Business

KSE-100 soars despite negative cues

Published

3 years ago

Farwa

Optimistic investor spirits drive the flow of funds to index-heavy sectors.
KSE-100 index surge 591.27 points to settle at 44,928.83.
Shares of 362 were traded during the session.

KARACHI: The Pakistan Stock Exchange (PSX) bounced back on Thursday as the benchmark KSE-100 surged by nearly 600 points supported by late-session buying.

Anticipation of encouraging financial results allowed investors to cherry-pick stocks that had dropped to attractive valuations following multiple rounds of hammering in the past month owing to rising political uncertainty in the country.

Optimistic investor spirits drove the flow of funds to index-heavy sectors and all heavyweights closed with modest gains.

The market players also ignored concerns raised by Moody’s regarding a negative rating due to the no-confidence motion submitted against Prime Minister Imran Khan.

Meanwhile, during the month of March, the benchmark KSE-100 index rose 1.1% as positivity returned to the bourse despite deafening political noise and the commencement of a military war between Russia and Ukraine.

At the close, the KSE-100 index surged 591.27 points, or 1.33%, to settle at 44,928.83 points.

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

Arif Habib Limited in its post-market commentary noted that the market witnessed positive momentum along with improved trading volumes today.

“The benchmark KSE-100 index stayed in the green zone,” it stated, adding that investors seemed to be optimistic on the ground of decline in international oil prices and expectation of upcoming good financial results in cement stocks.

Meanwhile, on the flip side activity remained healthy in third-tier stocks.

Sectors contributing to the performance included technology (+118.2 points), fertiliser (+87.1 points), banks (+67.7 points) and cement (+41 points).

Shares of 362 were traded during the session. At the close of trading, 273 scrips closed in the green, 75 in the red, and 14 remained unchanged.

Overall trading volumes rose to 344.13 million shares compared with Tuesday’s tally of 268.91 million. The value of shares traded during the day was Rs7.8 billion.

K-Electric was the volume leader with 56.07 million shares traded, gaining Rs0.03 to close at Rs3.14. It was followed by Treet Corporation with 34.44 million shares traded, gaining Rs2.20 to close at Rs33.93, and Telecard Limited with 27.29 million shares traded, gaining Re1 to close at Rs14.17.

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.