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PSX Closing Bell: Snakes and Ladders

September 28, 2021 (MLN): Following the previous day’s recovery, the capital market traded the session in a narrow range on Wednesday, with the KSE-100 index gaining 457.17 points to settle at 45,274.93-mark.

The Index traded in a range of 547.26 points or 1.22 percent of previous close, showing an intraday high of 45,294.37 and a low of 44,747.11.

The rally gained steam by the end of the session due to the expectation of a successful sixth and seventh review of the US$6bn IMF loan program, a market note by Topline Securities highlighted.

While media reports suggested that Shaukat Tarin, Finance Minister also assured of Pakistan’s commitment to the IMF program.

On an announcement front, OGDCL posted the result early on and declared below expectation dividend that dragged the price down. The stock price went up (although remained below LDCP) after the announcement of the discovery, said Arif Habib in a closing note.

Of the 95 traded companies in the KSE100 Index 66 closed up 25 closed down, while 4 remained unchanged. Total volume traded for the index was 175.44 million shares.

Sectors propping up the index were Technology & Communication with 157 points, Refinery with 40 points, Food & Personal Care Products with 36 points, Oil & Gas Marketing Companies with 35 points and Fertilizer with 32 points.

The most points added to the index was by TRG which contributed 126 points followed by MEBL with 36 points, POL with 33 points, SYS with 26 points and UNITY with 24 points.

Sector wise, the index was let down by Chemical with 12 points, Miscellaneous with 6 points, Automobile Parts & Accessories with 4 points, Textile Spinning with 2 points and Paper & Board with 2 points.

The most points taken off the index was by COLG which stripped the index of 24 points followed by MCB with 22 points, OGDC with 19 points, HMB with 11 points and PPL with 8 points.

All Share Volume increased by 63.47 Million to 364.86 Million Shares. Market Cap increased by Rs.55.38 Billion.

Total companies traded were 556 compared to 547 from the previous session. Of the scrips traded 408 closed up, 127 closed down while 21 remained unchanged.

Total trades increased by 30,078 to 131,533.

Value Traded increased by 2.85 Billion to Rs.14.03 Billion


Top Ten by Volume

Byco Petroleum Pakistan33,641,500
Worldcall Telecom22,144,000
Nishat Chunian17,010,500
Unity Foods15,779,253
TRG Pakistan12,983,155
Hum Network11,158,000
Azgard Nine9,006,500
Treet Corporation8,753,500
Dolmen City REIT8,353,500



Top Sector by Volume

Technology & Communication101,288,455
Food & Personal Care Products40,646,643
Textile Composite27,764,400
Commercial Banks22,248,920
Cable & Electrical Goods11,538,400
Power Generation & Distribution10,095,405



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MLCF approves loan investment of Rs500mn to KTML

September 28, 2021 (MLN): The shareholders of Maple Leaf Cement Factory (MLCF) has approved investment in the form of loans/advances from time to time to Kohinoor Textile Mills Limited, the holding company of MLCF, up to an aggregate sum of Rs500 million for a period of one year commencing from November 01, 2021, to October 31, 2022 (both days inclusive).

According to the company’s notice to PSX, the loans will be given at the markup rate of one percent above three months KIBOR or one percent above the average borrowing cost of the Company, whichever is higher.

Vide special resolution passed was passed by the shareholders in a general meeting held on October 27, 2020, the Company was authorized to extend a facility of similar nature to the extent of Rs200 million which is valid till October 31, 2021.

In this regard, the Chief Executive Officer and Secretary have been authorized to take all steps necessary, ancillary and incidental, corporate and legal formalities for the completion of transactions in relation to the loans/advances to the holding company but not limited to the filing of all the requisite statutory forms and all other documents with the Securities and Exchange Commission of Pakistan, executing documents all such notices, reports, letters and any other document or instrument to give effect to the above resolutions.

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Private Sector borrows net sum of Rs88.71 billion...

September 28, 2021 (MLN): The non-government sector has borrowed a net sum of Rs.88.71 billion during the week ended September 17, 2021, which brings the cumulative net borrowing for ongoing fiscal year FY2022 to Rs.16.94 billion. The net retirement as of prior week was recorded at Rs.71.77 billion.

According to weekly data released by the State Bank of Pakistan, the sector has borrowed Rs.157.31 billion over the year since the amount retired as of corresponding period of last year was recorded at Rs.140.37 billion.

The non government sector is divided into three broad categories namely, the Private Sector, the Public Sector Enterprises and NBFI. Commercial banks are the main source of financing for the private sector, incuding conventional banks, islamic banks and islamic branches of conventional banks.

This fiscal year, the private sector borrowed a net sum of Rs.26.97 billion, whereas the PSE's have retired Rs.11.18 billion and NBFI has borrowed Rs.1.15 billion.

As we disintegrate the inflows and outflows within the private sector, we see that Conventional Banks were retired a cumulative sum of Rs.16.18 billion, Islamic Banks lent Rs.21.7 billion and lastly the Islamic branches of Conventional Banks lent Rs.21.45 billion.


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Govt. retires Rs63 billion in a week

September 28, 2021 (MLN): The government of Pakistan has retired an additional sum of Rs.63.33 billion during the week ended September 17, 2021, which brings its total net retirement for ongoing fiscal year FY2022 to Rs.73.52 billion. As of prior week, the government had retired a net sum of Rs.10.19 billion.

According to the State Bank of Pakistan's weekly estimates in this regard, this year's overall net retirement as of this week has decreased by Rs.69.67 billion over the year as last year's net retirement for the same period stood at Rs.143.19 billion.

The government sector borrowings are divided into three broad categories based on the purpose of loan which are budgetary support, commodity operations and others.

Split three ways between these broad categories, the cumulative net retirement off budgetary support was Rs.75.12 billion, while that for other purposes stood at Rs.2.27 billion. On the contrary, a net total of Rs.3.86 billion were borrowed for Commodity Operations.

The two biggest source of financing for budgetary support are the State Bank of Pakistan and the Scheduled Banks. This fiscal year, the central bank has been retired a net sum of Rs.322.87 billion by the government, out of which the Federal Government retired Rs.45.35 billion, the Provincial Government retired Rs.261.76 billion, AJK Government retired Rs.8.1 billion, and the GB Government retired Rs.7.67 billion.

On the other hand, the Scheduled Banks have lent out a net total of Rs.247.75 billion out of which the Federal Government borrowed Rs.234.55 billion while the Provincial Government borrowed Rs.13.21 billion.

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PKR sinks to another lifetime low

September 28, 2021 (MLN): Hitting a series of low records over the last month, the Pakistani Rupee (PKR) on Tuesday closed the trading session at another all-time low of 169.97 against the US Dollar (USD) in an interbank session.

In an early trade today, the rupee lost its ground to breach the 170 level for the first time.

The domestic unit plunged by 37 paisa or 0.22% against its previous closing of PKR 169.6 per USD.

Consistent dollar demand from importers coupled with rising international crude oil prices that widen current account deficit and raise fears of a spike in inflation readings kept the rupee under pressure.

“It will be interesting to see if it closes beyond or below. But this could be the 1st hint that rupee could potentially trade beyond in coming days unless checked,” Asad Rizvi, Former Treasury Head-Chase Manhattan Bank tweeted.

Within the Open Market, PKR was traded at 170.00/171.90 per USD. Expressing his concerns on it, he said, "The gap between the interbank market & the KERB market has further widened, creating serious repercussions including inflationary pressure."

The rupee traded within a very narrow range of 35 paisa per USD showing an intraday high bid of 169.95 and an intraday Low offer of 169.70.

According to the data compiled by Mettis Global, the local unit has depreciated by 7.31% or PKR 12.42 in the fiscal year-to-date against the USD. Similarly, the rupee has weakened by 5.96% or PKR 10.13 in CY21, with the month-to-date (MTD) position showing a decline of 2.11%.

Meanwhile, the currency lost 5 paisa to the Pound Sterling as the day's closing quote stood at PKR 232.4 per GBP, while the previous session closed at PKR 232.35 per GBP.

Similarly, PKR's value weakened by 27 paisa against EUR which closed at PKR 198.66 at the interbank today.

On another note, within the money market, the overnight repo rate towards close of the session was 7.60/7.75 percent, whereas the 1 week rate was 7.40/7.45 percent.

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