Disclaimer: All data and information is provided for informational purposes only. The data has not provided for trading purposes or financial, investment, tax, legal, accounting or other advice. In 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.
Amongst major asset classes used by local investors, Cryptocurrency and Property remained the best performing asset class in Pakistan in 2021, said analysts at Topline Securities.
On the other hand, Pakistan equities underperformed all other asset classes in 2021 posting a return of 1 per cent with 6 trading sessions left. This remained much lower than equity historical 30-year CAGR of 14 per cent.
Cryptocurrency which is not currently officially recognized by Pakistan but used by many local investors, saw huge gains in 2021. Cryptocurrency thrived during the pandemic on the back of retail investor influx, huge leverage availability, and low transaction cost. The widely followed Cryptocurrency Bitcoin has rallied by 87 per cent in 2021 in PKR terms.
Pakistan property market also remained a star performer gaining 23 per cent per plot price index. This was led by a series of incentives announced by the federal government and central bank (SBP) to support the construction sector.
Moreover, amnesty Scheme, low taxes, ability to park undocumented wealth, and opportunity for oversees Pakistanis to invest in housing through Roshan Digital Account (RDA) led to strong interest in Property sector in 2021.
Pakistan’s weak external account situation and rising interest rates led to lower interest in equities which despite posting decent returns in 1H2021 is likely to close flat in 2021. KSE-100 index peaked in 1H2021 at 48,726 index level on Jun 14, 2021 and since then it is down 9 per cent due to concerns on Pakistan macros.
Due to the pressures on external account situation of the country, Pak rupee also depreciated by 11 per cent against US$. Thus, holders of US$ made decent returns while holder of Naya Pakistan US$ Certificate (Roshan Digital) also made 18 per cent in PKR terms. Gold also posted gains of 10 per cent in PKR in 2021 as investors continue to see Gold as a safe heaven under uncertain economic outlook.
Fixed income returns were lower compared to other asset classes due to rising yields. Average yields on 1-year T-Bill stood at 8.3 per cent, 1-year Special Saving Certificate stood at 8.6 per cent whereas average rate on 10-year PIB stood at 10.4 per cent.
Analysts at Arif Habib Limited said that the battle between bulls and bears was conquered by the bears in the last trading hour.
Market opened with a positive momentum as State Bank of Pakistan (SBP) SBP conducted another Open Market Operation (OMO) for 63 days.
Optimistic approach faded away due to concerns of investors towards higher inflation and dip in total liquid foreign exchange reserves held by the SBP mainly due to external debt repayment.
Activity continued to remain side-ways as the market witnessed hefty volumes in the 3rd tier stocks. On the flip-side, in the second session institutional buyers started fetching value stocks due to attractive multiples.
Sectors contributing to the performance include Technology & Communication (-60 points), Chemical (-36 points), Cement (-25 points) Oil & Gas Exploration Companies (-17 points) and Textile (-9 points).
Volumes decreased from 240.4 million shares to 223.4 million shares (-7.1 per cent DoD). Traded value also decreased by 8.5 per cent to reach US$ 41.2 million as against US$ 45.0 million.
Stocks that contributed significantly to the volumes include UNITYR3, HUMNL, TRG, TPLP and UNITY.
Currency experts said the market witnessed demand for dollars during the day. However, inflows helped the rupee to avoid major losses.
The experts said that the market was also positive due to recent restrictions imposed by the State Bank of Pakistan (SBP). The SBP December 19, 2021 imposed restriction on purchase of dollars by individuals. According to the new instructions an individual can purchase a maximum of $10,000 in a day and $100,000 in a year with certain documentation.
They said that high import bill and current account deficit were major reasons that put the rupee under pressure in the coming days.
Karachi, Pakistan – On Friday, the State Bank of Pakistan (SBP) issued the official exchange rates for December 24, 2021, providing customers with essential information based on the weighted average rates of commercial banks.
KARACHI: The exchange rate of Dogecoin (DOGE) in Pak Rupee (PKR) is Rs 32.26 on December 24, 2021 in open exchange market. The rate of Dogecoin has been calculated and compared with the rate on December 24, 2021.
The rate of Dogecoin in US Dollar (USD) is $ 0.18 on December 24, 2021 in open exchange market. The rate of Dogecoin has been calculated and compared with the rate on December 24, 2021.
Disclaimer: All data and information is provided for informational purposes only. The data has not provided for trading purposes or financial, investment, tax, legal, accounting or other advice. In 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 n not a recommendation buy, sell or hold any security or financial product.
KARACHI: The exchange rate of Ripple (XRP) in Pak Rupee (PKR) is Rs 173.48 on December 24, 2021 in open exchange market. The rate of Ripple has been calculated and compared with the rate on December 24, 2021.
The rate of Ripple in US Dollar (USD) is $ 0.98 on December 24, 2021 in open exchange market. The rate of Ripple has been calculated and compared with the rate on December 24, 2021.
Disclaimer: All data and information is provided for informational purposes only. The data has not provided for trading purposes or financial, investment, tax, legal, accounting or other advice. In 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 n not a recommendation buy, sell or hold any security or financial product.
KARACHI: The exchange rate of Bitcoin (BTC) in Pak Rupee (PKR) is Rs 9,079,558.54 on December 24, 2021 in open exchange market. The rate of Bitcoin has been calculated and compared with the rate on December 24, 2021.
KARACHI: Pakistan’s foreign exchange reserves have declined by $395 million to $24.633 billion by the week ended December 17, 2021, the State Bank of Pakistan (SBP) said on Thursday.
The foreign exchange reserves of the country were $25.028 billion a week ago.
The official foreign exchange reserves of the SBP were reduced by $414 million to $18.153 billion by the week ended December 17, 2021, as compared with $18.568 billion a week ago.
The central bank said that its reserves had fallen mainly due to external debt repayment.
The foreign exchange reserves held by commercial banks however increased by $19 million to $6.479 billion by the week ended December 17, 2021, as compared with $6,460 billion a week ago.
KARACHI: The USAID – Small and Medium Enterprises Activity (SMEA) has conducted a full day trading session on Amazon readiness and selling for members of Karachi Chamber of Commerce and Industry (KCCI), a statement said on Thursday.
Speaking on the occasion, President KCCI Muhammad Idrees appreciated the Ministry of Commerce for its strenuous efforts that led to inclusion of Pakistan in the Amazon sellers’ list. It is undoubtedly a great milestone which would surely promote e-Commerce all over Pakistan.
He also appreciated the USAID – Small and Medium Enterprises Activity (SMEA) for conducting the Training session on Amazon for KCCI members which was aimed at educating the Pakistani exporters on how to benefit from the e-commerce being offered by Amazon.
He was of the view that in order to make the most of Amazon opportunity, a lot of hard work was required in training, quality assurance, improvement in logistics, payment systems and customer relationship management etc.
“To reap full benefits, all the stakeholders have to work together in order to drive the Pakistani E-Commerce sector forward and ensure sustained progress and prosperity for Pakistan”, he added.
The training session on Amazon readiness and selling which was attended by prominent members of the business community along with President KCCI Muhammad Idrees, Senior Vice President KCCI Abdul Rehman Naqi, Vice President KCCI Qazi Zahid Hussain, Deputy Chairman Exports Subcommittee Iqbal Khamisani and KCCI Managing Committee Members.
Khurram Shahzad and Asad Kamran, who were representing USAID – Small Medium Enterprise Activity (SMEA), carried out the daylong training session which was followed by a detailed Q&A session.
