The exchange rate of Bitcoin (BTC) experienced a slight decline in both Pakistani Rupee (PKR) and US Dollar (USD) on February 14, 2022, in the open exchange market. Bitcoin was valued at Rs7,332,625.55, compared to Rs7,415,645.93 on February 13, 2022. Similarly, the rate of Bitcoin in USD dropped to $41,833.60 from $42,290.50 the previous day.
(more…)Author: Faisal Shahnawaz
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Tax officials barred from direct freezing bank accounts
KARACHI: The Sindh government has barred the officials of provincial tax authorities from freezing bank accounts for making tax recovery without approval.
The Sindh government issued a standing order dated February 10, 2022 regarding recovery of tax due through bank attachment under section 66 of the Sindh Sales Tax on Services Act, 2011.
READ MORE: SRB implements verification system for utility invoices
The standing order stated that to regulate the recovery of tax due in terms of proviso to Section 66(1) of the Act read with the Sindh High Court dated January 31, 2020, in CP No. D-1882 of 2017 and others, various instructions were issued vide standing order No. 01/2020 vide No. SRB/TP/13/2020 dated July 30, 2020.
READ MORE: KTBA identifies anomaly in SRB’s appellate system
In order to further regulate the recovery through bank attachment of any registered person under Section 66(1), it is decided that the attachment of any bank account of the registered person in future be made with prior approval of the respective Senior Member/Member (Operations), who will grant approval of the respective relevant facts (verified and recommended after due diligence) by the commissioner and submitted through dedicated recovery note sheet, for justification thereof.
READ MORE: SRB extends last date for payment, filing return
“Any departure from or non-compliance with the directions in the standing order shall be viewed seriously,” the provincial government warned the officials of Sindh Revenue Board (SRB).
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Bitcoin to Pak Rupee on February 13, 2022
KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs7,415,645.93 on February 13, 2022, in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs7,424,048.71 on February 12, 2022.
The rate of Bitcoin in US Dollar (USD) is $42,290.50 on February 13, 2022 in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $42,459.53 on February 12, 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.
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Ripple to Pak Rupee on February 13, 2022
KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is Rs144.60 on February 13, 2022, in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs135.64 on February 12, 2022.
The rate of Ripple in US Dollar (USD) is $0.82 on February 13, 2022, in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.78 on February 12, 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.
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Dogecoin to Pak Rupee on February 13, 2022
KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs25.36 on February 13, 2022, in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs25.45 on February 12, 2022.
The rate of Dogecoin in US Dollar (USD) is $0.14 on February 13, 2022, in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.15 on February 12, 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.
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Weekly Review: market likely to stay positive
KARACHI: The stock market likely to stay positive during the next week owing to strong financial results of corporate entities.
Analysts at Arif Habib Limited hoped that the market to remain positive in the upcoming week.
With the continuation of a strong result season, certain sectors and scrips are expected to stay under limelight.
READ MORE: Stocks gain 139 points in range-bound trading
The benchmark KSE-100 of Pakistan Stock Exchange (PSX) is currently trading at a PER of 5.1x (2022) compared to Asia Pac regional average of 13.9x while offering a dividend yield of 8.5 per cent versus 2.3 per cent offered by the region.
READ MORE: Stocks plummet by 400 points in dull trading
The market commenced the week on a positive note as the IMF Board approved the $1 billion disbursement.
Additionally, the Economic Coordination Committee (ECC) approved the much awaited Textile Policy after incorporating certain changes.
READ MORE: Stocks gain 392 points in bullish trading
However, the market corrected midweek as oil prices crossed $90 per barrel for the first time since 2014. Furthermore, Pakistan’s fiscal deficit contracted 2.1 per cent (PKR1.37trn) during first half of the current fiscal year.
The market closed at 46,079 points, gaining 170 points (+0.4 per cent) WoW.
Sector-wise positive contributions came from i) Fertilizers (159 points), ii) Automobile Assembler (55 points), iii) Oil & Gas Exploration Companies (40 points), iv) Commercial Banks (38 points), and v) Power Generation & Distribution (34 points).
READ MORE: Stocks end up 107 points in volatile trading
Whereas, sectors which contributed negatively were i) Technology & Communication (66 points), ii) Cement (49 points), iii) Oil & Gas Marketing Companies (45 points, iv) Insurance (36 points) and Cable & Electrical Goods (20 points). Scrip-wise positive contributors were ENGRO (86 points), DAWH (61 points), MEBL (59 points), EPCL (34 points) and FFC (33 points). Meanwhile, scrip-wise negative contribution came from PSO (39 points), AICL (35 points), SYS (33 points), MCB (21 points) and PAEL (20 points).
READ MORE: Stocks shed 68 points despite initiating positive
Foreign selling continued this week, clocking-in at USD 5.9 million compared to a net sell of USD 4.4 million last week. Major selling was witnessed in Technology (USD 3.2 million) and All other sectors (USD 1.6 million).
On the local front, buying was reported by Other Organizations (USD 11.1 million) followed by Individuals (USD 3.1 million). Average volumes clocked-in at 207 million shares (down by 28 per cent WoW) while average value traded settled at USD 46 million (down by 16 per cent WoW).
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Bitcoin to Pak Rupee on February 12, 2022
KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs7,424,048.71 on February 12, 2022, in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs7,536,416.59 on February 11, 2022.
The rate of Bitcoin in US Dollar (USD) is $42,459.53 on February 12, 2022 in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $42,987.00 on February 11, 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.
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Ripple to Pak Rupee on February 12, 2022
KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is Rs135.64 on February 12, 2022, in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs142.17 on February 11, 2022.
The rate of Ripple in US Dollar (USD) is $0.78 on February 12, 2022, in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.81 on February 11, 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.
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Dogecoin to Pak Rupee on February 12, 2022
KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs25.45 on February 12, 2022, in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs26.47 on February 11, 2022.
The rate of Dogecoin in US Dollar (USD) is $0.15 on February 12, 2022, in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.15 on February 11, 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.
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SSGC restores supply to CNG stations ahead schedule
KARACHI: Sui Southern Gas Company (SSGC) on Friday announced to restore gas supply to CNG Stations from February 14, 2022, a day ahead for scheduled restoration.
“The gas supply will be restored to CNG stations based on RLNG from February 14, 2022,” Salman Ahmed Siddiqui, Head of Corporate Communications, and spokesman SSGC said.
READ MORE: Industry protests against gas shortage at SSGC
As per gas management plan the gas supply was remained suspended since December 01, 2021 and was to be restored on February 15, 2022. “The gas supply will be restored ahead of scheduled time to those CNG stations, which are using RLNG,” the spokesman added.
READ MORE: PM appealed restoring gas to Karachi industrial zones
The Senior vice chairman of the All Pakistan CNG Association (APCNA), Central, Shoaib Khanjee said that the gas is being restored after two and a half months. “We hope gas stations will not be closed due to gas shortage,” he added.
READ MORE: PHMA cries foul on gas suspension to textile industry
He said that the industry had suffered immense losses due to the gas suspension. He appealed the government to provide subsidy to the industry. He also appealed the government to take stern action against those who involved in sabotage of the industry.