Forex reserves rise to $15.78bn
KARACHI: Pakistan”s foreign exchange reserves rose slightly to $15.78 billion in the week ending June 18, up from $15.71 billion the previous week, the central bank said on Thursday.
Reserves held by the State Bank of Pakistan (SBP) edged up to $12.01 billion from $11.97 billion a week earlier, while those held by commercial banks rose to $3.77 billion from $3.74 billion, the State Bank of Pakistan said in a statement.
Last month, Pakistan received $1.13 billion, the fifth tranche of a $10.66 billion International Monetary Fund (IMF) loan.
Hague sees Pakistan better destination for investment
KARACHI: British Foreign Secretary William Hague said Thursday that he hope to see stronger relations between Pakistan and UK in trade and investment.
He was responding to media questions during his visit to Karachi Stock Exchange (KSE) where he also rang the “bell” at a simple ceremony in the trading hall.
He agreed to the questioner that Pakistan was still a better destination for investment.
Responding to a question about his meeting with KSE board, Hague said that he and his colleagues were impressed by the positive developments in Pakistani stock market.
Earlier, he rang the bell in the trading hall alongwith his delegation members. Acting Governor State Bank of Pakistan, Yaseen Anwar, former SBP Governor Dr Ishrat Hussain, KSE chairman Zubyr Soomro, managing director KSE Adnan Afridi and KSE directors were also present on the occasion.
Later, talking to media, MD KSE said that British Foreign Secretary was given a comprehensive presentation on KSE working, the trend in capital market and demutualization of stock exchanges in Pakistan.
He said that William Hague appreciated the significant development of capital market in Pakistan, particularly good rate of return and automation of trading, clearance and settlement.
Afridi said that he took keen interest in the demutualization process of Pakistani capital market.
He said that British delegation discussed general issues of bilateral interest relating to financial services sector, employment, education, health, investment and energy shortages.
Afridi said that British Foreign Secretary also referred to the inflow of a British investment of 650 million pounds in Pakistan in various fields.
He told a questioner that British delegation did not discuss anything relating to risk management measures taken by Karachi Stock Exchange.
Jaypee Infratech IPO
Jaypee Infratech | Sjvnl Ipo | Sjvn IPO | Mandhana Industries Ipo | Satluj Jal Vidyut Nigam Limited IPO
Jaypee Infra-tech, part of Jaypee Group, is to tap the capital market to raise a maximum of Rs 2350 crore (530 million USD). The problem, which opens April 29 and finishes fourth May have a fixed price band of Rs 102-117 a share. It is a 5% discount to issue price at retail investors.
Revenues from the issuance will be used to partially finance the Yamuna Expressway Project. “The total cost of the project is Rs 9392 crore Expressway of which Rs 1500 crore will be financed by the issue,” said Manoj Gaur, Chairman of Jaypee Infra Tech.
Share market slips 37 points
KARACHI: Profit taking at the local capital market Wednesday eroded 37 points from the benchmark KSE-100 Index which finished the day at 10,519.
The share market started off today’s trade with green numbers but selling at a later stage turned the digits red and the major Index closed at the current level.
The market turnover was weak, as only 110 million shares exchanged hands.
TRG Pakistan made it to top in terms of volume which gained paisas 9 to close at Rs5.81.
Meanwhile, KSE-30 Index eased 17 points to peg at 10.637.
KSE Index Crosses 8000 Level
KARACHI: Aggressive buying at the local capital market pushed the benchmark KSE-100 Index above 8000 level which closed at 8,082 on Monday.
The stock market opened upbeat and remained in the green territory throughout the session on approval of additional loan by the IMF board and expectation of receiving the aid soon. Investors actively took positions in energy and cement sectors.
The KSE-100 Index has crossed the level of 8,000 points for the first time in the last eight months.
The trade volume was recorded at 180 million shares today.
OGDC emerged as today’s volume leader which advanced by Rs4.50 to Rs94.68.
KSE-30 Index surged by 285 points to finish the day at 8,628.
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KSE Index Crosses 8000 Level
