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Author: Faisal Shahnawaz

  • Stocks remain under pressure on political noise

    Stocks remain under pressure on political noise

    KARACHI: Pakistan stocks remained under pressure during the day on Thursday due to appearance of PTI Chief Imran Khan before the higher court in contempt case.

    The benchmark KSE-100 Index of Pakistan Stock Exchange (PSX) largely remained under pressure during the trading session on account of Pakistan Tehreek-i-Insaf (PTI) Chairman announcement of launching of fresh movement from Saturday to press the government to announce early election.

    READ MORE: Pakistan stocks dip for 4th straight session as PKR fall continues

    “However some recovery was observed in the last hours of trading as PTI Chairman apologized before the Islamabad High Court in his contempt of court case,” said Nabeel Haroon, analysts at Topline Securities.

    The benchmark KSE-100 index ended at 40,928 points from previous day’s closing of 40,965 points, showing a decline of 37 points.

    Analysts at Arif Habib Limited stated that PSX witnessed a negative session due to prevailing political noise.

    READ MORE: Pakistan stocks extend losses on PKR free-fall to dollar

    “The benchmark KSE-100 index nosedived following the same trend from the previous session although in the last trading hour value buying was recorded,” they added.

    Volumes continued to thrive in the main board whereas hefty volumes were observed in the 3rd tier stocks.

    Sectors contributing to the performance include Banks (-19.3 points), Autos (-16.3 points), Inv. Banks (-11.6 points), Pharma (-11.3 points) and Power (-11.2 points).

    READ MORE: Rupee ends near historic low; Dollar gains to PKR 239.65

    Volumes increased from 170.4 million shares to 190.0 million shares (+11.5 per cent DoD). The average traded value also increased by 30.9 per cent to US$ 26.4 million as against US$ 20.1 million.

    Stocks that contributed significantly to the volumes are WTL, CNERGY, TRG, KEL and SILK.

    READ MORE: Weekly Review: PKR free fall to haunt stock market

  • Karachi Interbank Offered Rates KIBOR – September 22, 2022

    Karachi Interbank Offered Rates KIBOR – September 22, 2022

    KARACHI: State Bank of Pakistan (SBP) on Thursday issued the Karachi Interbank Offered Rates (KIBOR) as on September 22, 2022.

    Following are the latest KIBOR rates:

     TenorBIDOFFER
    1 – Week14.7215.22
    2 – Week14.8315.33
    1 – Month15.0315.53
    3 – Month15.8316.08
    6 – Month15.8616.11
    9 – Month15.8916.39
    1 – Year15.9116.41

    Karachi Interbank Offered Rates KIBOR – September 21, 2022

  • Rupee slumps for 15th straight session against dollar

    Rupee slumps for 15th straight session against dollar

    KARACHI: The Pakistani Rupee (PKR) recorded a 15th straight day decline against the dollar on Wednesday to end at PKR 239.71 in the interbank foreign exchange market.

    The exchange rate recorded a decline of six paisas in rupee value to end at PKR 239.71 against the dollar from previous day’s closing of PKR 239.65 in interbank foreign exchange market.

    READ MORE: Rupee ends near historic low; Dollar gains to PKR 239.65

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

    The local currency has maintained the free-fall for the last 15 sessions. 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.

    Currency experts said that mounting dollar demand for imports and corporate payments was pressurizing the local currency.

    READ MORE: PKR falls for 13th session as dollar ends near record high

    Furthermore, the political uncertainty is also destabilizing the local unit against the greenback.

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

    Saudi Fund for Development (SFD) has confirmed rollover of $3 billion deposit maturing on December 05, 2022 for one year. Deposit is placed with SBP and is part of its forex reserves. This reflects continuing strong and special relationship between KSA and Pakistan, according to the SBP.

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

    READ MORE: PKR plunges for 12th session; Dollar ends at PKR 237.91

    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.

    READ MORE: Dollar rallies for 11th straight session; ends PKR 236.84 at interbank

    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.

  • Murree Brewery annual tax payment increases 139%

    Murree Brewery annual tax payment increases 139%

    Murree Brewery Company Limited – Pakistan’s largest and oldest producer of alcoholic products – on Thursday announced financial results for the year ended June 30, 2022. The annual profit of the company remained flat at Rs1.29 billion as tax payment surged by 139 per cent.

    According to financial statement submitted to the Pakistan Stock Exchange (PSX), Murree Brewery posted after tax profit of Rs1.294 billion for the year ended June 30, 2022 as compared with Rs1.291 billion in the preceding year.

    The company paid an amount Rs899 million as tax for the year under review as compared with Rs376.38 million in the preceding year, showing a rise in tax payment by 139 per cent.

    The board of directors of the company met on September 22, 2022 and recommended a final cash dividend for the year ended June 30, 2022 at Rs10 per share i.e. 100 per cent. This is in addition to interim dividends already paid at Rs25 per share i.e. 250 per cent.

    The gross profit of the company increased to Rs3.54 billion for the year ended June 30, 2022 as compared with Rs2.97 billion in the preceding year.

    Net turnover increased to Rs15.23 billion for the year under review as compared with Rs11.68 billion in the preceding year.

    Operating profit of the company increased to Rs1.83 billion when compared with Rs1.44 billion.

  • State Bank’s foreign exchange rates – September 22, 2022

    State Bank’s foreign exchange rates – September 22, 2022

    On Thursday, September 22, 2022, the State Bank of Pakistan (SBP) issued the foreign exchange rates for customers, revealing the buying and selling prices of various currencies against the Pakistani Rupee (PKR).

    (more…)
  • PSX declares 43% fall in annual profit

    PSX declares 43% fall in annual profit

    Pakistan Stock Exchange (PSX) on Thursday announced a decline of 43 per cent in profit for year ended June 30, 2022.

    According to financial results for the year 2021/2022 released by the stock exchange, PSX declared a net profit of Rs399 million for the year ended June 30, 2022 as compared with Rs396 million in the preceding year.

    READ MORE: Pakistan stocks dip for 4th straight session as PKR fall continues

    The apex stock market in Pakistan announced earnings per share at 50 paisas for the year under review as compared with 87 paisas in the preceding year.

    The board of directors of PSX met on September 21, 2022 and approved the annual audited financial statement for the year ended June 30, 2022.

    READ MORE: Pakistan stocks extend losses on PKR free-fall to dollar

    According to the results, revenue of the exchange was flat at Rs1.43 billion for the year ended June 30, 2022 as compared with Rs1.46 billion in the preceding year.

    Out of the revenue, the PSX received an amount of Rs682 million as listing fee and Rs607 million from exchange operations during the year.

    READ MORE: Rupee ends near historic low; Dollar gains to PKR 239.65

    Administrative cost of the exchange increased to Rs1.42 billion for the year ended June 30, 2022 when compared with Rs1.37 billion in the preceding year.

    The PSX paid an amount of Rs61.43 million as tax for the year under review as compared with Rs26.2 million in the preceding year.

    READ MORE: Weekly Review: PKR free fall to haunt stock market

  • Bitcoin to PKR, USD on September 22, 2022

    Bitcoin to PKR, USD on September 22, 2022

    KARACHI: The exchange rate of Bitcoint (BTC) in Pakistani Rupee (PKR) and US Dollar (USD) on September 22, 2022.

    One Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs4,476,434.55 on September 22, 2022 at 11:20 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs4,422,320.94 at closing on September 21, 2022.

    The rate of Bitcoin in US Dollar (USD) is $18,673.21 on September 22, 2022 at 11:20 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $18,432.08 at closing on September 21, 2022.

    READ MORE: Bitcoin to PKR, USD on September 21, 2022

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    Dogecoin to PKR, USD on September 22, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) and US Dollar (USD) on September 22, 2022.

    One Dogecoin to PKR is Rs113.84 on September 22, 2022 at 11:20 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs13.60 at closing on September 21, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.06 on September 22, 2022 at 11:20 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 21, 2022.

    READ MORE: Dogecoin to PKR, USD on September 21, 2022

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    Ripple to PKR, USD on September 22, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) and US Dollar (USD) on September 22, 2022.

    One Ripple (XRP) in Pakistani Rupee (PKR) is Rs100.88 on September 22, 2022 at 11:20 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs93.80 at closing on September 21, 2022.

    The rate of Ripple in US Dollar (USD) is $0.39 on September 22, 2022 at 11:20 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.42 at closing on September 21, 2022.

    READ MORE: Ripple to PKR, USD on September 21, 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.

  • Ripple to PKR, USD on September 22, 2022

    Ripple to PKR, USD on September 22, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) and US Dollar (USD) on September 22, 2022.

    One Ripple (XRP) in Pakistani Rupee (PKR) is Rs100.88 on September 22, 2022 at 11:20 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs93.80 at closing on September 21, 2022.

    The rate of Ripple in US Dollar (USD) is $0.39 on September 22, 2022 at 11:20 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.42 at closing on September 21, 2022.

    READ MORE: Ripple to PKR, USD on September 21, 2022

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    Bitcoin to PKR, USD on September 22, 2022

    KARACHI: The exchange rate of Bitcoint (BTC) in Pakistani Rupee (PKR) and US Dollar (USD) on September 22, 2022.

    One Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs4,476,434.55 on September 22, 2022 at 11:20 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs4,422,320.94 at closing on September 21, 2022.

    The rate of Bitcoin in US Dollar (USD) is $18,673.21 on September 22, 2022 at 11:20 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $18,432.08 at closing on September 21, 2022.

    READ MORE: Bitcoin to PKR, USD on September 21, 2022

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    Dogecoin to PKR, USD on September 22, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) and US Dollar (USD) on September 22, 2022.

    One Dogecoin to PKR is Rs113.84 on September 22, 2022 at 11:20 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs13.60 at closing on September 21, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.06 on September 22, 2022 at 11:20 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 21, 2022.

    READ MORE: Dogecoin to PKR, USD on September 21, 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 22, 2022

    Dogecoin to PKR, USD on September 22, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pakistani Rupee (PKR) and US Dollar (USD) on September 22, 2022.

    One Dogecoin to PKR is Rs113.84 on September 22, 2022 at 11:20 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs13.60 at closing on September 21, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.06 on September 22, 2022 at 11:20 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 21, 2022.

    READ MORE: Dogecoin to PKR, USD on September 21, 2022

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    Ripple to PKR, USD on September 22, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pakistani Rupee (PKR) and US Dollar (USD) on September 22, 2022.

    One Ripple (XRP) in Pakistani Rupee (PKR) is Rs100.88 on September 22, 2022 at 11:20 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs93.80 at closing on September 21, 2022.

    The rate of Ripple in US Dollar (USD) is $0.39 on September 22, 2022 at 11:20 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.42 at closing on September 21, 2022.

    READ MORE: Ripple to PKR, USD on September 21, 2022

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    Bitcoin to PKR, USD on September 22, 2022

    KARACHI: The exchange rate of Bitcoint (BTC) in Pakistani Rupee (PKR) and US Dollar (USD) on September 22, 2022.

    One Bitcoin (BTC) in Pakistani Rupee (PKR) is Rs4,476,434.55 on September 22, 2022 at 11:20 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs4,422,320.94 at closing on September 21, 2022.

    The rate of Bitcoin in US Dollar (USD) is $18,673.21 on September 22, 2022 at 11:20 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $18,432.08 at closing on September 21, 2022.

    READ MORE: Bitcoin to PKR, USD on September 21, 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.