Latest news with #Rs1.62
Express Tribune
2 days ago
- Business
- Express Tribune
State Bank injects Rs1.7tr via dual OMOs
Listen to article The State Bank of Pakistan (SBP) on Friday injected a total of Rs1.72 trillion into the banking system through simultaneous conventional and Shariah-compliant open market operations (OMOs), aimed at addressing liquidity needs. Earlier on Wednesday, the government had borrowed Rs1.62 trillion through auctions of securities, with a substantial proportion of Rs1.413 trillion being raised from the Market Treasury Bills (MTBs) and Rs208.42 billion from the 10-year Pakistan Investment Bonds Floating Rate (PFL). The government is compelled to borrow from the private sector amid limits from the International Monetary Fund (IMF) on borrowing directly from the central bank. Therefore, the central bank has to go through this cycle of injecting money through OMOs and then borrowing back from the private sector through securities to bridge the fiscal deficit of the government. According to official data, the SBP accepted bids worth Rs1.48 trillion under its conventional reverse repo operation, with a realised value of Rs1.43 trillion. The OMO included injections of Rs154.25 billion for seven-day tenor at a rate of return of 11.09% and Rs1.32 trillion for 14-day tenor at 11.07%, with 24 bids accepted out of 27 received. In parallel, the central bank conducted a Mudarabah-based Shariah-compliant OMO, where it injected an additional Rs243 billion, with a realised value of Rs244.9 billion. The Islamic OMO consisted of Rs40 billion accepted for seven days at a rate of 11.13% and Rs203 billion for 14 days at 11.12%. All three bids received were accepted, reflecting growing market interest in Shariah-compliant instruments. The cumulative injection of liquidity comes at a time when the SBP has been easing monetary conditions, having recently cut the policy rate amid a downward trend in inflation. The strong demand for 14-day funds in both OMOs highlights banks' preference for locking in medium-term liquidity, possibly in anticipation of further monetary easing. Furthermore, the rupee posted a marginal gain against the US dollar on Friday, appreciating by 0.04% in the inter-bank market. By the end of trading, the rupee closed at 284.46, marking an improvement of 10 paisa compared to Thursday's closing rate of 284.56. Meanwhile, gold prices in Pakistan climbed sharply on Friday, tracking gains in the international market, where the yellow metal surged over 1% to a more than two-week high. The rally was driven by renewed safe-haven demand after President Donald Trump reignited trade tensions by announcing fresh tariffs, escalating fears of a global trade war. In the domestic market, the price of gold per tola rose Rs2,300 to settle at Rs357,000, according to data released by the All Pakistan Sarafa Gems and Jewellers Association. Similarly, the rate for 10 grams of gold increased Rs1,971 to Rs306,069. This follows Thursday's sharp uptick of Rs3,200 per tola, when gold closed at Rs354,700. Globally, spot gold was up 1.2% to $3,363.46 per ounce by 11:32 am EDT (1532 GMT), its highest since June 24. US gold futures gained 1.6% to $3,377.80, according to Reuters. Adnan Agar, Director at Interactive Commodities, explained the international trend, saying: "Gold touched a low of $3,322 and a high of $3,368 today (Friday) and is trading around $3,355. Renewed tariff threats from Trump have triggered another wave of buying in gold." He noted that unless a breakthrough occurs in trade negotiations after August 1, gold is expected to continue trading within a range of $3,270 to $3,420. "If tariffs persist beyond August, we could see further upside. Otherwise, history shows that Trump often backtracks or secures last-minute deals, which could cap gold's rise," Agar added.
Express Tribune
3 days ago
- Business
- Express Tribune
Stocks bounce back 1,205 points
Segregation of client assets is critical as brokers have been penalised for using client money illegally. PHOTO: AFP Listen to article Following a retreat in the previous session, investor confidence returned to the Pakistan Stock Exchange (PSX) on Thursday as the benchmark KSE-100 index surged past its previous record, posting a gain of more than 1,200 points. The upward trend was fueled by positive economic signals and strengthened investor sentiment. In a landmark achievement, Pakistan witnessed its highest-ever annual inflow of home remittances, which crossed $38 billion during fiscal year 2024–25. This exceptional growth is largely attributed to effective policy initiatives and consistent efforts by the federal government, along with the State Bank of Pakistan (SBP), to promote the use of official remittance channels. During the session, the index swung between an intra-day peak of 133,902 and an intra-day low of 132,706. By the close of trading, the index stood at 133,782.35, marking an increase of 1,205.36 points, or 0.91%. Read More: Remittances hit record $38.3b Arif Habib Limited wrote in its report that stocks held the support zone at 132–133k this week, with the market hitting a low of 132.3k before resuming its advance. Some 63 shares rose, while 34 declined. Meezan Bank (3.17%), MCB Bank (2.59%), and United Bank (1.09%) contributed the most to index gains. Pakistan Services (-5.34%), Oil and Gas Development Company (-0.61%), and Pakistan State Oil (-1%) were the biggest drags. Among major news, Pakistan was seeking a valuation of at least $1 billion for the Roosevelt Hotel in New York. In addition, Kohat Cement jumped 8.5% after approving the creation of a wholly owned subsidiary, Ultra Properties, to handle real estate development, marketing, and rental operations. In the June quarter, AHL's banking universe outperformed the KSE-100 by 17 percentage points in total returns, recording a 24% gain. Heading into the last session of the week, the KSE-100 is currently up 1.4%, with 134.1k as the level to watch for Friday's session, it predicted. Topline Securities, in its review, said that after a two-day breather, bulls roared back to life at the PSX as the KSE-100 index surged 1,205 points (+0.91%), closing at 133,782—just shy of the intra-day high of 1,325 points. Also Read: Govt raises Rs1.62 trillion via T-bill, bond auctions The upbeat momentum was underpinned by growing investor optimism ahead of the corporate results season, set to kick off on Friday. Anticipation of strong earnings spurred broad-based buying across key sectors. In the textile sector, Nishat Mills Limited (NML) emerged as a standout performer. Topline maintained its "buy" stance on NML with a June 2026 target price of Rs225, adding fuel to the bullish sentiment in the stock. Overall trading volumes jumped to 941.7 million shares, compared to Wednesday's tally of 905.7 million. The value of shares traded was Rs36 billion. Shares of 479 companies were traded; of these, 260 stocks closed higher, 195 declined, and 24 remained unchanged.
Express Tribune
4 days ago
- Business
- Express Tribune
Govt raises Rs1.62 trillion via T-bill, bond auctions
Listen to article The State Bank of Pakistan (SBP) mobilised approximately Rs1.62 trillion through its latest auctions of government securities, of which a substantial proportion, Rs1.413 trillion, was raised from Market Treasury Bills (MTBs) and Rs208.42 billion from 10-year Pakistan Investment Bonds Floating Rate (PFL). The MTB auction reflected strong investor appetite across all four tenors. The SBP accepted bids worth Rs214.28 billion for one-month papers at a cut-off yield of 11.24%, Rs474.70 billion for three-month papers at 10.9977%, Rs180.52 billion for six-month bills at 10.8976% and Rs543.88 billion for 12-month bills at 10.80%. The highest allocation was seen in the 12-month tenor, indicating increasing investor interest in slightly longer-term instruments amid a downward yield trend. Non-competitive bids in the MTB auction totalled Rs379.78 billion, with a major share – Rs310.63 billion – going into the three-month tenor, further underscoring the market's preference for shorter durations. In the 10-year PFL auction, the SBP accepted competitive bids worth Rs202 billion and non-competitive bids of Rs6.42 billion, with the issue settling at a cut-off price of Rs94.5739. Although the total raised slightly missed the Rs1.7 trillion mark, analysts note that the dominance of MTBs and a flattening yield curve suggest growing interest in longer-tenor government securities. Market watchers await details of any additional auctions that could bridge the gap and complete the government's near-term borrowing target. Moreover, the Pakistani rupee experienced a slight depreciation against the US dollar in the inter-bank market, closing at Rs284.47 to a dollar, down 0.04% from the previous day's rate of Rs284.36. Gold drops Rs3,000/tola Local gold prices dropped on Wednesday, mirroring a decline in the international market where rates fell to their lowest level in over a week due to a stronger US dollar and ongoing trade negotiations involving the United States. According to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold per tola fell Rs3,000 to settle at Rs351,500, while the rate for 10 grams dropped Rs2,572, closing at Rs301,354. This followed a rise on Tuesday when gold had gained Rs1,500 per tola to reach Rs354,500. Spot gold was down 0.1% at $3,297.19 per ounce, as of 9:23 am ET (1323 GMT), after hitting its lowest level since June 30 earlier, according to Reuters. US gold futures fell 0.3% to $3,306.10. The US dollar index hovered near a two-week high, making bullion less attractive for overseas buyers. The yield on benchmark 10-year US Treasury notes remained close to a three-week peak.
Time of India
18-06-2025
- Business
- Time of India
CBI Registers FIR On Lokpal's Orders Over Rs1.62 cr Illegal Excavation On CONCOR Land
Nagpur: The Central Bureau of Investigation (CBI) has registered a case against a former deputy general manager (civil) of Container Corporation of India Limited (CONCOR), and M/s Aditya Enterprises, along with other unidentified persons, including public servants and private individuals, in connection with unauthorised excavation and alleged criminal misconduct at the Container Corporation of India's premises at Mihan, Nagpur, leading to a loss of Rs1.62 crore. CONCOR is a public sector undertaking tasked with transportation and handling of containers. The case stems from a complaint forwarded by the Lokpal of India, who, through an order dated May 22, 2025, directed the CBI to initiate an investigation into the matter. The Lokpal also ordered that the identities of the complainant and the respondent public servant be kept confidential under Rule 4 and other applicable provisions of the Lokpal Complaint Rules, 2020. According to the FIR dated June 12, M/s Aditya Enterprises illegally carried out excavation work on CONCOR land with alleged support from the then DGM, causing a financial loss of Rs1.62 crore to the public sector enterprise. The act was categorised under criminal conspiracy and criminal misconduct by a public servant, punishable under Section 120B of the Indian Penal Code and Sections 7, 13(1)(a), and 13(2) of the Prevention of Corruption Act, 1988 (as amended in 2018). The FIR states that the DGM, being in charge of the site, facilitated the excavation and misappropriation by M/s Aditya Enterprises. This unauthorised activity allegedly bypassed standard procedures and regulatory permissions, resulting in significant financial damage to CONCOR Ltd. Confirming the development, Bhartendar Sharma, superintendent of police, CBI, AC-III, New Delhi, told TOI, "The investigation regarding the case is in primary stages, so nothing can be confirmed for now; however, we will investigate every lead and link with this." The investigation is being led by inspector Parvender Kumar of CBI AC-III, New Delhi. As the probe moves forward, it is possible that it might uncover deeper insights into possible collusion and broader involvement, if any, in this suspected act of corruption rooted in the heart of Nagpur's logistics sector.
