Tag: Remittances

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February 28, 2021: Kyrgyzstan has shown interest in getting access to Gwadar and Karachi ports by using the rail and road links being constructed under China-Pakistan Economic Corridor.

Talking to business community in Lahore, Kyrgyzstan's Ambassador to Pakistan Erik Beishembiev said his country wants to develop short transportation links through its territory between Central Asia, China and Pakistan.

The Ambassador said his country greatly values relations with Pakistan and wants to further diversify and strengthen bilateral relations.

He said direct flights between the two countries on regular basis would help improve trade and cooperation in tourism sector.

Radio Pakistan

The KSE-100 index lost 362.63 points during the departed week and closed 45,865-mark i.e. nearly 0.78% percent lower than the closing of the previous week.

According to a report by AKD Securities, ‘expectations surrounding FATF announcement, month-end phenomena, international markets’ performance, and possible improvement in diplomatic relations with India, defined market sentiments in the outgoing week’.

The benchmark index was let down by the performance of Oil & Gas Exploration Companies, which snatched around 107 points, followed by Commercial Banks, Oil & Gas Marketing Companies, and Textile Composite, which took away 105, 78, and 40 points, respectively. Nonetheless, Cement Sector provided some respite as it contributed around 119 points to the index.

Company-wise, the scrips of OGDC, PSO, NBP, NML, and COLG emerged as the worst-performing stocks for the week as they stripped the index off by 92, 42, 41, 37, and 27 points, respectively. On the other hand, the scrips of LUCK, TRG, MEBL, FFC, and ILP contributed around 160, 56, 28, 21, and 16 points, respectively.

Meanwhile, the KSE All Share Market Cap declined by $362.5 million or 0.69% over the week, being recorded at $51.9 billion as compared to a Market Cap of $52.27 billion recorded last week.

Figures released by NCCPL showed that foreign investors purchased USD 276.3 thousand worth of stocks during the week with Overseas Pakistanis doing the bulk of the buying @ USD 3.93 million. Foreign corporates, however, sold securities worth $3.81 million.

On the local front, Broker Proprietary Trading sold USD 10.73 million worth of stocks. Excessive purchasing was witnessed locally as well as Individual Investors and Insurance Companies bought stocks worth USD 6.66 million and USD 4.72 million, respectively.

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February 26, 2021 (MNL): The KSE-100 index ended the trading session on Friday with a 100.61 point or 0.22 percent decline to close at 45,865.02.

The stock market once again followed the footsteps of international oil prices, which fell on Friday as a collapse in bond prices led to gains in the U.S. dollar and expectations grew that with oil prices back above pre-pandemic levels, more supply is likely to come back to the market.

On local front, Pakistan and Qatar signed an LNG supply agreement, as per which, the latter would provide Pakistan with three million tons of Liquified Natural Gas for 10 years. Pursuant to this, Pakistan State Oil Company signed a Long Term LNG Sales and Purchase Agreement (SPA) with Qatar Petroleum.

Several companies announced their financial results for the period ended December 31, 2020, including HUBCO, SCBPL, LOTCHEM, PPL, and INDU. Out of these, only HUBC managed to make a place for itself in the top performing stocks for today.

The Index traded in a range of 479.96 points or 1.04 percent of previous close, showing an intraday high of 46,239.89 and a low of 45,759.93.

Of the 97 traded companies in the KSE100 Index 33 closed up 62 closed down, while 2 remained unchanged. Total volume traded for the index was 233.08 million shares.

Sector wise, the index was let down by Oil & Gas Exploration Companies with 56 points, Technology & Communication with 33 points, Chemical with 31 points, Automobile Assembler with 24 points and Oil & Gas Marketing Companies with 20 points.

The most points taken off the index was by OGDC which stripped the index of 54 points followed by TRG with 45 points, COLG with 30 points, NML with 16 points and NBP with 13 points.

Sectors propping up the index were Cement with 48 points, Pharmaceuticals with 27 points, Power Generation & Distribution with 16 points, Fertilizer with 13 points and Inv. Banks / Inv. Cos. / Securities Cos. with 9 points.

The most points added to the index was by LUCK which contributed 57 points followed by HBL with 34 points, SEARL with 21 points, FFC with 18 points and ANL with 16 points.

All Share Volume increased by 11.01 Million to 479.98 Million Shares. Market Cap decreased by Rs.55.31 Billion.

Total companies traded were 417 compared to 416 from the previous session. Of the scrips traded 144 closed up, 257 closed down while 16 remained unchanged.

Total trades increased by 23,228 to 170,864.

Value Traded increased by 2.49 Billion to Rs.25.75 Billion

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February 26, 2021 (MLN): Gold rates extended decline today, as the per tola price of 24 karat gold in the domestic bullion market dipped by Rs 1,050 and was sold at Rs 109, 250 against the sale at Rs 110,300 reported yesterday.

 Likewise, 10-grams of 24 karat gold also witnessed a fall of Rs 900 to settle at Rs 93,664 as opposed to the previous close of Rs 94,564, data provided by All Sindh Sarah Jewellers Association revealed.

On a similar note, per tola price of 24-karat silver slid by Rs 20 and was traded at Rs 1,400 against its sale at Rs 1,420 while that of 10-gram silver fell by Rs 17.15 and was traded at Rs 1, 200.27 against Rs 1,217.42.

In the international market, rising US bond yields have hurt the demand for safe haven, as gold price fall by USD 26 and were available at USD 1,764 per ounce against USD 1,790 an ounce in the previous session, while silver was valued at Rs 29.90 an ounce, the association reported.

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