The Central Bank conducted an MTB auction on Wednesday in which it sold Treasury Bills worth Rs.54.109 Billion. The amount was entirely from the 3 Month Issue as the bids for 6 and 12 month T-Bills were rejected.
Cut off Yield remained unchanged at 6.2591 percent whereas the Weighted Average Yield went up by 2bps to 6.2589 percent.
The realized amount was well below the auction target of Rs.450 billion.
| Weekly Performance | ||
|---|---|---|
| Jul 20, 2018 | Jul 13, 2018 | |
| PKR InterBank | 128.4965 | 121.5480 |
| KSE100 Index | 41,221.75 | 40,271.00 |
| Avg Daily Volume | 219,408,616 | 130,693,378 |
| Gold (Karachi) Rs/10 gm | 51,268 | 50,411 |
| KIBOR 6M | 8.03 | 7.24 |
| 10Y PIB | 9.94 | 9.71 |
| EUR | 1.17185 | 1.16849 |
| GBP | 1.31382 | 1.32322 |
| CHF | 0.99243 | 1.00147 |
| JPY | 111.39 | 112.356 |
| GOLD | 1221.55 | 1242.43 |
| NY Light Crude | 68.23 | 71.02 |
| Open Market Rates | ||
| Jul 20, 2018 | Jul 13, 2018 | |
| USD | 130.50 | 124.10 |
| EUR | 151.00 | 145.00 |
| GBP | 168.40 | 165.00 |
| JPY | 1.1442 | 1.1025 |
| AED | 35.30 | 33.90 |
| SAR | 34.30 | 33.15 |
| SBP Data | ||
| T-Bill Auction | Jul 18, 2018 | Jul 04, 2018 |
| 3M Cutoff Yields | 7.7500 | 6.7596 |
| 6M Cutoff Yields | 7.8526 | No Bids Received |
| 12M Cutoff Yields | No Bids Received | No Bids Received |
| PIB Auction | Jul 11, 2018 | Jun 12, 2018 |
| 3Y Cutoff Yield | Bids Rejected | 7.5000 |
| 5Y | Bids Rejected | 8.4795 |
| 10Y | No Bids Received | 8.6999 |
| 20Y | No Bids Received | No Bids Received |
| Interest Rate Corridor | Jul 16, 2018 | May 28, 2018 |
| SBP Policy Rate | 7.50 | 6.50 |
| SBP Reverse Repo Rate | 8.00 | 7.00 |
| SBP Repo Rate | 6.00 | 5.00 |
| Weekly Indicators | ||
| Jun 13, 2018 | Jun 06, 2018 | |
| SBP FX Reserves * | 9,063.60 | 9,479.50 |
| Bank FX Reseves * | 6,618.90 | 6,604.80 |
| Total FX Reserves * | 15,682.50 | 16,084.30 |
| Monthly Indicators | ||
| June | May | |
| Consumer Price Index | 226.68 | 225.40 |
| Change - MOM (pct) | 0.57 | 0.51 |
| Change - YOY (pct) | 5.21 | 4.19 |
| WholeSale Price Index | 234.40 | 230.98 |
| Change - MOM (pct) | 1.48 | 1.28 |
| Change - YOY (pct) | 7.64 | 5.58 |
| Sensitive Price Indicator | 213.74 | 210.44 |
| Change - MOM (pct) | 1.57 | 0.06 |
| Change - YOY (pct) | 1.92 | 0.49 |
| June | May | |
| Exports * | 1,887.00 | 2,144.00 |
| Imports * | 5,694.00 | 5,814.00 |
| Trade Balance * | -3,807.00 | -3,670.00 |
| June | May | |
| Home Remittances * | 1,594.41 | 1,771.24 |
| June | May | |
| Total Foreign Investment * | 237.93 | 186.94 |
| Quarterly Indicators | ||
| Mar 31, 2018 | Dec 31, 2017 | |
| Pakistan's External Debt * | 91,761.00 | 89,163.00 |
| Annual Indicators | ||
| 2017-18 | 2016-17 | |
| GDP Growth Rate | 5.79 | 5.37 |
| Agriculture | 3.81 | 2.07 |
| Manufacturing | 6.24 | 5.82 |
| Commodity Sector | 4.84 | 3.79 |
| Services Sector | 6.43 | 6.46 |
| Trade Balance * | -37,670.00 | -32,488.00 |
| Worker Remittances * | 19,622.62 | 19,351.36 |
| Foreign Investment * | 4,977.35 | 2,496.06 |
| * Amount in USD Million | ||
As part of a mission held from 16 to 19 July 2018 in Islamabad, Pakistan, aimed at launching the induction programme to support the implementation of the base erosion and profit shifting(BEPS) measures and initiating the Tax Inspectors Without Borders (TIWB) programme, an OECD delegation met Dr. Shamshad Akhtar, Finance Minister of Pakistan, Ms. Rukhasana Yasmin, Chairperson of the Federal Board of Revenue and Dr. Mohammad Iqbal, Member Inland Revenue Policy to discuss the progress of the country in implementing the new international standards to combat tax avoidance and tax evasion.
Pakistan is an active member of the Inclusive Framework on BEPS and the Global Forum on Transparency and Exchange of Information for Tax Purposes. It is also a signatory to the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS and to the Convention on Mutual Administrative Assistance in Tax Matters.
The visit marked the launch of the support programme in Pakistan for the implementation of the BEPS package, including the four minimum standards on countering harmful tax practices, preventing tax treaty abuse, Country-by-Country reporting and improving dispute resolution. A TIWB Programme focused on capacity building of tax officials through a real-time, "learning by doing" approach to handling audit cases on transfer pricing and international taxation was initiated.
A technical workshop facilitated by the OECD, bringing together senior officials of the Federal Board of Revenue of Pakistan was held to identify areas where support was needed. The OECD noted the good progress made by Pakistan on the implementation of the BEPS minimum standards. A roadmap outlining actions to be undertaken by Pakistan on the remaining work on implementation of the international standards, according to a defined timetable, was agreed.
ISLAMABAD, July 20 (APP):Caretaker Finance Minister Dr. Shamshad Akhtar said Friday that mobilization of local resources was imperative to ensure macroeconomic stability, sustainable growth and development of the country.
Speaking at the inaugural session of summer camp organized by Pakistan Tax Bar Association and Lahore Tax Bar Association, the minister said that revenues played a pivotal role in strengthening economy of any country.
Underlining the importance of reforms, the minister said that country’s tax-base could be expanded by introducing comprehensive reforms in the revenue system. She was of the view that close coordination among federal and provincial governments was necessary in this regard.
The minister lauded the determination exhibited by bar associations for playing their best role in bringing about tax reforms in the country, adding that suggestions from these association could play a productive role in devising a comprehensive tax policy.
The minister said that improving tax policy was necessary to facilitate taxpayers and highlighted the importance of removing discriminations, particularly the discriminatory SROs through new policy initiatives.
She also highlighted the importance of bridging gaps between taxpayers and tax collectors, saying that both these stakeholders have been seen complaining against each other.
The minister was of the view that both these stakeholders could build up their relationship on principle of partnership, which would help promote positive tax culture in the country and enhance revenue collections.
The minister also underlined the importance of bringing transparency in the tax system to build trust of taxpayers on the tax collection system. In this regard, she specially mentioned the publication of tax directory and mechanism of preparing audit reports.
The minister also underlined the need for giving different treatment when dealing with filers and non-filers to promote tax culture in the country.
The minister said that being the signatory of the Organization of Economic Cooperation and Development (OECD) convention, Pakistan would have now access to the information of Pakistanis having assets and money abroad.
She was of the view that the country had much potential compared to the existing collection of revenues, which needed to be tapped for progress and prosperity of the country.
The function was also addressed by Federal Tax Ombudsman, Mushtaq Sukhera, President Pakistan Bar Association, Abdul Qadir Memon and President Lahore Tax Bar Association.
On the occasion, the presidents of both the bar associations apprised the audience about the purpose of summer camp.
They said that different issues related to tax culture would be discussed during the summer camp and proposals would be formulated on overall tax system which would be forwarded to the government.
According to the provisional figures compiled by the Pakistan Bureau of Statistics, the trade deficit for the fiscal year 2017-18 has jumped up by 15.87%, in dollar terms, compared to the previous fiscal year 2016-17.
The trade deficit in FY18 was reported at $37.645 billion compared to $32.488 billion during the previous fiscal.
This massive trade deficit is on account of a 15% jump in imports from $52.91 billion in FY17 to $60.87 billion in FY18. Exports, on the other hand, grew by 13.71%, in dollar terms, over the previous fiscal year as they were reported at $23.22 billion compared to $20.42 billion during the last fiscal.
Based on the provisional figures for imports and exports, the balance of trade in June 2018 was (-) 452,668 million in terms of Rupees and (-) 3,807 million in US dollars. The balance of trade figures cumulative from July-June, 2017–2018 were (-) 4,147,218 million in terms of Rupees and (-) 37,645 million in US dollars.
Exports from Pakistan during June 2018 amounted to Rs.224,324 million (provisional) as against Rs.247,534 million (provisional) in May 2018 and Rs.199,730 million during June 2017 showing a decrease of 9.38% over May 2018 but an increase of 12.31% over June 2017.
In terms of US dollars, the exports in June 2018 was $ 1,887 million (provisional) as compared to $ 2,144 million (provisional) in May 2018 showing a decrease of 11.99% and by 1.00% as compared to $1,906 million in June 2017.
Exports during July-June, 2017– 2018 totaled Rs. 2,556,209 million (provisional) as against Rs.2,138,186 million during the corresponding period of last year showing an increase of 19.55%.
In terms of US dollars, the exports during July–June 2017-2018 totaled $ 23,222 million (provisional) against $ 20,422 million during the corresponding period of last year showing an increase of 13.71%.
Main commodities of exports during June, 2018 were Knitwear (Rs.30,609 million), Readymade garments (Rs.28,024 million), Bedwear (Rs.24,434 million), Cotton cloth (Rs.22,386 million), Cotton yarn (Rs.14,747 million), Rice others (Rs.12,457 million), Towels (Rs.7,137 million), Madeup articles (excl. towels & bedwear) (Rs.6,289 million), Rice Basmati (Rs.5,048 million) and Sugar (Rs.4,093 million).
Imports into Pakistan during June 2018 amounted to Rs.676,992 million (provisional) as against Rs.671,212 million (provisional) in May 2018 and Rs.472,727 million during June 2017 showing an increase of 0.86% over May 2018 and of 43.21% over June 2017.
In terms of US dollars, the imports in June 2018 was $ 5,694 million (provisional) as compared to $ 5,814 million (provisional) in May 2018 showing a decrease of 2.06% but increased by 26.20% as compared to $ 4,512 million in June 2017.
Imports during July-June, 2017–2018 totaled Rs. 6,703,427 million (provisional) as against Rs.5,539,721 million during the corresponding period of last year showing an increase of 21.01%.
In terms of US dollars, the imports during July-June, 2017–2018 totaled $ 60,867 million (provisional) as against $ 52,910 million during the corresponding period of last year showing an increase of 15.04%.
Main commodities of imports during June, 2018 were Petroleum products (Rs.79,400 million), Petroleum crude (Rs.58,352 million), Natural Gas Liquefied (Rs. 39,352), Aircrafts, ships & boats (Rs.35,762 million), Plastic materials (Rs.22,742 million), Iron & steel (Rs.22,606 million), Electrical machinery & apparatus (Rs.21,996 million), Power Generating Machinery (Rs.21,806), Raw cotton (Rs.19,422 million) and Palm oil (Rs.18,002 million).
After having a positive week with the index mostly rising, KSE – 100 finished this week’s final session 573 points lower than yesterday’s closing. The index recorded 41,221 points at day end today, dropping by 1.37%.
The day high was recorded at 41,810 points while the low was 41,157 points. The index travelled in a range of 653 points
116.3 shares were traded at KSE – 100 today, worth PKR 6.6 billion.
Sector wise, Chemical and Engineering sector came out as the best performers today after contributing 13.5 points to the index. Commercial Banks, Oil & Gas Exploration Companies, Cement and Fertilizer collectively took away 398 points from it, thereby ending up as the worst performers today.
Merely 12 companies advanced at KSE – 100 today, while 73 declined and 6 remained unchanged by the end of the session.
KSE All Share concluded the session at 29,947 points, having dropped by 323 points from the previous day’s closing. The index peaked at 30,299 points and the lowest recording was at 29,855 points.
222.25 million shares were traded at KSE today, at a value of PKR 8.7 billion.
Commercial banks led the sector turnover at KSE All Share.
77 companies concluded the session positively and 219 ended it negatively while 23 remained unchanged.
|
Net Gainers |
||
|
Symbol |
Companies |
Net Change |
|
COLG |
Colgate-Palmolive Pakistan Limited |
123.01 |
|
UPFL |
Unilever Pakistan Foods Limited |
99.99 |
|
MEHT |
Mehmood Textile Mills Limited |
16.5 |
|
SRVI |
Service Industries Limited |
9.5 |
|
WAHN |
Wah Noble Chemicals Limited |
9.19 |
|
Net Losers |
||
|
Symbol |
Companies |
Net change |
|
RMPL |
Rafhan Maize Products Limited |
-370.5 |
|
WYETH |
Wyeth Pakistan Limited |
-69.55 |
|
PMPK |
Phillip Morris Pakistan Limited |
-59.86 |
|
MARI |
Mari Petroleum Company Limited |
-35.01 |
|
JLICL |
Jubilee Life Insurance Company Limited |
-34 |
|
Volume Leaders |
||
|
Symbol |
Companies |
Volume |
|
BOP |
Bank of Punjab |
20,908,000 |
|
LOTCHEM |
Lotte Chemical Pakistan Limited |
18,923,000 |
|
KEL |
K-Electric Limited |
14,095,500 |
|
PRL |
Pakistan refinery Limited |
8,897,500 |
|
WTL |
WoldCall Telecom Limited |
8,087,000 |
