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PKR’s Real Effective Exchange Rate Index decreases by 1.43...

October 22, 2020 (MLN): Pak Rupee's Real Effective Exchange Rate Index (REER) decreased by 1.43 percent in August 2020 to a provisional value of 91.69 from the provisional value of 93.02 in July 2020.

According to data published by the State Bank of Pakistan (SBP), the REER index has decreased by 1.07 percent compared to August 2019.

Similarly the Nominal Effective Exchange rate Index (NEER) decreased by 1.88 percent in August to a provisional value of 57.54 from the provisional value of 58.64 in July. On a yearly basis, the NEER Index has decreased by 7.28 percent.

PKR closed August at 166.2397 against the USD having appreciated by 0.44 percent compared to its value in July 2020. However, Compared to August 2019 PKR has depreciated by by 5.98 percent.

REER is a measure of the value of a currency against a weighted average of several foreign currencies, a decrease in REER implies that exports have become cheaper while imports become more expensive therefore, this decrease indicates an increase in trade competitiveness.

 

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Closing Bell: At Sixes and Sevens

October 22, 2020 (MLN): The stock market saw profit booking on Thursday that dragged the KSE-100 index down by 337 points (0.81 per cent) to close at 41,199 points.

According to the report by Aba Ali Habib Securities, the bearish run was backed by the volatility in international oil prices which has spillover effect on local bourse. Moreover, FATF’s plenary session has kick-started and Pakistan’s case will be taken up by tomorrow which created ambiguity among investors.

Furthermore, investors sentiments were also impacted by warning issued by National Command and Operations Centre (NCOC) to impose lockdown again, another report by Ismail Iqbal Securities cited.

Besides, during the session, FABL, Askari Bank, EFUG and NATF announced their financial results amid ongoing earnings season which also effected investors’ sentiments for today.

The Index traded in a range of 728.57 points or 1.75 percent of previous close, showing an intraday high of 41,816.95 and a low of 41,088.38.

Of the 95 traded companies in the KSE100 Index 24 closed up 66 closed down, while 5 remained unchanged. Total volume traded for the index was 348.08 million shares.

Sector wise, the index was let down by Oil & Gas Exploration Companies with 110 points, Power Generation & Distribution with 85 points, Oil & Gas Marketing Companies with 38 points, Pharmaceuticals with 22 points and Technology & Communication with 19 points.

The most points taken off the index was by HUBC which stripped the index of 71 points followed by OGDC with 40 points, PPL with 33 points, POL with 20 points and MEBL with 20 points.

Sectors propping up the index were Cement with 19 points, Commercial Banks with 10 points, Vanaspati & Allied Industries with 9 points, Automobile Assembler with 6 points and Synthetic & Rayon with 2 points.

The most points added to the index was by BAHL which contributed 74 points followed by HMB with 17 points, MLCF with 15 points, MTL with 10 points and FFC with 10 points.

All Share Volume decreased by 161.18 Million to 500.10 Million Shares. Market Cap decreased by Rs.62.15 Billion.

Total companies traded were 408 compared to 424 from the previous session. Of the scrips traded 124 closed up, 261 closed down while 23 remained unchanged.

Total trades decreased by 34,657 to 154,614.

Value Traded decreased by 4.57 Billion to Rs.17.30 Billion

CompanyVolume

Top Ten by Volume

Unity Foods61,308,000
Pakistan International Bulk Terminal56,291,500
Maple Leaf Cement Factory44,538,338
Hascol Petroleum43,097,344
TRG Pakistan23,461,500
Fauji Foods15,029,000
Pakistan Refinery14,810,000
Aisha Steel Mills14,683,000
Pak Elektron13,479,000
Hum Network9,559,000

 

SectorVolume

Top Sector by Volume

Cement73,596,481
Vanaspati & Allied Industries61,310,300
Transport57,005,500
Oil & Gas Marketing Companies45,267,822
Technology & Communication43,971,900
Commercial Banks35,648,393
Engineering30,862,000
Food & Personal Care Products24,969,350
Refinery23,177,400
Chemical20,443,250

 

 

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Pakistan categorically rejects false media report on FATF

October 22, 2020: Pakistan has categorically rejected a false media report on FATF.

Responding to media queries regarding the role of Saudi Arabia in the assessment of Pakistan's FATF Action Plan, Foreign Office Spokesperson Zahid Hafeez Chaudhri rejected the story circulating in a segment of the media as false and baseless.

He said Pakistan and Saudi Arabia enjoy strong fraternal ties and the two countries have always cooperated with each other on all matters of bilateral, regional, and international importance. 

The Spokesperson said Pakistan greatly values its relations with brotherly Saudi Arabia and firmly rejects such malicious propaganda.

He said FATF will announce its assessment of Pakistan's progress on the Action Plan and the future course of action after the conclusion of its Plenary Meeting.

Radio Pakistan

HUBCO clarifies that no agreement regarding Sukuk issuance has...

October 22, 2020 (MLN): Hub Power Company Limited (HUBCO) has clarified that the decision to issue Sukuks worth PKR 6 billion is in the discussions stage with no agreement executed as yet.

In a notification issued to the Pakistan Stock Exchange on Thursday, the company said that information memorandums (in the ordinary course of business and market practice) were circulated to numerous banks and DFIs to gauge market appetite, which does not in any way bind or obligates the Company to issue a Sukuk.

Quoting a line from an article published by Mettis Global News, the company said that it confirms their stance that it is still under the process of finalizing issuance of an Islamic Shariah-compliant Sukuk, that too without any obligation.

‘We truly believe at this stage such ordinary and usual market practice is not price-sensitive and has no bearing or impact on the movement of the Share price, and it is aligned with PSX regulations’, the notification added

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Pakistan’s Forex Reserves Increase by USD 286.10 Million

October 22, 2020 (MLN): Pakistan's Forex Reserves increased by USD 286.10 Million or 1.5% and the total liquid foreign reserves held by the country stood at USD 19,301.60 Million on Oct 16, 2020.

According to data published by the State Bank of Pakistan (SBP) its reserves increased by USD 268.20 Million due to official GoP inflows.

Summary of Holding and Weekly Change

Foreign reserves held byOct 16, 2020Oct 09, 2020Change% Change
State Bank of Pakistan12,066.6011,798.40268.202.27%
Net Foreign Reserves Held by Banks7,235.007,217.1017.900.25%
Total Liquid Foreign Reserves19,301.6019,015.50286.101.50%

Amount in USD Million

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