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  • Rupee ends down by 10 paisas against dollar

    Rupee ends down by 10 paisas against dollar

    KARACHI: The Pak Rupee ended down by 10 paisas against dollar on Friday owing to higher demand of the foreign currency for import payment.

    The rupee ended Rs158.67 to the dollar from previous day’s closing of Rs158.57 in interbank foreign exchange market.

    Currency dealers said that the higher demand for dollars depressed the rupee value. They said that the higher dollar demand was due to import of Ramazan related commodities.

    The exchange rate in open market witnessed some changes in rupee value. The buying and selling of dollar was recorded at Rs158.00/Rs158.50 from previous day’s closing of Rs157.50/Rs158.50 in cash ready market.

  • Share market trims losses after sixth halt

    Share market trims losses after sixth halt

    KARACHI: The share market witnessed sixth lower lock in second week of bear run on Thursday. However, it trims losses later in the day by losing 286 points at the closing bell.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 30,130 points as against 30,416 points showing a decline of 286 points (-0.9 percent DoD).

    Analysts at Arif Habib Limited said that the market witnessed the 6th halt today when the benchmark KSE100 index dropped 1,562 points, having traded 8.5 million shares.

    Overall the index lost 1964 points during the session, reaching 28,452 points, and rebounded to erase all the losses and trading 100 points green for a while, only to resume selling later on.

    The index closed 286 points down from LDCP. Buying activity was largely observed in Fertilizer, Banking and Oil & Gas sector. Cement sector also saw buying activity initially which brought the cement sector scrips from lower lock to tradable range, however, selling activity brought these stocks back to lower circuits.

    Cement sector led the volumes with 48.8 million shares, followed by Banks (43.3 million) and Power (36.9 million). Among scrips, KEL topped the volumes with 22.1 million, followed by UNITY (19.3 million) and BOP (18.8 million).

    Sectors contributing to the performance include Cement (-179 points), Power (-104 points), O&GMCs (-55 points), Textile (-53 points), Food (-48 points), Fertilizer (215 points), Banks (115 points).

    Volumes increased from 186.6 million shares to 308.3 million shares (+65 percent DoD). Average traded value also increased by 90 percent to reach US$ 63.8 million as against US$ 33.5 million.

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

    Stocks that contributed positively to the index include FFC (+91 points), ENGRO (+81 points), MCB (+66 points), BAHL (+52 points) and EFERT (+46 points). Stocks that contributed negatively include HUBC (-95 points), LUCK (-85 points), UBL (-65 points), NESTLE (-50 points), and DGKC (-26 points).

  • Rupee ends down by five paisas against dollar

    Rupee ends down by five paisas against dollar

    KARACHI: The Pak Rupee fell by five paisas against dollar on Thursday due to rise in demand for import payment.

    The rupee ended Rs158.57 to the dollar from previous day’s closing of R$158.52 in interbank foreign exchange market.

    Currency dealers said that rise in demand for import payment depreciated the local currency. They said that majority of dollar demand was for the payment of imported commodities related to holy month of Ramazan.

    The exchange rate in open market was remained unchanged. The dollar buying and selling was recorded at Rs157.50/Rs158.50, the same previous day’s closing, in cash ready market.

  • FBR withdraws sugar valuation for sales tax collection

    FBR withdraws sugar valuation for sales tax collection

    KARACHI: Federal Board of Revenue (FBR) has withdrawn valuation of sugar for the purpose of sales tax collection in order to ensure clearance at prevalent international rates.

    The FBR issued SRO 233(I)/2020 dated March 18, 2020 to amend SRO 812(I)/2016 dated September 02, 2016.

    The FBR had fixed valuation at $725 per metric ton through previous notification. However, the prices of the commodity witnessed sharp decline in international market over the time.

    Presently, the international sugar prices is being traded at $334.30 per metric tons. The prices fell by 21 percent during March 20, 2020 in international trade.

  • FBR extends date for filing sales tax returns

    FBR extends date for filing sales tax returns

    ISLAMABAD – The Federal Board of Revenue (FBR) has announced an extension in the deadline for filing sales tax and federal excise return for the month of February 2020.

    (more…)
  • Equity market witnesses major fall on policy rate cut disappointment

    Equity market witnesses major fall on policy rate cut disappointment

    KARACHI: The equity market fell by over 2200 points or 6.7 percent on Wednesday as investors disappointed over lower than expected rate cut by the central bank.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 30,416 points as against 32,617 points showing a decline of 2201 points.

    Analysts at Arif Habib Limited said that the market showed its disappointment to SBP’s Policy Rate cut in full force.

    Market halt activated at -1683 points 10:17 PM with 57 million shares, an reopened at -1731 points with 66 million shares traded on KSE100.

    Situation worsened over the time and majority of stocks hit lower circuits, causing the Index to plunge by a total of 2238 points during the session.

    Market closed -2201 points. Although international markets traded positive yesterday but the Futures of respective indices failed to maintain the momentum, which also caused investors to stay cautious. Banking sector registered trading volume of 32.8 million shares, followed by Power (31 million) and Cement (22.7 million).

    Among scrips, KEL topped the volumes with 25.5 million shares, followed by BOP (19.5 million) and HIFA (9.1 million).

    Sectors contributing to the performance include Banks (-582 points), Fertilizer (-320 points), E&P (-292 points), Cement (-198 points) and Power (-164 points).

    Volumes declined from 240.4 million shares to 186.7 million shares (-23 percent DoD). Average traded value also declined by 53 percent to reach US$ 33.5 million as against US$ 71.3 million.

    Stocks that contributed significantly to the volumes include KEL, BOP, HIFA, MLCF and UNITY, which formed 36 percent of total volumes.

    Stocks that contributed negatively include HBL (–145 points), ENGRO (-143 points), HUBC (-121 points), MCB (-105 points), and FFC (-101 points).

  • Rupee ends down by 10 paisas against dollar

    Rupee ends down by 10 paisas against dollar

    KARACHI: The Pak Rupee ended down by 10 paisas against dollar on Wednesday due to higher import payment demand.

    The rupee closed at Rs158.52 to the dollar from previous day’s closing of Rs158.42 in interbank foreign exchange market.

    Currency dealers said that the rupee fell due to rise in demand for import payment.

    They said that the importers were holding the dollar purchase on expectation of major cut in key policy rate.

    The foreign currency market was initiated in the range of Rs158.10 and Rs158.40. The market recorded day high Rs158.85 and low of Rs158.40.

    The exchange rate in open market was remained unchanged. The dollar buying and selling was recorded at Rs157.50/Rs158.50, the same previous day’s closing, in cash ready market.

  • SRB extends date for payment, filing returns

    SRB extends date for payment, filing returns

    The Sindh Revenue Board (SRB) has announced an extension for the payment of sales tax and the filing of monthly sales tax returns for the tax period of February 2020. This move aims to provide relief to taxpayers amid various operational challenges.

    (more…)
  • FBR decides online monitoring sale of petroleum products

    FBR decides online monitoring sale of petroleum products

    ISLAMABAD: Federal Board of Revenue (FBR) has decided online monitoring the sale of petroleum products in order to prevent tax evasion.

    In this regard the FBR issued SRO 23(I)/2020 dated March 16, 2020 to amend Sales Tax Rules, 2006. The amendment has been introduced in Rule 150ZF to include petroleum products in the list of specified items.

    As per the rule 150ZF, it shall apply to electronic monitoring, tracking and tracing of production, import and supply chain on real time basis.

    The FBR has already included items in the list for real-time monitoring of goods, which included: tobacco products; beverages; sugar; fertilizers; and cement.

    The FBR also clarified that specified goods including petroleum products, if brought from non-tariff area as define in the Federal Excise Act, 2005 shall be treated as imported goods.

    Through another amendment to rule 150ZG the FBR also redefined licensing committee as a committee comprising at least three members of Inland Revenue Officers not below the rank of BPS-20 of FBR Headquarters, assisted by technical or IT expert and any other officer or authority designated by the Board.

    Prior to the amendment, the licensing committee was defined as: a committee comprising Commissioner (Zone-1), LTU, Islamabad, Commissioner (Zone-1) LTU Karachi, Commissioner Mardan Zone, RTO Peshawar, Director, Intelligence and Investigation-IR, Islamabad, Chief-IR (Operations-1), FBR Headquarters, Islamabad and any other officer or authority designated by the Board.

  • SBP announces loan scheme to fight coronavirus

    SBP announces loan scheme to fight coronavirus

    KARACHI: State Bank of Pakistan (SBP) on Tuesday announced a refinancing scheme for combating coronavirus. The size of the scheme is Rs5 billion and available for end-user at three percent.

    Dr. Reza Baqir, SBP governor, announced the scheme namely “Refinance Facility for Combating COVID–19 (RFCC)” and its Shariah compliant version to support hospitals and medical centers in combating the spread of COVID–19.

    Under this scheme, the SBP will refinance banks to provide financing at a maximum end-user rate of 3 percent for 5 years for the purchase of equipment to detect, contain and treat the coronavirus.

    The SBP will provide this facility to banks at zero percent.

    All hospitals and medical centers registered with federal or provincial health agencies and which are engaged in the control and eradication of COVID-19 will be eligible for this facility.

    The total size of the scheme is Rs 5 billion, with a maximum financing limit per hospital or medical center of Rs 200 million.

    This scheme will help contain the spread of the Coronavirus and reduce its human toll. It is available until end-September 2020.

    The SBP governor said that considering the necessity and success of the scheme the size of the scheme could be enhanced.

    He said that the medical institutions and banks had jointly conducted survey for the purchase of ventilators, which was primary need to fight against coronavirus.