April, 27(E. A Report) — Habib Bank Limited (HBL) printed earnings of Rs 13.3 billion, registering a 23% increase.Announcing its first quarter results Thursday along with the result, the bank announced an interim dividend of Rs 1.5/sh.Administration expenses jacked up sharply to Rs 40 billion in first quarter, registering an increase of 29% YoY which are to be triggered by the impact of high inflation, rupee devaluation, investment in IT infrastructure and higher compensation expense.Bank registered net Interest Income shot up by a sizeable 54% yearly led by NIMs expansion as asset books of the bank re-priced.Balance sheet expansion and the bank’s CA ratio of 40% also cushioned the top-line growth.On a sequential basis, the surge was r...
April 28, 2023 at 8:34 am | Economic Affairs
April, 27(Agencies)—Chinese Yuan firmed on Thursday after a largely directionless morning session, as a smaller decline in the profits of country’s industrial firms and weakness in US dollar helped the currency regain some ground lost earlier this week.Yuan has weakened by 0.45% against the US dollar so far this week, as investors continued to search for clearer evidence that growth in the world’s second-biggest economy could completely recover from the fallout of the past three years of strict COVID-19 pandemic restrictions.Profits at China’s industrial firms fell 21% in the first quarter from a year earlier, official data showed on Thursday. While the decline provided a reminder that the country’s economic recovery remains slow...
April 28, 2023 at 8:31 am | Economic Affairs
April, 27(E. A Report) —State Bank of Pakistan (SBP) asked banks to keep all of their authorised branches open on April 29 and 30, (Saturday and Sunday) to observe extended working hours in facilitating taxes collection.In a Wednesday notification, SBP informed all banks of decision to stay open on Federal Board of Revenue (FBR)request.SBP notification says all branches of banks including authorised branches of National Bank of Pakistan (NBP) and field offices of SBP Banking Services Corporation (SBP-BSC) shall remain open on April 29 and 30 in order to facilitate the taxpayers in payment of Government duties and taxes.Notification further says such branches would also observe extended working hours till 06:00 p.m. to facilitate the coll...
April 28, 2023 at 8:30 am | Economic Affairs
April, 27(E. A Report) — Pakistan State Oil Company third quarter turned the company into profit for nine month period by reporting Rs. 13.6 billion gain.Interim financial statements announcement pushed share price up 88 paisa to trade at Rs.116.1 around 11 at Pakistan Stock Exchange.Board of Management announced the condensed unconsolidated and consolidated interim financial statements of the company for nine-months ended March 31, 2022.Petroleum industry witnessed a significant decline in consumption of all products, mainly due to flash floods, slowdown in economic activities and plummeting real purchasing power of individuals.During the period, industry volumes declined by 21% in white oil – a dip of 16% in motor gasoline and 25% in...
April 27, 2023 at 3:09 pm | Economic Affairs
April, 27(Agencies)—Most Asian currencies edged higher against a broadly weaker US dollar on Thursday where Thai baht benefitting from encouraging trade data.Indonesian rupiah, Asia’s best performing currency so far this year, rose 0.5%, having been supported by portfolio investment inflows for several days.Chinese yuan firmed after China’s industrial firms’ profits shrank at a slightly slower pace in January-March. But the decline remained in the double-digits as the economy struggled to fully recover despite the country’s exit from its zero-COVID policy.The Indian rupee gained 0.1%, and the Thai baht firmed 0.2%.Investors globally remained uncertain how much longer the US Federal Reserve will keep interests high though Fed fund...
April 27, 2023 at 3:07 pm | Economic Affairs
April, 27(Agencies)—Euro hovered near a one-year high versus the dollar on Thursday, as Europe’s resilient economy contrasted with banking contagion risks in the United States, the debt ceiling standoff and a potential recession.The risk-sensitive Aussie struggled to stay above the key 66 cent mark, while leading cryptocurrency bitcoin found its footing around $29,400 following wild swings in the previous session.Yen was in a holding pattern as the Bank of Japan began a two-day policy meeting, the first under new governor Kazuo Ueda.Europe’s single currency ticked up 0.05% to $1.10415, edging back toward the overnight peak at $1.1096, the highest since April of last year.The dollar index - which measures the greenback against six maj...
April 27, 2023 at 3:04 pm | Economic Affairs
April,20(E. A Report) — Pakistani rupee stayed broadly stable against the US dollar, settling with an appreciation of 0.03% on Wednesday at opening after a five-day gap owing to Eid holidaysAccording to the State Bank of Pakistan (SBP), local currency settled at 283.39, an increase of Re0.08. It had depreciated during the early hours of trading before clawing back to finish positive.Rupee regained its upward momentum against the US dollar on Thursday last week, settling at 283.47 in inter-bank market where market participants continued to await resumption of the International Monetary Fund (IMF) Extended Fund Facility (EFF), which has been stalled since last year.Finance Minister Ishaq Dar once again said the government has met all the c...
April 26, 2023 at 10:05 pm | Economic Affairs
April, 26 (E. A Report) — Pakistan Stock Exchange (PSX) ended another volatile session on a positive note after a 5-day Eid break. The benchmark KSE-100 Index inched up 0.22%, while volume and value of shares traded improved from the last close on Wednesday.Indices extended gains from the previous session, amid improved market participation, as benchmark KSE-100 Index touched an intra-day high of 41,364.60 (up by 356.75 points).However, selling in the final stages of the trading session eroded the gains, and the benchmark index settled with an increase of 91.76 points to close at 41,099.58.Market analysts said improvement in economic indicators, especially on account of current account surplus, drove the sentiment.Pakistan’s current ac...
April 26, 2023 at 10:04 pm | Economic Affairs
April,26(Agencies)—Oil prices were mixed on Wednesday as falling U.S. inventories lifted the U.S. WTI price while Brent benchmark steadied as market took stock of weak U.S. data that raised fears of recession in the world’s biggest economy.Brent crude eased by 9 cents, or 0.1%, to $80.68 a barrel by 1035 GMT. U.S. West Texas Intermediate crude gained 23 cents, or 0.3%, to $77.30.U.S. crude oil stocks fell by about 6.1 million barrels in the week ended April 21, according to market sources citing American Petroleum Institute (API) figures on Tuesday. Analysts had expected crude inventories to fall by about 1.5 million barrels.Gasoline inventories fell by 1.9 million barrels last week while distillate inventories rose by 1.7 million barr...
April 26, 2023 at 10:04 pm | Economic Affairs
April,20(E. A Report) —Pak Suzuki Motor Company (PSMC) once again announced of its automobile and motorcycle plant shutdown until May 09.Decision was made due to the ongoing government import restrictions that have affected the auto sector, causing a shortage of inventory, it said.“Due to shortage of inventory level, the management of the company has decided to shut down motorcycle and automobile plant from May 02, 2023 to May 09, 2023,” read a notice to the Pakistan Stock Exchange (PSX) on Wednesday.It is pertinent to mention that PSMC earlier announced to shut its motorcycle plant till April 28 due to a lack of raw material. Meanwhile, the automobile plant was shut from April 07 to April 14.PMSC is the assembler, manufacturer, and ...
April 26, 2023 at 10:01 pm | Economic Affairs
April,26(Agencies)—Malaysian palm oil futures fell for a fourth consecutive session on Wednesday to close at their lowest level in a month, as weak exports and rival oils weighed on market sentiment.Benchmark palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange lost 64 ringgit, or 1.76%, to 3,571 ringgit ($801.57) a tonne, its lowest close since March 27.“The price erosion in competing edible oils initiated the lower opening and intermittent selling due to margin calls,” said Paramalingam Supramaniam, director at Selangor-based brokerage Pelindung Bestari.Top producer Indonesia plans to set its crude palm oil reference price at $955.53 per tonne for May 1 to 15, up from $932.69 in the last two weeks of April...
April 26, 2023 at 10:00 pm | Economic Affairs
April,26(Agencies)— Asian currencies and equities fell on Wednesday as risk sentiment remained tepid after softening US data and renewed banking sector concerns fanned fears of a recession.Malaysia’s ringgit weakened 0.4% to its lowest level in over a month, and Indonesia’s rupiah also declined 0.4%.“Slump in US consumer confidence, Richmond fed manufacturing index and US equities overnight added to US recession worries and undermined risk sentiments,” analysts at OCBC wrote.US markets fell sharply overnight and MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.4% in early trade, after US consumer confidence dropped to a nine-month low in April, further heightening the risk that the economy could fall into re...
April 26, 2023 at 9:55 pm | Economic Affairs
April,26(Agencies)— China’s yuan firmed on Wednesday rebounding from an over six-week low, as investors’ were heartened by news of a government support plan for overseas trade in response to subdued global demand and exporters complaints over reduced orders.China’s cabinet issued a plan on Tuesday that included supporting exports of automobiles and facilitating visas for overseas businessmen.Some analysts still expected the export sector to struggle given the expectations of a recession in the United States, where consumer confidence dropped to a nine-month low in April.“While the momentum of China’s recovery has been decent this year, it has been mainly driven by domestic recovery rather than exports,” said Khoon Goh, head o...
April 26, 2023 at 2:35 pm | Economic Affairs
April,20(E. A Report) — Pakistan Stock Exchange (PSX) witnessed a bull run on Thursday as the benchmark KSE-100 Index gained over 500 points on the back of improved macroeconomic cues.Current account surplus of March 2023 revived investors’ interest.By the end of the session, the KSE-100 Index closed 508.48 points or 1.26% higher to settle at 41,007.82.Following an upward open, the market rose steadily throughout the session.Across-the-board buying was witnessed with index-heavy sectors including, automobile, cement, chemical, commercial banks and pharmaceuticals trading in the green.Market experts attributed the positive sentiment to improved current account figures, as it was announced on Wednesday that the country’s current accoun...
April 25, 2023 at 11:43 am | Economic Affairs
April,20(E. A Report) — Pakistani rupee appreciated 0.15% against US dollar during trading in the inter-bank market on Thursday.According to the State Bank of Pakistan (SBP), local currency settled at 283.47 with an increase of Rs0.42.In a key development, Pakistan’s current account posted a massive surplus of $654 million in March against a (revised) deficit of $36 million in February 2023, reported the State Bank of Pakistan (SBP) on Wednesday.“Cumulatively, the current account deficit reduced to $3.4 billion in July-March FY23 against a deficit of $13 billion in July-March FY22,” the SBP said in a statement.Development comes after Rupee remained largely stable against US dollar at 283.89 in the inter-bank market on Wednesday as ...
April 25, 2023 at 11:41 am | Economic Affairs
April,20(Agencies)—US authorities on Wednesday imposed a $300 million penalty on Seagate Technology, to resolve alleged violations of export controls related to selling hard disk drives to Huawei Technologies, the Commerce Department said.The manufacturer was involved in the shipment of hard disk drives valued over $1.1 billion to Huawei entities despite US controls.The violations, according to the Commerce Department, took place between August 2020 and September 2021.In 2019, the US added Huawei and some of its affiliates to a trade blacklist that imposed licensing requirements on exports, re-exports and transfers of goods.The Bureau of Industry and Security (BIS) also introduced controls in 2020 over certain foreign-made items to “be...
April 25, 2023 at 11:40 am | Economic Affairs
Pakistan Rupee Exchange Rate