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Author: Faisal Shahnawaz

  • Pakistan stocks gain 256 points on easing oil prices

    Pakistan stocks gain 256 points on easing oil prices

    KARACHI: Pakistan stocks gained 256 points on Wednesday owing to ease in oil prices in the international markets.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 43,976 points as against previous day’s close of 43,720 points, showing an increase of 256 points.

    READ MORE: Pakistan equities gain 353 points as oil prices ease

    Analysts at Topline Securities said that Pakistan equities witnessed a green day today as the KSE-100 index opened on a positive note and remained in the green zone throughout the trading hours.

    This was due to opposition parties announced a couple of days delay in their protest at Islamabad, easing off on the global commodities prices front and news flow regarding dialogues between the Russia/Ukraine officials.

    READ MORE: Pakistan stocks shed 286 points on political unrest

    During the day, the benchmark index made an intraday high at 44,281 level (+561 points; up 1.2 per cent) before settling at 43,976 level.

    Analysts at Arif Habib Limited said that green session was witnessed today due to decline in international commodity prices. Cement sector stayed in the green zone due to major drop in international coal prices.

    Main board activity remained dull as investors remained cautious due to prevailing political noise. In the last trading hour, across the board buying was observed.

    READ MORE: Weekly Review: market likely to stay range bound

    Sectors contributing to the performance include Technology (+87.7 points), Cement (+76.1 points), Banks (+42.6 points), Textile Composite (+18.5 points) and Power (+18.1 points).

    Volumes increased from 189.0 million shares to 236.5 million shares (+25.1 per cent DoD). Traded value also increased by 23.6 per cent to reach US$ 32.3 million as against US$ 26.1 million.

    Stocks that contributed significantly to the volumes include FLYINGR1, WTL, TREET, TPLP AND PAELR.

    READ MORE: Pakistan stocks dip 200 points on political uncertainty

  • SBP allows microfinance banks to offer IPS accounts

    SBP allows microfinance banks to offer IPS accounts

    KARACHI: The State Bank of Pakistan (SBP) on Wednesday allowed microfinance banks to offer their customers to maintain Investor Portfolio Securities (IPS) accounts.

    READ MORE: SBP withdraws Raast payment transaction limits

    The SBP in a circular said that to enhance the scope of IPS Account to a wider set of institutions and investors, and to promote diversification of marketable government securities, the following has been decided: Microfinance banks are permitted to offer IPS accounts to their customers.; Any Microfinance Bank intending to offer IPS accounts to their customers must fulfill the provisions regarding opening of IPS accounts, recording transactions in IPS accounts and reporting to customers and SBP.

    READ MORE: SBP launches free P2P money transfer under Raast

    Any individual or entity, maintaining their accounts with Microfinance Banks including Branchless Banking, are also allowed to open IPS account with any Scheduled Bank to buy or sell  marketable government securities.

    READ MORE: PM Imran launches 2nd phase of Raast payment system

    Further, all institutions (Scheduled Banks, Primary Dealers and MFBs) offering IPS accounts shall ensure complete disclosure of prices, risks and other necessary information pertaining to investment in government securities through IPS accounts to their clients.

    READ MORE: CDC successfully processes dividends through RAAST payment gateway

    The institutions shall, at minimum, display such information at their branches/place of business and websites to enable their clients to make informed decision regarding investment in government securities.

  • Dollar advances to fresh high at Rs179.44

    Dollar advances to fresh high at Rs179.44

    KARACHI: The US dollar recorded a fresh historic high against Pakistan Rupee (PKR) at Rs179.44 on Wednesday.

    The rupee declined by 22 paisas to end at Rs179.44 against the dollar as compared with previous day’s closing of Rs179.22 in the interbank foreign exchange market.

    It was third straight day decline in rupee value.

    READ MORE: Dollar makes new record high at PKR 179.22

    The major reasons for the rupee decline may be political unrest, volatile international oil prices and higher commodity import payments.

    The rupee is under pressure as a no-confidence motion moved against the prime minister by the opposition parties had resulted negative sentiments in the market.

    READ MORE: Dollar jumps to historic high at PKR 178.98

    The dollar demand was also rising due to import of commodities related to the holy month of Ramzan.

    Besides, the oil prices have seen continuous fluctuation since Russia-Ukraine war begun on February 24, 2022.

    READ MORE: Dollar eases by 12 paisas to PKR in interbank

    Pakistan is net importer of petroleum products and changes in the prices directly affects the oil import bill.

    The import of petroleum products recorded over 100 per cent increase to $12.94 billion during first eight months (July – February) 2021/2022 as compared with Rs6.44 billion in the corresponding months of the last fiscal year.

    READ MORE: Rupee ends flat to dollar, maintains all-time low level

    Furthermore, the fall in foreign exchange reserves also put pressure on the rupee value. The liquid foreign exchange reserves of the country slipped by $206 million to $22.669 billion by the week ended March 04, 2022 as against $22.875 billion a week ago.

  • Customers’ exchange rates on March 16, 2022

    Customers’ exchange rates on March 16, 2022

    KARACHI, March 16, 2022 – The State Bank of Pakistan (SBP) has issued the exchange rates for Wednesday, March 16, 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 16, 2022

    Bitcoin to Pak Rupee on March 16, 2022

    KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs7,036,856.64 on March 16, 2022, in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs7,076,121.83 on March 15, 2022.

    The rate of Bitcoin in US Dollar (USD) is $39,268.17 on March 16, 2022 in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $39,475.15 on March 15, 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.

    Bitcoin to Pak Rupee on March 15, 2022

  • Ripple to Pak Rupee on March 16, 2022

    Ripple to Pak Rupee on March 16, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is Rs136.55 on March 16, 2022, in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs137.11 on March 15, 2022.

    The rate of Ripple in US Dollar (USD) is $0.76 on March 16, 2022, in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.76 on March 15, 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.

    Ripple to Pak Rupee on March 15, 2022

  • Dogecoin to Pak Rupee on March 16, 2022

    Dogecoin to Pak Rupee on March 16, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs20.28 on March 16, 2022, in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs20.16 on March 15, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.11 on March 16, 2022, in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.11 on March 15, 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 15, 2022

  • Dollar hits Rs179.50 in intraday trading

    Dollar hits Rs179.50 in intraday trading

    KARACHI: The US dollar hit Rs179.50 in the interbank foreign exchange market during intraday trading on Wednesday. The dollar made a gain of 28 paisas against the Pak Rupee (PKR) to reach record level in midday trading.

    The rupee ended at Rs179.22 to the dollar on March 15, 2022, which was the all-time low at closing in the interbank foreign exchange market.

    READ MORE: Dollar makes new record high at PKR 179.22

    Currency experts said that the rupee was depreciating due to various reasons including overall rise in dollar value against other major currencies, volatile international oil prices and political unrest locally.

    They said that political uncertainty due to no-confidence motion moved against the prime minister also depressed the local unit.

    Besides, the dollar demand was also mounting due to import of commodities related to the holy month of Ramzan.

    READ MORE: Dollar jumps to historic high at PKR 178.98

    The oil prices are remained volatile since Russia-Ukraine war started on February 24, 2022.

    Pakistan is one of the major importers of petroleum products and changes in the prices directly affects the oil import bill.

    READ MORE: Dollar eases by 12 paisas to PKR in interbank

    The import bill of petroleum group recorded an increase of 107 per cent to $11.7 billion during the first seven months of the current fiscal year as compared with $5.64 billion in the corresponding months of the last fiscal year.

    READ MORE: Rupee ends flat to dollar, maintains all-time low level

    The fall in foreign exchange reserves also put pressure on the rupee value. The liquid foreign exchange reserves of the country slipped by $206 million to $22.669 billion by the week ended March 04, 2022 as against $22.875 billion a week ago.

    READ MORE: Dollar inches up to make new high at PKR 178.63

  • SBP withdraws Raast payment transaction limits

    SBP withdraws Raast payment transaction limits

    KARACHI: The State Bank of Pakistan (SBP) on Tuesday withdrew transactional limits of payments made through Raast System i.e. Raast Person-to-Person (P2P) Payment System.

    The SBP issued Circular No. 02 dated March 15, 2022 and stated that to further facilitate users of Raast services it has been decided that with effect from April 1, 2022, there will be no transactional limits on Raast system by SBP.

    Banks/MFBs/EMIs may however set, in their system Raast transaction limits for their customers based on their risk profile in compliance with the relevant Anti-Money Laundering (AML)/Counter Financing of Terrorism (CFT) requirements.

    Further, through previous Circular No. 01 dated February 03, 2022, in terms of para 3 (f) of the circular, customer transaction limits for Raast payments shall not be less than Rs.200,000/- per transaction or the transaction limits applicable as per the account type and prescribed by SBP from time to time.

    The aggregate customer limit assigned to Raast payments shall not be less than the Interbank Fund Transfer (IBFT) limit, the SBP said.

    The aggregate limit shall be communicated to the customers and available transaction limit shall be shown in their mobile apps/internet banking portals.

    Banks/MFBs/EMIs shall ensure that above mentioned technical as well as operational arrangements and readiness are in place not later than March 21, 2022.

    Banks/MFBs/EMIs shall ensure strict compliance with PSD Circular No. 01 of 2021 by providing their customers with the option to increase or decrease the transaction limits by using their mobile apps/internet banking portals, no later than April 10, 2022, the SBP said.

    It is reiterated that Banks/MFBs/EMIs shall put in place robust internal controls and strong risk mitigants to prevent fraudulent activities, misuse/abuse of the transaction limits and risks related to the safety and security of Raast system at their end.

    The central bank has implemented Pakistan’s Instant Payment System “Raast” to offer instant, reliable and free person-to-person payment services to the people of Pakistan with the objective of promoting digital financial services and financial inclusion.

    READ MORE: SBP launches free P2P money transfer under Raast

    The first phase of the system, “Raast – Bulk Payments”, was launched on January 11, 2021 and is live since then.

    The second phase of Raast, which enables instant Person-to-Person (P2P) fund transfers and settlement is also launched.

    READ MORE: PM Imran launches 2nd phase of Raast payment system

    Customers would be able to send and receive funds using either their International Bank Account Number (IBAN) or their Raast ID. Initially customers would be able to use their registered mobile numbers as their Raast ID and link it to any of their bank account for conveniently receiving funds.

    READ MORE: CDC successfully processes dividends through RAAST payment gateway

  • Pakistan equities gain 353 points as oil prices ease

    Pakistan equities gain 353 points as oil prices ease

    KARACHI: Pakistan equities gained 353 points on Tuesday owing to decline in oil prices in the international markets.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 43,720 points as against previous day’s closing of 43,367 points, showing an increase of 352.93 points.

    READ MORE: Pakistan stocks shed 286 points on political unrest

    Analysts at Topline Securities said that Pakistan equities closed on a positive note as benchmark KSE-100 Index settled at 43,719 level (up 0.81 per cent).

    Market open on a positive note over decline in international oil prices as market make an intraday high of 426 points.

    Major contributors in today’s trading session were HUBC, LUCK, TRG and SYS cumulatively added 150 points in KSE100 Index further investor’s interest also witnessed in Financial sector where HBL, MCB and BAHL closed higher.

    READ MORE: Weekly Review: market likely to stay range bound

    Analysts at Arif Habib Limited said that another Lackluster session was observed today due to political noise. Market opened in the green zone and stayed positive throughout the day.

    Main board activity continued to remain sluggish, whereas market witnessed hefty volumes in the 3rd tier stocks. In the last trading hours buying was observed across the board.

    READ MORE: Pakistan stocks dip 200 points on political uncertainty

    Sectors contributing to the performance include Cement (+75.9 points), Power (+68.1 points), Technology (+55.3 points), Banks (+39.5 points) and OMC’s (+26.49 points).

    Volumes increased from 115.1 million shares to 189.0 million shares (+64.2 per cent DoD). Traded value also increased by 28.6 per cent to reach US$ 26.2 million as against US$ 20.3 million.

    Stocks that contributed significantly to the volumes include TELE, TPLP, TREET, WTL AND SSGC.

    READ MORE: Pakistan stocks gain 810 points on sharp dip in oil prices