KSE-100 index loses 596 points amid political uncertainty
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KARACHI: The stock market resumed its downward journey as the index once again dipped amid lacklustre trading to close in the red zone.
The KSE-100 Index fell 300 points in intra-day trading due to uncertainty over the political front and lack of positive triggers which kept investors uneasy.
At the end of trading, the benchmark KSE 100-share Index registered a decrease of 261.93 points or 0.68% to settle at 38,383.97.
CheersAccording to Elixir Securities, Pakistan equities stood lower in lacklustre trading with turnover on the KSE All-share Index ($24 million) touching a 29-month low.
KARACHI: Asia’s best performing stock market in 2016 – the Pakistan Stock Exchange (PSX) – has regressed to become the worst performing one in 2017 in the region with stakeholders expecting the trend to continue till the 2018 general elections.
CheersThe Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index has fallen 20% since January 1, 2017 to date and 28% from its peak – 52,876.46 points – it achieved on May 24, 2017.
PESHAWAR (Pajhwok): Pakistan has stocked 9.7 million tonnes of wheat but could not export it to neighbouring Afghanistan for lack of a clear policy, laments a business leader.
Pakistan-Afghanistan Joint Chamber of Commerce and Industry head Ziaul Haq Sarhadi said in an interview published on Saturday the absence of proper policy was damaging the country’s exports.
As a result, he told The News, Pakistan was losing established markets across the border in Afghanistan and Central Asian republics.
With a limited capacity to properly stock the wheat, the government has kept 69 percent of the commodity in open storage facilities. The situation will further worsen when the new wheat season starts in four months.
Sarhadi said India, exploiting the situation, had exported 15,000 tonnes of wheat to Afghanistan through Chabahar port in Iran. India plans more exports to the landlocked nation due to what he called a flawed Afghanistan-Pakistan Transit Trade Agreement.
ISLAMABAD: Gross foreign loans contracted by the PML-N government since it came in to power have crossed $40 billion as of the end of October 2017, $6.2 billion higher than the figure the centre shared with a panel of the National Assembly last month.The Economic Affairs Division (EAD), the main window that deals with external creditors, had informed the National Assembly Standing Committee on Finance and Economic Affairs that gross foreign loan disbursements from July 2013 to October 2017 stood at $34.2 billion.However, the figure is lower by $6.2 billion since the EAD did not include the loans taken by the International Monetary Fund (IMF) in its calculations. The confusion is a result of lack of coordination between the Finance Division and the EAD, the two main divisions of the finance ministry. The IMF loans are contracted mainly for balance of payments support, and are dealt by the State Bank of Pakistan.By including the borrowings from the IMF under the three-year Extended Fund Facility programme, gross foreign loans that the PML-N government took till October 2017 amount to $40.4 billion. After including the $2.5 billion Pakistan raised through Euro and Sukuk bond issuances in November 2017, the figure would jump to nearly $43 billion.Pakistan’s total external debt and liabilities as of September 2017 stood at $85 billion. Out of the total, the government’s direct obligations are equal to $67.2 billion, which exclude guaranteed and public sector enterprises’ debt.From July through November of the ongoing fiscal year, the federal government paid Rs625 billion for domestic and external debt servicing.
The PML-N government also obtained $7.5 billion in foreign commercial loans till October 2017 as part of its policy to meet external financing needs instead of undertaking structural reforms that would have ensured flow of non-debt creating inflows. Out of this $7.5 billion, the government either returned or rolled over $5.34 billion it took from commercial banks or as short-term loans.For the next five years (2018-19 to 2022-23), the EAD has estimated Pakistan’s debt servicing cost at $31.4 billion. One-third of it, $10.7 billion, will be returned to multilateral creditors, $5.6 billion to Paris Club members, $4.5 billion to non-Paris Club members, $5.8 billion to commercial banks and $4.3 billion as bond repayments.
The public debt of Pakistan to GDP ratio has been increased to 67.2 percent due to increased borrowing by the present government in its tenure which is 7.2 percent above the legal ratio of 60 percent to the GDP allowed by the parliament through legislation.
And, now the equal-equal.Government Debt to GDP ratio stood at 61.6 percent at end of June 2017
Ministry of Finance further explained that developed countries like USA, UK and Japan also carry debt and maintain levels as high as 80 to over 100 percent of their GDPs, well over Pakistan debt to GDP levels.
AoA!The Finance Ministry further said even in the developing country peer group, Egypt, Sri Lanka and India carry higher debt to GDP levels as compared to Pakistan.
Automobile analysts say macroeconomic recovery, better security situation and revival of banks’ interest in car financing are helping car sales. “Porsche is opening up a centre in Karachi now. Audi’s sales have picked up and newer BMWs are not as rare as before.
“But these automakers don’t have big numbers, not even in three digits in a month,” he said, when asked about the correlation between economic recovery and luxury car sales.
BMW has been present in Pakistan since 2004 in partnership with Dewan Motors that has launched 2 PHEV models, the X5 40e and the 330e. These models, according to the company, have received a positive customer feedback and are accounting for around 15% of total BMW sales in Pakistan.
However, high end models continue to be imported by individual customers. The X1, priced at Rs3.99 million, has already attracted brand conscious consumers. According to the company, around 120 pre orders have been received and delivery will start in February 2017.
On an average, the company sells 150 units per annum, but Seibert said that the year 2016 has turned out to be a very successful one. “We are estimating that by the end of this year, over 30% more cars will be sold and delivered to the customers as compared to previous year.”
Dewan Motors Chairman Dewan Mohammad Yousuf, however, said that in 2017, they are expecting to sell 250 units in Pakistan, which shows the rising interest of customers in this brand. “We are very much committed when it comes to the BMW Group and investments we have made with them,” Yousuf said.
Very soon it will the only investor and new mai baap and owner of tfta backside err backyard..China now dominates FDI with a share of more than two-thirds in total investments
Is that really FDI (Equity) or a combination of debt and equity?ashish raval wrote:Very soon it will the only investor and new mai baap and owner of tfta backside err backyard..China now dominates FDI with a share of more than two-thirds in total investments
ashish raval Ji:ashish raval wrote:Very soon it will the only investor and new mai baap and owner of tfta backside err backyard..China now dominates FDI with a share of more than two-thirds in total investments
Really counting when not if pukes declare bankruptcy and yuan becomes official currency of theirs. Every country where Chinese have put their fingers has bankrupted in the past or are on verge of it!! Venezuela, Argentina, Zimbabwe .. Srilanka just escaped in last moment but TFTA saviours are now not investing means there is something rotten for sure.Peregrine wrote:ashish raval Ji:ashish raval wrote: Very soon it will the only investor and new mai baap and owner of tfta backside err backyard..
Oh yes indeed. The Chinese will be Rambling in the Terroristanis' Rear Garden of Delights!
Cheers
Peregrine wrote:ashish raval Ji:
Oh yes indeed. The Chinese will be Rambling in the Terroristanis' Rear Garden of Delights!
Cheers
ashish raval Ji :ashish raval wrote:Really counting when not if pukes declare bankruptcy and yuan becomes official currency of theirs. Every country where Chinese have put their fingers has bankrupted in the past or are on verge of it!! Venezuela, Argentina, Zimbabwe .. Srilanka just escaped in last moment but TFTA saviours are now not investing means there is something rotten for sure.
Many Africans I know from Kenya, Uganda, Zimbabwe and Ghana have started hating Chinese now a days..
They come with bag of cash promising big industrial parks, fancy roads - read carrot and set up and get all market access approval and easy visa availability including retail and viola suddenly out of no where after one industrial park goes live there are droves of Chinese small traders selling all kinds from souvenirs to lingerie set up shops competing with locals on the streets.. this is their FDI..meanwhile original industrial park is converted to mil garrison because host cannot pay loans for road buildings and industrial parks..
Bakis are on that road to perdition..
https://tribune.com.pk/story/1612133/2- ... and-13-7b/ISLAMABAD:
The Public Accounts Committee (PAC) has observed that Pakistan faces $11.43 billion damages claims in Reko Diq mining case in international courts due to corrupt practices and inefficiencies of successive governments of Balochistan.
so if terroristan is forced to pay the 11.43$bn as reported above their forex reserves willdrop down to approx 2$bn.KARACHI:
Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased 2.03% on a weekly basis, according to data released by the central bank on Thursday.
The reserves have been falling continuously for the past five weeks.
On January 12, foreign currency reserves held by the central bank were recorded at $13,699 million, down $283.5 million or 2.03% compared to $13,982.5 million in the previous week.
https://tribune.com.pk/story/1618057/2- ... and-13-5b/KARACHI: Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased 1.21% on a weekly basis, according to data released on Thursday by the central bank, marking the sixth successive week when the amount has experienced a dip.On January 19, foreign currency reserves held by the central bank were recorded at $13,532.8 million, down $166.2 million or 1.21% compared to $13,699 million in the previous week.The decrease in reserves was attributed to external debt servicing and other official payments.
Porkitsani currency aka toilet paper now certified as Soiled.Fitch Ratings has announced that it has revised the outlook on Pakistan’s long-term foreign and local currency issuer default ratings to negative from stable and has affirmed ‘B’ rating for both the categories.
https://tribune.com.pk/story/1619072/2- ... alah-oman/KARACHI: Amid challenges due to the open skies policy and internal issues facing the national carrier, Pakistan International Airlines (PIA) has suspended operations to Kuwait and Salalah, Oman.The decision follows the suspension of flights to New York, where PIA said ran into heavy losses.PIA’s accumulated loss has jumped beyond Rs319 billion as of March-end 2017.“Passengers of flights for Kuwait and Salalah (Oman), which will be temporarily suspended, will be re-accommodated through convenient alternatives. However, the resumption of operations will be considered based upon commercial merit and viability,” said a statement issued by PIA.PIA’s fleet is also set to shrink since four of its aircraft, hired on wet lease, are completing their tenure. PIA will bring aircraft on a dry lease now.Meanwhile, PIA is planning to introduce new destinations and increase its flights to Saudi Arabia and China. The decision has been taken after comprehensive analysis and detailed evaluation of existing network, said a PIA spokesperson.
In other words Pukistan is on the irreversible path to seeing its youth commit suci... or don that jacket with a switchFormer finance minister Dr Hafiz A Pasha said Pakistan’s unemployment problem is not going to be solved by just providing technical training to its unemployed youth because the economy does not have the capacity to absorb them.
KARACHI: The KSE-100 Index remained in the negative on Wednesday’s session, closing at 43,353.04 after shedding 337.32 points, owing to different factors including persistent foreign selling and threats by the US to move a motion to place Pakistan on a global terror-financing watch list.
The benchmark KSE-100 index witnessed a choppy session with the Index scaling to a high of 91.52 points during the first 2 hours of market open; however bears established made a comeback.
Bearish sentiment at the bourse was triggered by news that USA & its allies have tabled a motion with the FATF to place Pakistan on a watch list of countries considered non-compliant with global anti-terror financing coupled with surging oil production in the United States that is “putting brakes on crude oil prices”.
The bourse remained negative during most part of the day, as it entered the positive range for a short period only, and closed 337 points below. Traded volumes for the day were 207 million shares while value traded totaled to $ 70 million.
CheersDanish Ladhani of JS Research expects market to remain volatile with flows from local institutions and foreigners directing the market.