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Author: Faisal Shahnawaz

  • Stocks shed 83 points on rising political noise

    Stocks shed 83 points on rising political noise

    KARACHI: Pakistan stocks ended down by 83 points on Wednesday due to rising political noise following audio leak related to cypher.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 41,435 points from previous day’s closing of 41,518 points, showing a decline of 83 points.

    READ MORE: Stocks gain 367 points amid clarity on political ground

    Analysts at Arif Habib Limited said that the benchmark KSE-100 index witnessed a bullish trend today as the index traded in green zone for most of the session.

    The PSX opened in the positive zone although in the last trading hour investors opted for profit taking as political noise built up.

    READ MORE: Stocks climb 531 points over PKR recovery

    Pakistan Tehreek-e-Insaf (PTI) chief Imran Khan on Wednesday confirmed the authenticity of the audio leak – featuring him and his principal secretary at the time, Azam Khan – and said that it is “a good thing” thing that the conversation was leaked, adding that the diplomatic cypher they were discussing should also be released to the public.

    The ousted premier talked to media personnel at the Punjab House after an audio clip between the two PTI leaders surfaced online earlier today, wherein they were discussing the diplomatic cypher.

    READ MORE: Weekly Review: Stocks may return to positive

    Volumes continued to remain decent in the main board, on the flip side hefty volumes were witnessed in the 3rd tier stocks.

    Sectors contributing to the performance include Technology (-57.3 points), Fertilizer (-30.1 points), E&Ps (-24.6 points), Engineering (-7.1 points) and Automobile Assemblers (-7.1 points).

    READ MORE: Pakistan stocks plunge by 308 points on profit taking

    Volumes decreased from 230.7 million shares to 220.6 million shares (-4.4 per cent DoD). The average traded value also decreased by 16.6 per cent to US$ 34.6 million as against US$ 41.5 million.

    Stocks that contributed significantly to the volumes are TPLP, CNERGY, KEL, GGL and PRL.

  • Karachi Interbank Offered Rates KIBOR – September 28, 2022

    Karachi Interbank Offered Rates KIBOR – September 28, 2022

    KARACHI: September 28, 2022 – The State Bank of Pakistan (SBP) on Wednesday released the latest Karachi Interbank Offered Rates (KIBOR), a key benchmark used by banks to determine lending rates for commercial transactions. The newly issued KIBOR reflects interbank borrowing costs across various tenors, from one week to one year.

    KIBOR is a critical tool in Pakistan’s financial system, used extensively in commercial loan agreements, trade financing, and business contracts. The rates are determined based on average interest rates at which major banks lend unsecured funds to one another in the Karachi money market.

    As per the SBP’s release, the KIBOR rates as on September 28, 2022, are as follows:

    TenorBid (%)Offer (%)
    1 – Week14.6415.14
    2 – Week14.7715.27
    1 – Month15.0015.50
    3 – Month15.6015.85
    6 – Month15.7215.97
    9 – Month15.7716.27
    1 – Year15.8116.31

    The updated KIBOR rates show continued tight liquidity in the banking sector, reflecting prevailing monetary policy conditions and inflationary pressures.

    Businesses and financial institutions rely on KIBOR as a reference for pricing loans and credit facilities. Changes in KIBOR directly impact the cost of borrowing, especially for corporate clients and government contractors.

    The next KIBOR update by SBP will offer further insight into the direction of interbank lending trends amid Pakistan’s evolving economic conditions.

  • WTO, FIFA sign MoU for economic, social development

    WTO, FIFA sign MoU for economic, social development

    The World Trade Organization (WTO) and the International Federation of Association Football (FIFA) agreed to collaborate by exchanging views of their respective activities and preparing common strategies and projects in areas of shared interest.

    Regarding the WTO’s cotton programme, the WTO and FIFA will explore opportunities to enhance the participation of the “Cotton Four” (C4) countries (Burkina Faso, Benin, Chad and Mali) and other LDC cotton producers in global football apparel value chains.

    The two organizations will also work together in the development of publications, including a joint study on the economic impact of football and its role in unlocking global economic growth potential, and will explore options for the development of capacity-building activities that support the use of football as a tool for women’s empowerment, particularly in LDCs.

    READ MORE: WTO tariff heading proposed for sales tax on services

    Ngozi Okonjo-Iweala, WTO Director-General, said: “I’m really excited at the prospect of collaborating with FIFA to try to leverage the cotton sector in a positive way for poor developing countries such as the Cotton 4. I’m really excited that collaboration with FIFA could help us pull these countries more into the global cotton value chain. I’m also thrilled at the prospect of working on gender empowerment. We have a big sports economy, and to the extent that we can pull this through trade to support women, this is a positive signal.”

    FIFA President Gianni Infantino said: “FIFA redistributes its revenue among our 211 member associations to help them develop football in their countries by notably investing in infrastructure, facilities, competitions, refereeing and coaching. Yet, we believe that there is still more that football can do, especially for the youth in the developing world. This important partnership can help us find ways of ensuring that football can further promote sustainable development for everyone to benefit from the global football economy.”

    On behalf of the C4 countries, as well as Côte d’Ivoire and all the African countries and LDCs that produce and export cotton, Ambassador Ahmad Makaila of the Republic of Chad welcomed this “excellent initiative” undertaken in the framework of the collaboration between FIFA and the WTO.

    “For the C4, signature of the Agreement between the WTO and FIFA strengthens a common vision, an inclusive and lasting partnership and a choice to favour cooperation and negotiation at the WTO in the search for the most appropriate solutions to the cotton issue,” he stated. “This robust cooperation is more than ever indispensable to ensure that our countries bounce back from the many crises we are currently facing, undertake better reconstruction and help achieve the Sustainable Development Goals.”

    Under the Memorandum of Understanding (MoU), which will remain in force until 31 December 2027, the WTO and FIFA will exchange information and expertise on the economic dimension of football, through participation in conferences, regular meetings and contribution to studies. Once a year, a joint review will be undertaken to assess the collaboration and identify specific activities or projects to be implemented the following year. These activities and projects will be reflected in a Collaboration Plan.

  • SITE Association demand date extension for income tax return filing

    SITE Association demand date extension for income tax return filing

    Abdul Rasheed, the President of the SITE Association of Industry, has urged the government to extend the deadline for filing income tax returns, citing the recent heavy rains and floods that have severely impacted business activities across the country.

    (more…)
  • PKR makes recovery against dollar for fourth straight session

    PKR makes recovery against dollar for fourth straight session

    KARACHI: The Pakistani Rupee (PKR) continued recovery against the dollar for the fourth straight session on Wednesday owing to lower international oil prices and optimism prevailed over return of Ishaq Dar as the finance minister.

    The local unit strengthened by PKR 7.59 against the dollar during the last four sessions. The exchange rate reached near to record low of PKR 239.71 on September 22, 2022 to the dollar but ended at PKR 232.12 on September 28, 2022.

    READ MORE: PKR strengthens sharply to dollar during last three sessions

    On Wednesday, the exchange rate witnessed a gain of PKR 1.79 to end at PKR 232.12 to the dollar from previous day’s closing of PKR 233.91 in interbank foreign exchange market.

    Market analysts said that the nomination of Ishaq Dar had sent positive sentiments to the foreign exchange market.

    Ishaq Dar on Wednesday took oath as federal minister. Previously, he was known to effectively control the exchange rate in the last tenure of PML (N) government.

    READ MORE: Dollar tumbles to PKR as market welcomes Dar nomination

    Meanwhile, the international oil prices are also crashed which helped the rupee to make gain.

    It is worth mentioning that the rupee on last Friday recovered against the dollar after witnessed a consecutive 15-session fall.

    During this period the local currency depreciated by PKR 21.10 against the dollar from the interbank closing on September 01, 2022 at PKR 218.60.

    The local currency witnessed the historic low at PKR 239.94 to the dollar on July 28, 2022.

    READ MORE: PKR ends 15-day losing streak; recovers against dollar

    Currency experts said that the rupee was recovered because of contraction in current account deficit. Pakistan current account deficit recorded a contraction of 19 per cent during first two months (July – August) of the current fiscal year 2022/2023.

    Further, the experts said that the recent measures taken by the SBP also helped the rupee to gain value.

    However, the rupee failed to get support from the latest announcement of the State Bank of Pakistan (SBP) about the funds of Saudi Arabia.

    The rupee has witnessed a continuous depreciation against the greenback even after the inflows received from the International Monetary Fund (IMF).

    READ MORE: Rupee slumps for 15th straight session against dollar

    The local currency recorded some recovery against the greenback after the IMF fund was transferred to the State Bank of Pakistan (SBP). However, the removal of sanction on import of luxury and non-essential items the rupee again started free fall.

    The currency experts said that although the IMF inflows would help the further inflows under bilateral and multilateral sources. However, the devastation of floods has changed the economic environment scenario.

    The torrential rains and flash floods have inflicted a loss of over $10 billion to Pakistan’s economy. The devastation will prompt the country to make imports in the coming days, especially for agriculture products.

    The rupee also fell due to continuous depletion in foreign exchange reserves of the country.

  • State Bank’s foreign exchange rates – September 28, 2022

    State Bank’s foreign exchange rates – September 28, 2022

    The State Bank of Pakistan (SBP) issued the foreign exchange rates for September 28, 2022, shedding light on the buying and selling prices of various foreign currencies in Pakistani Rupees (PKR).

    (more…)
  • Dollar plummets to PKR 231.50 in early trade on Sept 28, 2022

    Dollar plummets to PKR 231.50 in early trade on Sept 28, 2022

    KARACHI: US dollar plummeted to Pakistani Rupee (PKR) at 231.50 in early interbank foreign exchange trading on Wednesday Sept 28, 2022.

    The dollar is being traded at PKR 231.50 while recording a fall of PKR 2.41 from previous day’s closing of PKR 233.91 in interbank foreign exchange market.

    Market analysts said that the nomination of Ishaq Dar had sent positive sentiments to the foreign exchange market.

    Ishaq Dar sworn in as senator on Tuesday after returning to Pakistan. Previously, he was known to effectively control the exchange rate in the last tenure of PML (N) government.

    Meanwhile, the international oil prices are also crashed which helped the rupee to make gain.

    It is worth mentioning that the rupee on last Friday recovered against the dollar after witnessed a consecutive 15-session fall.

    During this period the local currency depreciated by PKR 21.10 against the dollar from the interbank closing on September 01, 2022 at PKR 218.60.

    The local currency witnessed the historic low at PKR 239.94 to the dollar on July 28, 2022.

    Currency experts said that the rupee was recovered because of contraction in current account deficit. Pakistan current account deficit recorded a contraction of 19 per cent during first two months (July – August) of the current fiscal year 2022/2023.

    Further, the experts said that the recent measures taken by the SBP also helped the rupee to gain value.

    However, the rupee failed to get support from the latest announcement of the State Bank of Pakistan (SBP) about the funds of Saudi Arabia.

    The rupee has witnessed a continuous depreciation against the greenback even after the inflows received from the International Monetary Fund (IMF).

    The local currency recorded some recovery against the greenback after the IMF fund was transferred to the State Bank of Pakistan (SBP). However, the removal of sanction on import of luxury and non-essential items the rupee again started free fall.

  • Ripple to PKR, USD on September 28, 2022

    Ripple to PKR, USD on September 28, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) and US Dollar (USD) on September 28, 2022.

    One Ripple (XRP) in Pakistani Rupee (PKR) is Rs99.71 on September 28, 2022 at 09:50 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs105.26 at closing on September 27, 2022.

    The rate of Ripple in US Dollar (USD) is $0.42 on September 28, 2022 at 09:50 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.45 at closing on September 27, 2022.

    READ MORE: Ripple to PKR, USD on September 27, 2022

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    Bitcoin to PKR, USD on September 28, 2022

    KARACHI: The exchange rate of Bitcoint (BTC) in Pakistani Rupee (PKR) and US Dollar (USD) on September 28, 2022.

    One Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs4,401,818.26 on September 28, 2022 at 09:50 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs4,482,863.84 at closing on September 27, 2022.

    The rate of Bitcoin in US Dollar (USD) is $18,723.32 on September 28, 2022 at 09:50 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $19,078.06 at closing on September 27, 2022.

    READ MORE: Bitcoin to PKR, USD on September 27, 2022

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    Dogecoin to PKR, USD on September 28, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) and US Dollar (USD) on September 28, 2022.

    One Dogecoin to PKR is Rs13.93 on September 28, 2022 at 09:50 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs14.24 at closing on September 27, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.06 on September 28, 2022 at 09:50 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.06 at closing on September 27, 2022.

    READ MORE: Dogecoin to PKR, USD on September 27, 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.

  • Dogecoin to PKR, USD on September 28, 2022

    Dogecoin to PKR, USD on September 28, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) and US Dollar (USD) on September 28, 2022.

    One Dogecoin to PKR is Rs13.93 on September 28, 2022 at 09:50 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs14.24 at closing on September 27, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.06 on September 28, 2022 at 09:50 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.06 at closing on September 27, 2022.

    READ MORE: Dogecoin to PKR, USD on September 27, 2022

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    Ripple to PKR, USD on September 28, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) and US Dollar (USD) on September 28, 2022.

    One Ripple (XRP) in Pakistani Rupee (PKR) is Rs99.71 on September 28, 2022 at 09:50 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs105.26 at closing on September 27, 2022.

    The rate of Ripple in US Dollar (USD) is $0.42 on September 28, 2022 at 09:50 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.45 at closing on September 27, 2022.

    READ MORE: Ripple to PKR, USD on September 27, 2022

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    Bitcoin to PKR, USD on September 28, 2022

    KARACHI: The exchange rate of Bitcoint (BTC) in Pakistani Rupee (PKR) and US Dollar (USD) on September 28, 2022.

    One Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs4,401,818.26 on September 28, 2022 at 09:50 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs4,482,863.84 at closing on September 27, 2022.

    The rate of Bitcoin in US Dollar (USD) is $18,723.32 on September 28, 2022 at 09:50 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $19,078.06 at closing on September 27, 2022.

    READ MORE: Bitcoin to PKR, USD on September 27, 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.

  • Faysal Bank to provide digital financial solutions to freelancers

    Faysal Bank to provide digital financial solutions to freelancers

    Faysal Bank Limited (FBL) will provide Shariah Compliant digital financial solutions and capacity building of freelancers.

    (more…)