Tag: advancing E-Services initiatives
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Gold rates extend decline, dip by Rs 350
February 25, 2021 (MLN): Gold rates extended decline today, as the per tola price of 24 karat gold in the domestic bullion market dipped by Rs 350 and was sold at Rs 110,300 against the sale at Rs 110,650 reported yesterday.
Likewise, 10-grams of 24 karat gold also witnessed a fall of Rs 300 to settle at Rs 94,564 as opposed to the previous close of Rs 94,864, data provided by All Sindh Sarah Jewellers Association revealed.
On the other hand, the price of 24-karat per tole silver and that of 10-gram silver remained static at Rs 1,420 and Rs 1,217.42 respectively.
In the international market, the risk-on rally in equities diminished the demand of yellow metal, as gold price fall by USD 19 and was available at USD 1,790 an ounce against USD 1,809 an ounce in the previous session, while silver was valued at Rs 27.02 an ounce, the associated reported.
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State Bank’s Forex Reserves Increase by USD 19 Million
February 25, 2021 (MLN): Pakistan's Forex Reserves decreased by USD 17.00 Million or 0.08% and the total liquid foreign reserves held by the country stood at USD 20,041.60 Million on Feb 19, 2021.
According to data published by the State Bank of Pakistan (SBP) its reserves increased by USD 19.00 Million.
| Foreign reserves held by | Feb 19, 2021 | Feb 12, 2021 | Change | % Change |
|---|---|---|---|---|
| State Bank of Pakistan | 12,908.70 | 12,889.70 | 19.00 | 0.15% |
| Net Foreign Reserves Held by Banks | 7,132.90 | 7,168.90 | -36.00 | -0.50% |
| Total Liquid Foreign Reserves | 20,041.60 | 20,058.60 | -17.00 | -0.08% |
Amount in USD Million
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PSX Closing Bell: Don’t Think Twice, It’s All Right
Feb 25, 2021 (MLN): Bourse gained for the first time during the week, hitting breaks on a three-day losing streak as international oil prices reached one year high of USD 66.80/bbl. Accordingly, the benchmark KSE-100 index gained 603 points today to settle at 45,965 level, up by 1.33% from the previous close.
Besides, the anticipation of FATF’s decision on Pakistan's status on the grey list helped the index move up.
The investors' sentiments remained buoyed throughout the session, in addition, strong corporate results by UBL, MLCF, PIOC, Nestle, and GTYR further strengthened investors’ confidence.
The Index remained positive throughout the session touching an intraday high of 46,007.92
Of the 98 traded companies in the KSE100 Index 74 closed up 22 closed down, while 2 remained unchanged. Total volume traded for the index was 202.34 million shares.
Sectors propping up the index were Commercial Banks with 160 points, Cement with 145 points, Technology & Communication with 95 points, Fertilizer with 42 points and Power Generation & Distribution with 41 points.
The most points added to the index was by TRG which contributed 96 points followed by LUCK with 87 points, UBL with 57 points, HBL with 50 points and ENGRO with 27 points.
Sector wise, the index was let down by Tobacco with 5 points, Inv. Banks / Inv. Cos. / Securities Cos. with 5 points, Insurance with 4 points, Glass & Ceramics with 3 points and Textile Spinning with 2 points.
The most points taken off the index was by MCB which stripped the index of 10 points followed by DAWH with 8 points, NML with 6 points, EFUG with 6 points and PMPK with 5 points.
All Share Volume decreased by 88.53 Million to 468.97 Million Shares. Market Cap increased by Rs.83.47 Billion.
Total companies traded were 416 compared to 420 from the previous session. Of the scrips traded 286 closed up, 111 closed down while 19 remained unchanged.
Total trades decreased by 30,201 to 147,636.
Value Traded decreased by 2.99 Billion to Rs.23.26 Billion
| Company | Volume |
|---|---|
| Telecard | 36,199,000 |
| Byco Petroleum Pakistan | 34,599,000 |
| Unity Foods | 33,172,359 |
| K-Electric | 32,179,000 |
| TRG Pakistan | 30,139,558 |
| Hum Network | 25,953,000 |
| First Dawood Investment Bank | 18,787,500 |
| Worldcall Telecom | 17,584,500 |
| Media Times | 15,767,000 |
| NetSol Technologies | 14,321,500 |
| Sector | Volume |
|---|---|
| Technology & Communication | 147,230,758 |
| Refinery | 48,058,600 |
| Food & Personal Care Products | 41,202,399 |
| Power Generation & Distribution | 39,342,398 |
| Cement | 32,025,042 |
| Inv. Banks / Inv. Cos. / Securities Cos. | 31,679,072 |
| Commercial Banks | 26,335,743 |
| Textile Composite | 24,045,800 |
| Engineering | 10,536,787 |
| Chemical | 10,482,510 |
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Pakistan Software Export Board signs MoU with Pakistan Stock...
February 25, 2021: In yet another major step towards ensuring sustainable growth of Pakistan’s IT Industry, Pakistan Software Export Board (PSEB) has signed a Memorandum of Understanding with Pakistan Stock Exchange (PSX).
The MOU was signed at Pakistan Stock Exchange. Mr. Osman Nasir, Managing Director, Pakistan Software Export Board and Mr. Mr. Farrukh H. Khan, Chief Executive Officer & Managing Director, Pakistan Stock Exchange signed the MOU. Senior Officials from the Federal Ministry of IT & T, Pakistan Software Export Board, Security & Exchange Commission of Pakistan, Pakistan Stock Exchange and IT Industry representatives were present at the occasion.
Osman Nasir, Managing Director PSEB said that the Company would work with Pakistan Stock Exchange to conduct seminars, workshops and events to create awareness of the benefits of listing for IT/ITeS companies and work with PSX authorized financial advisors, consultants and lead managers to assist the selected IT/ITeS companies for listing. He said that the Company is aiming to have 40 technology companies registered on Pakistan Stock Exchange and would extend significant financial and technical assistance to the tech companies to get listed on Pakistan Stock Exchange.
Shoaib Ahmed Siddiqui, Secretary IT said that one of the main factors impeding the growth of Pakistan’s IT sector is access to capital. Pakistani Tech companies that get listed on Pakistan Stock Exchange would be able to raise funds by issuing shares which can subsequently be used for further business expansion. By listing on the stock exchange, a company gains instant credibility and stature with the prospective clients and suppliers. This is a significant advantage particularly for Pakistani tech companies as it makes it easier to solicit overseas customers due to increased credibility that comes from being listed on Pakistan Stock Exchange. Listing on stock exchange also improves corporate governance and companies can maintain more autonomy and control through ability to rapidly raise low-cost capital compared to banks, venture capitalists or private investors.
Syed Amin Ul Haque, Minister for Information Technology & Telecommunication in his comments stated that the MOU is a giant leap forward for development of Pakistan’s IT Industry. This is the first ever MOU signed between PSEB and Pakistan Stock Exchange. The goal is to increase the number of listed technology companies on PSX Main Board & GEM Board which would in turn help to strengthen financial ecosystem for IT sector growth and contribute to efforts for building a strong brand image of Pakistan’s IT industry in the international markets. Due credit goes to Security and Exchange Commission of Pakistan for reducing corporate governance rules from 21 to 3 and for making it easier for technology firms to register on PSX.
According to Pakistan Stock Exchange Managing Director, Farrukh Khan, “PSX’s Growth Enterprise Market (GEM) Board facilitates small and medium sized enterprises, greenfield projects and tech startups to get listed on the Stock Exchange and raise capital. The listing regulations for the GEM Board have been made flexible vis a vis the Main Board while listing costs are significantly lower. Furthermore, there is an expanded list of Advisors to choose from, which adds to the convenience of issuers”. Mr. Khan further stated, “The GEM Board of PSX provides an ideal opportunity for small to medium sized growth enterprises such as IT firms and tech start-ups to raise capital and expand their business horizon. These companies must capitalise on this opportunity and raise low cost capital through the Exchange, which is crucial for their expansion and outreach. At the same time, listing on the Exchange will attract attention to these companies, locally as well as internationally. Importantly, listing on the GEM and Main Board also provides a potential exit to investors. Such an exit avenue will make it easier for tech companies to raise venture capital”.
Small to medium enterprises make up a big chunk of business enterprises in Pakistan. SMEs constitute nearly 90% of all enterprises in Pakistan. They contribute about 40% to the annual GDP and employ about 80% of the non-agricultural labor force. The growth enterprises play a major role in a country’s economy. They provide a large number of jobs and contribute significantly to the GDP of a country.
Press Release
GTYR: Improved sales volume lifts profits by 13.8x
February 25, 2021 (MLN): General Tyre and Rubber Company (GTYR) has posted net profits of Rs 405.9 million during 1HFY21, which is 13.8x higher than the profits of Rs 29.29 million earned in the corresponding period last year.
This reflected in the company’s earnings per share as it jumped to Rs 3.33/sh compared to Rs 0.24/sh in 1HFY20.
The rise in profitability during the period was attributable to higher sales volume on account of growth in auto assemblers’ sales. The net revenues of the company rose significantly by 41% YoY on the back of improved sales volume of auto/tractor. The gross margin of the company also improved to 18% from 16% in the comparative period.
On the cost front, due to higher advertising and promotions, the company’s admin and distribution expenses surged by 4 and 20% YoY respectively.
While the finance cost of the company declined 46% YoY due to lower short-term borrowings coupled with low-interest rates.
Financial Results for the half-year ended December 31, 2020 (Rupees in '000) | |||
|---|---|---|---|
| Dec-20 | Dec-19 | % change |
Sales-net | 6,448,619 | 4,564,320 | 41% |
Cost of sales | (5,311,195) | (3,811,685) | 39% |
Gross profit | 1,137,424 | 752,635 | 51% |
Administrative expenses | (143,890) | (137,699) | 4% |
Distribution expenses | (246,108) | (204,955) | 20% |
Other income | 125,319 | 68,548 | 83% |
Other expenses | (54,249) | (4,746) | 1043% |
Profit from Operations | 818,496 | 473,783 | 73% |
Finance Cost | (233,961) | (429,729) | -46% |
| 584,535 | 44,054 | 1227% |
Share of (loss)/profit of an associated company | 3,533 | (589) |
|
Profit before taxation | 588,068 | 43,465 | 1253% |
Taxation | (182,139) | (14,175) | 1185% |
Profit after taxation | 405,929 | 29,290 | 1286% |
Earning per share-basic and diluted | 3.33 | 0.24 | 1288% |
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