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Author: Faisal Shahnawaz

  • Stocks ends flat in volatile trading

    Stocks ends flat in volatile trading

    KARACHI: The Pakistan stocks ended flat on Friday owing to an alarming rise in coronavirus cases in the country.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 45,763.5 points as against previous day’s closing of 45,763.2 points.

    Analysts at Arif Habib Limited said that the market continued to remain volatile as Country reported an alarming rise in Covid-19 cases.

    The market opened on a bleak note and stayed dull throughout the day even after passing of the mini-budget by the National Assembly as investors remained risk-averse due to rising Covid-19 cases.

    In the last trading hour, profit taking was witnessed across the board. Activity continued to remain side-ways as the market witnessed hefty volumes in the 3rd tier stocks.

    Sectors contributing to the performance include Banks (+43 points), E&Ps (+28 points), Fertilizer (+18 points), Automobile (+10 points) and Chemicals (+10 points).

    Volumes decreased from 327.6 million shares to 240.0 million shares (-26.7 per cent DoD). Traded value also decreased by 5.9 per cent to reach US$ 34.6 million as against US$ 36.8 million.

    Stocks that contributed significantly to the volumes include UNITYR3, WTL, CNERGY, DSL and UNITY.

    Pakistan stocks fall on corona cases record 4-month high
  • Pakistani overseas workers send $15.8 billion in 1HFY22

    Pakistani overseas workers send $15.8 billion in 1HFY22

    KARACHI: Pakistani workers living abroad have sent $15.8 billion to their homeland during first half (July – December) of the fiscal year 2021/2022, State Bank of Pakistan (SBP) said on Friday.

    The workers’ remittances grew by 11.26 per cent when compared with $14.2 billion in the same period of the last fiscal year.

    READ MORE: Pakistan’s remittances fall by 6.6% in November 2021

    The central bank said that with $2.5 billion of inflows during December 2021, workers’ remittances continued their strong impetus of remaining above $2 billion since June 2020.

    In terms of growth, remittances increased by 2.5 per cent Month on Month and 3.4 per cent Year on Year in December 2021.

    Remittance inflows during December 2021 were mainly sourced from Saudi Arabia ($626.6 million), United Arab Emirates ($453.2 million), United Kingdom ($340.8 million) and United States of America ($248.5 million).

    READ MORE: ECC approves loyalty program for home remittances

    The central bank said that proactive policy measures by the government and SBP to incentivize the use of formal channels and altruistic transfers to Pakistan amid the pandemic have positively contributed towards the sustained inflows of remittances since last year.

    The Jul-Nov FY22 data of Workers’ Remittances has been revised upward to reflect inflows into Roshan Digital Accounts (RDA) that are related to local consumption (like payment of utility bills, transfer to local PKR account, etc.).

    READ MORE: FBR not to ask source of remittances sent through ECs

    Since data on these conversions was not previously available by country, these were reported under ‘other private transfers’ in the balance of payments statistics. The December 2021 data is also compiled accordingly, and this treatment will be followed going forward.

    READ MORE: PM Imran launches incentive program for remittances

  • Dollar falls 31 paisas to PKR in interbank

    Dollar falls 31 paisas to PKR in interbank

    KARACHI: The US dollar fell by 31 paisas against the Pak Rupee (PKR) on Friday owing to improved supply of the foreign currency.

    The interbank foreign exchange market ended at Rs176.07 to the dollar from the previous day’s closing of Rs176.38.

    Currency experts said that the market witnessed sufficient supply of dollars by the commercial banks to feed the demand for import payments. They said that dollar demand remained high due to the last trading day of the week.

    The experts said that positive sentiments also prevailed following the National Assembly passing the Finance (Supplementary) Bill, 2021 a day earlier. The bill contained several import restrictions through imposition of duty and taxes on non-essential and luxury items.

    They said that recent measures introduced by the State Bank of Pakistan (SBP) had also helped the rupee to recover against the foreign currency. The SBP on January 05, 2022 directed exporters to realise their export receipts within 120 days from date of shipment instead of 150 days.

    The experts said that falling foreign exchange reserves and rising oil prices in the international market remained a challenge for the rupee’s stability in the coming days.

    Rupee falls 15 paisas to dollar in interbank
  • SBP issues KIBOR rates on January 14, 2022

    SBP issues KIBOR rates on January 14, 2022

    KARACHI: State Bank of Pakistan (SBP) on Friday issued the Karachi Interbank Offered Rates (KIBOR) as of January 14, 2022.

    Following are the latest KIBOR rates:

     TenorBIDOFFER
    1 – Week9.7610.26
    2 – Week9.7910.29
    1 – Month9.8410.34
    3 – Month10.2310.48
    6 – Month11.2111.46
    9 – Month11.2411.74
    1 – Year11.2811.78
    SBP issues KIBOR rates on January 13, 2022
  • Customers’ exchange rates on January 14, 2022

    Customers’ exchange rates on January 14, 2022

    Karachi, Pakistan – On Friday, the State Bank of Pakistan (SBP) released the official exchange rates for January 14, 2022, providing customers with crucial information based on the weighted average rates of commercial banks.

    (more…)
  • Bitcoin to Pak Rupee on January 14, 2022

    Bitcoin to Pak Rupee on January 14, 2022

    KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs7,537,894.99 on January 14, 2022, in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate Rs7,726,379.33 on January 13, 2022.

    The rate of Bitcoin in US Dollar (USD) is $42,754.94 on January 14, 2022 in the open exchange market. The rate of Bitcoin has been calculated and compared with the rate $43,860.80 on January 13, 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.

    Bitcoin to Pak Rupee on January 13, 2022
  • Ripple to Pak Rupee on January 14, 2022

    Ripple to Pak Rupee on January 14, 2022

    KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is Rs136.05 on January 14, 2022, in the open exchange market. The rate of Ripple has been calculated and compared with the rate Rs139.81 on January 13, 2022.

    The rate of Ripple in US Dollar (USD) is $0.77 on January 14, 2022, in the open exchange market. The rate of Ripple has been calculated and compared with the rate of $0.79 on January 13, 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.

    Ripple to Pak Rupee on January 13, 2022
  • Dogecoin to Pak Rupee on January 14, 2022

    Dogecoin to Pak Rupee on January 14, 2022

    KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs31.13 on January 14, 2022, in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate Rs30.43 on January 13, 2022.

    The rate of Dogecoin in US Dollar (USD) is $0.18 on January 14, 2022, in the open exchange market. The rate of Dogecoin has been calculated and compared with the rate $0.17 on January 13, 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.

    Dogecoin to Pak Rupee on January 13, 2022
  • Pakistan’s forex reserves decline by $118 million

    Pakistan’s forex reserves decline by $118 million

    KARACHI: Pakistan’s total liquid foreign exchange reserves declined by $118 million during a week, the State Bank of Pakistan (SBP) said on Thursday.

    The foreign exchange reserves of the country were $23.901 billion by week ended January 07, 2022 as compared with $24.019 billion by week ended December 31, 2021.

    The official reserves of the central bank came down by $88 million to $17.598 billion by week ended January 07, 2022 as compared with $17.686 billion a week ago.

    Likewise, the foreign exchange reserves held by commercial banks declined by $30 million to $3.303 billion by week ended January 07, 2022 as compared with $6.333 billion a week ago.

    Pakistan’s foreign exchange reserves fall to $24.27 billion
  • Pakistan stocks fall on corona cases record 4-month high

    Pakistan stocks fall on corona cases record 4-month high

    KARACHI: Pakistan stocks fell by 153 points on Thursday amid infection of coronavirus i.e. COVID-19 rose to four-month high.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 45,763 points as against previous day’s closing of 45,916.3 points, showing a decrease of 153 points.

    READ MORE: SBP wins IFN global award for promoting Islamic finance

    Analysts at Arif Habib Limited said that the market remained volatile today as Country reported highest ever Covid-19 infections in the last four months.

    Market opened on a bleak note as investors remained risk-averse. In Refinery sector, CNERGY remained in the limelight as its board approved acquisition of 57.37 per cent stake in Puma Energy by virtue of which it will become second largest retail fuel network in Pakistan.

    READ MORE: Rupee falls 15 paisas to dollar in interbank

    In the last trading hour, profit taking was witnessed across the board. Activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks.

    Sectors contributing to the performance include Technology & Communication (-50.4 points), Cement (-33.8 points), Tobacco (-14.3 points), Pharma (-12.0 points) and Vanaspati (-11.0 points).

    Volumes decreased from 514.4 million shares to 327.6 million shares (-36.3 per cent DoD). Traded value also decreased by 38.9 per cent to reach US$ 36.7 million as against US$ 60.1 million.

    Stocks that contributed significantly to the volumes include CNERGY, WTL, HASCOL, UNITYR3 and TRG.

    READ MORE: Stocks gain 35 points amid profit taking