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BUSINESS AND ECONOMIC NEWSFLASH
URDU GLOSSARY
MARKETS IN REVIEW
QUOTES AND JOKES
TERMS OF THE MONTH
NEWSLETTER
January 2020
Your Gateway to Careers in Financial Markets
Institute of Financial Markets of Pakistan
Address: Building 9-A, 2nd Floor,
P.E.C.H.S Block No. 6, Shahrah-e-Faisal Karachi.
Tel: +92 (21) 34540843-44
MESSAGE FROM THE CEO
INTRODUCTION TO THE INSTITUTE
IFMP ACTIVITIES
TRAINING CALENDAR
ARTICLE
TERMS OF THE MONTH
BUSINESS AND ECONOMIC NEWSFLASH
URDU GLOSSARY
FEEDBACKS
MARKETS IN REVIEW
ARTICLE ON
COMMON MISTAKES OF INVESTORS
00 CONTENT
Message from the CEO
Introduction to the Institute
IFMP Activities
Article: Common Mistakes of Investors
Urdu Glossary
Feedbacks
Business and Economic Newsflash
Page: 3
Page: 4
Page: 8
Page: 13
Page: 16
Page: 17
www.ifmp.org.pk 92 (21) 34540843-44 [email protected]
Terms of the Month Page: 12
Page: 5
Markets in Review Page: 18
Training Calendar Page: 7
01
Message from the Chief Executive Officer
◊ January 2020 IFMP Newsletter Page 3 ◊
he last few years have seen a rapid growth in size, quality and
sophistication of financial markets, because of changes in the
policy and regulatory environment, the entrepreneurial initiatives
of individuals and institutions, and the availability of trained man-
power. The continuing growth of financial markets is further adding
to the demand for well-trained professionals.
Institute of Financial Markets of Pakistan is dedicated to the profes-
sional development of financial markets and research on financial markets as well as the
well being of financial markets by educating the professionals about the norms and ethics
being practiced in the markets. IFMP has had a pioneering role in meeting the demand for
educated manpower. It is Pakistan's first specialized institution devoted to the education
and updating of knowledge of manpower for financial markets. It will provide high-
quality educational standards for all types of financial market participants; investors,
brokers, mutual funds, investment banks and policy makers.
The Institute's main activities are (1) Licensing the professionals working in the financial
markets by certifications. The institute’s key responsibility is to educate the professionals
working in different financial markets of Pakistan through examining their knowledge in
their relevant field of work; (2) Studying the latest developments in the financial markets
in order to discover whether there is such a thing as an ideal market economy; and (3)
Contributing to the development of financial markets in Pakistan. By means of these three
activities the Institute seeks to communicate its ideas to the audience both at home and
overseas. The Institute's research is intended, first and foremost, to be neutral, profes-
sional and practical. Rooted in practice, it aims to contribute to the healthy development
of Pakistani financial markets as well as to related policies by conducting neutral and pro-
fessional studies of how these markets and the financial system are regulated and orga-
nized and how they perform.
The economy is changing all the time. The Institute hopes that, by responding to these
changes positively, it can contribute to the dynamic development of the country's finan-
cial markets as well as of the economy itself.
Mr. Muhammad Ali Khan
T
02
Introduction to the Institute
◊ January 2020 IFMP Newsletter Page 4 ◊
The Institute of Financial Markets of Pakistan (IFMP), Pakistan’s first
securities market institute, has been established as a permanent platform to de-velop quality human capital, meet the emerging professional knowledge needs of
financial markets and create standards among market professionals. The Insti-tute has been envisioned to conduct various licensing examinations leading to
certifications for different segments of the financial markets. IFMP develops a pool of trained and certified professionals, skilled not only to deal in convention-
al instruments but also to trade in new and complex financial market products.
◊ FEE STRUCTURE ◊
Candidate Registration Fee Rs.10,000
Examination Registration Fee Rs.7,000
Membership Fee (Annual) Rs.5,000
Study Guide (Hard Copy) Rs.800
◊ EXAMINATION SCHEDULE ◊
Sun, March 29, 2020
Sun, May 31, 2020
Sun, July 26, 2020
PROGRAMMES
LICENSING CERTIFICATIONS INSURANCE CERTIFICATIONS SPECIALIZED CERTIFICATIONS
Fundamentals of Capital Markets Certification
Pakistan’s Market Regulations Certification
Stock Brokers Certification
Mutual Funds Distributors Certification
Commodity Brokers Certification
Financial Analysts Certification
Mutual Funds Basic Certification
Securities and Futures Advisors’ Certification
Programme (Basic and Core Modules)
General Takaful Agents
Certification
Family Takaful Agents
Certification
Life Insurance Agents
Certification
Non-Life Insurance Agents
Certification
Bancassurance Certification
Bancatakaful Certification
Financial Derivative Traders Certification
Compliance Officers Certification
Clearing and Settlement Operations
Certification
Risk Management Certification
Capital Budgeting and Corporate Finance
Certification
Investment Banking and Analysis Certification
Islamic Finance Certification
Fixed Income Certification
◊ January 2020 IFMP Newsletter Page 5 ◊
IFMP Activities 03
IFMP conducted a full day training session on the topic of Non-Life In-
surance Agent Foundation on 17th January 2020 at the IFMP Training
Center in Karachi
The IFMP Non-Life Insurance Agent’s Foundation course covers the concepts of structure and management, regulatory framework, and ethics, associated risks, governing laws, types and mechanism, documentation and selling of insurance products. This course is primarily aimed towards the sales staff of General Insurance Com-panies and banks selling/distributing General Insurance. The objective of this course is to equip the trainee with the knowledge and skills which enable them to perform as insurance distributors efficiently and effective-ly
◊ January 2020 IFMP Newsletter Page 6 ◊
IFMP Activities 03
IFMP conducted a full day training workshop on the topic of AML/CFT
on 23rd January 2020 at the Movenpick Hotel, Karachi
Money laundering has been affecting the global economy for many years. Large amount of funds are laundered
every year, posing a threat to the global economy and its security. Money Laundering has social, political and
economic consequences and is detrimental to the overall economy of a country. State Bank of Pakistan & Secu-
rities Exchange Commission of Pakistan has taken various measures for putting in place a robust AML/CFT
framework. Moreover, the Financial Monitoring Unit has also put in place stringent reporting requirements of
Currency Transaction Reports and Suspicious Transaction Reports.
◊ January 2020 IFMP Newsletter Page 7 ◊
Training Calendar 04
For the year 2019-2020
Institute of Financial Markets of Pakistan (IFMP) offers training programs for individuals which
help them to understand the financial markets and it’s upcoming trends in a better and easier
way. For the training to be of good quality, IFMP ensures that the trainer has sound knowledge
on the topic he/she is going to cover, moreover the data that the trainer provides is cross-
checked and agreed upon before presenting to the customers in order to provide them with the
best services.
Date Program Fees/person Duration
(days) Location
06-02-20 Life Insurance Agent's Fundamentals Train-
ing and Examination Rs5,000 1 Karachi
04-03-20 Islamic Finance and Financial Products Rs9,500 1 Karachi
05-03-20 Fundamentals of Capital Markets Training Rs5,000 1 Karachi
07-04-20 Mutual Fund Basic Training Rs5,000 1 Karachi
05-05-20 Non-Life Insurance Agent's Fundamentals
Training and Examination Rs5,000 1 Karachi
04-06-20 Commodity Brokers' Certification Training Rs5,000 1 Karachi
05
◊ January 2020 IFMP Newsletter Page 8 ◊
Committing errors is a piece of the learning procedure with regards to exchanging or contributing.
Financial specialists are regularly associated with longer-term possessions and will exchange
stocks, trade exchanged assets, and different protections. Brokers by and large purchase and sell
fates and alternatives, hold those situations for shorter periods, and are engaged with a more
noteworthy number of exchanges.
While brokers and financial specialists utilize two unique kinds of exchanging exchanges, they fre-
quently are blameworthy of committing similar sorts of errors. A few mix-ups are increasingly de-
structive to the financial specialist, and others cause more damage to the broker. Both would do
well to recall these regular bungles and attempt to keep away from them.
Among the most well-known errors:
No venture technique. From the beginning, each financial specialist should shape a venture
methodology that fills in as a system to control future choices. A well-arranged system considers a
few significant components, including time skyline, resilience for chance, measure of investable
resources, and arranged future commitments. At the beginning, people ought to have an away
from of what they need to achieve and the measure of unpredictability they're willing to hold up
under.
Putting resources into singular stocks rather than in a differentiated arrangement of pro-
tections. Putting resources into an individual stock expands hazard as opposed to putting re-
sources into an effectively enhanced common store or file subsidize. Speculators ought to keep up
an extensively broadened portfolio joining diverse resource classes and venture styles. Neglecting
to differentiate leaves people helpless against changes in a specific security or segment. Addition-
ally, don't confound shared store broadening with portfolio expansion. You may possess numer-
ous assets yet find, on closer assessment, that they are put resources into comparative businesses
and even a similar individual protections.
In any case, recollect that it is likewise conceivable to over-enhance and claim an excessive num-
ber of venture items—especially if a speculator has a humble portfolio—creating higher by and
large charges comparative with the portfolio size, said Wyatt. The best game-plan is to look for a
sensitive harmony between the two. Frequently, this should most ideal be with the counsel of an
expert or confided in counselor.
Common Mistakes of Investors
05
◊ January 2020 IFMP Newsletter Page 9 ◊
Putting resources into stocks rather than in organizations. Contributing isn't betting and
shouldn't be treated as a hit-or-miss suggestion. Contributing is expecting a sensible measure of
hazard to help fund ventures you accept have positive long haul development potential. Break
down the essentials of the organization and industry, not everyday moves in stock cost. Purchas-
ing a specific stock absolutely based on advertise energy or on the grounds that you like an organi-
zation's item or administration is a certain fire approach to lose cash. What's more, look at an or-
ganization's corporate administration profile to ensure it has fundamental corporate administra-
tion insurances. It might assist you with maintaining a strategic distance from a future issue.
Purchasing High. The essential standard of contributing is purchase low and sell high. So for what
reason do such a significant number of financial specialists get that retrogressive? The primary ex-
planation is "execution pursuing." Too numerous individuals put resources into the benefit class
or resource type that did well a year ago or for the most recent few years, expecting that since it
appears to have done well in the past it ought to do well later on. That is totally a bogus presump-
tion. The great purchase high/sell-low financial special-
ist profile is somebody who has a long haul venture
methodology, yet doesn't have the diligence to stay with
it. They toss their technique out the window in light of
transient blips in the market and contribute strategically
rather than deliberately. Others in danger of
"purchasing high" are the individuals who follow specu-
lation trends, purchasing the "famous" loads of the day.
Commonly, these ventures become in vogue for brief pe-
riods, driving numerous to contribute at the tallness of a
cycle or pattern—in the nick of time to ride it descend-
ing. Continuously take a gander at the possibilities for
future execution of a given speculation, not simply past
execution.
Selling Low. The other side of the purchase high-sell-low slip-up can be similarly as expensive. An
excessive number of speculators are hesitant to sell a stock until they recover their misfortunes.
Their personality won't recognize a mix-up of purchasing a speculation at a significant expense. In
any case, savvy financial specialists understand this may never occur and simply cut their misfor-
tunes. Remember that few out of every odd venture will increment in esteem and that even profi-
cient financial specialists experience issues beating the list in a given year. Continuously have a
Common Mistakes of Investors
05
◊ January 2020 IFMP Newsletter Page 10◊
Common Mistakes of Investors
stop-misfortune request on a stock. It's much better to assume the misfortune and redeploy the
advantages toward an all the more encouraging venture.
Beating your speculations. Too-visit exchanging cuts into speculation returns more than all else.
An examination by two educators at the University of California at Davis analyzed the stock ar-
rangement of 64,615 individual financial specialists at an enormous rebate financier firm some-
where in the range of 1991 and 1996. The examination found that, without exchange costs, these
financial specialists got a 17.7% annualized return, which was 0.6% every year superior to the se-
curities exchange itself. Yet, after exchange costs were incorporated, financial specialists' profits
dropped to 15.3% every year, or 1.8% every year beneath the market. Once more, the arrange-
ment is a long-term purchase and–hold technique, instead of a functioning exchanging approach.
Following up on "tips" and "sound bites." Listening to the media for their sole wellspring of
speculation thinking as opposed to seeking after an expert association with a consultant is a
dreadfully normal financial specialist botch. While breaking news and "insider tips" may appear to
be a promising method to give your portfolio a speedy lift, consistently recall you are contributing
against experts who approach groups of research examiners. Prepared financial specialists accu-
mulate data from a few free sources and lead their own restrictive research and examination be-
fore settling on a speculation choice. Accepting that data that is new to the speculator isn't known
to any other person is a genuine error. A valuable guideline is that on the off chance that you've
heard it, so have numerous others, so the data is likely previously figured into the market cost.
Paying a lot in charges and commissions. Extraordinarily, speculators are regularly unable to
refer to points of interest on the charge structure utilized
by their venture specialist organization, including the exec-
utives expenses and exchanges costs. Financial specialists
should, as a precondition to opening a record, ensure they
are completely educated with regards to the related costs
that go with each potential speculation choice, stressed
Wyatt. Also, speculation returns ought to be balanced for
all costs paid to find out in general execution.
Decision making by tax avoidance. While people ought to know about the duty ramifications of
their activities, the principal goal ought to consistently be to settle on the in a general sense sound
venture choice. A few financial specialists, as opposed to pay an enormous capital additions
charge, will permit the estimation of offers in a well-performing stock to develop so huge it repre-
05
◊ January 2020 IFMP Newsletter Page 11 ◊
Common Mistakes of Investors
sents an excessive level of their general portfolio. Correspondingly, when it's a great opportunity
to collect an addition, financial specialists shouldn't be excessively worried about clutching the se-
curity past the one-year buy date essentially to exploit the lower capital increases rate. A more
shrewd move is to just locate a decent expense guide.
Unreasonable desires. As we saw during the ongoing air pocket, speculators can occasionally dis-
play an absence of tolerance that prompts unnecessary hazard taking. It is imperative to take a
long haul perspective on contributing and not permit outer components cloud activities and cause
you to make an abrupt and critical change in system. Contrasting the exhibition of your portfolio
and important benchmark files can enable a person to create sensible desires. Expecting returns of
20-25% yearly will set a financial specialist up for dissatisfaction.
Disregard. People frequently neglect to start a speculation program essentially in light of the fact
that they need fundamental information on where or how to begin. In like manner, times of inertia
are oftentimes the consequence of debilitation over past venture misfortunes or negative develop-
ment in the values markets. To be sure, financial specialists should keep putting resources into
each market—yet through various speculation vehicles—just as build up a system to make cus-
tomary commitments to their portfolios. Speculators ought to likewise normally survey their
property to guarantee they are holding fast to their general procedure.
Not knowing your genuine resistance for chance. Remember that there is nothing of the sort as
hazard free contributing, said Johnson. Deciding your hunger for chance includes estimating the
potential effect of a genuine dollar loss of advantages on both your portfolio and your mind. By
and large, people making arrangements for long haul objectives ought to be happy to accept more
hazard in return for the plausibility of more prominent prizes. Be that as it may, don't hold up until
an unexpected or close term drop in the estimation of your advantages for direct an assessment of
your degree of resistance for chance. The empowering perspective for speculators is that, with a
little industriousness, these mix-ups are effectively avoidable.
*************
06
Terms of the Month
◊ January 2020 IFMP Newsletter Page 12 ◊
Get Yourself Registered!!
Last Date for Registration for 29th March, 2020
Examination
6th March, 2020
Cost-Volume-Profit (CVP) Analysis
Cost-volume-profit (CVP) analysis is a method of cost
accounting that looks at the impact that varying levels
of costs and volume have on operating profit. The cost
-volume-profit analysis, also commonly known as
break-even analysis, looks to determine the break-
even point for different sales volumes and cost struc-
tures, which can be useful for managers making short-
term economic decisions.
Dematerialization
Dematerialization (DEMAT) is the move from physical
certificates to electronic bookkeeping. Actual stock
certificates are then removed and retired from circu-
lation in exchange for electronic recording.
Head-Fake Trade
A head-fake trade is when a security's price makes a
move in one direction, but then reverses course and
moves in the opposite direction. The head-fake trade
gets its name from a tactic commonly used by a bas-
ketball or football player to throw the opposition off,
by leading with their head to pretend that they are
moving in one direction but then move in the opposite
direction. The head-fake trade occurs most frequently
at key breakout points, such as major support or re-
sistance levels, or closely watched moving averages
like the 50-day or 200-day simple moving aver-
age (SMA).
Forfeited Share
A forfeited share is a share in a publicly-traded com-
pany that the owner loses (or forfeits) by neglecting
to live up to any number of purchase requirements.
For example, a forfeiture may occur if a shareholder
fails to pay an owed allotment (call money), or if he
sells or transfers his shares during a restricted peri-
od.
Mortgage Originator
A mortgage originator is an institution or individual
that works with a borrower to complete a mortgage
transaction. A mortgage originator is the original
mortgage lender and can be either a mortgage bro-
ker or a mortgage banker. Mortgage originators are
part of the primary mortgage market and must work
with underwriters and loan processors from the ap-
plication date until closing to gather the necessary
documentation and guide the file through the approv-
al process.
07
Business and Economic Newsflash
◊ January 2020 IFMP Newsletter Page 13 ◊
Foreign Investment in Pakistan to hit $6bn
As indications of monetary adjustment develop, money related master foresees remote interest in
Pakistan to hit $6 billion before the finish of this financial year.
"Toward the start of the current monetary year, we were envisioning outside speculation of up to
$3 billion to $4 billion, however taking a gander at the present situation, these figures appear to be
very low, we could now hit $5bn to $6bn," said CEO Topline Securities, Mohammad Sohail .
The budgetary master said that universal speculator has no better alternative somewhere else as
loan costs are declining internationally, Pakistan is the main special case where one can harvest
twofold digit returns.
"The worldwide financial specialists, are not just certain on the adjustment of Pakistan economy,
they are likewise idealistic that the IMF quarterly checking would keep the economy on track, and
in conclusion the speculator accepts that the PKR would not deteriorate further," said Sohail.
Outside interest in the administration's obligation instruments, including Market Treasury Bills (T
-bills) and Pakistan Investment Bond (PIBs) flooded to $2.26 billion during this monetary year
(FY20).
As indicated by State Bank of Pakistan (SBP), outside interest in T-bills has recorded biggest single
day inflows of $536 million on January 16, 2019 in Special Convertible Rupee Account (SCRA).
With the appearance of these inflows complete net outside interest in T-bills and PIBs came to
$2.26 billion.
The SBP referenced in an ongoing report that this venture was a result of the proceeded with pro-
gress in the nation's parity of installment position and save supports, supportability of the conver-
sion scale system; and the solace offered by the origin of the IMF program. Market analysts said
that enormous inflows by virtue of government securities will likewise help diminish the weight
on outside record and fabricate the remote trade holds.
07
Business and Economic Newsflash
◊ January 2020 IFMP Newsletter Page 14 ◊
Progress in the Minerals Sector
As indications of monetary adjustment develop, Minister for Planning and Development foresees
remote interest in Pakistan to hit $6 billion before the finish of this financial year.
"Toward the start of the current monetary year, we were envisioning outside speculation of up
to $3 billion to $4 billion, however taking a gander at the present situation, these figures appear
to be very low, we could now hit $5bn to $6bn," said CEO Topline Securities, Mohammad Sohail .
The budgetary master said that universal speculator has no better alternative somewhere else as
loan costs are declining internationally, Pakistan is the main special case where one can harvest
twofold digit returns.
"The worldwide financial specialists, are not just certain on the adjustment of Pakistan economy,
they are likewise idealistic that the IMF quarterly checking would keep the economy on track,
and in conclusion the speculator accepts that the PKR would not deteriorate further," said Sohail.
Outside interest in the administration's obligation instruments, including Market Treasury Bills
(T-bills) and Pakistan Investment Bond (PIBs) flooded to $2.26 billion during this monetary year
(FY20).
As indicated by State Bank of Pakistan (SBP), outside interest in T-bills has recorded biggest sin-
gle day inflows of $536 million on January 16, 2019 in Special Convertible Rupee Account
(SCRA). With the appearance of these inflows complete net outside interest in T-bills and PIBs
came to $2.26 billion.
The SBP referenced in an ongoing report that this venture was a result of the proceeded with
progress in the nation's parity of installment position and save supports, supportability of the
conversion scale system; and the solace offered by the origin of the IMF program. Market ana-
lysts said that enormous inflows by virtue of government securities will likewise help diminish
the weight on outside record and fabricate the remote trade holds.
Massive tax cut to relieve farmers
Special Assistant to Prime Minister on Information and Broadcasting Firdous Ashiq Awan has
said that the legislature has chosen to give alleviation to ranchers by giving moderate composts.
In a tweet, the SAPM said that so as to give moderate manure to the ranchers, the legislature has
07
Business and Economic Newsflash
◊ January 2020 IFMP Newsletter Page 15 ◊
given a help of Rs400 per sack to the compost industrial facilities for gas. The duty on gas supply
has been decreased from Rs405 to just Rs5.
The SAPM included that the administration's alleviation will prompt the improvement of ranchers
and agribusiness in the nation. "Improvement of ranchers and farming is the advancement of Pa-
kistan," she said.
The advancement comes after the Economic Coordination Committee (ECC) of the Cabinet has
chosen to permit import of 0.3 million tons of wheat to cut down its costs in the nearby market,
consequent to announced lack of wheat that prompted acceleration of flour costs in the nation.
The wheat import would be permitted till March 31, 2020 to guarantee that neighborhood wheat
that will be accessible from the beginning of April is gotten up cost from the market. The gather-
ing likewise gave guidelines for quick arrival of stocks held by the PASSCO and the common divi-
sions.
State Bank keeps interest rate unchanged at 13.25pc
SBP Governor expressed the confidence that the inflation target of 5-7pc would be achieved in the medium term — over the next six to eight months.
“It is a transitional period for inflation and short supply shocks will be over soon. The real in-terest rate is in the range of one to two per cent which is much lower than many economies [of the world] and this is a positive sign,” he claimed.
The SBP governor said GDP growth for the current fiscal was expected to be 3.5pc, but it might slightly come down due to lower than expected performance of the agriculture sector. “Primarily on account of adverse supply side shocks to cotton production as well as contrac-tion in LSM (large-scale manufacturing) to date, SBP’s projection for real GDP growth for FY20 is likely to be revised downward,” he added.
The SBP governor said the export sector had so far emerged as the best performer for the economy. He announced plans to enhance the amount for long-term export financing and ex-port finance scheme collectively by Rs200 billion.
Dr Baqir said a policy would soon be announced for small exporters. He said that three posi-
tive changes were noted since the announcement of the last monetary policy — substantial re-
duction in current account deficit along with a stable exchange rate which is market-based,
improvement in business confidence (as per IBA-SBP survey) and fiscal developments which
remained on track and in line with the commitments made under the IMF-supported pro-
gramme.
08
Urdu Glossary
◊ January 2020 IFMP Newsletter Page 16 ◊
Holding Company محلوک کمپنی
Bank Liabilities واجبات بینک
Notional Cost تصوراتی الگت
Stock Holder حےص دار
Windfall Profit متوقع منافع غیر
Incentives ترغیبات
Notice of Assignment تفویض یک اطالع
Terms and Conditions ائط و ضوابط شر
Penalize ا عائد کرنا کیس پر شی
Whistleblower اندر یک خی دینی واال‘ مخی
Imprudent Lending غیر محتاط قرض کاری
Nominal Share Capital شمائے کاعرفی حصہ
Raw Material خام مال
Unpaid Premium غیر اداشدہ قسط
Policy Holder بیمہ دار
10
Quotes and Jokes
◊ December 2018 IFMP Newsletter Page 16 ◊
08
Quotes and Jokes
◊ February 2019 IFMP Newsletter Page 16 ◊
09
Feedbacks
◊ January 2020 IFMP Newsletter Page 17 ◊
Looking forward to more of such professional trainings from skilled professionals.
Excellent!
Darius B. Solan, Manager Risk, HBL Insurance Company
Attended IFMP - Non-Life Insurance Agent Foundation Course
The trainer’s knowledge is an asset as she is experienced and has a tight grip on execu-
tion. More sessions like this should be implemented.
Zubda-tur-Nisa Yousuf, Head of Investor Relations, Alfalah Investment Man-
agement Company
Attended IFMP — AML/CFT
Trainer was very well experienced and shared practical perspectives about the subject
which made the session very valuable.
Amanullah Ali, Senior Manager—Audit, HBL
Attended IFMP — AML/CFT
Feedback on IFMP training
10 Markets in Review
◊ January 2020 IFMP Newsletter Page 18 ◊
◊ Monthly Review ◊
Crude Oil
(WTI)$
Beginning 61.46
Ending 51.76
Change -9.70
KIBOR
(6 Months)
Bid % Offer %
Beginning 13.23 13.48
Ending 13.19 13.44
Change -0.04
Pakistan
Stock
Exchange
100 Index
Beginning 40,735.08
Ending 41,630.93
Change 895.85
Gold
10 Grams
Beginning Rs. 75,448
Ending Rs. 78,446
Change Rs. 2,998
Silver
10 Grams
Beginning Rs. 889.63
Ending Rs. 896.19
Change Rs. 6.56
Foreign Exchange Rates
Interbank Market (buying)
GBP (£) EURO (€) USD ($)
Beginning Rs. 203.13 Rs. 173.47 Rs. 154.90
Ending Rs. 202.17 Rs. 170.22 Rs. 154.42
Change - Rs. 0.96 - Rs. 3.25 - Rs. 0.48
Contact Us
www.ifmp.org.pk 92 (21) 34540843-44 [email protected]