PM’s Advisor on Finance & Revenue visits PBA office

Mr Shaukat Tarin, Advisor to the Prime Minister on Finance and Revenue, visited the office of Pakistan Banks’ Association (PBA) in Karachi, on Friday, November 26, 2021 & met its Executive Committee. Mr. Muhammad Aurangzeb, Chairman, PBA, and Mr. Tawfiq Hussain, CEO & Secretary General, PBA, welcomed the Advisor to PBA.… Continue

KSX index finally turns green

·          Battle between bulls and bears was conquered by the bulls in the last trading hour. Market opened with a positive momentum as investors perceived that last leg of foreign selling spree was completed on the last trading day. Forecast of investors failed as foreign selling continued and led the market back to red territory.… Continue

Standard Chartered Karachi united youth league concludes with impressive finale

Standard Chartered – Karachi United Football League was recently organised at the Karachi United Stadium, by Standard Chartered Bank (Pakistan) Limited in collaboration with the Karachi United Youth Football Club. Featuring 199 thrilling matches, among 62 teams, it comprised more than 1300 young male & female players, who showed great performances, till the vibrant closing ceremony was held recently.… Continue

National prestige, economy compromised for $1 billion: Mian Zahid Hussain

On Friday, the Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, All Karachi Industrial Alliance and former provincial minister Mian Zahid Hussain said the IMF had trapped the country.

Every coming day will increase the problems of the people already facing severe inflation while money budgets will frequent the government.… Continue

Gharibwal Cement expanding its capacity in Pakistan

Gharibwal Cement Limited is implementing an expansion program to augment its capacity. Mr Shamail Javed, Chief Financial Officer (CFO) of the Company, disclosed it during a corporate briefing session of AKD Securities Ltd today.

New Production Line up to 10,000 TPD of clinker would be added in the capacity of the Company.… Continue

Present dynamic of Pakistan steel industry

International scrap/copper prices have increased by 11.0%/11.1% since Oct’21 to currently hover around US$488/9,932/ton.  Compared to FYTD avg of US$473/9,485/ton amid power shortages and supply concerns which caused smelters to go offline from Chile to China.

· Impressive Chinese export growth in Oct’21(+27.1%YoY) to US$300.2bn has counterbalanced some of the pressure mounting on Chinese local manufacturers from emergence of enormous power shortage, supply-side disruptions and reappearance of covid-19 cases in China.… Continue

SBP reserves decreased due to external debt repayment

The total liquid foreign reserves held by the country stood at US$ 22,773.8 million on 19-November-2021.

The break-up of the foreign reserves position is as under:-

  1. Foreign reserves held by the State Bank of Pakistan:
    US$ 16,254.1 million
  2. Net foreign reserves held by commercial banks:
    US$   6,519.7 million
  3. Total liquid foreign reserves                                
         : US$ 22,773.8 million

During the week ended 19-November-2021, SBP reserves decreased by US$ 691 million to US$ 16,254.1 million, mainly due to external debt repayment.… Continue

Sohni Dharti Remittance Program – an initiative to promote remittances through formal channels

The Honourable Prime Minister of Pakistan, Mr. Imran Khan, inaugurated the Sohni Dharti Remittance Program (SDRP) offered jointly by the State Bank of Pakistan, Ministry of Finance and financial institutions today at the Prime Minister House in Islamabad. SDRP is an innovative program designed to incentivize Pakistani workers abroad to send remittances to Pakistan through banks and exchange companies and earn reward points.… Continue

SAP enables acceleration of change for a digital Pakistan

In its commitment to support the vision of a digital Pakistan, leading multinational software corporation, SAP, brought together industry leaders from across the country at its exclusive Blue Ribbon event “Meet the Acceleration of Change”, laying out best practices for organizations to create value and enable digital transformation.… Continue

PSE: Bloodbath continued today

· Bears ruled over the bulls for the fourth consecutive session in a week due to concerns over devaluation of Pak rupee and last leg of foreign selling spree. Roll-over week continued to remain under pressure despite attractive valuations in terms of low P/E multiples and high dividend yields.… Continue

IMF agreement to avert threat of bankruptcy: Mian Zahid Hussain

Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Wednesday said an agreement with the IMF will prevent bankruptcy.

The deal will stabilise economy to some extent but the whole population will be affected as the economy will shrink at a fast pace, he said.… Continue

Zong signs MOU with SCO for digitalizing AJK & GB

Leading the digital innovation in the country, Zong 4G, Pakistan’s leading cellular and digital services provider has signed a Memorandum of Understanding (MoU) with Special Communication Organization (SCO), in a bid to work in a step towards the Prime Minister’s vision of Digital Pakistan.… Continue

Nishat Chunian on expansion mode

The management of Nishat Chunian Limited (NCL) held a corporate briefing session today to discuss the FY21 financial results and future outlook on the company’s strategy going forward.

Highlights:

·        Nishat Chunian Limited (NCL) declared a PAT of PKR 5,599mn (EPS: PKR 23.32) in FY21, significantly up by 21x YoY from PKR 265mn (EPS: PKR 1.11).… Continue

Hi-Tech Lubricant plans to establish 126 retail outlets in the next five years with major focus on Punjab and KPK.

The management of Hi-Tech Lubricants Limited (HTL) held a corporate briefing session Nov 24 to discuss the FY21 financial results and future outlook on the company’s strategy going forward.

Highlights:

· Hi-Tech Lubricants Limited (HTL) declared a profit after tax (PAT) of PKR 143mn (EPS: PKR 1.24) in 4QFY21 compared to profit of PKR 214mn (EPS: PKR 1.85) in 4QFY20.… Continue

U.S. Embassy to launch 16 days of Activism Against Gender-Based Violence Campaign

In honor of the International Day for the Elimination of Violence Against Women and the 16 Days of Activism against Gender-based Violence (GBV), the U.S. government, through the Public Affairs section of U.S. Embassy Islamabad, awarded a grant to women’s rights activist and social media influencer Kanwal Ahmed to produce two documentary short films on gender-based violence issues facing women in Pakistan. … Continue