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Gold price plunges by 800, traded at Rs 71,...

ISLAMABAD, May 22: According to Karachi Sarafa Association, the price of 24 karat gold decreased by Rs 800 on Wednesday and was traded at Rs 71, 300 per tola as compared to the last closing at Rs 72,100.

The price of 10 gram gold also witnessed decrease of Rs 686 and was traded at Rs 61,128 against Rs 61,814 of last day.

The price of silver remained constant and was traded at Rs 870 per tola and that of 10 grams silver was traded at Rs 745.88.

According to the Rawalpindi-Islamabad local Sarafa Association, the per tola price of 24-karat gold in the twin cities of Rawalpindi and Islamabad remained constant at Rs 70,500 and that of 10 grams gold was traded at Rs 60,440.

In international market, the price of per ounce gold decreased by $2 and was traded at $1274 as compared to the last closing at $1276.

 

(APP)

PKR finds stable ground

May 22, 2019 (MLN): Pakistani rupee (PKR) closed today's trading session relatively unchanged against the USD with the rate remaing stable at PKR 151.95.

Alternatively, the currency gained 36 paisa against Pound Sterling as the day's closing quote stood at PKR 192.46 per GBP, while the previous session closed at PKR 192.82 per GBP.

On the other hand, PKR's value weakened by 21 paisa against EUR which closed at PKR 169.61 at the interbank today.

Within the Open Market, PKR was traded at 151.50/153.50 per USD.

On another note, within the money market, the State Bank of Pakistan is scheduled to conduct an MTB Auction today with an auction target of Rs.600 billion against a maturing amount of Rs.500.66 billion.

The central bank has received bids worth Rs.3.3 trillion, out of which only Rs.1.5 billion were for 6 months while no bid bids were made for the 12 month Treasury.

The lack of participation in longer tenors signals the markets view that interest rates will continue to rise in the up coming months.

The overnight repo rate towards close of the session was 10.75/11.00 percent, whereas the 1 week rate was 11.50/12.00 percent.

 

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Closing Bell: A full blown victory!

May 22, 2019 (MLN): The KSE-100 index ended today’s session on a remarkable note, as it gained 1,195 points and reverted above 34,000-mark to 34,637 points. As pointed out earlier, the impact of a plausible equity bailout fund started to materialize steadily at the start of the week, and resulted in a full blown victory in today’s trading activity.  

A number of sectors benefitted from this change of ether, with the most prominent ones being E&P companies, Fertilizer sector, and Commercial banks, as they collectively contributed nearly 703 points to the benchmark index.

Moreover, the scrips that emerged as the key performance drivers included FFC (+5.00%), POL (+5.00%), LUCK (+5.00%), EFERT (+5.00%), DAWH (+5.00%), OGDC (+4.98%), PPL (+4.99%) and HUBC (+4.99%).

The index remained positive throughout the day and touched an intraday high of 34,698 points. Moreover, the share prices of 80 companies reported an increase, whereas 10 companies reported a decrease. A total of 140 million shares were traded in today’s session, having a value of 4.8 billion.

The broader KSE All Share index ended the session on a corresponding note, as it gained around 711 points and closed at 25,529 points. It traded nearly 203 million shares, having a value of Rs. 5.3 billion.

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MTB Auction: Bid Pattern

May 22, 2019 (MLN):  The State Bank of Pakistan released the Bid Pattern for today's MTB Auction.

Auction Target is Rs.600 Billion against a maturing amount of Rs.500.663 Billion.

The SBP received bids worth Rs.3.268 trillion, out of which only Rs.1.5 billion were for 6 months while no bids were made for the 12 month Treasury.

This is the first auction since the SBP raised the Policy rate by 150 bps. The lack of participation in longer tenors signals the markets view that interest rates will continue to rise in the up coming months.

Link to Full Bid Pattern

 

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National Bank reports 16.2% fall in net earnings

May 22, 2019 (MLN): National Bank of Pakistan announced its financial results for the quarter ended March 31, 2019 on Wednesday, which shows that the bank has earned a Profit after Tax of Rs. 4.2 billion, i.e. around 16.2% lower as compared to Rs. 5.1 billion reported in same period of last year.

The Basic and Diluted earnings of the bank stood at Rs. 2 for the aforementioned period, as compared to Rs. 2.38 reported in corresponding period last year.

The fall in net earnings was a result of higher tax expenses, which transformed a positive change in PBT (+13.05%) into negative change in PAT (-16.26%).

The total income of the bank displayed a growth of 17.75%, whereas the total expenses jumped by 3.34%.

The bank did not recommended any Cash Dividend, Bonus issue / Right Shares or any other entitlement.

Consolidated financial results for the quarter ended March 31, 2019 ('000 Rupees)

 

Mar-19

Mar-18

% Change

Mark-up/return/interest earned

45,834,763

31,452,921

45.72%

Mark-up/return/interest expensed

30,220,126

17,263,619

75.05%

Net mark-up/interest income

15,614,637

14,189,302

10.05%

NON MARK-UP/INTEREST INCOME

   

Fee and commission income

4,398,051

4,345,152

1.22%

Dividend income

1,017,955

317,261

220.86%

Foreign Exchange income

1,900,284

351,046

441.32%

Gain on securities - net

101,907

909,967

-88.80%

Share of (loss)/profit from joint venture

(16,015)

43,296

 

Share of(loss)/profit from associates

25,423

53,075

-52.10%

Other income

1,282,017

448,642

185.76%

Total non-mark-up/interest income

8,709,622

6,468,440

34.65%

Total Income

24,324,259

20,657,742

17.75%

NON MARK-UP/INTEREST EXPENSES

   

Operating expenses

13,244,195

12,822,536

3.29%

Workers welfare fund

-

-

 

Other charges

8,598

2,244

283.16%

Total non-mark-up/interest expenses

13,252,793

12,824,780

3.34%

Profit before provisions

11,071,466

7,832,962

41.34%

Provisions and write offs - net

2,213,244

(2,552)

 

Profit before taxation

8,858,222

7,835,514

13.05%

Taxation

4,580,576

2,727,397

67.95%

Profit after taxation

4,277,646

5,108,117

-16.26%

Basic and diluted earnings per share

2.00

2.38

-15.97%

 

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