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Tag: Pakistan Stock Exchange

  • Pakistani rupee continues to recover, PSX witnesses bullish trend

    Pakistani rupee continues to recover, PSX witnesses bullish trend

    The dollar was trading at Rs223 on Thursday, as the Pakistani rupee (PKR) increased by Rs5.79 in interbank trade to extend its winning streak versus the dollar to five days.

    The Pakistani rupee increased against the US dollar for the fifth day in a row, rising Rs2.65 to close at Rs226.15.

    US dollar to Pakistani rupee rate – 4 August 2022

    As the market opened on a good note and remained optimistic with heavy volumes in nearly all sectors for a while, the benchmark KSE-100 likewise rose up to 500 points before 12:00 pm. However, as of 1:40 pm, the market fell by 290 points.

    On Wednesday, the rupee gained the most against foreign currencies in a single day, ending the day at Rs228.80. The dollar’s decline versus the rupee reached its biggest level since November 2, 1998, when it dropped by Rs5.10.

    The local currency is strengthening as a result of increased export inflows and reduced import expenditures, with optimism that the cash-strapped nation was getting closer to winning an IMF bailout bolstering confidence.

    A board meeting is provisionally scheduled for late August after sufficient finance assurances are secured, according to a statement released on Tuesday by Esther Perez Ruiz, the IMF’s Resident Representative for Pakistan.

    Read more: Pakistan rupee appreciates Rs9.58 against US dollar, closes at Rs228.8

    The dollar may devalue between Rs180 and Rs190 against the Pakistani rupee if the IMF releases the $1.2 billion tranche in August, according to Malik Bostan, chairman of the Exchange Companies Association of Pakistan (ECAP).

  • Pakistan rupee appreciates Rs9.58 against US dollar, closes at Rs228.8

    Pakistan rupee appreciates Rs9.58 against US dollar, closes at Rs228.8

    The US dollar dropped Rs9.58 during Wednesday’s session, closing at Rs228.80 versus the rupee, down from Rs238.38 at Tuesday’s interbank close.

    On the other hand, the greenback depreciated Rs14.50 in the open market, closing at Rs226, according to the Forex Association of Pakistan.

    Following comments from an IMF official that Pakistan has met its final requirement by raising the tax on fuel prices on July 31, the Pakistan Stock Exchange (PSX) on Wednesday also experienced a bullish trend as the KSE-100 index rose 1016 points.

    The KSE-100 index increased by 1016 points to trade at 41,208. Experts claim that the rupee’s progressive strengthening was also responsible for the market’s increased confidence.

    Pakistan had raised the petroleum development levy (PDL), according to Esther Perez Ruiz, the IMF’s resident representative in Islamabad, completing the final previous action needed for the Fund’s combined seventh and eighth assessment.

    “With the increase in PDL on July 31, the last prior action for the combined seventh and eighth review has been met. The [Executive Board] meeting is tentatively planned for late August once adequate financing assurances are confirmed,” she said in a statement.

    Read more: Intraday trade: US dollar sheds Rs7.38 against Pakistani rupee

    The $6 billion agreement, known as the Extended Fund Facility (EFF), was signed by Pakistan and the IMF in 2019.

    However, since the IMF voiced concerns about Pakistan’s adherence to the agreement early this year, the disbursement of the combined seventh and eighth tranche has been put on hold.

  • SBP reserves jump $261m to $13.4bn

    SBP reserves jump $261m to $13.4bn

    The State Bank of Pakistan has witnessed a 1.98 per cent increase in its foreign exchange reserves after an influx of $261 million during the week ending on December 31, 2020.

    According to the data issued by the central bank on Thursday, the current exchange reserves stand at $13.4 billion as of now. The state-run news agency, APP, reported that overall liquid foreign currency reserves, including net reserves held by the banks, SBP excluded, stood at $20,512.1 million.

    Net foreign reserves held by commercial banks clocked in at $7.09 billion. According to the State Bank, the increase came on the back of official inflows of the government.

    On Wednesday, the Pakistan Stock Exchange (PSX) gained over 500 points to cross the 45,000-point threshold for the first time since May 2018. According to the reports, “Exploration & production and oil & gas marketing sectors rebounded strongly, whereas cement and fertilizer sectors continued with previous day’s positive momentum.”

    “International crude oil prices jumped significantly on the conclusion of agreement among OPEC+ countries, which became the basis for an uptick in E&P stocks. Cement sector leaped on the expectation of an increase in cement price in the northern region, while banking sector contributed positively in anticipation of annual results.”

  • Stocks hold gains to cross 45,000 points threshold for first time since May 2018

    The Pakistan Stock Exchange (PSX) gained over 500 points on Wednesday to cross the 45,000-point threshold for the first time since May 2018.

    Global equity markets also showed a positive trend. Profit reported that the buying activity was observed across the board. According to the newspaper, “Exploration & production and oil & gas marketing sectors rebounded strongly, whereas cement and fertilizer sectors continued with previous day’s positive momentum.”

    “International crude oil prices jumped significantly on the conclusion of agreement among OPEC+ countries, which became the basis for an uptick in E&P stocks. Cement sector leaped on the expectation of an increase in cement price in the northern region, while banking sector contributed positively in anticipation of annual results.”

    Express Tribune reported that the trading volumes lifted to 664.5million shares due to strong investors’ interest. The market outlook also remained positive due to the government’s decision to settling circular debt with the independent power producers (IPPs), though partially.

    Moreover, the petroleum product sales that rose in double digits also helped the bullish trend. “Oil sales were up 16% to 1.59 million tons in December 2020 compared to 1.37 million tons in the same month of 2019,” the report said.

    It further stated that the State Bank of Pakistan’s report on the Pakistani economy also played a role in rallying the stock market. According to the central bank, the economic activity in the country has been largely restored to pre-coronavirus levels in the first quarter of the current financial year.

  • Cop martyred in Pakistan Stock Exchange attack was to retire two days later

    Cop martyred in Pakistan Stock Exchange attack was to retire two days later

    One of the martyred security personnel who thwarted the attack on Pakistan Stock Exchange (PSX) in Karachi on Monday, was due to retire from service two days later, SAMAA reported.

    Assistant Sub-Inspector (ASI) Muhammad Shahid of Lyari recruited 33 years ago in 1987, was due to retire on July 1.

    Senior police officials have paid tribute to the martyred officer. They say the city owes its peace to such valiant police personnel.

    Prime Minister (PM) Imran Khan and Chief of Army Staff (COAS) General Qamar Javed Bajwa among others have also paid tribute to the brave cops and security guards who laid down their lives to foil the attack by killing all four gunmen affiliated with the banned Balochistan Liberation Army (BLA) before they could enter the compound.

    Constable Muhammad Rafiq Soomro and Constable Khalil Jatoyi are also being praised for their valour and the critical role they played in thwarting the attack within eight minutes of its launch.

    Earlier, panic and fear swept across Karachi after four terrorists tried to storm the PSX building on I I Chundrigar Road Monday. The assailants came in a car and tried to enter the building, according to the police.

    They were intercepted by security guards after which the militants threw a hand grenade at them and opened gunfire. All four attackers were killed after a brief encounter with commandos of the Sindh Police’s Rapid Response Force.

  • [GRAPHIC VIDEO] All terrorists, who attacked Pakistan Stock Exchange, killed

    [GRAPHIC VIDEO] All terrorists, who attacked Pakistan Stock Exchange, killed

    Police killed all four assailants who attacked the Pakistan Stock Exchange (PSX) compound in Karachi on Monday morning, police chief Ghulam Nabi Memon confirmed to media.

    Citing Memon, Reuters reported that the gunmen had attacked the compound on I I Chundrigar Road with grenades and guns. “Four attackers have been killed, they had come in a Corolla car,” Nabi said.

    Initial reports said that four attackers entered the building around 10 am and opened fire. A grenade attack was carried out at the entrance.

    At least two civilians were killed in the attack and multiple were injured.

    Police surgeon Dr Qarar Ahmed Abbasi said that five bodies and seven injured including policemen were brought to Dr Ruth Pfau Civil Hospital in Karachi.

    Other reports said that four guards and a policeman were also martyred.

    [GRAPHIC WARNING]

    Police and Rangers’ officials arrived at the scene soon after the attack and killed all four attackers, Sindh Rangers said.

    A clearance operation is underway in the vicinity. Weapons and hand grenades have been recovered from the attackers.

    “An unfortunate incident took place at the Pakistan Stock Exchange,” said PSX director Abid Ali Habib. “They made their way from our parking area and opened fire on everyone.”

    He said that the militants had stormed the Railway Ground parking area and fired outside the PSX ground. They made their way to the main gate of the building and stormed it after trading fire with security guards. 

    Habib said that the firing by militants caused panic among the people in the building.

    The PSX building and surrounding areas were sealed by law enforcement agencies. People inside the PSX building were evacuated from the back door.

    Police said the militants conducted the assault with sophisticated weapons and were carrying a bag filled with explosives. 

    Counter Terrorism Department’s (CTD) Raja Omar Khattab said that police would try to find out details about the car used by the attackers. “CCTV cameras are being monitored by law enforcement agencies to obtain clues.”

    An earlier statement by the PSX said that its compound had been attacked by militants and that the “situation is still unfolding”.

    “There was an attack on the PSX compound earlier today. The situation is still unfolding and management, with the help of security forces, is managing the security and controlling the situation,” tweeted the PSX.

    “We will issue a more detailed statement in due course once the situation is under control and more details are known,” it said in a subsequent tweet.

    For now firing has stopped and reinforcement are in place, it added.

    Meanwhile, Sindh Governor Imran Ismail condemned the attack.

    “Strongly condemn the attack on PSX aimed at tarnishing our relentless war on terror,” he said, vowing to protect Sindh at all costs.

    The banned Baloch Liberation Army (BLA), which was declared a global terrorist group by the United States (US) last year, has reportedly claimed responsibility for the attack.

  • Pakistan Stock Exchange crashes after 2,200 points wipe off KSE-100 index

    The stock market on Monday crashed during the early trading hours as confusion and uncertainty surrounded potential investors due to the decline in international oil prices by about 30 per cent — the worst since the Gulf War in the 1990s.

    As per the details, the Pakistan Stock Exchange’s (PSX) benchmark KSE 100-Share Index tumbled 2,291.69 points or 6 per cent around 10 am, before recovering to 36,862.34 in the afternoon. The apex of the day remained 38,219.67 (the previous close) and 35,917.34, the lowest.

    The crash was triggered amid a global sell-off on coronavirus fears as well as a crude oil price war between Saudi Arabia and Russia. 

    Trading floors were a sea of red across Asia, with Tokyo, Sydney and Manila plunging around 6 per cent, while Hong Kong shed 3.5 per cent by lunch.

    Mumbai, Singapore, Seoul, Jakarta and Wellington were more than 3 per cent down, Shanghai and Taipei shed at least 2 per cent and Bangkok gave up 5 per cent. The losses tracked sharp falls in Europe and Wall Street on Friday.

    “PSX has triggered a market halt at 9:37 am which will last for 45 minutes,” the management wrote in a press release. “The market halt is triggered as a standard protocol for risk management purposes.”