion during July – February 2021/2022 as compared with $18.7 billion in the same period of the last fiscal year.
On the foreign investment front, the foreign direct investment (FDI) registered 6.1 per cent growth to $1.26 billion during first eight months of the current fiscal year as compared with $1.19 in the same period of the last fiscal year.
READ MORE: July-Oct current account deficit widens to $5.08 billion
-
Weekly Review: political unrest to keep stocks under pressure
KARACHI: Pakistan stocks likely to stay under pressure during next week owing to political unrest, analysts said.
Analysts at Arif Habib Limited said that domestic political unrest together with opposition’s planned long march against the government, is likely to keep the bourse under pressure. A key event to look out for is the OIC meeting.
READ MORE: Pakistan stocks plunge 777 points on rupee devaluation
On the international front, any de-escalation by Russia and successful negotiation with the West may push the commodity prices down, which will improve sentiment of the local bourse.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) is currently trading at a PER of 4.7x (2022) compared to Asia Pac regional average of 12.4x while offering a dividend yield of 9.2 per cent versus 2.4 per cent offered by the region.
READ MORE: Equities slip by 168 points in range bound trading
The domestic bourse commenced on a negative note amid investor’s concerns over the outcome of probable Russia Ukraine war together with prevailing political tensions within the country
Albeit, net buying was observed mid-week as the investor’s cheered a dip in global oil prices (WTI and Brent fell below USD 100/bbl. mark) together with peace talks between Russia and Ukraine.
In particular, the cement sector remained in limelight following a decline in coal prices. Albeit, as the week neared its end, the bourse failed to sustain gains on the back of rupee weakening to its historic low, breaching the 180 mark, and resumption of surge in oil prices. The market settled at 43,030 points, losing 777 points (down by 1.42 per cent) WoW.
READ MORE: Pakistan stocks gain 256 points on easing oil prices
Sector-wise negative contributions came from i) Oil & Gas Exploration Companies (310 points), ii) Bank (127 points), iii) Technology & Communication (79 points), iv) Oil & Gas Marketing (42 points), and v) Cement (39 points). Whereas, sectors which contributed positively were i) Fertilizer (96 points), ii) Food & Personal Care Products (15 points) and iii) Leather and Tanneries (14 points). Scrip-wise negative contributors were PPL (140 points), OGDC (103 points), TRG (84 points), HBL (63 points) and MCB (43 points). Meanwhile, scrip-wise positive contribution came from FFC (91 points), EFERT (58 points) and BAHL (32 points).
READ MORE: Pakistan equities gain 353 points as oil prices ease
Foreign selling continued this week, clocking-in at USD 4.90 million compared to a net sell of USD 3.13 million last week. Major selling was witnessed in Banks (USD 6.0 million) and OMC’s (USD 0.7 million).
On the local front, buying was reported by Banks/DFIs (USD 4.4 million) followed by Companies (USD 2.9 million). Average volumes clocked-in at 174 million shares (down by 19 per cent WoW) while average value traded settled at USD 26 million (down by 32 per cent WoW).