Tag: ECON
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FBR Chairman blames hundi / hawala system for damage...
July 19, 2019 (MLN): Chairman of Federal Board of Revenue, Shabbar Zaidi has said that several companies in Pakistan are earning profits up to 25%.
Addressing a seminar in Islamabad on Friday, he said that industries have been closed down due to promotion of imports in the country.
He even expressed displeasure at the fact that Pakistan was importing shoes due to closing down of industries.
Moreover, he blamed the ‘hundi’ and ‘hawala’ system for the damage inflicted upon Pakistan’s economy.
He then went on to endorse Budget 2020, saying that the entire taxation system will be changed through it. Elaborating further, he said the government will charge more tax on income instead of goods and services.
Throwing praises at the very controversial CNIC condition, he said it has encouraged purchasing of over 50,000 rupees. He further backed it by saying that Prime Minister Imran Khan wants the CNIC condition to remain in force.
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Gold price soars by Rs 700 per tola
Jul 19, 2019: The per tola price of 24 karat gold soared by Rs 700 on Friday and was traded at Rs 84,100 as compared to the last closing at Rs 83,400, according to Karachi Sarafa Association.
The price of 10 gram gold also witnessed increase of Rs 600 and was traded at Rs 72,085 against Rs 71,485.
The price of silver remained constant and was traded at Rs 920 per tola and that of 10 gram gold at Rs 788.57.
In international market the price of per ounce gold increased by $ 16 and was traded at $ 1438 as compared to the last closing at $ 1422.
APP
Closing Bell: Clouds of pessimism take a break
Jul 19, 2019 (MNL): The KSE-100 index made a special appearance into the green-district during second session of the day, as anticipations regarding activation of Market Opportunity Fund from next week started making rounds.
Not only it bounced back from the losses made in the first session, but also gained 149 points and closed the week at 32,458-mark.
The Index traded in a range of 648.04 points or 2.01 percent of previous close, showing an intraday high of 32,549.31 and a low of 31,901.27.
Of the 89 traded companies in the KSE100 Index 45 closed up 38 closed down, while 6 remained unchanged. Total volume traded for the index was 106.39 million shares.
Sectors propping up the index were Oil & Gas Exploration Companies with 66 points, Fertilizer with 58 points, Oil & Gas Marketing Companies with 43 points, Cement with 26 points and Chemical with 9 points.
The most points added to the index was by ENGRO which contributed 39 points followed by OGDC with 33 points, PPL with 31 points, LUCK with 24 points and FFC with 23 points.
Sector wise, the index was let down by Commercial Banks with 33 points, Power Generation & Distribution with 14 points, Food & Personal Care Products with 13 points, Inv. Banks / Inv. Cos. / Securities Cos. with 8 points and Cable & Electrical Goods with 3 points.
The most points taken off the index was by UBL which stripped the index of 32 points followed by HUBC with 21 points, NESTLE with 17 points, DAWH with 10 points and BAHL with 8 points.
All Share Volume increased by 34.14 Million to 121.56 Million Shares. Market Cap increased by Rs.13.46 Billion.
Total companies traded were 316 compared to 320 from the previous session. Of the scrips traded 155 closed up, 129 closed down while 32 remained unchanged.
Total trades increased by 14,469 to 45,975.
Value Traded increased by 0.62 Billion to Rs.4.38 Billion
| Company | Volume |
|---|---|
| Maple Leaf Cement Factory | 14,413,500 |
| TRG Pakistan | 12,180,500 |
| K-Electric | 11,088,000 |
| Pak Elektron | 7,624,000 |
| The Bank of Punjab | 7,300,000 |
| Lotte Chemical Pakistan | 4,521,500 |
| D.G. Khan Cement Company | 4,513,000 |
| International Steels | 4,119,000 |
| Unity Foods | 3,740,500 |
| Sui Northern Gas Pipelines | 3,470,500 |
| Sector | Volume |
|---|---|
| Cement | 26,928,100 |
| Technology & Communication | 14,537,500 |
| Power Generation & Distribution | 12,302,500 |
| Commercial Banks | 11,864,600 |
| Chemical | 8,346,470 |
| Engineering | 8,159,300 |
| Cable & Electrical Goods | 7,692,100 |
| Oil & Gas Marketing Companies | 6,516,700 |
| Textile Composite | 5,300,300 |
| Vanaspati & Allied Industries | 3,740,500 |
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PKR depreciates by 1.4 rupees over the week
July 19, 2019 (MLN): Pakistani rupee (PKR) depreciated by 16 paisa against US Dollar (USD) in today's interbank session as the currency closed the day's trade at PKR 160.19 per USD, against yesterday's closing of PKR 160.03 per USD.
The Rupee saw moderate volatility in today’s session and traded in a range of 37 paisa per USD showing an intraday high bid of 160.35 and an intraday Low offer of 160.08.
During the week, the currency has lost 1.4 rupees against the greenback, as the previous week was concluded at PKR 158.79 per USD.
Within the Open Market, PKR was traded at 159.50/161.00 per USD.
Meanwhile, the currency lost 79 paisa to the Pound Sterling as the day's closing quote stood at PKR 200.47 per GBP, while the previous session closed at PKR 199.68 per GBP.
Similarly, PKR's value weakened by 29 paisa against EUR which closed at PKR 180.15 at the interbank today.
On another note, within the money market, the State Bank of Pakistan (SBP) conducted an Open Market Operation in which it injected Rs.465 billion for 7 days at 13.34 percent.
The overnight repo rate towards close of the session was 13.35/13.40 percent, whereas the 1 week rate was 13.35/13.45 percent.
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HASCOL to receive facilities worth $42 million from a...
July 19, 2019 (MLN): Hascol Petroleum Limited and Vitol Dubai Limited have entered into financial arrangements, whereby the latter has agreed to provide facilities of USD 42 million to Hascol.
According to the Company’s notification to PSX, the aforesaid facility comprises of Bank Guarantee worth $15 million, Open Credit Limit facility worth $12 million and Stock availability at HTL Port Qasim Terminal worth $15 million.
The notice further stated that ‘the arrangement will further strengthen the supply chain of the Company’.
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