Pakistan car sales (including KIA) clocked in at 24,000 units in October 2021, down 4 per cent MoM.
Analysts at Topline Securities said that Pak Suzuki (PSMC) had stopped booking of certain variants of Cultus and Alto models due to supply side constraints which had an impact on its overall sales during the month.
Honda Car (HCAR) also witnessed lower MoM sales due to rising competition and anticipated launch of KIA Stonic.
Sales of HCAR and PSMC were down 27 per cent and 8 per cent MoM, respectively. Indus Motors (INDU) continued to post strong growth growing by 10 per cent MoM. Hyundai Nishat also recorded 10 per cent MoM increase in car sales.
With stringent regulation on car financing by SBP and rising interest rates, car sales can slow down further going forward.
On YoY basis, car sales improved by 49 per cent YoY driven by PSMC and INDU sales which were up 69 per cent and 26 per cent, respectively. In 4MFY22, car sales increased by 75 per cent YoY to 90k units primarily due to low base and macro recovery.
Pakistan bike sales as reported by PAMA were up 14 per cent MoM and 1 per cent YoY to 177k units in Oct 2021 where Atlas Honda (ATLH) recorded growth of 14 per cent MoM and 8 per cent YoY.
Pakistan tractor sales posted growth of 22 per cent MoM and 19 per cent YoY, reporting sales of 5k units during Oct 2021. Trucks & buses sales were down 5 per cent MoM and up 32 per cent YoY.
KARACHI: The capital gain tax (CGT) on disposal of shares for the month of September 2021 will be collected on November 19, 2021, according to a notification issued on Thursday.
The National Clearing Company of Pakistan Limited (NCCPL) communicated the stock brokers that the aggregate amount of CGT arising on disposal of shares at Pakistan Stock Exchange (PSX) for the period September 01, 2021 to September 30, 2021, would be collected on Friday November 19, 2021 through respective settling banks of the Clearing Members.
All Clearing Members are hereby requested to ensure requisite amount in their respective settling bank’s account. Necessary details and reports for the said period have already been made available in the CGT System.
Further, the aggregate amount of CGT arising on trading of future commodity contracts at Pakistan Mercantile Exchange for the period September 01, 2021 to September 30, 2021, would also be collected from the Pakistan Mercantile Exchange on Friday November 19, 2021.
Necessary details and reports for the period have already been made available, the NCCPL said.
Clearing Members and Pakistan Mercantile Exchange are hereby requested to verify the investor wise details of capital gain or loss and tax thereon, if any, through reports/downloads.
In case of none or partial collection of CGT, necessary action would be taken in accordance with the Rules and NCCPL Regulations, according to the notification.
Analysts at Arif Habib Limited said that the market opened on a positive note but remained dull in the first half of the market.
Concerns on inflation and weakening of Pak Rupee against dollar created uncertainty for investors to take fresh positions, which eventually resulted in a profit-booking scenario of last day positions in the second half session.
Accumulation was witnessed in the banking sector as market participants eyeing rate hike in the upcoming monetary policy.
Activity continued to remain side-ways as the market witnessed hefty volumes in the 3rd tier stocks. On the flip-side, institutional activity remained lackluster.
Sectors contributing to the performance include Commercial Banks (-60 points), E&P (-55 points), Technology (-40 points), Cement (-37 points) and Engineering (-19 points).
Volumes decreased from 320.3 million shares to 269.5 million shares (-15.9 percent DoD). Traded value also decreased by 11 per cent to reach US$ 54.5 million as against US$ 61.2 million.
Stocks that contributed significantly to the volumes include GGL, SERF, TELE, TPLP and WAVES.
Karachi, November 11, 2021 – The State Bank of Pakistan (SBP) has unveiled the official exchange rates for customers, applicable as of November 11, 2021.
KARACHI: The State Bank of Pakistan (SBP) has stressed the need of digital transformation of global Islamic financial services for its growth.
Digital transformation of the global Islamic financial Services industry has become a necessity for its growth and it needs to focus on innovative ways of service delivery that aligns with expectations of today’s tech-savvy and convenience-driven customers, SBP governor Dr. Reza Baqir said.
He was speaking at the 15th Islamic Finance Services Board (IFSB) Summit 2021 hosted by the Saudi Central Bank in Jeddah, according to a SBP statement issued on Wednesday.
The theme of the summit was “Islamic Finance and Digital Transformation: Balancing Innovation and Resilience.”
Dr. Reza Baqir, who is the Deputy Chairman of the Council of IFSB, was chairing a session on ‘Digital Transformation of Islamic Financial Services: Opportunities, Challenges and Policy Implications’. Other attendees at the summit included the central bank Governors of Saudi Arabia, UAE, Bahrain, Indonesia, Oman, and Libya.
With fast digitalization happening in the financial landscape, Governor SBP emphasized that the Islamic finance industry also needs to move to digitize their financial services and transform their processes to improve efficiency, reduce intermediation cost and increase outreach to a wider segments of society.
He pointed out that digitalization of Islamic financial services offers tremendous opportunities in achieving a more inclusive financial system for Islamic countries, where a significantly large number of adult population is unbanked than rest of the world.
SBP governor advised that development of Shariah and prudential standards related to fintechs and digital banking, by the international standards setting bodies such as AAOIFI and IFSB, would prove pivotal for the fast-paced development of global Islamic financial industry and recommended to set up a technical working group to specifically work on these standards.
He touched upon the key initiatives taken by State Bank of Pakistan during the last few years on the digital front, especially in the wake of COVID-19 pandemic.
He especially mentioned SBP’s initiatives pertaining to National Payment Systems Strategy, digital on boarding framework to bring banking services to the fingertips of the customers, digital on-boarding of merchants to facilitate the growth of digital payments and Roshan Digital Accounts for providing innovative banking solutions to millions of Non Resident Pakistanis (NRPs).
Other panelists of the session discussed how the digital transformations could benefit and bring significant opportunities for the Islamic finance industry allowing greater accessibility, convenience, speedy payment transactions and operational efficiency.
The panelists also shed light on new regulatory and supervisory challenges for the financial sector regulators posed by technological advancements. Further, they discussed policy implications of digitalization that focuses on maintaining a balance among financial innovation, integrity and stability.
The 15th IFSB Summit 2021 focused on ways to foster innovation, technological adoption, accessibility and sustainability in the Islamic financial system to aid its future growth and development. It also highlighted policy implications arising from rapid digital transformation and the work to be done, going forward, to strengthen its resilience and stability.
The Summit convened together high-level participants from regulatory and supervisory authorities, government officials, commercial institutions offering Islamic financial services, international organizations, multilateral development banks, academics and think tanks.
The currency dealers said that the rupee witnessed massive decline owing to higher dollar demand for import payments.
The import bill registered a growth of 65.15 per cent to $25.06 billion during July – October 2021 as compared with $15.17 billion in the same period of the last fiscal year.
The said that non-availability of expected inflows from Saudi Arabia had also put pressure on the dollar demand. The Saudi government on October 26, 2021 pledged to provide $3 billion assistance to Pakistan in managing balance of payment.
The local unit recorded the all-time low of Rs175.27 on October 26, 2021.
