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Author: Faisal Shahnawaz

  • Pakistan, Iran agree to boost monetary, financial, commercial activities

    Pakistan, Iran agree to boost monetary, financial, commercial activities

    ISLAMABAD: Pakistan and Iran have agreed to enhance economic cooperation through boosting monetary, financial and commercial activities to their full potential by utilizing all available options.

    The joint statement issued on Monday after the meeting of Pakistan Prime Minister Imran Khan and President of Iran Dr. Hassan Rouhani, the both sides considering the increase in volume of trade between the two countries in 2018, the President of Iran and Prime Minister of Pakistan instructed relevant institutions and Ministries to devise all required mechanisms for boosting monetary, financial and commercial activities to their full potential by utilizing all available options.

    The two sides also decided to hold the 21st round of the Joint Economic Commission (JEC)in the second half of 2019 in Pakistan to deliberate further on these issues.

    Prime Minister Imran Khan paid a high-level visit to the Islamic Republic of Iran from 21-22 April 2019, on the invitation Dr. Hassan Rouhani, the President of the Islamic Republic of Iran.

    There has been regular exchange of leadership level visits between the two sides in recent years.

    While emphasizing historical, cultural, religious and civilizational ties between the two neighboring and Muslim countries, and highlighting the commitment of the senior officials of the two countries to expand relations in all areas of mutual interest, the two sides reiterated the importance of deepening and reinforcing bilateral ties based on principles of national interest, territorial integrity and mutual respect for national sovereignty.

    They called for swift implementation of bilateral agreements as a step towards realizing this important goal. Both sides highlighted that common borders should be the borders of peace and friendship, and acknowledged the necessity of forging regular cooperation and exchange of views between political, military and security officials of the two countries to combat threats such as terrorism, smuggling of narcotics, human trafficking, hostage-taking, money-laundering and abduction. It was also agreed that the 10th Round of the Special Security Committee of the two Ministries of Interior will be held in Islamabad in June 2019 to discuss these matters in detail.

    It was also agreed that the next meeting of the Joint Consular Commission would be held on 2nd half of 2019 to review the progress made so far and chart the way forward in further facilitating the movement of people from both sides.

    Pakistan side welcomed the initiation of the process for release of a number of Pakistani prisoners by the Government of Iran, and for making arrangements for their expeditious repatriation to Pakistan.

    President of the Islamic Republic of Iran and Prime Minister of the Islamic Republic of Pakistan agreed that enhancing and cementing cooperation between Iran’s Sistan-Balochistan Province and Pakistan’s Balochistan Province including opening of new border crossings and border markets would contribute towards improvement of the economic situation of local residents, and further constitutes a step towards resolving border challenges and insecurities.

    Both sides agreed to hold the 2nd Round of High Border Commission in Islamabad in May 2019 to review the current status of preparations and further measures required for the earliest opening of new crossing points at Gabd-Reemdan and Mand-Pishin, besides opening of new border markets.

    Both sides highlighted the necessity of extending cooperation in energy sector including export of electricity from Iran to Pakistan.

    Pakistani side extended its appreciation to the Government of the Islamic Republic of Iran for continuing electricity exports to Pakistan’s Balochistan Province. Reaffirming the importance of strong and historic socio-cultural and linguistic affinities between the two countries and their peoples.

    Both sides reaffirmed the need to further strengthen these bonds through promotion of academic, cultural and tourism activities, particularly by encouraging more frequent exchange of visits of intellectuals, folk artists, cultural troupes and by enhancing tourism to the historic religious sites in both countries.

    Prime Minister Imran Khan reaffirmed the support and solidarity of the government and people of Pakistan with the people of Iran over loss of precious human lives and material damages due to recent severe floods in Iran.

    Prime Minister of Pakistan expressed the conviction that the people of Iran would handle this natural calamity with their characteristic resilience. Iranian side expressed its gratitude to Pakistan for sending humanitarian assistance to the flood affected people in Iran. Both sides welcomed the signing of a declaration for cooperation in health sector aimed at bilateral technical assistance and experience sharing with tangible outputs.

    Both sides discussed and exchanged views on major regional and international issues, and asserted that peace, tranquility and sustainable development are prerequisite for enhancing relations, integrity and synergy among the West Asian countries.

    Both sides reaffirmed their commitment to the UN Charter and international law, in particular the principles of sovereign equality of states, political independence and non-interference in the internal affairs of States.

    The two sides reiterated the need for all States to adhere to the rule of law including at the international level. In this context, they expressed serious concerns over unilateral application of measures by any country that are inconsistent with the provisions of international law and the principles of UN Charter.

    The President of Iran and Prime Minister of Pakistan, referring to the necessity of establishing a safe, stable and independent Afghanistan for the sake of regional peace and stability, acknowledged the necessity of holding Afghan-led and Afghan-owned peace dialogue while calling upon regional countries and the international community to work collectively to end conflict and restore complete peace in the country.

    Both sides also agreed to join efforts for achieving a broader regional consensus in this regard. While condemning terrorism in all its forms and manifestations, both sides acknowledged the great achievements of the two countries in combating terrorism and emphasized that efforts to develop regional and international cooperation in preventing and countering terrorism should be redoubled and the root-causes of all types of terrorism in the region identified and addressed.

    Considering the importance of developing connectivity and transit corridors in order to accelerate and facilitate bilateral and regional cooperation and trade, both sides welcomed the implementation of bilateral and multilateral agreements including the Belt and Road Initiative (BRI) and China-Pakistan Economic Corridor (CPEC), as well as agreements on establishing the North–South and East–West corridors in Iran.

    The President of Iran and Prime Minister of Pakistan welcomed all dimensions of cooperation of the two countries with other states, particularly the six-party Speakers’ Conference in Tehran with the purpose of consolidating cooperation among the regional states.

    Both sides highlighted the need to resolve the issue of Jammu & Kashmir through dialogue and peaceful means based on the will of the people of that region and in line with the resolutions of the United Nations Security Council.

    The President of Iran and Prime Minister of Pakistan emphasized that the right of the people of Palestine to establish an independent and sovereign Palestinian state should be respected as the key demand of the Muslim states.

    Both sides also agreed to reinforce endeavors through regional and international arrangements and mechanisms to help Palestinians establish an independent state.

    Both sides stressed on swift and complete implementation of the Joint Comprehensive Plan of Action (JCPOA) by other states considering the full compliance of the Islamic Republic of Iran to its provisions.

    The Prime Minister of Pakistan expressed his appreciation to the President of the Islamic Republic of Iran for the warm and generous hospitality extended to the Pakistani delegation, and officially invited Dr. Hassan Rouhani to visit Pakistan at the earliest convenience.

    President of Iran accepted the gracious invitation. Dates for the visit will be worked out through diplomatic channels.

  • Text of Benami Transactions (Prohibition) Rules, 2019

    Text of Benami Transactions (Prohibition) Rules, 2019

    KARACHI: The Federal Board of Revenue (FBR) has launched campaign to aware people about benami laws and harsh penalties under this law. Besides, the people are also informed about rewards to whistle blowers for pointing out benami properties.

    The FBR launched the campaign after the introduction of benami transactions rules to enforce the benami act.

    Following is the text of Benami Transactions (Prohibition) Rules, 2019.

    S.R.O.326(1)/19 in exercise of the powers conferred by section 61 of the Benami Transaction (prohibition) Act 2017 the Federal Government is pleased to make the following rules, namely.

    1. Short title and commencement

    (1) These rules shall be called the Benami Transactions (Prohibition) Rules, 2019.

    (2) This shall come into force at once.

    2. Definitions.

    (1) In these rules, unless there is anything repugnant in the subject or context,

    (a) “Act” means the Benamui Transactions (prohibition) Act, 2017.

    (b) “Chapter” means a Chapter of the Act, and

    (c) “Section” means a section of the Act.

    (2) Words and expressions used but not defined in these rules shall have the same meaning as assigned thereto in the Trusts Act, 1882 (II of 1882), the Succession Act, 1925 (XXXIX of 1925), the Partnership Act, 1932 (IX of 1932) the Income Tax Ordinance, 2001 (XLIX of 2001) The Anti money Laundering Act, 2010(VII of 2010) the Act and the Companies Act, 2017 (XIX of 2017).

    3. Jurisdiction of Administrator, Initiating Officer and Approving Authority under sub-section (2) of section 15.

    (1) the Board may, by an order assign any commissioner Inland Revenue to exercise the powers and perform the functions of approving authority under the provisions of the Act and these rules.

    (2) the Board may, by an order, assign any Deputy Commissioner Inland Revenue to exercise the powers and perform the functions of Initiating Officer under the provision of the Act and these rules.

    4. Determination of price in certain cases.

    (1) For the purposes of sub-clause (b) of clause (15) of section 2, the price shall be determined in accordance with the provisions of section 68 of the Income Tax Ordinance, 2001 (XLIX of 2001)and rules made thereunder to the extent applicable under the Act.

    5. Appointment of Chairperson and Members of Adjudicating Authority.

    For the purposes of sub-section (4)of section 6, that Secretary Revenue Division shall forward to the Federal Government a panel of suitable officers who are qualified as per criteria provided for in sub-section (3) of section 6 and the Federal Government shall appoint from amongst the panel a Chairperson and as many Members as it may deem fit.

    6. Terms and conditions of service of the Chairperson and members of the Adjudicating Authority.

    For the purposes of sub-section (1) of section 10, the Chairperson and Members of the Adjudicating Authority shall respectively be entitled to the pay, allowances and other benefits, specified in column (3) of the Table below, namely.

    1. Chairperson

    (a) pay, allowances and other benefits admissible prior to his appointment under rule 5 or the pay.

    (b) monthly adjudicating authority allowance of Rs 300,000.

    2. Members

    (a) pay and allowances admissible prior to their appointment under rule 5 or the pay, allowances, and the benefits admissible immediately before retirement.

    (b) monthly adjudicating authority allowance of Rs. 200,000.

    7. Provisional attachment. For the purposes of sub-section (3) of section 22, the Initiating Officer shall provisionally attach any property in the manner provided for in Part II and Part III of Chapter XVI of the Income Tax Rules, 2002 and to the extent applicable under the Act.

    8. Confiscation of property under sub-section (1) of section 25. Where an order of confiscation of property under sub-section.

    (1) of section 25 has been made, the Adjudicating Authority shall send a copy of the order to the Approving Authority.

    (2) Where an order referred to in sub-rule (1) has been received by the Approving Authority in respect of any immovable property.

    (a) forthwith direct the Administrator to proceed to take any or all steps mentioned in this sub-rule;

    (b) issue notice to the concerned authority of the Federal Government or a provincial Government, or a local body or an authority or any person or officer who is responsible for recording the registration of any property or maintaining its record of ownership, as the case may be, having jurisdiction for the purposes of registration of such immovable property, intimating that the property has been confiscated under the Act.

    (c) arrange to place copy of the notice at some conspicuous part of the immovable property for the benefit of general public mentioning clearly therein, in English and in vernacular language, that the property has been confiscated under the Act and vests absolutely in the Federal Government.

    (3) Where an order referred to in sub-rule (1) has been received by the Approving Authority in respect of any movable property, he shall –

    (a) forthwith direct the Administrator to proceed to take any or all steps mentioned in this sub-rule.

    (b) forthwith issue a notice to the authority or person having the custody of such movable property informing that the property has been confiscated under the Act.

    (c) sell the property, if the property is liable to speedy and natural decay or the expenses for maintenance are likely to exceed its value, with the written approval of the concerned Adjucating Authority and deposit the sale proceeds in the nearest Government Treasury of branch of the State Bank of Pakistan or Federal Treasury or in any branch of National Bank of Pakistan in fixed deposition and retain the receipt thereof:

    Provided that where owner of the property furnishes the fixed deposit receipt of State Bank of Pakistan or Federal Treasury or National Bank of Pakistan equivalent to the value of property in the name of Administrator, the Approving Authority may accept and retain such fixed deposit receipt as security.

    Provided further that where the movable property is a mode of conveyance of any description, the Approving Authority, after obtaining its valuation report from the Motor Licensing Authority or any other authority, as the case may be, may accept and retain the fixed deposit receipt of the National Bank of Pakistan, equivalent to the movable property as security in the name of Administrator:

    (d) cause to deposit the property consisting of cash, Government or other securities or bullion or jewellery or other valuables in a locker in the name of the Administrator or in the form of fixed deposit, as the case may be, in the State Bank of Pakistan or in any branch of the National Bank of Pakistan, and retain the receipt thereof;

    (e) cause to get the property in the form of shares, debentures, sum of collective investment schemes or instruments to be transferred in favour of Administrator.

    (f) Issued a direction to the bank or financial institution, as the case may be, to transfer and credit the money to the account of the administrator where the property is in the form of cash in a bank or a financial institution.

    9. Received of confiscated property under sub-section (1) of section 26.

    (1) The administrator shall, at the tine of receiving the confiscated property, ensure proper identification of such property with reference to its particulars mentioned in the order made under sub-section (1) of section 22.

    (2) The Administrator may, with approval to the Approving Authority establish one or more warehouses for safe keeping of attached and confiscated movable properties.

    10. Management of confiscated property under sub-section (1) of section 26.

    (1) Where the property confiscated is of such a nature that its removal from the place of attachment is impracticable or its removal involves expenditure out of proportion to the value of the property, the Administrator shall arrange for proper maintenance and custody of the property at the place of its attachment.

    (2) If the property confiscated consists of cash, Government or other securities, bullion, jewellery or other valuables, the administrator shall cause to deposit them for safe custody in the nearest Government Treasury or a branch of the National Bank of Pakistan or the State Bank of Pakistan.

    (3) The Administrator shall maintain a register for recording details in respect of moveable property such as cash, Government’s or other securities, bullion, jewellery or other valuables in the form as specified in part -1 of the first schedule to these rules .

    (4) The Administrator shall obtain and receive from the Treasury or the bank, as the case may be, against the deposit of moveable properties specified in sub -rule (2).

    (5) The Administrator shall maintain in respect of immovable property a register containing the detail in the form as specified in part -II of the First Schedule to these rules.

    11. Disposal of confiscated property under sub-section (3) of section 26.

    Where the Federal Government directs that the property vested in it under sub-section (3) of section 25 be disposed of under sub-section (3) of section 26, the Administrator shall arrange to dispose of the property in the manner as provided in Part II and Part III of Chapter XVI of the Income Tax Rules, 2002 to the extent applicable under the Act.

    12. Appeals to the Federal Appellate Tribunal.

    (1) An appeal to the Federal Appellate Tribunal under sub-section (1) of section 44 shall be filed in the form as specified in Part-III of the First Schedule to these rules.

    (2) The form under sub-rule (1) shall be accompanied by a fee of one thousand Rupees.

    (3) The form under sub-rule (1) shall set forth concisely and under distinct head the grounds of objection to the order appealed against and such grounds shall be numbered consecutively and shall specify the address of service at which notice or other processes of the Federal Appellate Tribunal May be served on the appellant and the date on which the order appealed against was served on the appellant.

    (4) Where the appeal is preferred after expiry of the period of forty-five days referred to in sub-section (1) of section 44, it shall be accompanied by a petition, in quadruplicate, duly verified and supported by the documents, if any relied upon by the appellant, showing cause as to how the appellant had been prevented from preferring the appeal with in the period of forty-five days.

    13. Terms and Conditions of service of the chairperson and members of Federal Appellate Tribunal.

    (1) For the purposes of sub-section (1) of section 31 of the Act, the Chairperson and Members of the Federal Appellate Tribunal shall respectively be entitled to the pay, allowance and other benefits specified in column (3) of the table.

    1. Chairperson: (a) pay, allowances and other benefits admissible prior to his appointment as chairperson , or pay allowances and benefits admissible immediately before his retirement.

    (b) Monthly Federal Appellate Tribunal allowance of Rs. 400,000.

    2. Members: (a) Pay, allowances and other benefits admissible prior to their appointment as Member or pay, allowances and other benefits admissible immediately before their retirement.

    (b) Monthly Federal Appellate Tribunal allowance of Rs. 300,000.

    14. Removal of Chairperson and Members from office in certain circumstances.

    (1) For the purpose of sub-section (2)of section 33, the secretary Law and Justice Division , in pursuance of approval of the Federal Government shall file a reference before the Chief Justice of the High Court for inquiry, against the Chairperson and Members, whether or not suspended, on charges as specified under sub-section (1)of section 33 of the Act.

    (2) The references under sub-rule (1)shall be filed before the Chief Justice in whose territorial jurisdiction the Chairperson and Members of the bench, whether or not suspended, are seated.

    (3) The Chief Justice of High Court after receipt of the reference filed, shall inform the Chairperson and the Members, whether or not suspended, of the charges leveled against them and seek their written defense. The Chief Justice of the High Court may seek further explanations and may hear in person the Chairperson and the Members before submission of the inquiry report.

    (4) The Chief Justice of High Court shall conclude the inquiry and transmit a report thereon the Federal Government, through Secretary, Law and Justice Division, within sixty days from the receipt of the reference.

    15. Staff of Appellate Tribunal.

    (1) For the purpose of sub-section (3)of section 37 of the Act, the officers and employees of the Federal Appellate Tribunal shall be entitled to such salaries and allowances as civil servants of the Federal Government of the same basic pay scales and status are entitled to.

    16. Reward for Whistleblowers.

    (1) For the purpose of reward, the provisions of the Inland Revenue Reward Rules, 2016 except as specified in these rules shall mutatis mutandis apply.

    (2)The amount of reward as specified below relating to detection and confiscation of benami property to the extent specified below, shall be admissible.

    1. Rs.2000,000 or less — Five percent of the price of benemi property.

    2. More than Rs.2,000,000 but not more than Rs.5000,000, — Rs.100,000 plus four percent of the price of benami property in excess of Rs.2,000,000.

    3. Over Rs.5,000,000 — Rs.220,000 plus three percent of the price of benami property in excess of Rs.5,000,000.

    (3) The amount of reward shall be sanctioned after confiscation of the benami property under section 25.

  • Trade financing facility of $551 million signed for import oil, LNG

    Trade financing facility of $551 million signed for import oil, LNG

    ISLAMABAD: Dr. Abdul Hafeez Shaikh, Adviser to the Prime Minister on Finance, Revenue and Economic Affairs witnessed the signing a trade financing facility amounting to US$ 551 million with the International Islamic Trade Finance Corporation(ITFC), a subsidiary of Islamic Development Bank (IsDB) Group, for import of oil and LNG, a statement said on Monday.

    This facility will be utilized by Pakistan State Oil Company Limited, Pak Arab Refinery Limited (PARCO) and Pakistan LNG Limited (PLL).

    The Agreement was signed among the Economic Affairs Division and ITFC and the representatives of PSO, PARCO and Pakistan LNG Limited.

    The financing Agreement provides trade financing amounting to US $ 551 million for a period of one year for import of oil and LNG. ITFC has agreed to provide trade financing of US$ 1.3 billion during the year 2019 for import of oil and LNG by PSO, PARCO and Pakistan LNG Limited.

    It may be recalled that this facility is a part of Framework Agreement signed with ITFC in April 2018 for a total envelop of US$ 4.5 billion over for a period of three years (2018-2020).

    Signing of this financing facility will be helpful in financing oil and gas import bill of the country and easing of pressure on foreign exchange reserves of the country.

    This agreement also reflects confidence of international financial institutions in Pakistan’s economy and its future. Dr. Abdul Hafeez Shaikh, Adviser to the Prime Minister on Finance, Revenue & Economic Affairs thanked and appreciated ITFC support for Pakistan.

  • Hafeez Shaikh, Illangovan discuss World Bank funded projects

    Hafeez Shaikh, Illangovan discuss World Bank funded projects

    ISLAMABAD: Dr. Abdul Hafeez Shaikh, Adviser to Prime Minister on Finance, Revenue and Economic Affairs and the World Bank Country Director Patchamuthu Illangovan met on Monday to discuss ongoing projects funded by the World Bank.

    Patchamuthu Illangovan was called on the Adviser to PM on Finance, Revenue and Economic Affairs, Dr. Abdul Hafeez Shaikh. They discussed the ongoing projects being supported by the World Bank, a statement said.

    The adviser emphasized the need to expedite the finalization of the new financing in the pipeline before the end of FY 2019.

    He assured the Country Director that all approvals will be expedited to ensure timely disbursement.

    It was also agreed that Chief Executive Officer, World Bank, Kristalina Georgieva, would meet the Prime Minister of Pakistan in China during his visit later this month there.

  • KCCI hopes new finance adviser to take steps minimizing taxpayers’ grievances

    KCCI hopes new finance adviser to take steps minimizing taxpayers’ grievances

    KARACHI: Karachi Chamber of Commerce and Industry (KCCI) on Monday felicitated Dr. Hafeez Shaikh on his appointment as adviser to prime minister on finance, revenue and economic affairs.

    The KCCI hoped that the new adviser would take practical steps in minimizing grievances of genuine taxpayers.

    Chairman Businessmen Group & Former President KCCI Siraj Kassam Teli and President KCCI Junaid Esmail Makda, while extending heartfelt felicitations to Dr. Abdul Hafeez Sheikh on his appointment as Adviser to Prime Minister on Finance, said that keeping in view his vast experience and past performance, Dr. Hafeez Sheikh will certainly succeed in overcoming numerous crises being suffered by the country.

    In a letter sent to PM’s Adviser, Siraj Teli and Junaid Makda warmly welcomed the appointment of Dr. Hafeez Sheikh as PM’s Adviser and said that that due to his expertise and well acquaintance with trade and economic issues, the business and industrial community of Karachi was fairly optimistic that Dr. Sheikh will be able to successfully devise effective strategies in order to completely get rid of all types of crises.

    They stressed that as country was currently going through severe economic crises, therefore it was really essential that the business and industrial community should be taken on board in the policy making process.

    They hoped that the newly appointed PM’s Adviser would also take practical steps to minimize the grievances being faced by loyal taxpayers who are suffering terribly due to serious loopholes in the existing taxation mechanism.

    They stressed that the consultation strategy adopted by the PTI government with the business community of Karachi must continue and the contribution of more than 70 percent revenue to the national exchequer must always be taken into consideration.

    “The business and industrial community of Karachi stands shoulder-to-shoulder with the government during this difficult time and we will continue to support the government in the larger interest of the country,” they added.

    They also invited Dr. Hafeez Sheikh to visit the Karachi Chamber as soon as possible so that the business and industrial community could get an opportunity to share views about the Amnesty Scheme and also give valuable proposals for the forthcoming Federal Budget 2019-20, besides suggesting ways and means of how to improve the taxation system, enhance revenue generation and ensure ease of doing business which is one of the top most priority of the present government.

    Siraj Teli and Junaid Makda also paid glowing tribute to Former Finance Minister Asad Umer for always realizing the ground realities, making necessary corrections and struggling really hard to somehow minimize the burden on the poor segment of society.

  • FPCCI condemns terror attacks in Sri Lanka

    FPCCI condemns terror attacks in Sri Lanka

    KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Monday condemned brutal act of terrorism in Sri Lanka claiming around 290 lives.

    In a statement Engr. Daroo Khan Achakzai, FPCCI President strongly condemned the coward and brutal act of terrorism on luxury hotels and Churches holding Easter Services in Sri-Lanka, killing nearly 290 innocent people – including dozens of foreigners – and injuring nearly 500 people, including Pakistanis in a series of eight devastating bomb blasts on Sunday.

    The Chief of FPCCI, an apex body of the trade and industry in the country, expressed his deepest and profound condolence on behalf of the business community and the people of Pakistan in the wake of terrorist attacks in Sri-Lanka.

    He conveyed sympathies for the bereaved families on lost of their loved one in tragic incidents and prayed for the speedy recovery of the injured.

    The FPCCI President recalled, “Being a victim of protracted terrorism, Pakistan fully understands the pain of their Sri Lankan brethren and stands in complete solidarity with Sri-Lanka in their hour of grief.”

    Ackhazi hoped that the people of Sri Lanka would prevail unity and interfaith harmony amongst their ranks and files and the ugly attempts to destabilize their country would be crushed and foiled.

  • Stock market down 391 points on selling pressure

    Stock market down 391 points on selling pressure

    KARACHI: The stock market lost 391 points to start the week on Monday with selling pressure witnessed during the trading.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 36,902 points as against 37,292 points showing a decline of 391 points.

    Analysts at Arif Habib Limited said that profit booking was apparently the only idea on investors’ mind.

    SNGP, which hit upper circuit the other day with high volume was scheduled to announce financial results today.

    Although SNGP beat street consensus and did hit upper circuit today, it couldn’t sustain selling pressure and price went below last trading day’s closing price.

    LOTCHEM retained investors’ interest and despite trading below upper circuit several times, it managed to close at upper circuit.

    Overall, the index lost 453 points during the session besides marking +187 points in the beginning.

    Cement sector led the volumes with 24 million shares, followed by Chemical (21.8 million) and Banks (12.5 million). Among scrips, LOTCHEM topped the chart with 19.7 million shares, followed by PIOC (10.6 million).

    Sectors contributing to the performance include Banks (-118 points), E&P (-40 points), Fertilizer (-37 points), Cement (-29 points), Power (-27 points).

    Volumes declined considerably from 177.4 million shares to 125.9 million shares (-29 percent DoD). Average traded value also declined by 33 percent to reach US$ 31.3 million as against US$ 46.9 million.

    Stocks that contributed significantly to the volumes include LOTCHEM, PIOC, KEL, SNGP and PAEL, which formed 45 percent of total volumes.

    Stocks that contributed positively include LOTCHEM (+8 points), INDU (+2 points), DCR (+2 points), ICI (+2 points), and PKGS (+2 points). Stocks that contributed negatively include HBL (-56 points), PPL (-22 points), MCB (-20 points), LUCK (-18 points) and FFC (-17 points).

  • Rupee remains unchanged for sixth straight trading day

    Rupee remains unchanged for sixth straight trading day

    KARACHI: The Pak Rupee remained unchanged against dollar for sixth straight trading day on Monday amid lackluster demand for import and corporate payments.

    The rupee ended Rs141.40 to the dollar, the same last Friday’s closing, in interbank foreign exchange market.

    The interbank foreign exchange market was initiated in the range of Rs141.39 and Rs141.40.

    The market recorded a high of Rs141.40 and low of Rs141.40 and closed at Rs141.40.

    Currency experts said that the traders were cautious about purchasing dollars over uncertainty about the future of exchange rate.

    The exchange rate in open market ended with gain by the local currency.

    The buying and selling of dollar was recorded at Rs141.80/Rs142.30 as compared with last Saturday’s closing of Rs142.00/Rs142.50 in cash ready market.

  • PSO declares 55 percent decline in net profit for nine-month period

    PSO declares 55 percent decline in net profit for nine-month period

    KARACHI: The net profit of Pakistan State Oil (PSO) has declined substantially by 55 percent to Rs5.92 billion for the period July – March 2018/2019 as compared with Rs13.22 billion in the corresponding period of the last fiscal year.

    According to financial results submitted to Pakistan Stock Exchange (PSX) on Monday for nine-month period ended March 31, the earning per share of the company also fell to Rs15.15 as compared Rs33.80 in the same period of the last year.

    The gross sales of the company was flat at Rs950.93 billion during July – March 2018/2019 as compared with Rs930.38 billion in the same period of the last fiscal year.

    The gross profit of PSO reduced to Rs23.88 billion for the nine-month period ended March 31, 2019 as compared with Rs28.87 billion in the same period of the last fiscal year.

    The profit of the company for the quarter January – March 2019 also fell to Rs1.67 billion as against Rs4.70 billion, posting 64 percent decline.

    Analysts at Topline Securities said that the company recorded loss of around Rs2.3 billion on petrol, while, gain of around Rs2 billion and Rs95 million on Furnace Oil (FO) and HSD respectively.

    Further, volumetric decline of 6 percent YoY in HSD/Petrol and 31 percent YoY decline FO sales also weighed on overall gross profits of the company.

  • Foreign currency account restriction on non-filers not apply on non-residents: SBP

    Foreign currency account restriction on non-filers not apply on non-residents: SBP

    The State Bank of Pakistan (SBP) issued an important clarification on Monday regarding the restrictions on foreign currency accounts, emphasizing that these limitations do not apply to non-resident Pakistanis.

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