KARACHI: State Bank of Pakistan (SBP) on Tuesday issued the Karachi Interbank Offered Rates (KIBOR) as of January 11, 2022.
Following are the latest KIBOR rates:
| Tenor | BID | OFFER |
| 1 – Week | 9.73 | 10.23 |
| 2 – Week | 9.77 | 10.27 |
| 1 – Month | 9.84 | 10.34 |
| 3 – Month | 10.23 | 10.48 |
| 6 – Month | 11.22 | 11.47 |
| 9 – Month | 11.25 | 11.75 |
| 1 – Year | 11.30 | 11.80 |
KARACHI: The stocks observed volatile trading on Tuesday owing to surge in the cases of Omicron – the new variant of COVID-19.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 45,881.1 points as against previous day’s closing of 45,887.6 points, showing a decrease of 6.5 points.
READ MORE: Pakistan’s trade deficit swells by 100% in 1HFY22
Analysts at Arif Habib Limited said that the market remained volatile today due to rapid surge in the Covid-19 cases as within the past 10 days positivity rate has jumped from 1.08 percent to 3.66 percent showing an increase of 338.9 percent since the start of the New Year.
READ MORE: Headline inflation rises by 12.3% in December 2021
Profit taking was witnessed across the board. However, rally in banking sector was observed due to the expectation of foreign inflows. Activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks.
Sectors contributing to the performance include Cement (-31 points), E&P (-28 points), Technology & Communication (-20 points), Power (-10 points) and Tobacco (-10 points).
READ MORE: Tax exemptions worth Rs343 billion withdrawn through mini-budget
Volumes decreased from 356.9 million shares to 339.1 million shares (-5.0 per cent DoD). Traded value also decreased by 17.9 per cent to reach US$ 55.2 million as against US$ 67.2 million.
Stocks that contributed significantly to the volumes include WTL, HASCOL, UNITYR3, TRG and HUMNL.
READ MORE: Retail price of sugar may be abolished for sales tax
KARACHI: The dollar fell by five paisas against the Pak Rupee (PKR) on Tuesday owing to improved supply of the foreign currency for external payments.
The rupee ended at Rs176.63 to the dollar from previous day’s closing of Rs176.68 in the interbank foreign exchange market.
Currency experts said that the market witnessed sufficient supply from the banks to feed the demand for import and other external payments.
They said that dollar demand remained high during the day owing to rise in international oil and other commodity prices.
The experts said that the latest measures of the State Bank of Pakistan (SBP) helped the local currency to make gain. The central bank recently restricted the exporters to realize the export proceeds in 120 days instead of 150 days.
However, the rising import bill and falling foreign exchange reserves have still posed challenge to rupee stability in coming days.
The oil import bill of the country sharply increased by 112 per cent to $8.38 billion during first five months of the current fiscal year as compared with $3.94 billion in the corresponding months of the last fiscal year.
Similarly, the foreign exchange reserves of the country fell by $255 million to $24.019 billion by week ended December 31, 2021 as compared with $24.274 billion a week ago. The official foreign exchange reserves of the State Bank of Pakistan (SBP) fell by $170 million to $17.686 billion by week ended December 31, 2021 as compared with $17.856 billion a week ago.
Karachi, Pakistan – On Tuesday, the State Bank of Pakistan (SBP) disclosed the official exchange rates for January 11, 2022, offering customers crucial information based on the weighted average rates of commercial banks.
(more…)
KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs7,458,689.88 on January 11, 2022, in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs7,357,085.24 on January 10, 2022.
The rate of Bitcoin in US Dollar (USD) is $42,264.19 on January 11, 2022 in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $41,624.24 on January 10, 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.
KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is Rs131.79 on January 11, 2022, in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs129.79 on January 10, 2022.
The rate of Ripple in US Dollar (USD) is $0.75 on January 11, 2022, in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.73 on January 10, 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.
KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs26.69 on January 11, 2022, in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs27.17 on January 10, 2022.
The rate of Dogecoin in US Dollar (USD) is $0.15 on January 11, 2022, in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.14 on January 10, 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.
KARACHI: Deposits of the banking sector have continued their upward trajectory and increased to Rs20.97 trillion – all time historic high.
Deposits of the banking sector clocking in at Rs20.97 trillion as at December 2021, registering a 17 per cent year on year (YoY) jump while rising by a 7 per cent month on month (MoM).
Analysts at Arif Habib Limited said that with SBP rising CRR by 1 per cent in November 2021 along with 275 basis points increase in policy rate, it was expected that banks would focus on improving their low cost deposit portfolio.
READ MORE: Last date extended to exchange old banknotes: SBP
Pakistan Banking advances in 2021 clocked in at Rs10 trillion, up 19 per cent YoY which was the highest growth in 3-years. This was driven by macro recovery, strong uptick in consumer loans, and initiation of new financing schemes by central bank (SBP).
Disbursement under TERF (Temporary Economic Relief), housing finance, and auto finance have all led to up tick in advances.
READ MORE: SBP responds to misconceptions on amendments to State Bank Bill
As per SBP, a total of Rs435 billion or 4 per cent of total advances have been approved under the Temporary Economic Relief (TERF) from April 2020 to March 2021 under which disbursements are still undergoing. SBP expects TERF disbursements at Rs273 billion in FY22 vs. Rs163 billion in FY21.
In July, 2020, SBP also mandated banks to increase their housing and construction finance portfolio to at least 5 per cent of their private sector advances by December 2021 otherwise they will be subject to penalties. This coupled with increased disbursements under Mera Pakistan Mera Ghar scheme also boosted overall construction and housing finance.
Consequently, total housing finance (including finance to bank employees) has increased to Rs286 billion (3.9 per cent of private sector credit) in Nov 2021 vs. Rs216 billion (3.3 per cent of private sector credit).
READ MORE: SBP’s instructions on pensioners biometric verification
Auto financing surged by 34 per cent to Rs385 billion in 11M2021 driven by strong auto sales and single digit interest rates.
In 2H2021, government also imposed increased tax of 2.5-5 per cent on banks falling below 50 per cent ADR (advance to deposit ratio) threshold forcing them to increased lending.
ADR ratio of banks in 2021 clocked in at 48.4 per cent vs. 47.5 per cent in 2020, which is still lower than last 10-year average ADR of 53 per cent and peak of 83 per cent in 2008. We expect advances growth to remain in range of 10-15 per cent in 2022 to be driven by TERF disbursement, housing financing etc.
Pakistan banking sector deposits were up 17 per cent YoY to Rs20.9trn in 2021 which was higher than the last 10-year average deposit growth rate of 13 per cent. Strong M2 (broad money) growth and higher remittances has have led to increased deposit growth.
READ MORE: SBP continues banking relaxations amid rising COVID cases
Currency in circulation as a percentage of broad money stood at 29 per cent in 2021 vs. 28 per cent in 2020 and last 5-year average of 27 per cent which could be due to low single digit interest rates and an effort to stay out of sight of tax authorities.
Investments on other hand increased by 22 per cent YoY in 2021 vs. a growth of 31 per cent in 2020 as banks continue to prefer investment in risk free government securities.
As a result, Investment to Deposit (IDR) ratio of the sector improved to 67 per cent in 2021 vs. 65 per cent in 2020.
KARACHI: The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) gained 542 points on Monday as the market witnessed hefty buying during the day.
The index ended at 45,888 points as against last Friday’s closing of 45,346 points, showing an increase of 542 points.
Analysts at Topline Securities said that the investors welcomed new week on a bullish note where KSE-100 index remained mostly in the green zone throughout the day.
READ MORE: Pakistan’s trade deficit swells by 100% in 1HFY22
Initially, market opened on a negative note on the back of news regarding further delay in IMF program.
However, across the board buying has been witnessed in the blue chip stocks ahead of the commencement of result season which assisted index closing to settle at 45,888 level (+542 points; up 1.2 per cent).
READ MORE: Headline inflation rises by 12.3% in December 2021
Power, Banks and Technology sector’s stocks contributed positively today where HUBC, MCB and TRG cumulatively added 153 points while EFERT, POL and MARI has seen some profit taking as they lost 60 points, collectively.
Total volume and value stood at 356 million shares and Rs. 11.86 billion, respectively. UNITYR was top on the volume chart with around 33 million shares traded in it, today.
Analysts at Arif Habib Limited said that the market stayed in the bullish zone as investors became optimistic due to the highest ever textile exports during 1HFY22.
READ MORE: Tax exemptions worth Rs343 billion withdrawn through mini-budget
Market opened under pressure as fears uplifted due to coronavirus rising cases in Pakistan. After one hour of market opening, traders took aggressive bet on tech stocks.
Rally in banking sector was observed due to the expectation of foreign inflows. Cement sector stayed in the green zone due to the decline in international coal prices. Activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks.
READ MORE: Retail price of sugar may be abolished for sales tax
KARACHI: State Bank of Pakistan (SBP) on Monday issued the Karachi Interbank Offered Rates (KIBOR) as of January 10, 2022.
Following are the latest KIBOR rates:
| Tenor | BID | OFFER |
| 1 – Week | 9.76 | 10.26 |
| 2 – Week | 9.80 | 10.30 |
| 1 – Month | 9.87 | 10.37 |
| 3 – Month | 10.26 | 10.51 |
| 6 – Month | 11.26 | 11.51 |
| 9 – Month | 11.28 | 11.78 |
| 1 – Year | 11.32 | 11.82 |