Daily Archives: January 15, 2018

Pakistan Stock Exchange Limited Market Position on 15-01-2018

Karachi, January 15, 2018 (PPI-OT):


Market Position Printed On Jan-15-2018

Plus 95 Current 21360.34 42347.49 30565.08 71427.78 16714.04 20213.84 20797.77
Minus 249 Previous 21671.01 42933.72 30932.07 72169.84 16977.88 20452.06 21007.10
Unchanged 12 High 21671.01 42933.72 30932.07 72263.88 16977.88 20594.90 21007.10
Total 356 Low 21318.00 42270.10 30480.48 71318.89 16646.40 20156.34 20780.98
Net Change -310.67 -586.23 -366.99 -742.06 -263.84 -238.22 -209.33
Percentage -1.43 -1.37 -1.19 -1.03 -1.55 -1.16 -1.00

Current 130,479,990 5,818,620,189 8,801,137,871,243
Previous 238,673,330 10,323,308,751 8,905,095,439,257


Company Name Prv.Rate Opening Rate Closing Rate Highest Rate Low Rate Turnover
Azgard Nine 13.65 13.85 13.97 14.40 13.72 19,074,500
TRG Pak Ltd 32.89 32.60 31.25 32.84 31.25 8,556,500
P.I.A.C.(A) 4.35 5.18 5.35 5.35 4.99 6,352,500
Pak Elektron 55.21 54.51 53.26 54.88 52.92 5,419,500
Aisha Steel Mill 19.99 20.00 18.99 20.18 18.99 5,025,000
Sui South Gas 33.62 33.25 32.56 33.89 32.30 4,501,500
K-Electric Ltd. 6.52 6.50 6.40 6.52 6.36 3,567,000
Sui North Gas 118.25 118.00 118.58 119.34 116.25 3,266,200
Dewan Cement 22.42 21.82 21.30 22.30 21.30 3,198,500
Inter.Steel Ltd 115.21 114.23 109.91 114.23 109.53 2,965,600


Company Name Increased By Closing Rate Company Name Decreased By Closing Rate
Bhanero Tex. 39.99 839.98 Bata (Pak) 120.00 2400.00
Khyber TobaccoXB 31.38 659.12 Pak TobaccoXD 50.74 2092.73

Current 33,685,500 Minus 19
Previous 67,865,500 Unchanged 2

Company Name Prv.Rate Opening Rate Closing Rate Highest Rate Low Rate Turnover
TRG-JAN 33.03 32.70 31.38 32.89 31.38 14,435,000
PAEL-JAN 55.33 54.55 53.39 55.00 53.06 6,044,000
ISL-JAN 115.45 114.25 110.03 114.45 109.69 3,764,500
ATRL-JAN 251.52 250.01 242.29 250.01 240.20 1,427,500
FCCL-JAN 26.97 26.75 26.45 26.97 26.26 1,254,000

For more information, contact:
Senior Manager
Public Relations
Pakistan Stock Exchange Limited
Tel: (92-21) 111-001122
Fax: (92-21) 3241 0825, (92-21) 3241 5136
Email: info@psx.com.pk
Web: www.psx.com.pk

National Bank of Pakistan and Bank of China sign MOU to enhance banking services

Karachi, January 15, 2018 (PPI-OT):National Bank of Pakistan (NBP) and Bank of China Pakistan Operations (BOCP) signed a MoU to promote banking services in the country. The MoU will focus on developing niches and creating synergies between the two institutions. The MoU will strengthen the ironclad brotherhood between the two nations.

The MoU was signed by Mr. Saeed Ahmad, President and CEO, NBP and Dr. Tao Li, Country Head and CEO BOCP. Also present on the occasion were Mr. Rehmat Ali Hasnie, Group Chief – Investment Banking, Syed Jamal Baquar, Group Chief – Corporate Banking, Mr. Shaikh Tariq Abdullah, Divisional Head – Financial Institutions, Mr. Muhammad Ahmed, Unit Head – FI, Mr. Danish Saeed Khan, Senior Relationship Manager – FI, Mr. Sheikh Raheel Ahmed, Relationship Manager – FI from NBP and Mr. Yin Xiaohu, Deputy CEO, Ms. Sun Hui, Head of Business Development Dept, Mr. Sun Youcheng, Deputy Head of Business Development Dept and Mr. Talha Rizwan Relationship Manager, Financial Institutions from BOCP.

Mr. Saeed Ahmad, congratulated the management of BOC and said, “Both institutions have developed a strong mutually beneficial relationship and are willing to extend the bilateral cooperation. NBP believes that this MoU will further extend cooperation in the areas of trade finance, cash management and international transactions, corporate lending and project financing, infrastructure financing, investment banking and various other fields.”

Dr. Li expressed his pleasure to be a part of this memorable event, and stated that Bank of China has a long standing working relationship with NBP. It is the first MoU which BOCP has signed with any bank of Pakistan. BOCP is fully committed to Pakistan and is determined to deliver its excellent financial service to the not only the projects under CPEC and also the target local corporate clients residing in Pakistan.

Pak-China friendship is not only a sign of unity between the two countries but also a strong bond of mutual trust, tolerance and long lasting confidence which is acknowledged by the whole world. Being a trustworthy friend, China has always contributed to the growth and economic development of Pakistan. The development of Gawadar Port and China Pakistan Economic Corridor (CPEC), is an example of China’s unconditional support towards Pakistan. Both countries have achieved significantly in the fields such as infrastructure construction, energy development, and people-to-people exchanges.

Bank of China is one of the world’s largest bank with total assets of more than USD 2.9 trillion. NBP is amongst the largest financial institution in the country with 1,456 branches in Pakistan and presence in 19 countries around the globe. Both sides believe that the cooperation will lead to a win-win situation to the two banks and the two nations.

For more information, contact:
Vice President / Divisional Head (A)
National Bank of Pakistan (NBP)
Corporate Communication and Brand Management Division
Head Office, NBP Building, I.I. Chundrigar Road,
Karachi, Pakistan
Tel: +92-21-99220773
Cell: +92-300-8202184
Fax: +92-21-99212734
Email: ibne.hassan@nbp.com.pk

State Bank of Pakistan joins hands with Central Bank of the Russian Federation on bilateral central banking cooperation

Karachi, January 15, 2018 (PPI-OT):The Governor SBP visited the Central Bank of the Russian Federation (CBRF) Headquarters in Moscow, Russia on January 15, 2018. This is the first ever visit of an SBP Governor to CBRF. As an important milestone, the SBP has signed a Memorandum of Understanding on bilateral central banking cooperation with the CBRF. Mr. Tariq Bajwa, Governor SBP and Ms. Elvira Nabiullina, Governor CBRF signed the document in a ceremony held at the CBRF Headquarters.

The event was also attended by the honourable Pakistan’s Ambassador to Russia, H.E. Mr. Qazi Muhammad Khalilullah. SBP’s delegate also included Syed Irfan Ali, Executive Director Banking Policy and Regulations Group and Mr. Muhammad Ali Malik, Executive Director Financial Markets and Reserve Management. The MoU aims at promoting cooperation between the two authorities primarily in disciplines of financial systems development, payment systems and financial infrastructure and financial institutions supervision. SBP has been quite active on international cooperation’s front; especially during the last two years or so. This is the twentieth (20th) MoU that SBP has signed so far.

For more information, contact:
Chief Spokesman,
State Bank of Pakistan (SBP)
Central Directorate
I.I. Chundrigar Road, Karachi, Pakistan
Tel: +92-21-111-727-111
Tel: +92-21-39212562
Fax: +92-21-39212433 – 39212436
Email: chief.spokesperson@sbp.org.pk
Website: www.sbp.org.pk

Careem launches its services in Iraq

Karachi, January 15, 2018 (PPI-OT):Careem, the region’s leading ride-hailing service in the MENA, Turkey and Pakistan, has announced the expansion of its services into the Republic of Iraq, as part of its broader commitment to improving transportation across the region.

With the introduction of Careem’s ride-hailing services in the Iraqi capital of Baghdad, residents will be introduced to a dynamic, safe, and affordable new mode of transportation. Using Careem’s mobile application-based service, residents of Baghdad can now order rides 24/7 via the app and, through GPS technology, can be picked up and dropped off at the exact locations of their choosing.

Through flexible payment options – including cash, credit card, or Careem credit – the company helps make getting around more convenient. Furthermore, by employing local Captains and creating new job opportunities for Iraqi citizens, Careem is moving closer towards its goal of creating one million jobs across the Middle East and North Africa by 2018.

Commenting on the launch of its services in Iraq, the Co-founder and CEO of Careem, Mudassir Sheikha, said,

Today marks a key milestone for Careem. Iraq is a country with rich heritage and strategic importance for the region. We are determined to overcome local challenges so that we can simplify mobility for Iraqis and create income-generating opportunities for them and their families. Through our presence on the ground, we hope to contribute to the rebuilding of Iraq to its former status as one of the leading nations in the Middle East.

Also commenting on this occasion, the Managing Director of Emerging Markets at Careem, Ibrahim Manna, said,

We at Careem are honored to be able to launch our services in Baghdad, as this marks a significant milestone in our efforts to improve the lives of individuals and communities across the region. In addition to providing safe, innovative transportation for residents, we are also delighted to recruit Iraqi citizens to serve as Captains, providing these individuals with the opportunity to better support themselves and their families. We also hope that, by introducing new technologies and services to the country, Careem can be a powerful force for inspiring and propelling further innovation.

Along with its ride-hailing operations in over 13 countries across the greater MENA region, Careem has established research and development departments and call centers in Pakistan, Egypt, Lebanon, UAE, KSA, Kuwait, Qatar, Jordan, and Germany, further emphasizing its aim of propelling economic growth and job creation on an international scale.

Careem boasts a diverse array of high-profile investors from across the region and beyond, all of whom are helping accelerate the company’s growth and innovation. These investors include esteemed companies like Al Tayyar Group, the largest institutional investor in Careem; Kingdom Holding Company; Rakuten; STC Ventures; Didi Chuxing, China’s largest ride hailing firm; Daimler AG; DCM Ventures; Coatue Management; Lumia Capital; and Wamda Capital.

Careem will officially commence its operations in Baghdad today (January 15, 2018), with plans to expand in more cities across Iraq in the near future. Established in 2012, Careem now operates in more than 90 cities across more than 13 countries, and boasts over 15 million users and 500,000 Captains (drivers) in the broader Middle East, Turkey and Pakistan region.

For more information, contact:
Tel: +92-21-111 227 336
Email: go@careem.com
Website: https://www.careem.com/karachi

JCR-VIS Upgrades Fund Stability Rating of HBL Government Securities Fund

Karachi, January 15, 2018 (PPI-OT):JCR-VIS Credit Rating Company Limited (JCR-VIS) has upgraded the Fund Stability Rating (FSR) of HBL Government Securities Fund (HBL GSF) from ‘A(f)’ (Single A (f)) to ‘A+(f)’ (Single A Plus (f)). The previous rating action was announced on January 05, 2017. During the on-going year, PICIC Income Fund (PICIC IF) was renamed to HBL Government Securities Fund (HBL GSF) post amalgamation of PICIC Asset Management Company into HBL Asset Management Limited. HBL GSF aims to provide its investors superior risk adjusted returns through active duration and liquidity management tools.

The change in rating takes into account the revision in target duration from 2 years to 1.5 years. Moreover, Weighted Average Time to Maturity (WATM) and duration remained well within the specified limits. The assigned rating also accounts for maintenance of adequate liquidity levels as signified by a sizeable portion of assets invested in bank deposits. Asset allocation of the fund remained in line with the policy guidelines defined by management.

For more information, contact:
JCR-VIS Credit Rating Company Limited
VIS House, 128/C,
25th Lane off Khayaban-e-Ittehad,
Phase VII, DHA, Karachi
Tel: +92-21-35311861-72
Fax: +92-21-35311873
Email: sobia@jcrvis.com.pk

Pakistan to become hub for regional trade through CPEC: Prime Minister

Islamabad, January 15, 2018 (PPI-OT):Prime Minister Shahid Khaqan Abbasi says Pakistan is going to become a hub for regional trade and connectivity after completion of China-Pakistan Economic Corridor project. He was talking to a delegation of International Federation of Freight Forwarders Associations headed by its President Babar Badat in Islamabad on Monday.

The Prime Minister said CPEC has opened up new vistas of opportunities not only for Pakistan but for the entire region. He said Pakistan’s huge road infrastructure could be utilized by the logistics companies for not only catering to the domestic requirements of a growing economy but of the entire region. Babar Badat and his delegation said that FIATA is keen to expand its footprints in Pakistan.

For more information, contact:
Ministry of Information, Broadcasting and National Heritage
Government of Pakistan
4th Floor, Cabinet Block, Pak. Secretariat, Islamabad, Pakistan
Tel: +92-51-9103557
Email: info@moib.gov.pk
Website: http://www.moib.gov.pk