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  • CDC reduces tariff to support stock market

    CDC reduces tariff to support stock market

    KARACHI: Central Depository Company of Pakistan Limited (CDC) has reduced tariff structure to facilitate public and to support the stock market.

    As the infrastructure backbone of Pakistan Capital Market, CDC’s main objective is to provide efficient and cost effective services to all its customers and promote ease of doing business.

    In line to this resolve, CDC has continued to pass on the benefits to market participants and general investors without compromising on its services.

    As part of the recent reduction, CDC has provided 100 percent waiver on Maintenance fee for such Sub-Account holders who also have Investor Accounts.

    Taking this initiative further in order to promote the growth of Pakistan’s corporate debt market, CDC has significantly reduced its annual fee for long-term redeemable securities by approximately 65 percent.

    Additionally, CDC has rationalized its tariff structure for next five years which also includes reduction in custody fee for the year 2019-20 and 2020-21 by 14 percent and 16 percent respectively.

    Commenting on this market supporting endeavor, Badiuddin Akber, CEO-CDC said: “This initiative was taken by CDC to give much needed relief and support to the market, especially the investing public. While CDC continues to reduce its tariff since its inception, we are targeting our efforts towards helping reduce the cost of doing business for market participants. This is our ongoing contribution towards the development of Pakistan Capital Market.”

  • SBP facilitates three million people with fresh currency notes on Eid-ul-Fitr

    SBP facilitates three million people with fresh currency notes on Eid-ul-Fitr

    The State Bank of Pakistan (SBP) has successfully facilitated three million customers in obtaining fresh currency notes for Eid-ul-Fitr through its e-branches of commercial banks, according to a statement released on Wednesday.

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  • IR offices directed to observed extended working hours to facilitate taxpayers

    IR offices directed to observed extended working hours to facilitate taxpayers

    The Federal Board of Revenue (FBR) has taken a proactive step to facilitate taxpayers by directing offices of Inland Revenue (IR) to observe extended working hours.

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  • Stock market gains over 1,000 points on market support fund

    Stock market gains over 1,000 points on market support fund

    KARACHI: The stock market on Wednesday witnessed sharp gain of over 1,000 points over clarity in market support fund.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 35,959 points as against 34,949 points showing an increase of 1010 points.

    Analyst at Arif Habib Limited said that market bounced from the word Go. Within minutes of initial trading, the index was +150 points and did not see back. Clarity on Market Opportunity and Market Support Fund gave much needed confidence amongst investors and the erosion saw yesterday in the shape of a drop of ~750 points was recovered today.

    During the session, the index increased by 1044 points and closed (unadjusted) near day’s high at +1010 points. Buying was observed across the board and especially in stocks that could be of significance to the Government Supported Funds.

    Banks led the volumes table with 40 million shares (contributed by BOP 17 million), followed by Cement Sector with 23M shares (led by FCCL with ~12M shares).

    Sectors contributing to the performance include Fertilizer (+206 points), E&P (+201 points), Banks (+196 points), Power (+101 points) and Cement (+100 points).

    Volumes increased from 152.3mn shares as against 182.4mn shares (+20 percent DoD). Average traded value also increased by 4 percent to reach US$ 50.9mn as against US$ 48.8mn.

    Stocks that contributed significantly to the volumes include BOP, FCCL, UNITY, ISL and KEL, which formed 30 percent of total volumes.

    Stocks that contributed positively include HUBC (+76 points), ENGRO (+74 points), FFC (+67 points), OGDC (+64 points) and POL (+57 points). Stocks that contributed negatively include NESTLE (-33 points), FFBL (-1 points), GADT (-0 points), GHGL (-0 points) and DCR (-0 points).

  • Rupee gains 50 paisas in interbank

    Rupee gains 50 paisas in interbank

    KARACHI: The Pak Rupee gained 50 paisas against dollar on Wednesday on positive development on economic front.

    The rupee ended Rs149.75 to the dollar as compared with last day’s closing of Rs150.25 in interbank foreign exchange market.

    The interbank outright foreign exchange market was initiated in the range of Rs149.50 and Rs150.00.

    The market recorded a high of Rs150.25 and low of Rs149.50 and closed at Rs149.75.

    The exchange rate witnessed no change in the rupee value against dollar.

    The buying and selling of dollar was recorded at Rs149.00/Rs150.00 in cash ready market.

  • FPCCI expresses concerns over abolishing zero-rate regime

    FPCCI expresses concerns over abolishing zero-rate regime

    KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has expressed serious concerns over rumors regarding abolishing zero-rated for export sector.

    Engr. Daroo Khan Achakzai, President of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), S. M. Muneer Former President FPCCI and Iftikhar Ali Malik, Former President FPCCI & Sr. Vice President SAARC-CCI show their serious concern over the speculation of withdrawal of Zero Rated Facility for the five Key exports sector in the forth coming budget.

    They said that the withdrawal of zero rating facility of  key five sector i.e. value added textile, leather, carpet, surgical instruments and sports goods will decline further exports of Pakistan which is confronted with many challenges.

    These five sectors contribute 70 percent in exports of Pakistan and contribute significantly in earning foreign exchange and providing employment to skilled and unskilled labor force.

    They further stated that the refunds claims of exporters amounting to Rs300 billion is already pending with FBR creating liquidity crunch and hurdles to new investment.

    Due to uncertainty in economic environment, the investors are reluctant to make investment in Pakistan. Moreover, the devaluation of Pak. Rupees more than 30 percent in last one year does not impact positively on the enhancement of exports.

    They added that the withdrawal of this facility will increase cost of doing business due to 17 percent sales tax and high utility cost, as Pakistan’s exports is already facing a tough competition in international market due to enormous facilities given by the regional countries to their exporters.

    They further stated that government should find new avenues for enhancement of its revenue instead of damaging the exports sector which is already on a decline. They further suggested that the government should facilitate the industrialization in Pakistan particularly the agro-based and value added industries for the enhancement of exports.

  • Peshawar collectorate announces auction of vehicles on May 30

    Peshawar collectorate announces auction of vehicles on May 30

    ISLAMABAD: Model Customs Collectorate (MCC) Appraisement Peshawar has announced auction of large quantity of vehicles to be held on May 30 at Customs Railway Dryport, Peshawar.

    S#Make/Chassis No.
    1USED MITSUBISHI EK WAGON CHASSIS NO. :H82W-1342187 Model 2011
    2USED TOYOTA LAND CRUISER PRADO CHASSIS NO.GRJ151-0001019 Model 2009
    301 UNIT USED CHRYSLER 300 2012 COMPLETE VIN: 2C3CCAUM7DH517194
    4WDB2110722B156275
    5Toyota Corolla Ch No.JTNKU3JE80J011536
    6Toyota Hiace Van Ch No.KDH201-5013055 Model 2013
    7Suzuki Hybrid Car Ch No.FF21S-107822 Model 2016
    8Toyota Land Cruiser Ch No.URJ202-4116930 Model 2016
    9Toyota Land Cruiser Ch No.URJ202-4113863 Model 2016
    10Suzuki Hybrid Car Ch No.FF21S-103154 Model 2016
    11Toyota Lexux Ch No.URJ201-4193562 Model 2015
    12Suzuki Wagon R Ch No.MH34S-745380 Model 2013
    13Toyota Land Cruiser Ch No.URJ202-4134650 Model 2016
    14Toyota Vitz Car Ch No.NSP130-2220121 Model 2015
    15Used Hino Truck JHDFM2PK9D1S13123
    16Used Hino Truck JHDFM2PK9D1S13112
    17Suzuki Ignis Car Ch No. FF21S-106101 Model 2016
    18Suzuki Ignis Car Ch No FF21S-116086 Model 2016
    19Hino Truck Model 2013 Ch No. FD7JLA-13990
    20Honda Insight Car Ch No.ZE2-1128757 Model 2009
    21Honda Pruis Car Ch No ZE2-1100845 Model 2008
    22Honda Insight Car Ch ZE2-1101847 Model 2009
    23Isuzu Mazda Truck Ch No.NJR85-7033961 Model 2013
    24Toyota Pruis Car Ch No.ZVW30-5252971 Model 2010
    25Honda Insight Car Ch No.ZE2-1213085 Model 2010
    26Suzuki Every Van Ch No.DA64V-353777 Model 2009
    27Suzuki Every Van Ch DA64V-364405 Model 2009
    28Suzuki Ch No.HA25S-820648 Model 2011
    29Daihatsu Ch No.S321V-0066949 Model 2009
    30Toyota Hiace Van Ch No.KDH201-5013055 Model 2013
    31Honda Car Ch No.JG1-1013188 Model 2012
    32Toyota Pruis Car Ch No.ZVW30-1327759 Model 2010
    33Toyota Aqua Car Ch No.NHW20-3576346 Model 2010
    34Suzuki Every Van Ch No.DA64W-259752 Model 2008
    35Suzuki Every Van Ch No.DA64W-294817 Model 2008
    36Toyota Passo Car Ch No.KGC30-0016590 Model 2010
    37Suzuki Every Van Ch No.DA64V-294623 Model 2008
    38SCAZN000XHCX20626
    39Toyota Platz Car Ch No.NCP12-0001170 Model 1999
  • Eid-ul-Fitr holidays from June 4-7 announced

    Eid-ul-Fitr holidays from June 4-7 announced

    The government of Pakistan has officially declared a four-day holiday from June 4 to 7 in celebration of Eid-ul-Fitr, according to a statement released by the Ministry of Interior on Tuesday.

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  • Engro Fertilizers, DFAT train over 4,000 smallholder farmers

    Engro Fertilizers, DFAT train over 4,000 smallholder farmers

    LAHORE: Engro Fertilizers Limited, Engro Foundation and the Department of Foreign Aid and Trade (DFAT), Government of Australia have successfully trained more than 4,000 smallholder farmers so far, including 600 women, on quality certified seed use over two years.

    Additionally, the project has developed approximately 290 enterprising smallholder farmers, 124 among whom are women, to produce their own quality farm-saved seed for further exchange, distribution and selling among the fellow farmers in nearby villages.

    Co-funded by Engro Fertilizers Limited and the Department of Foreign Aid and Trade (DFAT), Government of Australia, Partnerships and Value Expansion in Seeds Value Chain (PAVE) project aims to build capacities of smallholder farmers to become high-skilled seed multipliers and become part of seed supply chain, as well as using certified seed in their regular cropping to earn higher incomes.

    For this successful project, Engro Fertilizers Limited and Engro Foundation have also received an international award at the Asia Responsible Enterprise Awards (AREA) 2019 in Taipei, Taiwan.

    Sharing his thoughts on this achievement, Nadir Salar Qureshi, CEO of Engro Fertilizers, said, “At Engro Fertilizers, our goal is to promote food security in Pakistan by empowering smallholder farmers to implement sound agricultural practices, and to equip them to overcome barriers of entry in the marketplace. PAVE is a much-needed initiative in this direction.” He added, “AREA 2019 recognizes some of the most impressive business practices in the region, and we are humbled to be named alongside some very laudable sustainability initiatives.”

    PAVE successfully completed its first year of operations in March 2019 and is running under the leadership of Engro Fertilizers’ Crop Sciences Division in partnership with Engro Foundation and Mennonite Economic Development Associates (MEDA), Canada – an implementing partner in the project.

    Regarded as the top corporate social responsibility (CSR) awards in Asia, AREA is organized annually by Enterprise Asia, a leading non-governmental organization for responsible entrepreneurship in Asia. AREA aims to recognize and honour Asian businesses and leaders for championing sustainable and socially responsible business practices.

  • SBP issues daily exchange rates for payment under amnesty scheme 2019

    SBP issues daily exchange rates for payment under amnesty scheme 2019

    KARACHI: The State Bank of Pakistan (SBP) is issuing daily exchange rate for payment of duty and taxes under tax amnesty scheme – 2019.

    The exchange rates are available at the FBR portal and can be accessed by visiting https://www.fbr.gov.pk/assets-declaration-scheme-2019/132009

    The SBP has started issuing the exchange rates from May 27, 2019 in 10 major foreign currencies for conversion into Pak Rupee.

    The available conversions for foreign currencies available in US Dollar (USD), Saudi Riyal (SAR), Japanese Yen (JPY), British Pound (GBP), Euro (EUR), Chinese Yuan (CNY), Swiss Franc (CHF), Canadian Dollar (CAD), Australian Dollar (AUD) and UAE Dirham (AED).

    The latest following exchange rates are available on the FBR site is for May 28, 2019.

    CURRENCY: BUYING RATE

    AED: 40.7238

    AUD: 103.6792

    CAD: 111.3376

    CHF: 149.0207

    CNY: 21.7252

    EUR: 167.5895

    GBP: 190.5176

    JPY: 1.3657

    SAR: 39.8949

    USD: 149.5900