Pkrevenue.com

Tag: PSX

  • SBP allows commission payment to foreign brokers

    SBP allows commission payment to foreign brokers

    KARACHI: The State Bank of Pakistan (SBP) on Thursday allowed payment of commission to international broker dealers (IBD) in order facilitate foreign portfolio investment.

    In this regard the central bank issued a circular. The SBP said that it had been decided to allow general permission to banks or Authorized Dealers (ADs) for remitting the share of commission to such IBD by Local Broker Dealers (LBD).

    READ MORE: SBP increases policy rate sharply by 250bps to 12.25%

    To allow the general permission the SBP inserted a new para to Chapter 14 of Foreign Exchange Manual.

    According to new para, Authorized Dealers (ADs) may allow remittance of due share of commission by Local Broker Dealer (LBD) to International Broker Dealers (IBD) against all those settled trades of securities, which have been initiated by IBD for direct execution through LBD, on behalf of their non-resident investors (SCRA holders), subject to compliance of following terms and conditions:

    The LBD shall be a Securities Broker in terms of Securities Brokers (Licensing and Operations) Regulations of Securities and Exchange Commission of Pakistan (SECP).

    READ MORE: SBP receives 20 applications for digital bank licenses

    IBD shall be a foreign entity engaged in the brokerage business that has entered in to an agreement with LBD for sharing of brokerage commission arising from buying/ selling of securities in Pakistan on behalf of non-resident clients of IBD.

    The LBD shall submit an application for remittance duly signed by CFO along with an undertaking that amount requested has not been remitted abroad from Pakistan earlier and duly filled Form-M.

    The LBD shall provide a copy of valid underlying contract. The contract shall include name of IBD, applicable rate of commission, periodicity of payment etc.

    READ MORE: Crypto platform appoints Pakistan country manager

    The LBD shall provide the detail of deals, against which commission is being remitted. The detail shall include name of the foreign investor & UIN, IBD Name & No., Custodian/Settlement Bank Name & No., trade (sale/purchase), name and quantity of security, price, commission earned, applicable Taxes and Net share of commission due for remittance, etc. The details should be verified by CFO of the LBD and counter verified by National Clearing Company Pakistan Limited (NCCPL) and Settlement Bank/AD with respective authorized Signatures and Stamp.

    The amount of commission (net of applicable taxes) to be remitted, shall not exceed the amount determined as per rate prescribed by Pakistan Stock Exchange (PSX) or the rate agreed in the agreement, whichever is lower.

    READ MORE: SBP issues bank timing during Ramadan 2022

  • Pakistan stocks shed 324 points on political uncertainty

    Pakistan stocks shed 324 points on political uncertainty

    KARACHI: Pakistan stocks fell by 324 points on Thursday owing to political uncertainty and rupee devaluation.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended at 43,784 points from previous day’s closing of Rs44.110 points.

    READ MORE: Stocks gain 183 points despite political uncertainty

    Analysts at Arif Habib Limited said that another volatile day observed at PSX today, KSE-100 index opened positive but was unable to digest green zone due to ongoing political unrest, rising T-bill auction yields and Pak rupee devaluation against US Dollar.

    Cement sector stayed under pressure throughout the day.

    READ MORE: Pakistan stocks end up amid volatile trading

    Across the board profit selling was witnessed in the last trading hour which led the index to close in red zone.

    Analysts at Topline Securities said that Pakistan equities witnessed a mix trend today where the KSE 100 index opened on a positive note, made an intraday high at 44,350 (+239 points; up 0.54 per cent) & intraday low at 43,752 (-359 points; down 0.81 per cent) before settling at 43,786 (-327 points; down 0.74 per cent) for the day.

    During the trading hours, investors opted to remain sideline as all eyes are now on the Supreme Court’s decision regarding the National Assembly’s Speaker ruling against “Vote of No Confidence”.

    READ MORE: Stocks plunge 1,250 points on no-trust move rejection

    Sectors contributing to the performance include Banks (-105.4 points), Cement (-54.6 points), Power (-32.6 points), E&P’s (-31.1 points) and Engineering (-30.8 points).

    Volumes increased from 108.1 million shares to 141.0 million shares (+30.1 per cent DoD). Average traded value also increased by 16.6 per cent to reach US$ 26.5 million as against US$ 22.7 million.

    Stock that contributed significantly to the volumes are GGL, PAEL, KEL, TELE and GGGL.

    READ MORE: Weekly Review: market to relax after no-confidence vote

  • Stocks gain 183 points despite political uncertainty

    Stocks gain 183 points despite political uncertainty

    KARACHI: Pakistan stocks gained 183 points on Wednesday despite political uncertainty and devaluation of Pakistani rupee (PKR) against the dollar.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended 44,111 points from previous day’s closing of 43,928 points, showing an increase of 183 points.

    READ MORE: Pakistan stocks end up amid volatile trading

    Analysts at Topline Securities said that Pakistan equities closed green where benchmark KSE-100 Index settled at 44,111 level. “Despite political uncertainty and unstable economic conditions market open on a positive note where market make an intraday high of 449 points,” they added.

    The analysts at Arif Habib Limited said that positive day observed at PSX, KSE-100 index remained in green zone throughout the day, activity remained sideways due to political unrest and devaluation of PKR against US Dollar.

    READ MORE: Stocks plunge 1,250 points on no-trust move rejection

    Value buying were observed in fertilizer sector. In the last trading hour, across the board profit taking was witnessed.

    Sectors contributing to the performance include Fertilizer (+64.4 points), Banks (+36.0 points), Technology & Communications (+30.8 points), Power (+28.7  points) and Investment Banks (+25.3 points).

    READ MORE: Weekly Review: market to relax after no-confidence vote

    Volumes decreased from 115.6 million shares to 108.4 million shares (-6.3 per cent DoD). Average traded value also decreased by 6.9 per cent to reach US$ 22.9 million as against US$ 24.6 million.

    Stocks that contributed significantly to the volumes are TREET, TELE, EPCL, KEL and GGL.

    READ MORE: Pakistan stocks gain 223 points amid volatile trading

  • Pakistan stocks end up amid volatile trading

    Pakistan stocks end up amid volatile trading

    KARACHI: Pakistan stocks ended slightly up on Tuesday amid volatile trading observed during the day.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended 43,928 points from previous day’s closing of 43,902 points, showing an increase of 26 points.

    READ MORE: Stocks plunge 1,250 points on no-trust move rejection

    Analysts at Arif Habib Limited said that another volatile day observed at PSX as index opened in the negative zone due to political unrest and devaluation of PKR against US Dollar.

    During the second hour of trading, value buying was observed which led the KSE-100 index to stay in the positive zone as rally was witnessed in the cements and fertilizer sector. In the last trading hour, across the board profit taking was witnessed.

    READ MORE: Weekly Review: market to relax after no-confidence vote

    Analysts at Topline Securities said that Pakistan equities closed on a slight positive note where benchmark KSE-100 Index settled at 43,928 level (up 0.06 per cent).

    Range bound activity has been witnessed over uncertain political conditions led the market to make an intraday high of 387 points however this positivity did not sustained and profit taking has been witnessed in the second half.

    READ MORE: Pakistan stocks gain 223 points amid volatile trading

    Sectors contributing to the performance include Banks (+49.9 points), Chemicals (+41.6 points), Fertilizer (+30.8 points), Technology (+10.7 points) and Investment Banks (+9.5 points).

    Volumes decreased from 170.5 million shares to 115.6 million shares (-32.2 per cent DoD). Average traded value also decreased 16.6 per cent to reach US$ 24.7 million as against US$ 29.7 million.

    Stocks that contributed significantly to the volumes are TELE, TPLP, EPCL, GGL and WTL.

    READ MORE: Pakistan stocks gain 591 points amid political unrest

  • Stocks plunge 1,250 points on no-trust move rejection

    Stocks plunge 1,250 points on no-trust move rejection

    KARACHI: Pakistan stocks plunged by 1,250 points on Monday after a no-confidence motion against the prime minister was rejected by deputy speaker a day earlier.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 43,902 points from last Friday’s closing of 45,152 points, down by 1,250 points.

    READ MORE: Weekly Review: market to relax after no-confidence vote

    Analysts at Topline Securities said that the equities witnessed a selling spree today on the backdrop of Political Drama took place yesterday in the National Assembly where the motion of “Vote of No-Confidence” dismissed by the Speaker and subsequent dissolution of Assemblies by Prime Minister dented investors’ confidence regarding the continuation of current economic measures.

    The KSE-100 index initially opened on a negative note, stayed in a red zone throughout the day and closed at 43,902 (-1,250 points; down 2.77 per cent) for the day.

    READ MORE: Pakistan stocks gain 223 points amid volatile trading

    During the trading hours, investors opted to offload their positions in the environment of higher uncertainty with regards to country’s political setup going forward.

    Analysts at Arif Habib Limited said that the KSE-100 Index experienced a blood bath session throughout the day due to political unrest. A significant decline was observed in the volumes of the market as well. Across the board selling was witnessed. Main board volumes remained subdued. On the flip side, hefty volumes were recorded in the 3rd tier stocks.

    READ MORE: Pakistan stocks gain 591 points amid political unrest

    Cements, Banks, Tech and OMC sector’s stocks contributed negatively today to the benchmark index where LUCK, HBL, TRG, PSO & MEBL lost 367 points, cumulatively. On the flip side, COLG, HIGHNOON & ATLH have seen some buying interest today as they added 34 points collectively, today.

    About 169.7 million shares traded on Monday at the bourse while total value clocked in at Rs. 5.4 billion. TELE was the volume leader of the day with the trading of 17.3 million shares in it, today.

    READ MORE: Pakistan equities shed 101 points on political uncertainty

  • Weekly Review: market to relax after no-confidence vote

    Weekly Review: market to relax after no-confidence vote

    KARACHI: The stock market likely to take sigh of relief after vote of no-confidence against the prime minister, scheduled for April 3, 2022.

    Analysts at Arif Habib Limited said that political noise is expected to be pushed back after the vote of no-confidence against Prime Minister Imran Khan on Sunday.

    READ MORE: Pakistan stocks gain 223 points amid volatile trading

    Moreover, with Ukraine-Russia peace talks in progress, commodity prices are expected to further decline.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) is currently trading at a PER of 4.9x (2022) compared to Asia Pacific regional average of 12.3x while offering a dividend yield of 8.4 per cent versus 2.5 per cent offered by the region.

    The market witnessed an eventful week as both, the incumbent government and opposition tried to gather allies amid vote of no-confidence motion against PM Khan in the National Assembly.

    READ MORE: Pakistan stocks gain 591 points amid political unrest

    “We believe the market has largely digested the aforementioned which, coupled with decline in international oil and coal prices (which garnered interest in the cement sector) brought back the bulls, as concerns over inflation have ceded,” they said.

    Although some shuffling in support by minority parties in the mid-week added pressure, the market closed at 45,152 points, witnessing a noteworthy jump of 1,601 points (up by 3.7 per cent) WoW. To highlight, this is the highest weekly return of the local bourse since July 31, 2020.

    READ MORE: Pakistan equities shed 101 points on political uncertainty

    Sector-wise positive contributions came from i) Cement (266 points), ii) Commercial Banks (241 points), iii) Technology & Communication (182 points), iv) Fertilizer (152 points), and v) Power Generation and Distribution (111 points).

    Whereas, sectors which contributed negatively were i) Leather & Tanneries (9 points) and ii) Leasing Companies (1 points). Scrip-wise positive contributors were SYS (129 points), LUCK (129 points), MTL (69 points), HUBC (68 points) and ENGRO (57 points). Meanwhile, scrip-wise negative contribution came from COLG (16 points), SRVI (9 points) and EFERT (6 points).

    READ MORE: Pakistan stocks gain 505 points amid buying activity

    Foreign selling continued this week, clocking-in at USD 15.55 million compared to a net sell of USD 4.12 million last week. Major selling was witnessed in Commercial Banks (USD 13.7 million) and Fertilizer (USD 0.6 million).

     On the local front, buying was reported by Banks/DFI’s (USD 15.7 million) followed by Individuals (USD 7.5 million). Average volumes clocked-in at 310 million shares (up by 116 per cent WoW) while average value traded settled at USD 44 million (up by 72 per cent WoW).

    READ MORE: Equities gain 382 points amid easing political tensions

  • Pakistan stocks gain 223 points amid volatile trading

    Pakistan stocks gain 223 points amid volatile trading

    KARACHI: Pakistan stocks gained 223 points on Friday amid volatile trading owing to political unrest and depreciation of Pakistan Rupee (PKR).

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 45,152 points from previous day’s closing of 44,929 points, up by 223 points.

    READ MORE: Pakistan stocks gain 591 points amid political unrest

    Analysts at Arif Habib Limited said that the index opened in the red territory due to political unrest and further PKR devaluation against dollar.

    Market remained volatile throughout the day. However, rally in UBL and MCB was witnessed due to expectation of foreign selling spree in banking sector getting over.

    READ MORE: Pakistan equities shed 101 points on political uncertainty

    Cement sector remained in the limelight due to decline in international coal prices. In the second session, value buying was witnessed which led the index to close in the green zone.

    Analysts at Topline Securities said that KSE-100 Index opened on a negative note but soon came into positive zone as the day progressed, where the index gained to close at 45,152 level.

    READ MORE: Pakistan stocks gain 505 points amid buying activity

    This positivity in market can be attributed to no confidence voting against Prime Minister on Sunday in parliament, where investors expect ambiguity to end on political front post this event.

    Sectors contributing to the performance include Banks (+125.7 points), Technology (+34.1 points), Fertilizer (+31.96 points), Auto Assemblers (+28.3 points) and Textile (+14.2 points).

    READ MORE: Equities gain 382 points amid easing political tensions

    Volumes decreased from 415.6 million shares to 389.1 million shares (-6.4 per cent DoD). Average traded value increased by 14.8 per cent to reach US$ 60.3 million as against US$ 52.6 million.

    Stocks that contributed significantly to the volumes include TELE, TPLP, TREET, PAELR3 and GGL.

  • Pakistan stocks gain 591 points amid political unrest

    Pakistan stocks gain 591 points amid political unrest

    KARACHI: Pakistan stocks have gained 591 points on Thursday amid political uncertainty due to no-confidence motion against the prime minister.

    The benchmark KSE-100 index of Pakistan Stock Exchange closed at 44,929 points as against previous day’s closing of 44,337, up by 591 points.

    READ MORE: Pakistan equities shed 101 points on political uncertainty

    Analysts at Arif Habib Limited said that the market witnessed positive momentum along with improved trading volumes today.

    READ MORE: Pakistan stocks gain 505 points amid buying activity

    The KSE-100 index stayed in green zone. As investors seems to be optimistic on ground of decline in international oil prices and expectation of upcoming good financial results in cement stocks. On the flip side activity remained healthy in 3rd tier stocks

    Sectors contributing to the performance include Technology (+118.2 points), Fertilizer (+87.1 points), Banks (+67.7 points) and Cement (+41.0 points).

    READ MORE: Equities gain 382 points amid easing political tensions

    Volumes increased from 344.1 million shares to 415.6 million shares (+20.8 per cent DoD). Average traded value also increased by 24.4 per cent to reach US$ 52.7 million as against US$ 42.4 million.

    Stocks that contributed significantly to the volumes are KEL, TREET, TELE, GGL, and AGL.

    READ MORE: Weekly Review: political unrest may impact market

  • Supernet set to raise Rs475 million through initial offering

    Supernet set to raise Rs475 million through initial offering

    KARACHI: Supernet Limited has planned to raise Rs475 million through Initial Offering of its 18.81 per cent of post-offering share capital.

    The capital being raised by listing the firm on the GEM Board of the Pakistan Stock Exchange (PSX) will consist of fresh equity of Rs275 million in Supernet and ‘Offer for Sale’ by Telecard Limited of Rs200 million.

    Supernet is the first technology company to be listed on GEM Board of PSX.

    READ MORE: Supernet wins ZTBL projects worth Rs450 million

    The issue consists of 21,111,121 Ordinary Shares, representing 18.81 per cent of the total post-offering paid up capital of Supernet of face value of Rs10 each.

    The entire issue will be offered through Book Building on April 12-13 for which registration will Start from April 7 at a Floor Price of Rs22.50 per share, including premium of Rs12.50 per share. The upper limit of the price band will not be more than 40 per cent of the Floor Price.

    READ MORE: Supernet, Avara awarded project for supply, maintenance

    Super Net is being offered at FY22 PE of 6.7 vs Avg. IT sector PE of 22X, offering significant value to the investors.  Out of the total issue, 8,888,889 shares are being offered as Offer for Sale by Telecard and 12,222,232 shares are being offered as fresh equity.

    Founded in 1995, it is one of the country’s leading telecommunications service provider and systems integrator. The company offers a full portfolio of local-to-global integrated communications infrastructure solutions to telecoms, defense, private firms and government sectors/customers and has a pool of highly trained and experienced human resource in wide range of communication and IT technologies spread across Pakistan in more than 200 cities and towns.

    READ MORE: Supernet awarded telecom projects worth Rs100 million

    Recently, Supernet Group is aggressively expanding into Cyber Security, Power Solution and IT & Infrastructure Solutions business. The proceeds from listing will be utilized to finance the expansion plan.

    For expansion into new business segments, SNL has set up two new subsidiaries: Supernet Secure Solutions Private Limited and Supernet Infrastructure Solutions Private Limited . Another subsidiary, Phoenix Global (Supernet Global Solutions), is a UAE based company that offers a wide range of IT & Communication solutions to its international clients. Supernet’s clientele include major banks, mobile operators, leading MNCs, government and defence institutions, etc.

    READ MORE: Suprenet gets project for optic fiber supply

  • Pakistan equities shed 101 points on political uncertainty

    Pakistan equities shed 101 points on political uncertainty

    KARACHI: Pakistan equities lost 101 points on Wednesday due to rising political uncertainty and devaluation of local currency against dollar.

    The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 44,338 points from previous day’s closing of 44,439 points, down by 101 points.

    READ MORE: Pakistan stocks gain 505 points amid buying activity

    Analysts at Arif Habib Limited said that the index stayed in the red territory during the day due to political unrest and further PKR devaluation against dollar.

    Main board activity remained dull. On the flip-side, activity continued to remain side-ways as market witnessed hefty volumes in the 3rd tier stocks.

    READ MORE: Equities gain 382 points amid easing political tensions

    The analysts at Topline Securities said that Pakistan equities closed negative where benchmark KSE-100 Index settled at 44,338 level (down 0.23 per cent).

    Rising political uncertainty over no-confidence motion against prime minister led the market to open sideways where market made an intraday low of 463 points, however some recovery has been witnessed in second half of the session.

    READ MORE: Weekly Review: political unrest may impact market

    Sectors contributing to the performance include E&P’s (-47.2 points), Fertilizer (-23.9 points), OMC’s (-16.3 points) and Investment Banks (-10.9 points).

    Volumes increased from 268.9 million shares to 344.1 million shares (+28.0 per cent DoD). Average traded value increased by 8.4 per cent to reach US$ 42.6 million as against US$ 39.3 million.

    Stocks that contributed significantly to the volumes are KEL, GGL, WTL, PAELR3 and TREET.

    READ MORE: Pakistan stocks gain 319 points amid volatile trading