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Authorized banks to keep designated branches open to facilitate...

February 24, 2020: In order to facilitate the intending pilgrims to deposit application forms along with dues for Hajj 2020, State Bank of Pakistan has directed 13 authorized banks to keep all their designated branches open from 10:00 a.m. to 2:30 p.m. on Saturday and Sunday (i.e. 29-02-2020 and 01-03-2020) throughout the country.

Earlier, in terms of Hajj Policy 2020, the Ministry of Religious Affairs & Interfaith Harmony has authorized 13 banks (viz. National Bank of Pakistan, Habib Bank, United Bank, MCB Bank, Allied Bank, Bank of Punjab, Bank Alfalah, Zarai Taraqiati Bank, Faysal Bank, Askari Bank, Bank Al-Habib, Habib Metropolitan Bank and Meezan Bank) to collect application forms along with dues from intending pilgrims for Hajj 2020 w.e.f. 25th February 2020 till 6th March 2020 throughout the country.

 

Press Release

Private sector borrows another Rs 31.62 billion during the...

February 24, 2020 (MLN): The non-government sector has borrowed another net sum of Rs.31.62 billion during the week ended February 14, 2020, which brings the cumulative net borrowing for ongoing fiscal year FY2020 to Rs.172.03 billion. The net borrowing as of prior week was recorded at Rs.140.4 billion.

According to weekly data released by the State Bank of Pakistan, the sector's borrowing has dropped by Rs.533.86 billion over the year since the borrowing as of corresponding period of last year was recorded at Rs.705.89 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.179.18 billion, whereas the PSE's have retired Rs.7.74 billion and NBFI has borrowed Rs.594.29 million.

As we disintegrate the inflows and outflows within the private sector, we see that Conventional Banks lent a cumulative sum of Rs.64.27 billion, Islamic Banks lent Rs.26.3 billion and lastly the Islamic branches of Conventional Banks lent Rs.88.61 billion.

 

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Pakistan’s first Centralized Repository for Life Insurance Sector launched

February 24:  To complement government’s objectives of providing ease of doing business and enhanced consumer protection, Pakistan’s first ever centralized information repository is established for life insurance sector. The repository that will function under the regulatory impetus of SECP will hold critical data of life insurance policies electronically.

Aamir Khan, Chairman SECP, Shaukat Hussain, Commissioner Insurance, Moin M. Fudda, Chairman, Centralized Depository Company (CDC), Badiuddin Akber, Chief Executive Officer, CDC, senior officials from SECP, CDC, CEOs and representatives of life insurers, non-life insurers, and relevant stakeholders attended the launching ceremony.

The Chairman SECP, Aamir Khan, in his keynote address said that the initiative would augment technological advancement in the insurance industry while ensure facilitation and protection of policyholders. He hoped that it would facilitate effective settlement of insurance claims and cause reduction in mis-selling and policy churning.

“We, at the SECP are very mindful of our responsibilities as a progressive regulator that needs to help the industry to develop and grow, and simultaneously, create linkages between its regulated sectors and the real economy”, Khan said and underlined that the centralized documentation of data in digitalized form is critical to achieving transparency, speed and cost effectiveness.

He informed participants that the SECP has already embarked upon a transformational journey of digitalization  through its recently launched initiative - ‘Leading Efficiency through Automated Prowess (LEAP). This will enable  100% end-to-end automation, complete integration with multiple government agencies for one-time registration, and digitalization and storage of financial  statements of  companies through introduction of Extensible Business Reporting Language (XBRL).

The Centralized Repository will enable electronic storage of life insurance and family takaful policies and serve as central point for critical policyholder related information. It will aid the underwriting function of the insurers to determine the appropriateness of an insurance policy, the level of insurance coverage and affordability of the insurance policy for the customer which will ultimately result in need-based selling and substantial reduction in mis-selling.

 

Press Release

Govt retires Rs 4 billion in a week

February 24, 2020 (MLN): The government of Pakistan has retired an additional sum of Rs.4.14 billion during the week ended February 14, 2020, which brings its total net retirement for ongoing fiscal year FY2020 to Rs.7.76 billion. As of prior week, the government had retired a net sum of Rs.3.62 billion.

According to the State Bank of Pakistan's weekly estimates in this regard, the government had borrowed Rs.677.69 billion net, around the same time last year.

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 borrowing for budgetary support was Rs.75.2 billion, while that for other purposes stood at Rs.4.26 billion. On the contrary, a net total of Rs.87.22 billion were retired off 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.760.64 billion by the government, out of which the Federal Government retired Rs.417.49 billion, the Provincial Government retired Rs.321.5 billion, AJK Government retired Rs.18.79 billion, and the GB Government retired Rs.2.86 billion.

On the other hand, the Scheduled Banks have lent out a net total of Rs.835.84 billion out of which the Federal Government borrowed Rs.878.09 billion while the Provincial Government retired Rs.42.26 billion.

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Closing Bell: KSE-100 ‘bats’ a massive eye on rising...

February 24, 2020 (MLN): The KSE-100 index lost around 1,105 points in today’s session, before settling at 39,143-level i.e. almost 2.75% lower than Friday’s close.

The benchmark index for the second time fell beneath 40,000-mark this year, after several countries reported a rise in the COVID-19 infections. The epidemic has so far affected more than 80,000 and killed nearly 2,600 people, causing equity markets across the board to suffer tremendous losses.

The Index remained negative throughout the session touching an intraday low of 39,080.42

Of the 94 traded companies in the KSE100 Index 6 closed up and 88 closed down. Total volume traded for the index was 103.98 million shares.

Sector wise, the index was let down by Commercial Banks with 311 points, Oil & Gas Exploration Companies with 188 points, Fertilizer with 109 points, Power Generation & Distribution with 94 points and Cement with 82 points.

The most points taken off the index was by PPL which stripped the index of 86 points followed by HBL with 78 points, HUBC with 67 points, UBL with 67 points and OGDC with 60 points.

All Share Volume increased by 58.68 Million to 144.28 Million Shares. Market Cap decreased by Rs.175.00 Billion.

Total companies traded were 345 compared to 326 from the previous session. Of the scrips traded 44 closed up, 285 closed down while 16 remained unchanged.

Total trades increased by 18,143 to 59,639.

Value Traded increased by 1.93 Billion to Rs.5.51 Billion

CompanyVolume

Top Ten by Volume

Hascol Petroleum14,356,500
Unity Foods11,547,500
K-Electric10,629,500
The Bank of Punjab8,041,500
Maple Leaf Cement Factory6,349,000
D.G. Khan Cement Company4,670,000
Avanceon4,474,000
Lotte Chemical Pakistan4,180,500
TRG Pakistan4,061,500
Worldcall Telecom4,057,000

 

SectorVolume

Top Sector by Volume

Oil & Gas Marketing Companies18,337,400
Commercial Banks17,372,200
Cement17,145,200
Power Generation & Distribution14,705,000
Technology & Communication14,037,400
Vanaspati & Allied Industries11,547,500
Chemical7,740,350
Food & Personal Care Products7,257,330
Engineering5,284,200
Transport5,148,000

 

 

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