Pakistan’s liquid foreign reserves position declined

The total liquid foreign reserves held by the country stood at US$ 13,721.0 million as of 04-Nov-2022. The break-up of the foreign reserves position is as under:-

  • Foreign reserves held by the State Bank of Pakistan: US$ 7,957.0 million
  • Net foreign reserves held by commercial banks    : US$ 5,764.0 million
  • Total liquid foreign reserves                 : US$ 13,721.0 million

During the week ended on 04-Nov-2022, SBP’s reserves decreased by US$ 956 million to US$ 7,957.0 million due to external debt servicing.… Continue

The bulls returned to the PSX today

·        The bulls returned to the PSX today. After the finance minister announced  USD 500mn financing by the Asian Infrastructure Investment Bank under the BRACE (Building Resilience with Active Countercyclical Expenditure) initiative supported by Asian Development Bank, the investors gained considerable confidence, and the session opened in the green zone and kept the bullish momentum throughout the trading day.… Continue

BARD Foundation announces an Endowment Fund for an MBA student at IBA University in perpetuity

BARD Foundation and IBA university take the lead to be at the forefront in an informed response to the challenges with the high-end priority given to the academic well being of students. BARD Foundation, a strong advocate and support system for passionate students, is delighted to join hands with IBA Karachi in a formal ceremony to extend its support to students in their educational careers.… Continue

The Legend of Maula Jatt becomes the highest grossing Punjabi Film of all time.

The Legend of Maula Jatt breaks yet another record, by becoming the highest grossing Punjabi film of all time worldwide in the 4th week of its release.

The film has successfully surpassed the lifetime earning of all the Punjabi hits including Carry on Jatta 2, Saunkan Saunkne & Chal Mera Putt 2 as it sits tall with the box office earnings of 172 CR+ worldwide.… Continue

The Line 4 of Maple Leaf Cement begins production in Punjab

Maple Leaf Cement Factory Limited (MLCF) has informed Pakistan Stock Exchange (PSX) that an additional dry process clinker production line of 7,000tpd grey clinker, a brownfield expansion at the Company’s existing site in Iskanderabad, Punjab, has successfully started production on November 03, 2022, according a bourse filing of Company Secretary Muhammad Ashraf of the same date.… Continue

SBP import restrictions and the volatile exchange rates would remain challenging for the auto sector

The management of Indus Motor Company Limited (INDU) held a corporate briefing session on 8th Nov’22 to discuss 1QFY23’s financial result and future outlook.

Brief Takeaways

·         To recall, Indus Motors Company Limited (INDU) announced its financial result for 1QFY23 on 27th Oct’ 22, whereby the company posted a Profit After Tax (PAT) of PKR 1,297mn (EPS: PKR 16.5), down by 76% YoY.… Continue

Huawei’s Fiber to the Room (FTTR) solution won the Access Innovation Award

Recently, the 24th World Communication Awards (WCA) ceremony was held in London by Total Telecom, an international telecom media company. Huawei’s Fiber to the Room (FTTR) solution won the Access Innovation Award.

Huawei’s innovative FTTR solution, including FTTR for Home and FTTR for SME (small- and medium-sized enterprises), provides network services with ultra-high bandwidth, ultra-low latency, seamless Wi-Fi roaming, and intelligent Wi-Fi self-management for homes and small- and medium-sized enterprises.… Continue

State Bank of Pakistan organized a Sustainable Banking Conference

 

The State Bank of Pakistan organized a Sustainable Banking Conference, in collaboration with IFC, a member of the World Bank Group, today in a local hotel in Karachi. The objective of the conference was to create critically needed awareness related to climate change and sustainability within the financial sector and launch the Environmental and Social Risk Management (ESRM) Implementation Manual.… Continue

Pakistan’s Oil & Gas sectors post phenomenal earnings for 1QFY23 —the highest in its history.

· The Exploration & Production sector reported phenomenal earnings for 1QFY23, with the sector’s NPAT clocking in at PkR100.8bn—the highest in its history. The sector’s revenues grew by 1.6xQoQ and 55%YoY, with good macros driving earnings growth this quarter.

· Net sales clocked in at PkR226.6bn for the quarter, higher by 54%YoY/13%QoQ, despite a drop in Oil/Gas production of 10%/2%YoY, respectively, with a weak PkR driving topline growth.… Continue

Daraz 11.11: Bringing Pakistanis most value for money

Daraz, Pakistan’s biggest e-commerce platform and number-one shopping app, is gearing up for 11.11, the coveted online shopping festival that has grown to become the largest sale of the year in the country. Since its inception in 2018, consumers anticipate the 11.11 sale to fulfil their shopping needs and benefit through saving from the plethora of discounts, deals and mega prizes.Continue

New PFMA Chairman vows to ensure excellence in the footwear industry.

Mr Mansoor Ehsan, Chief Executive Officer of Xarasoft and the new Chairman of the Pakistan Footwear Manufacturing Association (PFMA) for 2022-2023, was welcomed at a simple but impressive ceremony held at the PFMA office recently.

Mr Mansoor Ehsan lauded the efforts of the outgoing Chairman, Mr Zahid Hussain from Rafum Industries, office-bearers and retiring members of the Executive Committee.… Continue

“Fly Jinnah” appoints CEO Syed Armaan Yehia

Fly Jinnah, Pakistan’s new low-cost carrier, and a joint venture company between Lakson Group and Air Arabia Group, announces the appointment of Mr. Syed Armaan Yehia as Chief Executive Officer.

Mr. Yehia brings over 28 years of aviation experience and has held senior positions with two airlines in Pakistan, starting as Director of Marketing of Aero Asia International, where he was also a founding team member, driving the airline’s growth prior to joining Airblue in 2004 where he served as Director of Commercial Operations and responsible for developing the airline’s commercial activities for almost two decades.… Continue

Ufone 4G offers convenient mobile top-up facility


Pakistani mobile company, Ufone 4G is set to transform its customers’ user experience through provision of convenient mobile top-up facility on 10,000 OPay Point-of-Sale (POS) machines. Ufone 4G customers will be able to access these machines at petrol stations, convenient stores, pharmacies, shopping malls and other public places countrywide to recharge their mobile phones with greater ease and accessibility.… Continue

A brief review of Pakistan Economy

Pakistan’s fiscal balance in the outgoing first quarter of FY23 posted a deficit of PKR 809bn, 84% YoY higher than the prior year’s deficit. In terms of % GDP, the deficit arrived at 1.0% in 1QFY23, higher than last year’s same period figure of 0.7% of GDP.… Continue

Establishing Taiwan as the hub for Asia Agriculture, Livestock, and Aquaculture Industries

Organized by Informa Markets Taiwan (Informa Taiwan) and co-organized by the Council of Agriculture, Executive Yuan (COA), Asia Agri-tech Expo & Forum will take place on 10th ~ 12th November 2022, at Taipei Nangang Exhibition Center, Taiwan, co-located with Livestock Taiwan, Aquaculture Taiwan and the inaugural edition of Cold Chain & Meat Taiwan.… Continue

Fly Jinnah chooses Sastaticket.pk as preferred booking platform

Pakistan’s leading travel booking platform, Sastaticket.pk and Fly Jinnah; a new entrant to Pakistan’s aviation sector, have entered into a collaboration/partnership under which Fly Jinnah tickets would be available through the Sastaticket.pk platform.

Under the collaboration, Fly Jinnah customers would be able to seamlessly book their flights through the Sastaticket platform on attractive and discounted rates.… Continue