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Author: Faisal Shahnawaz

  • Pakistan stocks gain 411 points in bull-run

    Pakistan stocks gain 411 points in bull-run

    KARACHI: Pakistan stocks gained 411 points on Friday as bulls dominated the market on expectation of positive reports from the Financial Action Task Force (FATF).

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended 42,141 points as compared with last day’s closing of 41,730 points, showing a gain of 411 points.

    READ MORE: Pakistan stocks up 291 points on fiscal consolidation

    Analysts at Arif Habib Limited said that the bulls dominated the market throughout the day as Pakistan hopes to come off FATF grey list today.

    The FATF, a global watchdog for combatting money laundering and terrorist financing, is expected to announce today whether Pakistan will be removed or retained on its increased monitoring list, also known as the “grey list”, according to the analysts.

    READ MORE: Pakistan stocks up 384 points ahead FATF decision

    Investors opted for across the board buying as hefty volumes were witnessed in the main board along with side board stocks.

    Sectors contributing to the performance include E&P (+88.9 points), Banks (+82.7 points), Cement (+45.8 points), Chemical (+32.1 points) and Engineering (+29.6 points).

    READ MORE: Pakistan stocks recover 175 points

    Volumes increased from 162.2 million shares to 283.9 million shares (+75.1 per cent DoD). Average traded value also increased by 89.5 per cent to reach US$ 43.4 million as against US$ 22.9 million.

    Stocks that contributed significantly to the volumes are CNERGY, HUMNL, PRL, OBOYR1 and TPLP.

    READ MORE: Stocks plunge 1,135 points on adverse budget measures

  • Foreign Investment into Pakistan plunges by 59% during 11MFY22

    Foreign Investment into Pakistan plunges by 59% during 11MFY22

    KARACHI: Total foreign investment into Pakistan has declined by 59 per cent to $1.59 billion during first 11 months (July – May) of fiscal year 2021/2022, according to data released by the State Bank of Pakistan (SBP) on Friday.

    The inflows of foreign investment into the country were $3.85 billion during the corresponding period of the last fiscal year.

    READ MORE: Foreign investment falls by 57% in 10MFY22: SBP

    Total foreign private investment recorded a 12.5 per cent decline to $1.22 billion during 11 months of the current fiscal year as compared with $1.39 billion in the same months of the last fiscal year.

    Foreign Direct Investment (FDI), the major component of the foreign private investment, fell by 5 per cent to $1.68 billion during the months under review as compared with $1.6 billion in the corresponding period of the last fiscal year.

    READ MORE: Foreign investment into Pakistan surges by 131%

    The portfolio investment, the other component of the foreign private investment, has recorded a fall of 32.3 per cent during the period. The investment in the capital market recorded an outflow of $378 million during July – May 2021/2022 as compared with outflow of $286 million in the same period of the last fiscal year.

    READ MORE: Foreign investment surges by 176% during July – January

    The inflow in debt securities under foreign public investment was $367 million during first 11 months of the current fiscal year as compared with $2.46 billion in the same months of the last fiscal year.

    READ MORE: Pakistan’s foreign investment surges by 73% in 5 months

  • Rupee collapses to fresh low against dollar to Rs208.75

    Rupee collapses to fresh low against dollar to Rs208.75

    KARACHI: The Pakistan Rupee (PKR) collapsed to another record low against the US dollar to close at Rs208.75 at interbank foreign exchange market on Friday.

    The exchange rate recorded a fall of Rs1.08 in rupee value to end at Rs208.75 from last day’s closing of Rs207.67, the previous record low of rupee, in the interbank foreign exchange market.

    READ MORE: Dollar touches new peak of Rs207.67 at interbank closing

    Currency experts said that the foreign exchange reserves had declined to critically low, which created panic in the market. Besides, high oil prices and rise in commodity prices globally also pushed dollar demand for import payments.

    According to data released by the State Bank of Pakistan (SBP) a day earlier, the official reserves of the central bank had declined to provide about one month import cover.

    READ MORE: Pakistan’s central bank reserves shrink to one month import cover

    The official foreign exchange reserves of the State Bank of Pakistan (SBP) fell by $241 million to $8.985 billion by week ended June 10, 2022 as compared with $9.226 billion a week ago i.e. June 03, 2022.

    The present level of the SBP’s reserves showed that the central bank has import cover for around only one months.

    Pakistan’s import bill for the month of May 2022 recorded at $6.777 billion, according to Pakistan Bureau of Statistics (PBS).

    The latest foreign exchange reserves of the SBP showed it fell around 2½ years low. Previously, the foreign exchange reserves held by the central bank were seen at $9.233 billion on December 6, 2019.

    The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by week ended August 27, 2021.

    READ MORE: Free-fall in rupee continues, dollar touches new high at Rs206.46

    Since touching the peak the central bank’s foreign exchange witnessed a continuous decline. The official reserves of the SBP fell around $11.16 billion by week ended June 10, 2022 from touching the peak on August 27, 2021.

    The country is facing serious balance of payment crisis during the past many months. The foreign exchange reserves of the central bank have seen a constant decline.

    The country was expecting inflows from various sources but so far those were not materialized so far. The country also making all efforts to resume IMF program to obtain about $ 1 billion next tranche under Extended Fund Facility (EFF).

    It is pertinent to mention that the government had twice increased the prices of petroleum products since May 26, 2022 in order to satisfy the International Monetary Fund (IMF) for the release of next tranche of about $1 billion. Another increase was seen on June 15, 2022.

    READ MORE: Rupee’s erosion continues as dollar closes at Rs205.16

    The government on May 26, 2022 decided partially withdraw the subsidy to get the next tranche of the IMF, the rupee sharply made gains against the dollar. The local unit made a recovery of Rs4.42 against the dollar during the past five sessions.

    The rupee remained under pressure against the greenback during the current fiscal year. The State Bank of Pakistan (SBP) has taken various measures to support balance of payment and the local currency. However, the measures ended in a failure to help the rupee to recover losses.

    The SBP on May 23, 2022 announced a sharp increase in policy rate by 150 basis points to 13.75 per cent from 12.25 per cent.

    Recently the government announced a complete ban on imports to support balance of payment and help the rupee to stabilize. But all these measures appeared in failure as the exchange rate yet again deteriorated today massively.

  • SBP’s customer forex rates – June 17, 2022

    SBP’s customer forex rates – June 17, 2022

    KARACHI: On June 17, 2022, the State Bank of Pakistan (SBP) released the foreign exchange rates for customers.

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  • Bitcoin to Pak Rupee on June 17, 2022

    Bitcoin to Pak Rupee on June 17, 2022

    KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs4,181,103.05 on June 17, 2022 at 10:21 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs4,666,562.26 at closing on June 16, 2022.

    The rate of Bitcoin in US Dollar (USD) is $20,393.59 on June 17, 2022 at 10:21 AM Pakistan Standard Time (PST) in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $22,469.81 at closing on June 16, 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.

    READ MORE: Bitcoin to Pak Rupee on June 16, 2022

  • Ripple to Pak Rupee on June 17, 2022

    Ripple to Pak Rupee on June 17, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is Rs66.44 on June 17, 2022 at 10:13 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs70.19 at closing on June 16, 2022.

    The rate of Ripple in US Dollar (USD) is $0.32 on June 17, 2022 at 10:13 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.34 at closing on June 16, 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.

    READ MORE: Ripple to Pak Rupee on June 16, 2022

  • Dogecoin to Pak Rupee on June 17, 2022

    Dogecoin to Pak Rupee on June 17, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs11.43 on June 17, 2022 at 10:03 AM Pakistan Standard Time (PST), in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs12.65 at closing on June 16, 2022.

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  • Pakistan’s central bank reserves shrink to one month import cover

    Pakistan’s central bank reserves shrink to one month import cover

    KARACHI: The official reserves of Pakistan’s central bank have declined to provide about one month import cover, according to official data released on Thursday.

    The official foreign exchange reserves of the State Bank of Pakistan (SBP) fell by $241 million to $8.985 billion by week ended June 10, 2022 as compared with $9.226 billion a week ago i.e. June 03, 2022.

    READ MORE: SBP’s forex reserves slip 2½-year low to $9.226 billion

    The present level of the SBP’s reserves showed that the central bank has import cover for around only one months.

    Pakistan’s import bill for the month of May 2022 recorded at $6.777 billion, according to Pakistan Bureau of Statistics (PBS).

    The latest foreign exchange reserves of the SBP showed it fell around 2½ years low. Previously, the foreign exchange reserves held by the central bank were seen at $9.233 billion on December 6, 2019.

    The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by week ended August 27, 2021.

    READ MORE: SBP’s forex reserves fall two-year low to $9.72 billion

    Since touching the peak the central bank’s foreign exchange witnessed a continuous decline. The official reserves of the SBP fell around $11.16 billion by week ended June 10, 2022 from touching the peak on August 27, 2021.

    The country is facing serious balance of payment crisis during the past many months. The foreign exchange reserves of the central bank have seen a constant decline.

    The falling foreign exchange reserves also put pressure on the local currency. The Pakistani Rupee (PKR) is also depreciating to record low against the US dollar on daily basis.

    The rupee fell to a fresh historic low at Rs207.67 to the dollar at interbank foreign exchange closing on June 16, 2022.

    READ MORE: Moody’s changes Pakistan’s outlook to negative

    The country was expecting inflows from various sources but so far those were not materialized so far. The country also making all efforts to resume IMF program to obtain about $ 1 billion next tranche under Extended Fund Facility (EFF).

    The total foreign exchange reserves of Pakistan have declined to around three-year low at $14.94 billion by week ended June 10, 2022. Previously, the foreign exchange reserves of the country were seen at $14.86 billion by week ended July 19, 2019.

    The country’s foreign exchange reserves have fallen by $233 million to $14.943 billion by week ended June 10, 2022 as compared with $15.176 billion a week ago i.e. June 03, 2022.

    READ MORE: Pakistan’s headline inflation up by 13.8% in May 2022

    The country’s foreign exchange reserves hit all-time high of $27.228 billion on August 27, 2021. Since then the foreign exchange reserves have declined by $12.285 billion.

    The foreign exchange held by commercial banks however slightly up by $8 million to $5.958 billion by week ended June 10, 2022 as compared with $9.226 billion a week ago.

  • FPCCI shocked over petroleum price hike

    FPCCI shocked over petroleum price hike

    KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Thursday expressed shock and dismay on massive increase in prices of petroleum products.

    FPCCI Acting President Shabbir Hassan Mansha in a statement expressed his shock and awe at the astronomical increase in the prices of petrol and diesel.

    READ MORE: Pakistan braces for worst food inflation: FPCCI

    Increase in petrol price by Rs. 24.03per liter will crush the masses and Rs. 59.16per liter in diesel price will have a multiplier effect on goods transportation costs; which will drive the commodities and food supplies prices even further, he added.

    Acting FPCCI Chief maintained that it is imperative to weigh in the impact of the prior petroleum prices as well; because even before the latest increase prices were also raised twice in a short time span of merely two weeks. Therefore, we are faced with a third major raise in the prices of petroleum products within 20 days – cumulatively raising the petrol price by Rs. 84 / liter, i.e. 56 percent and diesel price by Rs. 144 per liter, i.e. 83 percent.

    READ MORE: FPCCI demands fixed tax regime for retailers

    Shabbir Hassan Mansha has apprised that a massive goods transportation crisis is in the offing as there is no way the transporters can absorb 83 percent raise in the diesel price. He has called upon the government to act and act fast.

    Shabbir Hassan Mansha also pointed out that the grapevine is that the government is also mulling the proposal to re-impose petroleum development levy (PDL) and the business community is not sure where this unpredictable, aggressive and anti-business upward price spiral will stop.

    Shabbir Hassan Mansha emphasized that the real impact of the petroleum prices will reflect in consumer price indices in 4 – 8 weeks and the government should swiftly come up with a protective mechanism for the small & medium enterprises (SMEs); else the skyrocketing increase in cost of doing business will push the country towards historical bankruptcies in the SMEs and the resultant unprecedented unemployment.

    READ MORE: FPCCI demands CNIC condition withdrawal

    Acting FPCCI Chief also expressed his profound concerns over massive electricity tariff hike of Rs. 7.91 / kWh; resulting in Rs. 24.82 / kWh base tariff for the year 2022 – 23, while it was Rs. 16.91 / kWh for the outgoing year 2021 – 22. It was a rate hike of a staggering 47 percent by NEPRA; and, it will jolt the cost of doing business and ease of doing business indices.

    Additionally, rumors are rife that there will be even further raise in the electricity tariffs; and, the combined effects of petroleum, electricity and gas prices will make businesses unsustainable and unviable, he added.

    READ MORE: FBR urged to wave further tax on providing CNIC number

    Shabbir Hassan Mansha has extended FPCCI’s full support from the platform of the apex body to kick start a consultative process between the government and all the stake holders to work out some sort of operational contingencies under the prevailing cost of doing business crisis.

  • SBP issues KIBOR rates – June 16, 2022

    SBP issues KIBOR rates – June 16, 2022

    KARACHI: State Bank of Pakistan (SBP) on Thursday issued the Karachi Interbank Offered Rates (KIBOR) as on June 16, 2022.

    Following are the latest KIBOR rates:

     TenorBIDOFFER
    1 – Week13.7214.22
    2 – Week13.7714.27
    1 – Month13.9014.40
    3 – Month14.8015.05
    6 – Month15.1815.43
    9 – Month15.2715.77
    1 – Year15.3215.82

    READ MORE: SBP issues KIBOR rates – June 15, 2022