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Commercial Bank’s Reserves Decrease by 1.19 Percent

Nov 21, 2019 (MLN): Pakistan's Forex Reserves decreased by USD 40.10 Million or 0.26% and the total liquid foreign reserves held by the country stood at USD 15,462.30 Million on Nov 15, 2019.

According to data published by the State Bank of Pakistan (SBP) its reserves increased by USD 44.80 Million .

Summary of Holding and Weekly Change

Foreign reserves held byNov 15, 2019Nov 08, 2019Change% Change
State Bank of Pakistan8,442.108,397.3044.800.53%
Net Foreign Reserves Held by Banks7,020.207,105.10-84.90-1.19%
Total Liquid Foreign Reserves15,462.3015,502.40-40.10-0.26%

Amount in USD Million

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Export receipts by commodities as per BOP show mix...

November 21, 2019 (MLN): Pakistan’s export earnings as per balance of payment (BOP) has witnessed an upsurge of 3% YoY to $8.22 billion during Jul-Oct FY20 as compared to the same period of last fiscal year as per the latest data released by State Bank of Pakistan.

The foreign exports earnings valued at $2.21 billion in October FY20, up by 7% when compared to the same period of FY19 and a sharp rise of 17% as compared to the previous month.

According to the latest data issued by State Bank of Pakistan on export receipts by commodities, during Jul-Oct FY20, the export bill of food group stood at $1.44, up by 14%YoY to $1.26 billion when compared to the same period of last fiscal year. It was mainly up due to a 67% increase in basmati rice exports, which contributed 18% of total food exports during Jul-Oct FY20.

Other than that, fish & fish preparation’s exports jumped by 18% YoY during Jul-Oct FY20. The exports of fish products merely increased by 2% YoY in Oct FY20 and on a monthly basis, it surged by 36%.

Textile, one of the major sources of foreign exchange earnings, witnessed a decrease of 2% YoY to $4.63 billion during Jul-Oct 2019. Within the textile group, the major exportable goods include Knitwear, Readymade Garments, Bed wears and Cotton Cloth.

The exports of Knitwear and Readymade Garments went up by 1% YoY and 10% YoY to $1 billion and $913 million respectively. Whereas, the exports of Cotton Cloth and Bed Wears dipped by 7% YoY and 3% YoY to $702 million and $803 million respectively during the period under review.

On a year on year basis, the textile group’s exports valued at $1.21 billion, lower marginally by 2% in Oct FY20 versus to $1.24 billion of Oct FY19.

However, on a month-on-month basis, textile’s export bill showed significant growth of 10% as the exports during Sept FY20 were recorded at $1.1 billion.

As per SBP data on export receipts by commodities, the petroleum exports were recorded at $189 million, declined by 19% YoY during Jul-Oct FY20. This decline in petroleum group exports was subjected to the contraction of petroleum products’ exports by 52% YoY during the period under review. 

On the contrary, the exports earnings in Oct FY20 rose by 35% to $68 million when compared to the same period of last fiscal year. On a monthly basis, the petroleum group exports showed massive growth, up by 2.42 times than the value of Sept FY20.

Other manufacture’s exports which accounted for 15% in Pakistan’s total exports as per BOP, stood at $1.22 billion, lower by 6% YoY during Jul-Oct FY20. The main income sources under this category are chemical and pharmaceutical products, sports goods, leather manufactures and Surgical Goods and Medical Instruments.

The exports of sports goods increased by 2% YoY, whereas chemical and pharmaceutical products, leather manufactures witnessed decline by 17% YoY and 11% YoY respectively and no change was observed in Surgical Goods and Medical Instruments during Jul-Oct FY20.

On the fiscal front, the exports of food and other manufacture experienced the contraction in exports by 3.59% and 7.57% respectively in FY19 when compared to FY18. While textile and petroleum group’s exports rose by 1.51% and 17.62% respectively in FY19 against FY18.

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Closing Bell: Oh, What fresh Hell is this?

November 21, 2019 (MLN): Yesterday’s losses on trading floors extended to today’s session as the benchmark KSE-100 index incurred heavy losses of 936 points and settled at 37,101 level.

The investors were taken aback by the performance of the equity market, especially after the latter took everyone by surprise by outperforming world’s leading stock markets during the last three months.

The 100 Index traded lower sharply ahead of the monetary policy statement which will be announced tomorrow. Moreover, the yields of 3 and 12 Months T-bills increased by 30 and 46 basis points respectively in yesterday’s auction which resulted in selling pressure for investors.

The Index traded in a range of 1062.08 points or 2.79 percent of the previous close, showing an intraday high of 38,095.36 and a low of 37,033.28.

Of the 96 traded companies in the KSE100 Index 6 closed up 89 closed down, while 1 remained unchanged. Total volume traded for the index was 146.54 million shares.

Sector wise, the index was let down by Commercial Banks with 208 points, Fertilizer with 114 points, Oil & Gas Exploration Companies with 100 points, Power Generation & Distribution with 96 points and Cement with 95 points.

The most points taken off the index was by HUBC which stripped the index of 69 points followed by ENGRO with 59 points, LUCK with 53 points, PSO with 44 points and PPL with 43 points.

Sectors propping up the index were

The most points added to the index was by NESTLE which contributed 5 points followed by AICL with 3 points, HASCOL with 2 points and GATM with 1 point.

All Share Volume decreased by 95.07 Million to 232.57 Million Shares. Market Cap decreased by Rs.142.04 Billion.

Total companies traded were 384 compared to 384 from the previous session. Of the scrips traded 69 closed up, 304 closed down while 11 remained unchanged.

Total trades decreased by 13,922 to 81,979.

Value Traded decreased by 3.32 Billion to Rs.8.10 Billion

CompanyVolume

Top Ten by Volume

K-Electric12,131,500
Pak Elektron10,324,000
TRG Pakistan9,512,000
The Bank of Punjab8,509,500
Unity Foods8,494,500
Ittefaq Iron Industries8,259,000
Pioneer Cement8,221,500
Pakistan International Bulk Terminal7,353,500
D.G. Khan Cement Company6,503,500
Fauji Cement Company6,267,500

 

SectorVolume

Top Sector by Volume

Cement36,953,700
Technology & Communication22,615,500
Engineering22,047,000
Commercial Banks20,676,000
Power Generation & Distribution15,714,000
Chemical13,714,520
Cable & Electrical Goods12,123,350
Oil & Gas Marketing Companies11,253,100
Transport9,850,100
Inv. Banks / Inv. Cos. / Securities Cos.8,837,500

 

 

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Pakistan’s outstanding debt reaches Rs 20.57 trillion in October

November 21, 2019 (MLN): Pakistan's outstanding debts as of October 31, 2019 stand at Rs.20.57 trillion whereas total debt at the end of the prior month was Rs.20.36 trillion, meaning that around Rs.210.64 billion were additionally borrowed during this month alone.

As compared to the same period last year when outstanding credit was Rs.17.47 trillion, the current debt position is Rs.3.1 trillion higher this time around, marking a year-on-year expansion of 17.74 percent.

The country's total credit accumulation during the 4 month period (Jun-Oct), has widened by Rs.345.69 billion as the total outstanding debt at the beginning of ongoing fiscal year June 30, 2019, stood at Rs.20.22 trillion. This means that Pakistan's outstanding debts have broadened by 1.71 percent this fiscal year.

The total outstanding credit is branched into the amount accumulated by the government sector and that accumulated by the non-government sector. Out of the total outstanding loan, credit given to the government sector accounts for Rs.12.77 trillion while credit to non-government sectors accounts for Rs.7.8 trillion.

Credit to Government Sector:

The State Bank of Pakistan’s net credit to the government sector amounts to Rs.6.59 trillion which includes investments in government securities and government deposits, and other direct loans. During these 4 months, the central bank has been retired a sum of Rs.86.56 billion or 1.3 percent.

Meanwhile, the second-largest source of financing for the sector, the Scheduled Bank's net credit adds up to Rs.6.18 trillion which is Rs.460.63 billion higher than the outstanding credit at the beginning of the fiscal year thus indicating that the sector accumulated additional loan during the period.

Credit to Non-Government Sector:

The State Bank’s claim to outstanding credit of this particular sector is comparatively negligible (only Rs.25.24 billion), while on the b-side, scheduled banks have a claim to up to Rs.7.77 trillion as of the end of this month.

At the end of the previous month (September 2019), the outstanding amount owed to these banks was Rs.7.76 trillion indicating that Rs.12.41 billion were additionally borrowed during the month whereas, during the ongoing fiscal year, Rs.27.94 billion were retired.

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Investment in equity markets via SCRA falls by Rs...

November 21, 2019 (MLN): Foreign Investors’ interest in local equity markets tumbled during the week ended November 15, 2019, as the net purchase of securities via Specially Convertible Rupee Account (SCRA) came down by Rs. 17.18 billion to Rs. 18.76 billion.

According to a weekly report on SCRA released by the State Bank of Pakistan, the gross sale of securities during the week was recorded at Rs. 21.2 billion, which is around 41.7 percent lower than the figures recorded last week. Similarly, the total purchase of securities stood at Rs. 39.9 billion, which is 44.7 percent lower than the prior week.

Over the week, the overall purchase of securities declined by Rs. 32.31 billion while the net sale of securities tumbled by Rs. 15.13 billion.

Apart from this, the inflow of remittance into these accounts stood at Rs.19.88 billion, while its outflow has been reported at Rs. 2.92 billion.

The closing balance of SCRA was recorded at Rs. 27.79 billion, which marks a decline of Rs. 1.41 billion over the week.

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