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Author: Faisal Shahnawaz

  • POL prices increased for next fortnight; per liter petrol up by Rs5.4 to Rs118.09

    POL prices increased for next fortnight; per liter petrol up by Rs5.4 to Rs118.09

    ISLAMABAD: The government on Thursday announced increase in petroleum prices to be implemented midnight with effect from July 16, 2021 for next fortnight.

    The government announced an increase of Rs5.4 to Rs118.09 in price of petrol from Rs112.69.

    Likewise, the prices of high speed diesel increased by Rs2.54 per liter, from Rs113.99 to Rs116.53; kerosene oil by Rs1.39 per liter, from Rs85.75 to Rs87.14 whereas the price of light diesel oil increased by Rs1.27, from Rs83.40 per liter to Rs84.67 per liter.

    The Oil and Gas Regulatory Authority (OGRA) had recommended Rs11.50 increase in per liter petrol, however the Prime Minister, considering to provide maximum relief to the public allowed only Rs5.4 liter increase, said a press statement issued by the Finance Ministry here.

    In this way, the government observed Rs6.10 price hike in the commodity, it added. “The government has been providing maximum relief to the consumers by reducing the price of the petroleum products since April 2021,” it added.

    The statement said that although the international oil prices have been on rise, the government took the decision not to pass on the entire burden of increase to the consumers.

    The rates of sales tax and petroleum levy have been adjusted in a manner that maximum relief is provided to the consumers.

  • SBP issues list of banks operating in Pakistan

    SBP issues list of banks operating in Pakistan

    KARACHI: The State Bank of Pakistan (SBP) has issued a list of banks operating in the country. The list contained all the banks including public sector banks, local private banks, foreign banks and specialized banks.

    The central bank said that by end of December 31, 2020 the total number of banks were 32 in Pakistan as compared with 33 by end of December 31, 2019.

    Following is the list of banks:

    A. Public Sector Com. Banks (5)

    1. First Women Bank Ltd.

    2. National Bank of Pakistan

    3. Sindh Bank Ltd.

    4. The Bank of Khyber

    5. The Bank of Punjab

    B. Local Private Banks (20)

    1. AlBaraka Bank (Pakistan) Ltd.

    2. Allied Bank Ltd.

    3. Askari Bank Ltd.

    4. Bank AL Habib Ltd.

    5. Bank Alfalah Ltd.

    6. BankIslami Pakistan Ltd.

    7. Dubai Islamic Bank Pakistan Ltd.

    8. Faysal Bank Ltd.

    9. Habib Bank Ltd.

    10. Habib Metropolitan Bank Ltd.

    11. JS Bank Ltd.

    12. MCB Bank Ltd.

    13. MCB Islamic Bank Ltd.

    14. Meezan Bank Ltd.

    15. SAMBA Bank Ltd.

    16. Silk Bank Ltd

    17. Soneri Bank Ltd.

    18. Standard Chartered Bank (Pakistan) Ltd.

    19. Summit Bank Ltd

    20. United Bank Ltd.

    C. Foreign Banks (4)

    1. Citibank N.A.

    2. Deutsche Bank AG

    3. Industrial and Commercial Bank of China Ltd.

    4. Bank of China Limited

    D. Specialized Banks (3)

    1. Punjab Provincial Co-operative Bank Ltd

    2. SME Bank Ltd.

    3. Zarai Taraqiati Bank Ltd.

  • Eid holidays announced by PSX

    Eid holidays announced by PSX

    KARACHI: The Pakistan Stock Exchange (PSX) will remain closed from Tuesday July 20, 2021 to Thursday July 22, 2021 on account of Eid ul Adha, according to a statement issued on Wednesday.

    The stock exchange shall reopen from Friday, July 23, 2021, it added

    The PSX informed all the brokers, staff and concerned that the government Govt. of Pakistan vide Notification No.01/01/2020-Public dated July 13, 2021 has announced 20th to 22nd July, 2021 as public holidays on the occasion of Holy Festival of Eid ul Adha.

    Therefore, Pakistan Stock Exchange Limited will remain closed from Tuesday, July 20, 2021 to Thursday, July 22, 2021 on account of Eid-ul-Adha.

  • Stock market ends flat amid selling pressure

    Stock market ends flat amid selling pressure

    KARACHI: The stock market recorded an increase of 11 points at the end of the trading on Wednesday as selling pressure witnessed during the day.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 47,491 points as against previous 47,480 points showing an increase of 11 points.

    Analysts at Arif Habib Limited said that the market remained range bound today, oscillating between -38 points and +114 points.

    Large cap blue chip stocks (including ENGRO, POL, LUCK, SYS) kept the index balanced, which was otherwise under selling pressure in E&P, O&GMCs, Cement, Steel and Technology sectors.

    Worsening situation at Afghanistan border and imposition of COVID lockdown in Sindh made the investors rethink portfolio positions, in addition to facing CGT liability to be settled by July 16th. Among scrips, WTL realized trading volumes of 44.5 million shares, followed by GGGL (44 million) and TPL (40.7 million).

    Sectors contributing to the performance include Textile (+34 points), Autos (+26 points), Inv Banks (+19 points), Transport (+12 points), Technology (-25 points), Banks (-24 points) and Fertilizer (-20 points).

    Volumes increased from 496.8 million shares to 508.3 million shares (+2 per cent DoD). Average traded value declined by 1 per cent to reach US$ 101 million as against US$ 102 million.

    Stocks that contributed significantly to the volumes include WTL, GGGL, TPL, KEL and TPLP, which formed 33 per cent of total volumes.

    Stocks that contributed positively to the index include PSX (+19 points), LUCK (+12 points), PIBTL (+12 points), INDU (+12 points) and NML (+11 points). Stocks that contributed negatively include TRG (-33 points), MCB (-28 points), EFERT (-17 points), MARI (-10 points) and FFC (-8 points).

  • Rupee ends down by 19 paisas against dollar

    Rupee ends down by 19 paisas against dollar

    KARACHI, Date – The Pakistani Rupee experienced a modest decline of 19 paisas against the US Dollar on Monday in the interbank foreign exchange market.

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  • Rupee weakens by 67 paisas against dollar

    Rupee weakens by 67 paisas against dollar

    The Pakistani Rupee (PKR) witnessed a sharp decline against the US Dollar on Tuesday, weakening by 67 paisas due to increased demand for import and corporate payments. The rupee closed at Rs154.37 against the dollar in the interbank foreign exchange market, compared to the previous Friday’s closing of Rs153.70.

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  • Many taxpayers fail to comply with last date for filing sales tax return

    Many taxpayers fail to comply with last date for filing sales tax return

    KARACHI: The Karachi Chamber of Commerce and Industry (KCCI) on Friday urged the tax authorities to extend the last date for making sales tax payment and filing monthly return for the period of April 2021.

    The KCCI in a statement urged the Federal Board of Revenue (FBR) to extend dates of payment and submission of Sales Tax and Federal Excise Returns for the Tax Period of April 2021 to May 30, 2021 to facilitate taxpayers as many of those had failed to submit their returns before the deadline which ended on May 21, 2021.

    In a statement issued, Chairman Businessmen Group (BMG) and Former President KCCI Zubair Motiwala, while appealing the FBR to extend last date for ST and FE Returns, pointed out that the business community recently underwent prolonged holidays for eight consecutive days while arrival of containers at Karachi Port also suffered delays due to situation triggered by the colossal cargo ship that became stuck on the banks of Egypt’s Suez Canal, blocking traffic through the crucial waterway.

    “Subsequently, the exports of containers which was supposed to be made in the first week of May also delayed with a lapse of at least two weeks which is a big issue for the exporters who are also facing severe liquidity crunch because of the extraordinary situation triggered by the ongoing third wave of COVID-19 pandemic and closure for eight days”, he added.

    President KCCI Shariq Vohra, while referring to his letter sent to Chairman FBR Asim Ahmed, stated that the nominal extension of just three days for filing ST and FE Return was announced earlier by FBR but it was worthless as after observing prolonged holidays, it takes time for many businesses to get back to normalcy. Therefore, many taxpayers were unable to prepare and submit their Sales Tax and Federal Excise Returns for the Month of April 2021 within the announced limited extension of just a few days.

    He further commented that the overall situation was not favorable for trade and industry as everybody was facing severe liquidity crunch nowadays due to very limited business activities hence, the FBR should extend the date of payment and submission of ST and FE Returns up to May 30, 2021.

  • Rupee weakens by 33 paisas on import payment demand

    Rupee weakens by 33 paisas on import payment demand

    KARACHI: The Pak Rupee weakened by 33 paisas against the dollar on Wednesday owing to higher demand for import and corporate payments.

    The rupee closed at Rs153.22 to the dollar from previous day’s closing of Rs152.89 in the interbank foreign exchange market.

    The rupee recorded a decline of 95 paisas against the dollar since resumption of trading after Eid Holidays. The government had announced Eid Holidays from May 10, 2021 to May 15, 2021, which followed Sunday on May 16, 2021.

    Currency experts said that due to extended Eid holidays the rupee was remained under pressure.

    They also said that ease in restriction related to coronavirus also encouraged importers to place orders to their foreign buyers.

    They, however, said that the record inflows of workers’ remittances and export receipts the local currency would make gain in coming days.

  • Rupee ends down by 29 paisas against dollar

    Rupee ends down by 29 paisas against dollar

    KARACHI: The Pak Rupee ended down by 29 paisas against the dollar on Tuesday owing to demand of the foreign currency for import and corporate payments.

    The rupee ended Rs152.89 to the dollar from previous day’s closing of Rs152.60 in the interbank foreign exchange market.

    Currency experts said that the demand for the dollar was seen from importers and corporate buyers after the Eid holidays.

    The experts however said that the local unit might recover the losses in coming days due to significant rise in workers’ remittances and export receipts.

  • Rupee ends down by 33 paisas on extended Eid holidays

    Rupee ends down by 33 paisas on extended Eid holidays

    KARACHI: The Pak Rupee fell by 33 paisas on Monday owing to higher demand from import and corporate buyers as the market was opened after 10-day Eid holidays.

    The rupee ended Rs152.60 to the dollar from previous closing on May 07, 2021 at Rs152.27 in the interbank foreign exchange market.

    Currency experts said that the market witnessed demand from importers and corporate buyers for making payments. They said that the demand pressure came on the foreign currency because the market was remained closed for past 10 days due to Eid Holidays.

    The experts said that the local currency likely to gain in coming days due to strong inflows of remittances and export receipts.