Business

KSE-100 extends gains with 79-point rise

Published

3 years ago

Farwa

Index gains despite sluggish activity throughout the day.
KSE-100 index closes at 39,972.64 points.
Shares of 321 companies were traded today.

KARACHI: The Pakistan Stock Exchange (PSX) extended gains on Wednesday despite sluggish activity throughout the day as the benchmark KSE-100 index gained nearly 80 points.

Federal Minister for Finance and Revenue Miftah Ismail assured that there is no risk of Pakistan defaulting anymore, which sparked positive momentum at the PSX.

Earlier, trading kicked off with a spike with the index surpassing the 40,000-point mark in the first hour of the session.

However, the gloomy scenario on the back of the depreciating Pakistan rupee and political uncertainty in the wake of the Supreme Court’s verdict in the Punjab CM election shook investor confidence. The index dived by the end of the session.

At close, the benchmark KSE-100 index closed at 39,972.64 points with an increase of 78.59 points or 0.20%.

Benchmark KSE-100 index intra-day trading curve. — PSX data portal

A report from Arif Habib Limited stated that PSX continued to remain under pressure throughout the day due to concerns regarding uncertain economic situations.

The benchmark KSE-100 index witnessed a volatile session as investors opted to remain sideways as the Pakistani rupee continued its freefall against the US dollar.

Mainboard volumes remained dry whereas decent volumes were observed in the third-tier stocks.

Sectors contributing to the performance included banks (+76.9 points), chemicals (+54.2 points), technology (+27.5 points), engineering (+14.4 points), and cement (+10.1 points).

Shares of 321 companies were traded during the session. At the close of trading, 153 scrips closed in the green, 141 in the red, and 27 remained unchanged.

Overall trading volumes dropped to 121.57 million shares compared with Tuesday’s tally of 131.86 million. The value of shares traded during the day was Rs4.19 billion.

Lotte Chemical was the volume leader with 10.21 million shares traded, gaining Rs1.50 to close at Rs28.50. It was followed by WorldCall Telecom with 9.26 million shares traded, losing Rs0.02 to close at Rs1.18 and TPL Properties with 9.01 million shares traded, losing Rs0.05 to close at Rs17.27.

Business

The total amount of Pakistan’s liquid foreign reserves is $15.95 billion.

Published

3 days ago

Farwa

As of February 14, Pakistan’s total liquid foreign reserves were $15,947.9 million, with the State Bank of Pakistan’s (SBP) holdings being $11,201.5 million.

Official figures for the week ending February 14, 2025, show that the central bank’s liquid foreign exchange reserves rose by $35 million to $11,201.5 million.

Commercial banks maintained net foreign reserves of $4,746.4 million during the period under review, according to the breakdown of foreign reserves.

The nation’s total liquid foreign reserves as of the week ending February 07, 2025, were $15,862.6 million.

Of these, the central bank held $11,166.6 million in foreign reserves, while commercial banks kept $4,696 million in net reserves.

Business

In January 2025, RDA inflows reach 9.564 billion USD.

Published

2 weeks ago

Farwa

Remittances under the Roshan Digital Account (RDA) increased from US $9.342 billion at the end of 2024 to US $9.564 billion by the end of January 2025.

The most recent data issued by the State Bank of Pakistan (SBP) revealed that remittance inflows in January totaled US$222 million, compared to US$203 million in December and US$186 million in November 2024.

Millions of Non-Resident Pakistanis (NRPs), including those who own a Non-Resident Pakistan Origin Card (POC), desire to engage in banking, payment, and investing activities in Pakistan using these accounts, which offer cutting-edge banking options.

Nearly 778,697 accounts were registered under the scheme by the end of January 2025, according to the data.

By the end of January, foreign-born Pakistanis had contributed US $59 million to Roshan Equity Investment, US $479 million to Naya Pakistan Certificates, and US $799 to Naya Pakistan Islamic Certificates.

Business

FBR lowers Karachi’s built-up structure property valuation rates

Published

2 weeks ago

Farwa

A year-by-year breakdown of the depreciation value of residential and commercial built-up properties is included in the updated property valuation rates for Karachi that the FBR has announced.

The notification said that built-up structural values on residential property will be gradually reduced.

A residential home’s built-up structure, which is five to ten years old, will lose five percent of its worth.

In a similar vein, constructions between the ages of 10 and 15 will lose 7.5% of their value, while those between the ages of 15 and 25 would lose 10%. Built-up structures that are more than 25 years old will be valued similarly to an open plot.

Furthermore, age will also be used to lower the valuation of built-up properties, such as apartments and flats.

Structures that are five to ten years old will depreciate by ten percent, while those that are ten to twenty years old will depreciate by twenty percent. A 30% depreciation will be applied to properties that are 20 to 30 years old, while a 50% reduction will be applied to those that are above 30 years old.

In terms of commercial built-up properties, buildings that are 10 to 15 years old will lose 5% of their value, while those that are 15 to 25 years old will lose 8%. The value of properties that are more than 25 years old will drop by 10%.

In contrast, there would be a 15% boost in the value of commercial properties in the Defence Housing Authority (DHA) that face any Khayaban.