Pkrevenue.com

Author: Faisal Shahnawaz

  • Equity market plunges by over 400 points on selling pressure

    Equity market plunges by over 400 points on selling pressure

    KARACHI: The equity market plunged by over 400 points on Monday due to selling pressure seen in banking scrips.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 39,607 points as against 40,016 points showing a decline of 409 points.

    Analysts at Arif Habib Limited said that the market opened 26 points down but turned green for a short while up to +30 points.

    However, the selling pressure in Banking sector, especially UBL and HBL plunged the market.

    For good part of the session, UBL topped the volumes chart and price drop carried from previous sessions.

    Overall market volumes remained anemic, where banking sector garnered most with 21 million shares out of which BOP did 12.2 million, followed by UBL 4.5 million shares.

    Absence of positive news triggers and heightened tensions on the border with India dented investor sentiment.

    Sectors contributing to the performance include Banks (-160 points), Cement (-46 points), E&P (-42 points), Fertilizer (-35 points), Power (-33 points).

    Volumes declined from 99 million shares to 68 million shares (-31 percent DoD).

    Average traded value also declined by 33 percent to reach US$ 26 million as against US$ 39 million.

    Stocks that contributed significantly to the volumes include BOP, STPL, UBL, PAEL and KEL, which formed 40 percent of total volumes.

    Stocks that contributed positively include FFC (+8 points), SHFA (+5 points), MCB (+5 points), POL (+3 points), and SCBPL (+3 points). Stocks that contributed negatively include HBL (-54 points), UBL (-51 points), HUBC (-31 points), LUCK (-27 points) and DAWH (-22 points).

  • Rupee ends down against dollar on higher demand

    Rupee ends down against dollar on higher demand

    KARACHI: The Pak Rupee ended down against US dollar on Monday owing to higher demand for import and corporate payments.

    The rupee depreciated by three paisas to close at Rs138.58 to the dollar from last Friday’s close of Rs138.55 in interbank foreign exchange market.

    The interbank foreign exchange market was initiated in the range of Rs138.70 and Rs138.75.

    The market recorded day high of Rs138.70 and low of Rs138.52 and closed at Rs138.58.

    The local currency fell after maintaining gain for three consecutive trading days,

    Earlier on last Friday, the Pak Rupee gained for the third consecutive day against dollar owing to shrinking current account deficit and foreign inflows.

    The rupee ended with gain of eight paisas to end at Rs138.55 to the dollar as compared with previous day’s closing of Rs138.63 in interbank foreign exchange market.

    The rupee maintained gains for the third consecutive day as exchange rate was reached to Rs138.92 to the dollar on February 19, 2019.

    Pakistan’s current account deficit has narrowed by 16.8 percent to $8.424 billion owing to declining imports and improved foreign remittances.

    According to statistics released by State Bank of Pakistan (SBP), the current account deficit narrowed to $8.424 billion during July – January 2018/2019 as compared with the deficit of $10.124 billion in the corresponding period of the last fiscal year.

    In the open market the local unit, however, maintained level.

    The buying and selling of dollar was recorded at Rs138.30/Rs138.80, the same level ended on Saturday, in cash ready market.

  • Indus Motors declares fall in half-year profit on high cost of sales

    Indus Motors declares fall in half-year profit on high cost of sales

    KARACHI: Indus Motors Company Limited has declared 6.13 percent decline in half yearly net profit owing to significant rise in cost of sales for the period.

    According to financial results for half year period ended December 31, 2018 submitted to Pakistan Stock Exchange (PSX) on Monday, the company declared profit after tax at Rs6.912 billion as compared with the profit of Rs7.364 billion in the corresponding half of the last year.

    The sales of the company surged by 21 percent to Rs76.44 billion during the first half of current fiscal year as compared with Rs63.07 billion in the corresponding half of the last year.

    However, cost of the sales increased more rapidly by 27 percent to Rs66.38 billion for the period under review as compared with Rs52.18 billion in the same period of the last year.

    Other expenses including administrative and distribution are flat at Rs1.337 billion as compared with Rs1.334 billion for the period.

    Indus Motors Company Limited declared profit before taxation at Rs10.03 billion during July – December 2018 as compared with Rs10.51 billion in the corresponding period of the last year.

    The company declared earnings per share for the period at Rs87.94 as against Rs93.69 EPS declared in the same period of the last year.

  • Rupee continues gain against dollar in early trade

    Rupee continues gain against dollar in early trade

    KARACHI: The Pak Rupee has continued its appreciation against the US dollar and gained 10 paisas in early trade on Monday.

    The US dollar is being traded at Rs138.45 in interbank foreign exchange market.

    The exchange rate was closed at Rs138.55 to a dollar on last Friday or February 22, 2019.

    Currency analysts said that the narrowed current account deficit had improved market sentiments.

    Earlier on last Friday, the Pak Rupee gained for the third consecutive day against dollar owing to shrinking current account deficit and foreign inflows.

    The rupee ended with gain of eight paisas to end at Rs138.55 to the dollar as compared with previous day’s closing of Rs138.63 in interbank foreign exchange market.

    The rupee maintained gains for the third consecutive day as exchange rate was reached to Rs138.92 to the dollar on February 19, 2019.

    Pakistan’s current account deficit has narrowed by 16.8 percent to $8.424 billion owing to declining imports and improved foreign remittances.

    According to statistics released by State Bank of Pakistan (SBP), the current account deficit narrowed to $8.424 billion during July – January 2018/2019 as compared with the deficit of $10.124 billion in the corresponding period of the last fiscal year.

  • Income Tax Ordinance 2001: Commissioner IR has court powers for production of taxpayers’ record

    Income Tax Ordinance 2001: Commissioner IR has court powers for production of taxpayers’ record

    KARACHI: The tax laws have empowered Commissioner of Inland to act as a court under the Code of Civil Procedure for compelling production of records of any person.

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  • FBR devises strategy for survey of existing, new shopping centers to identify tax evaders

    FBR devises strategy for survey of existing, new shopping centers to identify tax evaders

    KARACHI: Federal Board of Revenue (FBR) is set to launch survey in existing and new shopping markets in Karachi for identifying tax evaders.

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  • Income Tax Ordinance 2001: Tax officials’ power to enter premises without notice

    Income Tax Ordinance 2001: Tax officials’ power to enter premises without notice

    KARACHI: Tax officials have immense powers to enter any premises for the purpose of audit of a taxpayer or survey of a potential taxpayer.

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  • SRB suspends sales tax registration of Multinet Pakistan

    SRB suspends sales tax registration of Multinet Pakistan

    KARACHI: Sindh Board of Revenue (SRB) has suspended sales tax registration of an IT service provider for failure in timely payment of provincial government dues and filing sales tax return.

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  • SRB issues list of 1,289 non-filer customs agents

    SRB issues list of 1,289 non-filer customs agents

    KARACHI: In a bid to reinforce tax compliance and streamline revenue collection, the Sindh Revenue Board (SRB) has taken decisive action against customs clearing agents who have repeatedly failed to fulfill their monthly return filing obligations.

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  • Procedure for obtaining sales tax registration

    Procedure for obtaining sales tax registration

    KARACHI: The Federal Board of Revenue (FBR) has introduced a streamlined procedure for sales tax registration, aiming to facilitate taxpayers engaged in making taxable supplies in Pakistan.

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