Tag: English business newspaper in pakistan
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SBP to announce Monetary Policy on July 27
July 23, 2021: The Monetary Policy Committee of SBP will meet on Tuesday, July 27, 2021 at SBP Karachi to decide about Monetary Policy.
Governor State Bank of Pakistan, Dr. Reza Baqir, will give a press conference on the same day after the MPC meeting.
Press Release
PSX Closing Bell: Take-Offs and Put-Ons
July 23, 2021 (MLN): The domestic equity market remained dull throughout the day in the absence of positive triggers. Meanwhile, the surging cases of Covid-19, which probably may lead the economy towards lockdown, kept the investors’ interest subdue in the local bourse.
In addition, the cumulative current account deficit of $1.8bn during FY21 after 11 months of surplus and the uncertain political situation in Afghanistan have also tumbled the confidence of investors in the capital market.
Accordingly, the benchmark KSE100 index ended the trading session with a loss of 80.19 points or 0.17 percent decline to close at 47,793.07.
The Index traded in a range of 256.33 points or 0.54 percent of previous close, showing an intraday high of 47,947.66 and a low of 47,691.33.
Of the 98 traded companies in the KSE100 Index 34 closed up 63 closed down, while 1 remained unchanged. Total volume traded for the index was 122.87 million shares.
Sector wise, the index was let down by Cement with 25 points, Refinery with 17 points, Textile Composite with 15 points, Commercial Banks with 8 points and Fertilizer with 8 points.
The most points taken off the index was by ENGRO which stripped the index of 12 points followed by MLCF with 10 points, PSO with 10 points, TRG with 9 points and PSX with 9 points.
Sectors propping up the index were Oil & Gas Marketing Companies with 11 points, Power Generation & Distribution with 5 points, Tobacco with 5 points, Real Estate Investment Trust with 4 points and Synthetic & Rayon with 3 points.
The most points added to the index was by SNGP which contributed 24 points followed by SYS with 15 points, HUBC with 12 points, LUCK with 10 points and FFC with 7 points.
All Share Volume decreased by 6.82 Million to 314.16 Million Shares. Market Cap decreased by Rs.1.87 Billion.
Total companies traded were 417 compared to 416 from the previous session. Of the scrips traded 160 closed up, 237 closed down while 20 remained unchanged.
Total trades decreased by 5,934 to 111,727.
Value Traded decreased by 0.80 Billion to Rs.11.09 Billion
| Company | Volume |
|---|---|
| Byco Petroleum Pakistan | 34,058,000 |
| Dandot Cement (R) | 23,998,000 |
| Pace (Pakistan) | 22,591,000 |
| Sui Northern Gas Pipelines | 21,096,959 |
| Worldcall Telecom | 20,815,000 |
| Treet Corporation | 10,005,500 |
| K-Electric | 9,206,000 |
| TPL Corp | 8,441,000 |
| Avanceon | 8,047,000 |
| Sui Southern Gas Company | 6,194,500 |
| Sector | Volume |
|---|---|
| Technology & Communication | 53,979,193 |
| Cement | 37,055,756 |
| Refinery | 35,840,740 |
| Miscellaneous | 34,802,300 |
| Food & Personal Care Products | 33,167,449 |
| Oil & Gas Marketing Companies | 32,788,754 |
| Power Generation & Distribution | 11,358,073 |
| Chemical | 11,121,900 |
| Inv. Banks / Inv. Cos. / Securities Cos. | 10,493,127 |
| Commercial Banks | 9,027,826 |
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Pakistan’s Forex Reserves Increase by USD 815.90 Million
July 23, 2021 (MLN): Pakistan's Forex Reserves increased by USD 815.90 Million or 3.36% and the total liquid foreign reserves held by the country stood at USD 25,128.00 Million on Jul 16, 2021.
According to the State Bank of Pakistan (SBP) it received proceeds of US$ 1,040.8 million against Pakistan Euro Bonds. After accounting for external debt repayments, its reserves increased by US$ 845.0 million to US$ 18,050.7 million.
| Foreign reserves held by | Jul 16, 2021 | Jul 09, 2021 | Change | % Change |
|---|---|---|---|---|
| State Bank of Pakistan | 18,050.70 | 17,205.60 | 845.10 | 4.91% |
| Net Foreign Reserves Held by Banks | 7,077.30 | 7,106.50 | -29.20 | -0.41% |
| Total Liquid Foreign Reserves | 25,128.00 | 24,312.10 | 815.90 | 3.36% |
Amount in USD Million
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Pakistan’s products are available now at leading online platform...
July 23, 2021 (MLN): Abdul Razak Dawood, Advisor to PM for Commerce and Investment has announced that Pakistan’s products like fruits, vegetables & textile products are now available at Shopee, the leading e-commerce online shopping platform in Southeast Asia and Taiwan.
Taking to his Twitter handle, he said that Pakistan’s towels, manufactured by Cotton Home of Faisalabad, have become top-selling towels at Shopee.
He urged exporters to make use of the online platforms to sell their products. "Any issues faced in this regard should be brought to the attention of the Ministry of Commerce," he added.
He lauded the role played by Pakistan’s Trade & Investment Counsellor & urged him to provide greater facilitation in this regard.
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PKR weakens by 2.4 rupees against USD over the...
July 23, 2021 (MLN): Pakistani rupee (PKR) on Friday slid by 84 paisa against greenback, continuing its downward journey amid strengthening dollar in interbank market as the currency closed the day's trade at PKR 162.32 per USD.
In the previous session, the local unit had closed at PKR 161.48 per USD.
The Rupee saw moderate volatility in today’s session and traded in a range of 1.35 rupees per USD showing an intraday high bid of 162.50 and an intraday low offer of 161.25.
During the week, the currency has lost 2.4 rupees against the greenback, as the previous week was concluded at PKR 159.94 per USD.
Within the Open Market, PKR was traded at 162/163 per USD.
According to the data compiled by Mettis Global, the rupee has depreciated by 2.95% or PKR 4.78 in the fiscal year-to-date against USD. Similarly, the home unit has weakened by 1.53% or PKR 2.49 in CY21 with the month-to-date (MTD) position showing a decline of 2.95%.
Meanwhile, the currency lost 1.3 rupees to the Pound Sterling as the day's closing quote stood at PKR 222.9 per GBP, while the previous session closed at PKR 221.6 per GBP.
Similarly, PKR's value weakened by 93 paisa against EUR which closed at PKR 191.21 at the interbank today.
On another note, within the money market, the overnight repo rate towards close of the session was 7.20/7.30 percent, whereas the 1 week rate was 7.05/7.12 percent.
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