The exchange rate of Bitcoin (BTC) has seen a notable increase in both Pakistani Rupees (PKR) and US Dollars (USD), reaching Rs9,066,893.57 and $50,851.57 respectively on December 27, 2021, according to data from the open exchange market.
(more…)Author: Faisal Shahnawaz
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Weekly Review: market to move with mini-budget
KARACHI: The stock market is likely to move with the proposals made by the government in the mini-budget expected to submit this week.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) increased by 0.5 per cent on week on week (WoW) basis, said analysts at Topline Securities.
READ MORE: Stocks end down by 149 points on falling forex reserves
Major events during the outgoing week were:
1) SBP governor in an interview stated that they are ready to pause interest-rate increases to preserve economic recovery after making Asia’s most aggressive rate hikes (275 basis points in total) in three goes since September 2021
2) Current account deficit for the month of November 2021 clocked in at $1.91 billion (vs. October 2021 current account deficit of $1.76 billion)
READ MORE: CGT on disposal of securities to be collected on Dec 30
3) textile export for the month of November 2021 clocked in at $1.736 billion (vs. October 2021 textile export of $1.6 billion)
4) SBP raised Rs158 billion on Wednesday against the target of Rs100bn by selling fixed-rate Pakistan Investment Bonds.
4) statement from the Ministry of Finance that the sixth review of the Extended Fund Facility (EFF) would be presented to the International Monetary Fund (IMF) board on January 12, 2022.
READ MORE: IMF Board to approve $1.059bn by Jan 12, 2022: Tarin
5) government has decided to submit two bills before the parliament next week for abolishing sales tax exemptions, raising withholding tax on the telecom sector, and granting autonomy to the SBP, as part of prior action of IMF program
6) the federal government has only managed to collect 7 per cent of the petroleum levy collection target in the first five months of FY22 and
7) foreign exchange reserves held by the central bank fell by $415 million on a weekly basis to $18.15 billion as of December 17, 2021.
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Dogecoin to Pak Rupee on December 26, 2021
KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs33.49 on December 26, 2021 in open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs33.28 on December 25, 2021.
The rate of Dogecoin in US Dollar (USD) is $0.19 on December 26, 2021 in open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.19 on December 25, 2021.
Disclaimer: All data and information is provided for informational purposes only. The data has not provided for trading purposes or financial, investment, tax, legal, accounting or other advice. In 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 n not a recommendation buy, sell or hold any security or financial product.
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Ripple to Pak Rupee on December 26, 2021
KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is 163.43 on December 26, 2021 in open exchange market. The rate of Ripple has been calculated and compared with the rate Rs163.57 on December 25, 2021.
The rate of Ripple in US Dollar (USD) is $0.92 on December 26, 2021 in open exchange market. The rate of Ripple has been calculated and compared with the rate $0.92 on December 25, 2021.
Disclaimer: All data and information is provided for informational purposes only. The data has not provided for trading purposes or financial, investment, tax, legal, accounting or other advice. In 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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Bitcoin to Pak Rupee on December 26
KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs8,860,110.25 on December 26, 2021 in open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs9,073,722.24 on December 25, 2021.
The rate of Bitcoin in US Dollar (USD) is $49,747.95 on December 26, 2021 in open exchange market. The rate of Bitcoin has been calculated and compared with the rate $50,947.35 on December 25, 2021.
Disclaimer: All data and information is provided for informational purposes only. The data has not provided for trading purposes or financial, investment, tax, legal, accounting or other advice. In 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 December 25, 2021
KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs 33.28 on December 25, 2021 in open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs32.26 on December 24, 2021.
The rate of Dogecoin in US Dollar (USD) is $ 0.19 on December 25, 2021 in open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.18 on December 24, 2021.
Disclaimer: All data and information is provided for informational purposes only. The data has not provided for trading purposes or financial, investment, tax, legal, accounting or other advice. In 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 n not a recommendation buy, sell or hold any security or financial product.
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Ripple to Pak Rupee on December 25, 2021
KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is Rs163.57 on December 25, 2021 in open exchange market. The rate of Ripple has been calculated and compared with the rate Rs173.48 on December 24, 2021.
The rate of Ripple in US Dollar (USD) is $0.92 on December 25, 2021 in open exchange market. The rate of Ripple has been calculated and compared with the rate $0.98 on December 24, 2021.
Disclaimer: All data and information is provided for informational purposes only. The data has not provided for trading purposes or financial, investment, tax, legal, accounting or other advice. In 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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Bitcoin to Pak Rupee on December 25
KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs9,073,722.24 on December 25, 2021 in open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs9,079,558.54 on December 24, 2021.
The rate of Bitcoin in US Dollar (USD) is $50,947.35 on December 25, 2021 in open exchange market. The rate of Bitcoin has been calculated and compared with the rate $50,965.81 on December 24, 2021.
Disclaimer: All data and information is provided for informational purposes only. The data has not provided for trading purposes or financial, investment, tax, legal, accounting or other advice. In 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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Cryptocurrency, best performing assets in Pakistan
Amongst major asset classes used by local investors, Cryptocurrency and Property remained the best performing asset class in Pakistan in 2021, said analysts at Topline Securities.
On the other hand, Pakistan equities underperformed all other asset classes in 2021 posting a return of 1 per cent with 6 trading sessions left. This remained much lower than equity historical 30-year CAGR of 14 per cent.
Cryptocurrency which is not currently officially recognized by Pakistan but used by many local investors, saw huge gains in 2021. Cryptocurrency thrived during the pandemic on the back of retail investor influx, huge leverage availability, and low transaction cost. The widely followed Cryptocurrency Bitcoin has rallied by 87 per cent in 2021 in PKR terms.
Pakistan property market also remained a star performer gaining 23 per cent per plot price index. This was led by a series of incentives announced by the federal government and central bank (SBP) to support the construction sector.
Moreover, amnesty Scheme, low taxes, ability to park undocumented wealth, and opportunity for oversees Pakistanis to invest in housing through Roshan Digital Account (RDA) led to strong interest in Property sector in 2021.
Pakistan’s weak external account situation and rising interest rates led to lower interest in equities which despite posting decent returns in 1H2021 is likely to close flat in 2021. KSE-100 index peaked in 1H2021 at 48,726 index level on Jun 14, 2021 and since then it is down 9 per cent due to concerns on Pakistan macros.
Due to the pressures on external account situation of the country, Pak rupee also depreciated by 11 per cent against US$. Thus, holders of US$ made decent returns while holder of Naya Pakistan US$ Certificate (Roshan Digital) also made 18 per cent in PKR terms. Gold also posted gains of 10 per cent in PKR in 2021 as investors continue to see Gold as a safe heaven under uncertain economic outlook.
Fixed income returns were lower compared to other asset classes due to rising yields. Average yields on 1-year T-Bill stood at 8.3 per cent, 1-year Special Saving Certificate stood at 8.6 per cent whereas average rate on 10-year PIB stood at 10.4 per cent.
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Stocks end down by 149 points on falling forex reserves
KARACHI: The stocks ended down by 149 points on Friday as investors were concerned over high inflation and falling foreign exchange reserves.
The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 44,118 points as against previous day’s closing of 44,267 points, showing a decrease of 148.5 points.
Analysts at Arif Habib Limited said that the battle between bulls and bears was conquered by the bears in the last trading hour.
Market opened with a positive momentum as State Bank of Pakistan (SBP) SBP conducted another Open Market Operation (OMO) for 63 days.
Optimistic approach faded away due to concerns of investors towards higher inflation and dip in total liquid foreign exchange reserves held by the SBP mainly due to external debt repayment.
Activity continued to remain side-ways as the market witnessed hefty volumes in the 3rd tier stocks. On the flip-side, in the second session institutional buyers started fetching value stocks due to attractive multiples.
Sectors contributing to the performance include Technology & Communication (-60 points), Chemical (-36 points), Cement (-25 points) Oil & Gas Exploration Companies (-17 points) and Textile (-9 points).
Volumes decreased from 240.4 million shares to 223.4 million shares (-7.1 per cent DoD). Traded value also decreased by 8.5 per cent to reach US$ 41.2 million as against US$ 45.0 million.
Stocks that contributed significantly to the volumes include UNITYR3, HUMNL, TRG, TPLP and UNITY.