KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs16.93 on July 31, 2022 at 11:41 AM Pakistan Standard Time (PST), in the open exchange market.
(more…)Author: Faisal Shahnawaz
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New prices of Toyota Cars in Pakistan
KARACHI: Toyota Motors has announced new rates of its cars in Pakistan, which are applicable from July 29, 2022.
According to Toyota Port Qasim Motors, the following are new ex-showroom indicative rates for both filers of income tax return non-filers:
READ MORE: Toyota Indus Motors announces plant shutdown
Following are the new indicative rates for all variants of Toyota Yaris:
- Toyota Yaris GLI 1.3 MT (1329CC): for filers Rs3,860,500; for non-filers Rs3,960,500.
- Toyota Yaris GLI 1.3L CVT: for filers 4,100,500; for non-filers 4,200,500.
- Toyota Yaris ATIV 1.3L MT: for filers 4,060,500; for non-filers 4,160,500.
- Toyota Yaris ATIV 1.3L CVT: for filers 4,270,500; for non-filers 4,370,500.
- Toyota Yaris ATIVX 1.5L MT (1496 CC): for filers 4,370,500; for non-filers 4,470,500.
- Toyota Yaris ATIVX 1.5L CVT: for filers 4,630,500; for non-filers 4,730,500.
READ MORE: Toyota Indus Motors offers 100% refunds on booking cancellation
Following are the new indicative rates for all variants of Toyota Corolla:
- Corolla ALTIS MT 1.6L: for filers 4,960,500; for non-filers 5,060,500.
- Corolla ALTIS AT 1.6L: for filers 5,200,500; for non-filers 5,300,500.
- Corolla ALTIS AT 1.6L (Special Edition): for filers 5,700,500; for non-filers 5,800,500.
- Corolla ALTIS CVT 1.8L: for filers 5,840,500; for non-filers 6,140,500.
- Corolla ALTIS GRANDE CVT 1.8L (Beige interior): for filers 6,310,500; for non-filers 6,610,500.
- Corolla ALTIS GRANDE CVT 1.8L (Black interior): for filers 6,350,500; for non-filers 6,650,500.
READ MORE: Toyota lowers July production in Japan
Following are the new indicative rates for all variants of Toyota Hilux Single Cabin:
- 4×2 Single Cabin STD: for filers 6,271,500; for non-filers 6,871,500.
- 4x2S/CDE CKLESS: for filers 5,841,500; for non-filers 6,441,500.
- 4×4 S/C STD: for filers 8,291,500; for non-filers 9,091,500.
Following are the new indicative rates for all variants of Toyota Hilux Revo Double Cabin:
- 4×4-D/CSTD E MT: for filers 9,452,500; for non-filers 10,252,500.
- 4×4 REVO G M/T: for filers 10,232,500; for non-filers 11,032,500.
- 4×4 REVO G A/T: for filers 10,712,500; for non-filers 11,512,500.
- 4×4 REVO V A/T: for filers 11,762,500; for non-filers 12,562,500.
- 4×4 ROCCO V A/T: for filers 12,412,500; for non-filers 13,212,500.
READ MORE: Indus Motors rebuts plant shutdown reports
Following are the new indicative rates for all variants of Toyota Fortuner:
- Fortuner G 4×2 STD 2.7L AT (Petrol): for filers 12,902,500; for non-filers 13,702,500.
- Fortuner V 4×4 2.7L ATHI (Petrol): for filers 14,692,500 for non-filers 15,492,500.
- Fortuner (S4) 4×4 AT 2.8L (Diesel): for filers 15,482,500; for non-filers 16,282,500.
- Fortuner Legender (S4) 4×4 AT 2.8L (Diesel): for filers 16,252,500; for non-filers 17,052,500.
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Pakistani rupee crashes 17% against dollar in July 2022
KARACHI: The Pakistani Rupee (PKR) crashed by about 17 per cent against the US dollar in the month of July 2022 owing to weakness in balance of payment and political instability.
The exchange rate was opened at Rs204.85 to the dollar on July 04, 2022 and ended at Rs239.37 at closing on July 29, 2022 at interbank foreign exchange market.
During the month about 17 trading days were observed due to long Eid holidays and bank holiday. The government announced holidays from July 08, 2022 to July 12, 2022 on account of Eid ul Adha. Meanwhile, the due to bank and weekly holidays, the month started on July 04, 2022.
READ MORE: Pakistan interbank rupee ends Rs239.37 to dollar on July 29, 2022
The rupee witnessed a consistent decline during the month and recorded historic low of Rs239.94 to the dollar on July 28, 2022.
Experts believed that the downgrade of rating of Pakistan by three top credit rating agencies deteriorated the outlook of the country. Furthermore, the political conflict further aggravated the situation.
Besides, the massive decline in foreign exchange reserves also put pressure on the dollar demand.
Analysts at Arif Habib Limited said that the fear of free-fall in rupee value has gripped the financial markets and different stakeholders of the economy is that if prudent and timely economic measures are not taken, Pakistan may spiral out of control, much like Sri Lanka.
READ MORE: Rupee plunges near Rs240 to dollar at interbank closing
This accelerated the free fall of Pak Rupee against dollar in the interbank recently. However, to highlight, the initial major depreciation of PKR against dollar was triggered back in April 2022, post Vote of No Confidence leading to political change in the country.
The political risks and shifting paradigms took a toll on the foreign investors/creditors’ confidence, hence contributing largely to bringing Rupee under pressure.
The analysts said that although we believe that the Pak Rupee still has inherent depreciation bias in the long-term, in the short term, we expect some stability to be restored. We attribute this short-term stability conditional upon: inflows from bilateral and multilateral creditors, IMF inflows, and strengthening of some macro-economic variables including current account position along with State Bank of Pakistan’s (SBP) attempts to curb market speculation.
READ MORE: Dollar touches new peak at Rs236.02 at interbank closing
A report released by KASB Research pointed out that exchange rate decline would continue until there is support and funds from the International Monetary Fund (IMF). “This could be another 10-15 per cent decline,” the report stated, adding that however, post clarity on IMF there would be 20-25 per cent recovery in the rupee value.
The analysts at the KASB Research are expecting a fair value of the rupee against dollar at Rs190 – 200.
The report further pointed out that the main challenge is hyperinflation caused by the exchange rate movement. The government could be forced to maintain cuts on imports which could hurt companies who rely on imported raw material. The auto sector is a good example.
READ MORE: Rupee crashes Rs232.93 to dollar at interbank closing
It however said that Pakistan would meet its sovereign liabilities, especially of the two bonds maturing in December 2022. “However, the market yields are indicating that the marking is pricing a higher risk of default.”
It further noted that the rupee had been hit hard and is down 51 per cent year to date and 17 per cent in just in the month of July 2022.
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Weekly Review: market likely to stay positive
KARACHI: The stock market likely to stay positive during the next week since valuation have opened up to attract levels.
Analysts at Arif Habib Limited said that the market to remain positive in the upcoming weeks since valuations have opened up to attractive levels.
READ MORE: Pakistan stocks shed 127 points amid sluggish trading
Moreover, with the ongoing result season, certain sectors and scrips are expected to stay under the limelight.
The benchmark KSE-100 of Pakistan Stock Exchange (PSX) is currently trading at a PER of 4.1x (2022) compared to Asia Pac regional average of 12.2x while offering a dividend yield of 9.6 per cent versus 2.9 per cent offered by the region.
READ MORE: Pakistan stocks gain 304 points on improved IT exports
The market commenced on a negative note this week as political and economic uncertainty kept investors on the edge.
Moreover, the Pak Rupee continued its free fall against the USD (reaching an all-time low of PKR 239.94) amid skepticism over the release of the IMF tranche.
Volatility became more evident as the current account deficit climbed up by 39 per cent YoY during June 2022, to clock-in at USD 2.3 billion.
The sentiment turned positive however, after the finance minister reiterated that all prior actions have been undertaken for the revival of IMF program.
Furthermore, the State Bank of Pakistan (SBP) echoed the Finance Minister’s statement and rejected claims of default on global payment in near future.
READ MORE: Pakistan stocks gain 79 points in volatile trading
In addition to this, Fitch and Moody showed optimism over the disbursement of USD 1.2 billion from IMF soon.
Albeit, the S&P Global downgraded Pakistan’s credit outlook from neutral to negative, hence keeping the bourse in check.
The market closed at 40,150 points, gaining 73 points (up by 0.18 per cent) WoW.
Sector-wise positive contributions came from i) Technology (176 points), ii) Banks (138 points), iii) E&P (58 points), iv) Chemical (37 points) and v) OMCs (16 points).
Whereas, sectors which contributed negatively were i) Fertilizer (231 points), ii) Automobile Assembler (73 points) and Cement (35 points). Scrip-wise positive contributors were TRG (132 points), LOTCHEM (51 points), POL (47 points), BAFL (46 points) and HBL (30 points).
READ MORE: Pakistan stocks end up in mixed trading session
Meanwhile, scrip-wise negative contribution came from EFERT (88 points), ENGRO (84 points), INDU (45 points) and FFC (44 points).
Foreign buying continued this week, clocking in at USD 0.57 million compared to a net buy of USD 1.64 million last week. Major buying was witnessed in Technology (USD 3.00 million) and Textile (USD 0.64 million).
On the local front, selling was reported by Individuals (USD 2.04 million) followed by Insurance Companies (USD 1.78 million). Average volumes clocked in at 150 million shares (down by 8 per cent WoW) while average value traded settled at USD 22 million (up by 3 per cent WoW).
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Bitcoin to Pak Rupee on July 30, 2022
KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs5,677,993.40 on July 30, 2022 at 10:13 AM Pakistan Standard Time (PST), in the open exchange market.
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Ripple to Pak Rupee on July 30, 2022
KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is Rs87.41 on July 30, 2022 at 10:13 AM Pakistan Standard Time (PST), in the open exchange market.
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Dogecoin to Pak Rupee on July 30, 2022
KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs16.40 on July 30, 2022 at 10:13 AM Pakistan Standard Time (PST), in the open exchange market.
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Pakistan stocks shed 127 points amid sluggish trading
KARACHI: Pakistan stocks declined by 127 points on Friday owing to slugging trading activity witnessed during the day.
The benchmark KSE-100 index ended at 40,150 points from previous day’s closing of 40,277 points, showing a decline of 127 points.
READ MORE: Pakistan stocks gain 304 points on improved IT exports
Analysts at Arif Habib Limited said that range bound session was observed in the market today due to last day of roll-over week.
The benchmark KSE-100 index opened in the positive zone but sluggish activity was witnessed. In the last trading hour, profit taking was observed which led the index to close in the red zone.
READ MORE: Pakistan stocks gain 79 points in volatile trading
Volumes remained dry in the main board although healthy volumes were witnessed in the 3rd tier stocks.
Sectors contributing to the performance include Fertilizer (-69.1 points), Cement (-36.2 points), Chemicals (-26.7 points), E&P (-24.7 points) and Automobile Assembler (-18.6 points).
READ MORE: Pakistan stocks end up in mixed trading session
Volumes decreased from 251.3 million shares to 170.3 million shares (-32.2 per cent DoD). Average traded value also decreased by 32.5 per cent to reach US$ 26.4 million as against US$ 39.0 million.
Stocks that contributed significantly to the volumes are UNITY, LOTCHEM, CNERGY, TRG and TELE.
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SBP issues KIBOR rates – July 29, 2022
KARACHI: State Bank of Pakistan (SBP) on Friday issued the Karachi Interbank Offered Rates (KIBOR) as on July 29, 2022.
Following are the latest KIBOR rates:
Tenor BID OFFER 1 – Week 14.76 15.26 2 – Week 14.80 15.30 1 – Month 14.85 15.35 3 – Month 15.44 15.69 6 – Month 15.58 15.83 9 – Month 15.61 16.11 1 – Year 15.67 16.17 -
Pakistan’s sensitive price inflation surges by 37.67%
ISLAMABAD: The price of essential items in Pakistan surged by 37.67 per cent year on year (YoY) week ended July 28, 2022.
The SPI for the current week ended on 28th July, 2022 recorded an increase of 3.68 per cent. Increase observed in the prices of food items,Tomatoes (17.53 per cent), Pulse Masoor (4.18 per cent), Pulse Mash (2.87 per cent), Pulse Gram (2.46 per cent), Pulse Moong (2.02 per cent), Vegetable Ghee 2.5 Kg (1.80 per cent), Garlic (1.69 per cent) and Rice Basmati Broken (1.21 per cent), non-food items Electricity for Q1 (26.11 per cent), LPG (7.02 per cent), Washing Soap (2.34 per cent) and Energy Saver (1.03 per cent), with joint impact of (4.17 per cent) into the overall SPI for combined group of (3.68 per cent).
READ MORE: Pakistan’s headline inflation may up 24% in July 2022
On the other hand, a decrease observed in the prices of Onions (10.84 per cent), Chicken (9.47 per cent), Bananas (4.24 per cent), Wheat Flour (2.55 per cent), Mustard Oil (1.50 per cent), Vegetable Ghee 1 Kg (0.46 per cent) and Eggs (0.36 per cent).
During the week, out of 51 items, prices of 30 (58.82 per cent) items increased, 07 (13.73 per cent) items decreased and (27.45 per cent) items remained stable.
READ MORE: Pakistan inflation crosses 33% on high petroleum prices
The year on year trend depicts an increase of 37.67 per cent, Diesel (101.53 per cent), Pulse Masoor (99.14 per cent), Petrol (94.15 per cent), Chicken (75.65 per cent), Cooking Oil 5 litre (74.81 per cent), Vegetable Ghee 1 Kg (72.90 per cent), Mustard Oil (72.45 per cent), Vegetable Ghee 2.5 Kg (70.51 per cent), Onions (64.18 per cent), Washing Soap (62.46 per cent), Pulse Gram (55.28 per cent), Electricity for Q1 (52.61 per cent), Gents Sponge Chappal (52.21 per cent), Garlic (45.18 per cent) and Pulse Mash (38.35 per cent), while a decrease observed in the prices of Chillies Powder (43.42 per cent), Sugar (16.48 per cent), and Gur (3.28 per cent).
READ MORE: Petroleum prices in Pakistan push inflation 13-year high