KARACHI: The stock market is likely to stay range-bound during the next week owing to the upcoming monetary policy decision and large trade deficit.
(more…)Author: Faisal Shahnawaz
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Stocks end flat amid bears rule over bulls
KARACHI: Stocks ended flat and on Friday as bears rule over the bulls during the day due to alarming current account deficit.
The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) closed at 43,233 points as against the previous day’s close of 43,234 points.
Analysts at Arif Habib Limited said that the bears ruled over the bulls today due to concerns over an alarming number of current account deficit, devaluation of Pak rupee, and a big jump in cut-off yields of treasury bills indicating a hawkish stance in the upcoming monetary policy.
Yesterday, a sharp downfall in the market occurred due to a sell-off by mutual funds which eventually created an attractive opportunity for value hunters.
The market opened on a positive note as value hunters did aggressive buying in the first session.
In the second session, across the board selling was witnessed as PKR closed at an all-time low of 176.77, down 0.2 per cent DoD.
Moving forward, the analysts expect the market to remain volatile and recommend a cautious approach.
Sectors contributing to the performance include Cement (-180 points), Technology (-63 points), Engineering (-35 points), Textile Composite (-31 points) and Refinery (-25 points).
Volumes decreased from 386.8 million shares to 287.7 million shares (25.6 per cent DoD). Traded value also decreased by 26.9 per cent to reach US$ 58.1 million as against US$ 79.6 million.
Stocks that contributed significantly to the volumes include WTL, TPLP, BYCO, UNITY and TRG.
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Dollar makes new high of Rs176.77 at interbank closing
KARACHI: The US dollar recorded a new high at Rs176.77 against the Pak Rupee (PKR) at the closing of the Interbank foreign exchange market on Friday.
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Customers’ exchange rates on December 03, 2021
Karachi, Pakistan – The State Bank of Pakistan (SBP) has unveiled the exchange rates for December 03, 2021, providing a snapshot of the current market values.
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FBR notifies promotion of senior IRS officers to BS-21
The Federal Board of Revenue (FBR) has issued a notification (No. 2863-IR-I/2021) on Friday, officially announcing the promotion of several senior officers from the Inland Revenue Service (IRS) to BS-21 from their previous BS-20 positions.
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Inland Revenue officers promoted to BS-20
In a significant move aimed at recognizing and rewarding the dedication and service of officers within the Inland Revenue Service (IRS), the Federal Board of Revenue (FBR) issued Notification No. 2864-IR-I/2021 on Friday, announcing the promotion of several officers from BS-19 to BS-20.
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FBR notifies promotion of Customs officers to BS-20
In a move to recognize and reward the dedicated service of officers within the Pakistan Customs Service (PCS), the Federal Board of Revenue (FBR) issued Notification on Friday, announcing the promotion of several officers from BS-19 to BS-20 on a regular basis with immediate effect.
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Promotion of senior Customs officers to BS-21
In a significant development, the Federal Board of Revenue (FBR) announced on Friday the promotion of distinguished officers from the Pakistan Customs Service (PCS) from BS-20 to BS-21 on a regular basis, effective immediately.
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Pakistan’s import cover reduces to two months
KARACHI: Pakistan’s import cover has been reduced to two months with a reduction in official foreign exchange reserves of the State Bank of Pakistan (SBP) to $16.01 billion.
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Pakistan stock exchange crashes; ends down 4.71%
KARACHI: The Pakistan Stock Exchange (PSX) faced a severe downturn on Thursday, with the benchmark KSE-100 index plummeting by 2,135 points in response to unfavorable reports on the fiscal front.
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