Author: Faisal Shahnawaz

  • Dogecoin to Pak Rupee on February 03, 2022

    Dogecoin to Pak Rupee on February 03, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs24.43 on February 03, 2022, in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs24.36 on February 02, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.14 on February 03, 2022, in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.14 on February 02, 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.

  • Stocks climb up 445 points ahead IMF announcement

    Stocks climb up 445 points ahead IMF announcement

    KARACHI: Pakistan’s stocks climbed up 445 points on Wednesday ahead of IMF announcement to approve around $1 billion tranche.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 46,119 points as against previous day’s closing of 45,674 points, showing an increase of 445 points.

    READ MORE: Stocks gain 300 points on upcoming IMF announcement

    Analysts at Arif Habib Limited said that bullish momentum was witnessed today due to uplifted optimism towards IMF announcement.

    The International Monetary Fund’s Executive Board will take the sixth review of the $6 billion Extended Fund Facility (EFF) for Pakistan on the agenda in its meeting scheduled for Wednesday (February 2, 2022).

    The market opened on a positive note and stayed in the green zone throughout the day.

    READ MORE: KSE-100 index gains 297 points

    In banking sector, BAFL announced 4QCY21 result in line with market expectations. Activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks.

    Sectors contributing to the performance include Banks (+105.6 points), E&P (+80.7 points), Cement (+63.0 points), Textile Composite (35.1 points) and OMC’S (+25.3 points).

    READ MORE: Stocks end flat amid profit taking

    Volumes increased from 312.5 million shares to 360.8 million shares (+15.5 per cent DoD). Traded value also increased by 15.3 per cent to reach US$ 62.0 million as against US$ 53.8 million.

    Stocks that contributed significantly to the volumes include HUMNL, TELE, TREET, WTL and GGL.

    READ MORE: Pakistan stocks gain amid concerns over rising oil prices

  • Industry protests against gas shortage at SSGC

    Industry protests against gas shortage at SSGC

    KARACHI: Hundreds of demonstrators on Wednesday gathered outside the head office of Sui Southern Gas Company (SSGC) to demand immediate restoration of gas supply to industry.

    The demonstrators included the leadership of Businessmen Group and Karachi Chamber along with Presidents/ Representatives of All Industrial Town Associations and sector-specific trade associations.

    They warned that this campaign to demand immediate restoration of gas supply at all the industrial zones would continue and may intensify further with each passing day until gas supply to all the industrial units is fully restored and normalized.

    READ MORE: PM appealed restoring gas to Karachi industrial zones

    Accompanied by prominent business figures, Chairman BMG Zubair Motiwala, Vice Chairman BMG Jawed Bilwani and President KCCI Muhammad Idrees expressed deep concerns over government’s inattentive attitude towards resolving the most pressing issue being suffered by the business and industrial community of Karachi where the industrialists were suffering huge losses due to no gas or low pressure.

    The industrialists of Karachi were totally stunned and disappointed to see government’s sheer negligence in response to press releases, appeals and also a recent press conference over looming gas/ RLNG crises being suffered since last more than 100 days.

    READ MORE: KCCI holds awareness seminar on Pakistan Single Window

    They said that losses of up to Rs45 billion were being suffered each day due to unavailability of gas to Karachi, which despite facing so many challenges at almost all the fronts, continues to contribute more than 68 percent revenue to the national exchequer, 54 percent to national exports while 52 percent of textile exports also take place from Karachi.

    While referring to erroneous allocation of 211 mmcfd gas from Sindh’s resources to SNGPL, BMG and KCCI Leadership demanded that in order to revive the industrial activities in Karachi, Sindh’s gas has to be returned to the province as it was highly unfair to keep the industries of Karachi deprived of Sindh’s own gas resources.

    They said that the rising demand for gas in Baluchistan during winter season was being fulfilled by SSGCL alone which receives 125mmcfd gas from Sui whereas SNGPL, which takes away 180mmcfd from Sui, stands completely spared from sharing the burden of rising gas demand in Baluchistan which was beyond anyone’s understanding.

    READ MORE: KCCI urges SBP to restore PKR at Rs150 to dollar

    They stressed that the rising demand for gas in Baluchistan has to be meted out by SSGCL and SNGPL as per ratio of gas being received by them which means that the extra demand of 160mmcfd in Baluchistan during winter should be rationally divided with 41 percent (65mmcfd) burden on SSGCL and the remaining 59 percent (95mmcfd) must be borne by SNGPL.

    They were of the opinion that gas has to be supplied without any differentiation to all the industries including General, SMEs and export-oriented industries as they all go hand-in-hand. The government has to realize that the general industries were an integral part of the value chain for exports which drive the economy.

    READ MORE: KCCI flays restoration of IR officers bank freezing powers

    In the national interest, BMG and KCCI Leadership appealed Prime Minister Imran Khan to take immediate cognizance of the situation and urgently respond to the Constitutional Right of the business community of Karachi to save the investment of industrialists and protect the soft and positive image of Pakistan globally, otherwise, if such alarming situation prevails, the country may face unrest and uncertainty due to closure of industries in Karachi, massive layoffs and drastic decline in the national exchequer further leading to chaos.

  • SBP issues KIBOR rates on February 02, 2022

    SBP issues KIBOR rates on February 02, 2022

    KARACHI: State Bank of Pakistan (SBP) on Wednesday issued the Karachi Interbank Offered Rates (KIBOR) as of February 02, 2022.

    Following are the latest KIBOR rates:

     TenorBIDOFFER
    1 – Week9.7610.26
    2 – Week9.7910.29
    1 – Month9.8410.34
    3 – Month10.1210.37
    6 – Month10.5010.75
    9 – Month10.6111.11
    1 – Year10.7411.24
  • Bank Alfalah declares 33.4% surge in annual profit

    Bank Alfalah declares 33.4% surge in annual profit

    KARACHI: Bank Alfalah Limited on Wednesday declared 33.4 per cent surge in net profit for the year 2021.

    According to financial results submitted to Pakistan Stock Exchange (PSX) on Wednesday, the bank announced Rs14.46 billion as consolidated profit after tax earnings for the year ended December 31, 2021 as compared with Rs10.84 billion in the preceding year.

    READ MORE: Bank Alfalah tops in house financing under MPMG

    Bank Alfalah declared earnings per share at Rs8.12 for the year under review as compared with EPS of Rs6.10 during the preceding year.

    The Board of Directors of the bank met on February 02, 2022 at Dubai, UAE and recommended final cash dividend for the year ended December 31, 2021 at Rs2 per share i.e. 20 per cent. This is in addition to interim cash dividend already paid at Rs2 per share i.e. 20 per cent.

    READ MORE: Bank Alfalah enables QR option for retail payment

    The board has not approved any bonus share, right share or any other entitlement / corporate action.

    The board of directors authorized the bank to acquire 521,739 additional ordinary shares of Rs10 each (representing 1.3 per cent of the share capital) of its subsidiary, Alfalah CLSA Securities (Pvt) Limited from minority shareholders of the company. As a result, the total shareholding of the bank in the company will stand at 24,999,912 ordinary shares. Such purchase shall be subject to obtaining of all necessary corporate and regulatory approvals and completion of related formalities.

    READ MORE: Bank Alfalah declares Rs10.48 billion after tax profit

    According to the results, the net mark-up / interest income of the bank rose to Rs46.04 billion for the year ended December 31, 2021 as compared with Rs44.69 billion in the preceding year.

    Total non-mark-up/interest income of the bank grew to Rs17.23 billion in the year 2021 as compared with Rs13.54 billion in the preceding year.

    READ MORE: Bank Alfalah announces 21% growth in half year profit

    Operating expenses of the bank increased to Rs36.54 billion during the year under review as compared with Rs31.62 billion in the preceding year.

  • Customers’ exchange rates on February 02, 2022

    Customers’ exchange rates on February 02, 2022

    Karachi, February 02, 2022: The State Bank of Pakistan (SBP) has released the official exchange rates for February 02, 2022, offering critical information on currency values against the Pakistani Rupee.

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  • Rupee gains two paisas against dollar

    Rupee gains two paisas against dollar

    KARACHI: The Pak Rupee (PKR) gained two paisas against the dollar on Wednesday as market sentiments were positive due to expected inflows from the IMF.

    The rupee ended Rs176.41 to the dollar from previous day’s closing of Rs176.43 in the interbank foreign exchange market.

    READ MORE: Dollar falls by 29 paisas against PKR

    The dealers said that the local currency recovered due to inflows of export receipts and worker remittances. Besides, the expected inflows from the IMF also helped the rupee to stay stable.

    READ MORE: Dollar slips five paisas to PKR

    They said that the rupee would further strengthen in coming days as an amount of $1 billion was likely to be received by the government from IMF.

    READ MORE: Rupee rebounds amid high oil prices

    The IMF executive board is scheduled to meet on February 02, 2022 to review Pakistan’s Extended Fund Facility and to approve next tranche of $1 billion.

    READ MORE: Rupee ends firmer amid rising international oil prices

    The foreign exchange reserves of the country fell significantly last week. The liquid foreign exchange reserves plunged by $866 million to $22.482 billion by week ended January 21, 2022 as against $23.35 billion by week ended January 14, 2022.

  • Bitcoin to Pak Rupee on February 02, 2022

    Bitcoin to Pak Rupee on February 02, 2022

    KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs6,813,063.33 on February 02, 2022, in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs6,772,920.76 on February 01, 2022.

    The rate of Bitcoin in US Dollar (USD) is $38,616.67 on February 02, 2022 in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $38,581.50 on February 01, 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 February 02, 2022

    Ripple to Pak Rupee on February 02, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is Rs110.57 on February 02, 2022, in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs109.63 on February 01, 2022.

    The rate of Ripple in US Dollar (USD) is $0.63 on February 02, 2022, in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.62 on February 01, 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 February 02, 2022

    Dogecoin to Pak Rupee on February 02, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs25.21 on February 02, 2022, in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs25.21 on February 01, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.14 on February 02, 2022, in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.14 on February 01, 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.