The State Bank of Pakistan has witnessed a 1.98 per cent increase in its foreign exchange reserves after an influx of $261 million during the week ending on December 31, 2020.
According to the data issued by the central bank on Thursday, the current exchange reserves stand at $13.4 billion as of now. The state-run news agency, APP, reported that overall liquid foreign currency reserves, including net reserves held by the banks, SBP excluded, stood at $20,512.1 million.
Net foreign reserves held by commercial banks clocked in at $7.09 billion. According to the State Bank, the increase came on the back of official inflows of the government.
On Wednesday, the Pakistan Stock Exchange (PSX) gained over 500 points to cross the 45,000-point threshold for the first time since May 2018. According to the reports, “Exploration & production and oil & gas marketing sectors rebounded strongly, whereas cement and fertilizer sectors continued with previous day’s positive momentum.”
“International crude oil prices jumped significantly on the conclusion of agreement among OPEC+ countries, which became the basis for an uptick in E&P stocks. Cement sector leaped on the expectation of an increase in cement price in the northern region, while banking sector contributed positively in anticipation of annual results.”
The Pakistan Stock Exchange (PSX) gained over 500 points on Wednesday to cross the 45,000-point threshold for the first time since May 2018.
Global equity markets also showed a positive trend. Profit reported that the buying activity was observed across the board. According to the newspaper, “Exploration & production and oil & gas marketing sectors rebounded strongly, whereas cement and fertilizer sectors continued with previous day’s positive momentum.”
“International crude oil prices jumped significantly on the conclusion of agreement among OPEC+ countries, which became the basis for an uptick in E&P stocks. Cement sector leaped on the expectation of an increase in cement price in the northern region, while banking sector contributed positively in anticipation of annual results.”
Express Tribune reported that the trading volumes lifted to 664.5million shares due to strong investors’ interest. The market outlook also remained positive due to the government’s decision to settling circular debt with the independent power producers (IPPs), though partially.
Moreover, the petroleum product sales that rose in double digits also helped the bullish trend. “Oil sales were up 16% to 1.59 million tons in December 2020 compared to 1.37 million tons in the same month of 2019,” the report said.
It further stated that the State Bank of Pakistan’s report on the Pakistani economy also played a role in rallying the stock market. According to the central bank, the economic activity in the country has been largely restored to pre-coronavirus levels in the first quarter of the current financial year.
One of the martyred security personnel who thwarted the attack on Pakistan Stock Exchange (PSX) in Karachi on Monday, was due to retire from service two days later, SAMAA reported.
Assistant Sub-Inspector (ASI) Muhammad Shahid of Lyari recruited 33 years ago in 1987, was due to retire on July 1.
Senior police officials have paid tribute to the martyred officer. They say the city owes its peace to such valiant police personnel.
Prime Minister (PM) Imran Khan and Chief of Army Staff (COAS) General Qamar Javed Bajwa among others have also paid tribute to the brave cops and security guards who laid down their lives to foil the attack by killing all four gunmen affiliated with the banned Balochistan Liberation Army (BLA) before they could enter the compound.
… and integrated response of Pak Rangers & Sindh Police, eliminating terrorists in shortest possible time. “With support of our resilient nation, we will foil all efforts of enemies aimed at destabilizing hard earned peace achieved through sacrifices of our martyrs” COAS. (2/2)
Constable Muhammad Rafiq Soomro and Constable Khalil Jatoyi are also being praised for their valour and the critical role they played in thwarting the attack within eight minutes of its launch.
Earlier, panic and fear swept across Karachi after four terrorists tried to storm the PSX building on I I Chundrigar Road Monday. The assailants came in a car and tried to enter the building, according to the police.
They were intercepted by security guards after which the militants threw a hand grenade at them and opened gunfire. All four attackers were killed after a brief encounter with commandos of the Sindh Police’s Rapid Response Force.
Police killed all four assailants who attacked the Pakistan Stock Exchange (PSX) compound in Karachi on Monday morning, police chief Ghulam Nabi Memon confirmed to media.
Citing Memon, Reuters reported that the gunmen had attacked the compound on I I Chundrigar Road with grenades and guns. “Four attackers have been killed, they had come in a Corolla car,” Nabi said.
Initial reports said that four attackers entered the building around 10 am and opened fire. A grenade attack was carried out at the entrance.
At least two civilians were killed in the attack and multiple were injured.
Police surgeon Dr Qarar Ahmed Abbasi said that five bodies and seven injured including policemen were brought to Dr Ruth Pfau Civil Hospital in Karachi.
Other reports said that four guards and a policeman were also martyred.
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Police and Rangers’ officials arrived at the scene soon after the attack and killed all four attackers, Sindh Rangers said.
A clearance operation is underway in the vicinity. Weapons and hand grenades have been recovered from the attackers.
“An unfortunate incident took place at the Pakistan Stock Exchange,” said PSX director Abid Ali Habib. “They made their way from our parking area and opened fire on everyone.”
He said that the militants had stormed the Railway Ground parking area and fired outside the PSX ground. They made their way to the main gate of the building and stormed it after trading fire with security guards.
Habib said that the firing by militants caused panic among the people in the building.
The PSX building and surrounding areas were sealed by law enforcement agencies. People inside the PSX building were evacuated from the back door.
Police said the militants conducted the assault with sophisticated weapons and were carrying a bag filled with explosives.
Counter Terrorism Department’s (CTD) Raja Omar Khattab said that police would try to find out details about the car used by the attackers. “CCTV cameras are being monitored by law enforcement agencies to obtain clues.”
An earlier statement by the PSX said that its compound had been attacked by militants and that the “situation is still unfolding”.
“There was an attack on the PSX compound earlier today. The situation is still unfolding and management, with the help of security forces, is managing the security and controlling the situation,” tweeted the PSX.
There was an attack on the PSX compound earlier today. The situation is still unfolding and management, with the help of security forces, is managing the security and controlling the situation.
“We will issue a more detailed statement in due course once the situation is under control and more details are known,” it said in a subsequent tweet.
We will issue a more detailed statement in due course once the situation is under control and more details are known. For now firing has stopped and reinforcement are in place.
For now firing has stopped and reinforcement are in place, it added.
Meanwhile, Sindh Governor Imran Ismail condemned the attack.
Strongly condemn the attack on PSX aimed at tarnishing our relentless war on terror. Have instructed the IG & security agencies to ensure that the perpetrators are caught alive & their handlers are accorded exemplary punishments. We shall protect Sindh at all costs.
“Strongly condemn the attack on PSX aimed at tarnishing our relentless war on terror,” he said, vowing to protect Sindh at all costs.
The banned Baloch Liberation Army (BLA), which was declared a global terrorist group by the United States (US) last year, has reportedly claimed responsibility for the attack.
The stock market on Monday crashed during the early trading hours as confusion and uncertainty surrounded potential investors due to the decline in international oil prices by about 30 per cent — the worst since the Gulf War in the 1990s.
As per the details, the Pakistan Stock Exchange’s (PSX) benchmark KSE 100-Share Index tumbled 2,291.69 points or 6 per cent around 10 am, before recovering to 36,862.34 in the afternoon. The apex of the day remained 38,219.67 (the previous close) and 35,917.34, the lowest.
The crash was triggered amid a global sell-off on coronavirus fears as well as a crude oil price war between Saudi Arabia and Russia.
Trading floors were a sea of red across Asia, with Tokyo, Sydney and Manila plunging around 6 per cent, while Hong Kong shed 3.5 per cent by lunch.
Mumbai, Singapore, Seoul, Jakarta and Wellington were more than 3 per cent down, Shanghai and Taipei shed at least 2 per cent and Bangkok gave up 5 per cent. The losses tracked sharp falls in Europe and Wall Street on Friday.
“PSX has triggered a market halt at 9:37 am which will last for 45 minutes,” the management wrote in a press release. “The market halt is triggered as a standard protocol for risk management purposes.”
The stock market in Pakistan has witnessed an increase by gaining 40,000 points after a gap of around 10 months, and netizens are thanking Danish from the popular TV serial ‘Mere Paas Tum Ho‘ for buying shares worth Rs7.8 million in the latest episode that aired Saturday.
The TV serial took an unexpected turn after Danish purchased shares of Shahwar Chemicals — a company owned by his ex-wife Mehwish’s new lover Shahwar Ahmed — to further inflict damage to the company that is undergoing losses for the past few months.
While Danish buying shares played a typical form of karma in the serial for his wife, people can’t help but laud the character for causing an actual stock market upsurge.
Twitterati couldn’t help but notice how that moment in the serial coincided perfectly with a stock market rise in Pakistan in reality, and the microblogging website was soon flooded with memes.
Actor Humayun Saeed, who plays Danish, is once again breaking the internet and here’s what social media users have to say about the coincidence:
Pakistan Stock Exchange (PSX) on Monday crossed the 40,000 mark after a gap of around 10 months as the KSE-100 index closed at 40,122 points with a positive change of 836 points. A total of 361,655,400 shares were traded during the day, whereas the value of shares traded stood at Rs13.75 billion as compared to the previous day’s value of Rs11.9 billion.
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