DOCSLIB.ORG

April 2021 � � �� - ٓ���� ������ SAVE up TO

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
April 2021 � � �� - ٓ���� ������ SAVE up TO Smart & Easy Savings! NBP FUNDS Managing Your Savings Fund Manager Report Conventional Schemes April 2021 � � �� - ٓ���� ������ SAVE UP TO OF YOUR INCOME TAX ��� � ��، ���� �� GOOD OPPORTUNITY FOR SALARIED PERSON Note: Detailed monthly reports of NBP Funds are also available on our website www.nbpfunds.com AM1 NBP Fund Management Limited For More Information & Investment Rated by PACRA *Subject to conditions as per section 62 and 63 of the Income Tax Ordinance, 2001. Disclaimer: All investment in mutual funds and pension funds are subject to market risk. Past performance is not necessarily indicative of future results. Please read the Offering Documents to understand the investment policies and the risks involved. NBP Funds or any of its sales representative cannot guarantee preservation / protection of capital and / or expected returns / profit on investments. NBP FUNDS Table of Contents Managing Your Savings Table of Contents Table 1-2 CEO’s Write-up 03 Capital Market Review NBP Government Securities 04 05 NBP Money Market Fund Liquid Fund NGSLF NMMF 06 NBP Government Securities NBP Government Securities Savings Fund 07 Plan - I NGSSF NGSP-I 08 NBP Mahana Amdani Fund 09 NBP Financial Sector Income Fund NMAF NFSIF 10 NBP Income Opportunity Fund 11 NBP Savings Fund NIOF NBP-SF 12 NBP Sarmaya Izafa Fund 13 NBP Balanced Fund NSIF NBF 14 NBP Stock Fund 15 NBP Financial Sector Fund NSF NFSF 16 NBP Pakistan Growth Exchange 17 NAFA Pension Fund NBP-GETF Traded Fund NPF NBP FUNDS Managing Your Savings Historical Performance of Various Investment Avenues The last four years have been challenging for the stock market investors. This subdued performance of the stock market has come after eight consecutive years of robust returns during which the KSE-100 Index surged by around 585%. Looking at the long-term performance of the stock market, it is evident that such periods with depressed returns do not stay forever. In the long run, stocks have outperformed all other asset classes, although it is volatile in the short-term. Historical market data cannot predict the future but it is still a useful guide to understand the potential risks and rewards for investors. With that in mind, we examine past performance of key domestic asset classes for a 20-year period from May 2001 to April 2021. We have included six asset categories for which long-term data is available: Treasury Bills, Bank Deposits, National Savings Schemes (NSS), Pakistan Investment Bonds (PIBs), Capital Protected Strategy (CPS), and Stocks. CPS is a synthetic asset class under which portfolio is dynamically managed between the low risk and high risk components with the aim of capital preservation, while also capturing some upside of the stock market. The results of the CPS are based on back-testing as this strategy was not in practice during this entire period. Inflation, as measured by CPI, has averaged 8.1% per annum and Pak Rupee has depreciated against the US Dollar by 4.7% per year, over the last twenty years. The historical analysis, as given in the Table below depicts that stocks offered the highest nominal and real return amongst all asset classes. An investment of PKR 100 in stocks in May 2001 would be worth PKR 3,238 by the end of April 2021. During the same period, PKR 100 investment in bank deposits and T-Bills would have increased to a paltry PKR 327 and PKR 530, respectively. Special Savings Pakistan Capital Bank Asset class T-bill Certificates Investment Protected Equity Deposit (SSC) Bonds (PIB) Strategy (CPS) Nominal annualized return 6.0% 8.7% 9.7% 12.5% 13.8% 19.0% Inflation 8.1% 8.1% 8.1% 8.1% 8.1% 8.1% Real return (adjusted for inflation) -2.0% 0.5% 1.4% 4.0% 5.3% 10.0% Annualized Standard Deviation (Risk) 0.5% 1.1% 6.3% 12.1% 7.9% 25.6% Sharpe Ratio* N/A** N/A 0.15 0.31 0.65 0.40 Value of Rs. 100 at the end of 20 years - Nominal value 327 530 633 1,049 1,329 3,238 Value of Rs. 100 at the end of 20 years - Real value 67 111 133 220 279 680 *Sharpe Ratio = Excess return per unit of risk = (Expected return – Risk free rate)/(Standard deviation), we have used 6M T-bill as a proxy for risk free rate **Due to negative excess return, standard Sharpe ratio is meaningless Source: SBP Statistical Bulletin, KSE, NSS website, NBP Funds Research The outcome of the above analysis supports the basic notion that there Value of Rs.100 at the end of 20 years - Nominal NOMINAL RETURN Bank Deposit T-Bill SSC PIB CPS Equity Value of is a positive relationship between risk and return, meaning higher the Rs.100 Annualized Return 6.0% 8.7% 9.7% 12.5% 13.8% 19.0% risk the higher the return. In line with the expectation, stocks exhibited 4,000 Annualized STDEV (Risk) 0.5% 1.1% 6.3% 12.1% 7.9% 25.6% the highest volatility, and bank deposits and T-Bills have the lowest risk. Equity, 3,238 The analysis also shows that over a long investment horizon, stocks 3,000 delivered the highest return. 2,000 One take away from this analysis is that investors with long-term goals CPS, 1,329 like educating their children, owning a house, or saving for retirement 1,000 PIB, 1,049 SSC, 633 should have some of their assets invested in stocks, preferably through T-Bill, 530 Bank Deposit, 327 stock mutual funds, while investors with low-risk appetite due to short - term investment needs, should invest in bank deposit or as an Apr-01 Apr-02 Apr-03 Apr-04 Apr-05 Apr-06 Apr-07 Apr-08 Apr-09 Apr-10 Apr-11 Apr-12 Apr-13 Apr-14 Apr-15 Apr-16 Apr-17 Apr-18 Apr-19 Apr-20 Apr-21 alternative in money market / income funds. Well managed stock mutual funds have provided better returns to their Relative Performance of NBP Stock Fund Vs. Various Asset Classes investors than the stock market and other asset classes including real From January 2011 to March 2021 estate over the last ten (10) years period. For performance comparison, Value of Rs.100 NBP Stock Fund (NSF) Rs. 522 we have used the index provided by Zameen.com for the performance KSE-100 Index Rs. 371 of real estate sector. As a case in point, our flagship stock fund, NBP NBP Sarmaya Izafa Fund (NSIF) Rs. 345 Stock Fund (NSF) has out-performed the stock market by 151% over Lahore Real Estate Rs. 304 the last 10 years (from January 2011 till March 2021) by earning a Karachi Real Estate Rs. 266 return of 422% versus 271% rise in the stock market. An investment of Special Savings Certificates Rs. 238 NBP Mahana Amdani Fund (NMAF) Rs. 235 Rs. 100 in NBP Stock Fund 10 years ago would have grown to Rs. 522 GOLD Rs. 212 today, whereas an investment of Rs. 100 in the stock market (KSE-100 Inflation (CPI) Rs. 199 Index) 10 years ago would be worth Rs. 371 today. This out-performance Bank Deposit Rs. 188 of the Fund is net of management fee, and all other expenses. USD Rs. 178 Source: SBP, PSX, MUFAP, Bloomberg, zameen.com, NSS website Disclaimer: This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell the fund. All investments in mutual funds and pension funds are subject to market risks. The price of units may go up as well as down. Past Performance is not necessarily indicative of future results. NBP Funds or any of its sales representative cannot guarantee preservation / protection of capital and / or expected returns / profit on investments. Page 01 NBP FUNDS Managing Your Savings Looking ahead, we hold a positive view on the stock market driven by improving economic outlook, attractive stock market valuations, easier monetary conditions, comfortable external account position, and promising corporate earnings prospects. From the fundamental perspective, the stock market is trading at an attractive Price-to-Earnings (P/E) multiple of 6.3x versus the long-term average of 8.4x. On relative valuation, 15.9% Earnings Yield offered by the stock market looks appealing compared with 10% yield on 10-years PIBs. Corporate earnings, the dominant driver of the stock market are expected to grow at double-digit rate over the next two to three years, based on our estimate. We expect the SBP to maintain the prevailing accommodative monetary policy stance with a modest 50-100 bps increase in the Policy Rate in CY21. Taken together, the market is well poised to deliver healthy double digit returns in CY21, and beyond. Therefore, we advise investors with medium to long-term investment horizon to build positions in stocks through our NBP stock funds, which have a superior performance track record. Disclaimer: This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell the fund. All investments in mutual funds and pension funds are subject to market risks. The price of units may go up as well as down. Past Performance is not necessarily indicative of future results. NBP Funds or any of its sales representative cannot guarantee preservation / protection of capital and / or expected returns / profit on investments. Page 02 Capital Market Review NBP FUNDS Managing Your Savings April 2021 Stock Market Review During April 2021, amid large daily swings, the market remained listless with the benchmark KSE-100 Index falling by 326 points (modest decline of 0.7%) on a month-on-month basis.
Load more

Recommended publications
  • Role of Terrorist Events
    International Journal of Disaster Recovery and Business Continuity Vol. 12, No. 1, (2021), pp. 1063-1075 Examination of Stock Markets Performance in Emerging Economies during Difficult Times: Role of Terrorist Events Dr. Ashfaq Ahmad Aamir Sohail Adil Riaz Farhad Hussain Iqra Ihsan Associate Professor, Hailey College of Commerce, University of the Punjab, Lahore. Email:[email protected] Lecturer Commerce, University of Sargodha (Sub Campus Bhakkar) [email protected] Lecturer Commerce, Government College University Faisalabad (Sub- Campus Hafiz Abad), Pakistan. , Ph.D. Scholar, Hubei University, China M.Com Scholar, Hailey College of Commerce, University of the Punjab, Lahore Abstract This study examines the effect of selected local and global terrorist events on Pakistan Stock Exchange by assessing KMI-30 and KSE-30 during the last decade. Data was collected for the daily closing stock prices of KMI-30 and KSE-30 for a period of 10 years (2010 to 2019). Twelve major terrorist events were selected from the South Asian Terrorism Portal (SATP) creating negative outcomes (deaths, injuries and other damages). Event study method was applied through estimation windows for Pre-Event, Event and Post-Event. Results indicate that the majority of the events have a significant impact on KSE-30 and KMI-30. More specifically the findings suggested that, Suicide attack on political offices, Attack on the Jamia masjid Madina, Twin suicide assaults at Parachinar, Assault on Army Public School, Paris, France bombing at bar, restaurant, theater and stadium, Self- destruction bombarding in Belgium, Suicide bombarding at Quetta’s Civil Hospital, Attack on Shrine of Lal Shahbaz and Attack on the political rally of the Balochistan Awami Party has significant effect on both markets.
    [Show full text]
  • An Evaluation of Investors' Behavior and Sentiments During Heavy Fluctuation in Stock Index; a Case Study of Pakistan Stock Exchange
    Bahria University Journal of Management & Technology: Vol.3, No. 2 An evaluation of investors' behavior and sentiments during heavy fluctuation in stock index; A case study of Pakistan Stock Exchange 1Sumair Farooq, 2Dr. Syed Shabib ul Hassan 1,2 Department of Public Administration, University of Karachi ABSTRACT The role of stock exchange is highly dynamic regarding the capital mobilization in Pakistan and contributes an important role in overall financial sector of economy. The chief purpose of this article is to analyze the behavior and sentiment of investors during the heavy fluctuation in Stock Index at Pakistan Stock Exchange (PSX). The sentiment indexes for stock exchange selected for this research are Total Market Capitalization, Total Listed Capital - Rs., KSE-100" Index, KSE-30" Index, KMI-30 Index, PSX-KMI All Shares Index, New Companies Listed during the year, Listed Capital of New Companies - Rs., New Debt Instruments Listed during the year, Listed Capital of New Debt Instruments - Rs., Average Daily Turnover - Shares in million, Average value of daily turnover - Rs And Average Daily Turnover (Future). The indicators are analyzed by Correlation Analysis. The results prove that investor sentiment has positive effect on market returns. Keywords: Stock Exchange, Investor’s sentiments, Fluctuation, Average value of daily turnover, Market capitalization INTRODUCTION The sentiment of investors refers to common belief, mood and performance expectation of market. It is considered as an emotional factor that might have a direct impact on decision making of investors. The sentiments are rather irrational and based on some noisy information that doesn’t indicate the basic stock characteristics with limited experience of trading, skills or knowledge and might stimulate the investors for trading at illogical times or either led to under or overestimation of performance of stock (Neupane, Paudyal, & Thapa, 2014).
    [Show full text]
  • Nexus of KSE-30 Index
    Developing Country Studies www.iiste.org ISSN 2224-607X (Paper) ISSN 2225-0565 (Online) Vol.6, No.1, 2016 Nexus of KSE-30 Index Muhammad Moazam Khan* MBA/MS, Lecturer Bahauddin Zakariya University, Multan, Pakistan Tahira Batool MS/M. Phil Economics Bahauddin Zakariya University, Multan, Pakistan Aisha Khan MSc Banking and Finance Bahauddin Zakariya University, Multan, Pakistan Muhammad Fayyaz Khokhar MS/M. Phil Business Administration, National College of Business Administration & Economics Multan, Pakistan Abstract The Financial development in Pakistan is mostly represented by Karachi stock exchange 100-Index with ignorance of Karachi stock exchange 30-Index which was established to represent financial development Indicator and economic growth indicator as well in Pakistan. So, this study will be investigate the relationship of financial development and economic growth in Pakistan by taking KSE-30 Index, KSE-All Share Index and KSE-100 Index for financial development in Pakistan. In this study time series data varying from 1992 to 2013 is investigated by different econometric tools i.e. Augmented Dickey Fuller (ADF) unit root test, Johansen Cointegration method and Granger causality test. The results of these tools showed that a positive relationship exists between financial development and Economic growth of Pakistan both in long run and short run perspectives. The result also derived that there is bidirectional causality relationship between financial development and economic growth in Pakistan Keywords: Financial Development, Economic Growth, KSE 30-Index 1. Introduction There are many debates in past about the consequences of financial development effecting economic growth. Economic growth is the ability of the economy to increase its productive capacity in terms of goods and services over the period of time.
    [Show full text]
  • Institutional Ownership and Corporate Value: Evidence from Karachi Stock Exchange (KSE) 30-Index Pakistan
    Institutional ownership and corporate value: Evidence from Karachi Stock Exchange (KSE) 30-Index Pakistan INSTITUTIONAL OWNERSHIP AND CORPORATE VALUE: EVIDENCE FROM KARACHI STOCK EXCHANGE (KSE) 30-INDEX PAKISTAN Datum prijave: 17.02.2015. UDK: 336.7 Datum prihvaćanja: 29.05.2015. Pregledni rad Safdar Hussain Tahir Assistant Professor, Banking and Finance Government College University Faisalabad, Pakistan E-mail: [email protected] Muhammad Saleem MS-Scholar Department of Banking & Finance, Government College University Faisalabad, Pakistan Humaira Arshad MS-Scholar Department of Banking & Finance, Government College University Faisalabad, Pakistan SUMMARY - The study aims to explore the relationship between institutional ownership and firm performance. To obtain the targeted objectives, the required data, ranging from 2008 to 2013 were collected from annual reports and financial statements of concerned firms. Such type of data contains endogeneity problems. In order to deal with endogeneity problem, Durbin-Wu-Houseman test was applied. Among many advance econometric techniques, OLS and 2SLS were found appropriate to estimate the coefficient of interest. Institutional ownership being endogenous variable was found significantly and positively related with firm performance. Firm performance was found negatively related with debt ratio and fix expenditures. Finally it was found that institutional investors take more interest in firms having higher dividend payout ratio. Key Words: Institutional ownership, Firm performance, Agency Problem, Endogeneity, DW and 2SLS JEL Classification: G34 1. INTRODUCTION in the corporate decision making process through their voting right in company’s meetings and try to Institutional investors are important stake influence the firm top management to take care holder of today’s financial market and appeared as the long-term interest of shareholders.
    [Show full text]
  • Year Book 2010–2011
    i Year Book 2010 – 2011 Government of Pakistan Finance Division Islamabad www.finance.gov.pk CONTENTS ii S. Subject Page No. No. Preface 1 Mission Statement 2 General 3 Functions of the Finance Division 3 Organizational Chart of the Finance Division 5 A. HRM Wing 6 B. Budget Wing 10 Budget and its Functions 10 Budget Wing’s Profile 11 Performance of Budget Wing 12 Medium Term Budgetary Framework (MTBF) 24 Budget Implementation Unit (BIU) 25 C. Corporate Finance Wing 28 D. Economic Adviser’s Wing 30 E. Expenditure Wing 32 F. External Finance Wing 34 G. External Finance (Policy Wing) 38 H. Economic Reforms Unit (ERU) 47 I. Finance Division (Military) 51 J. Development Wing 54 iii K. Internal Finance Wing 57 State Bank of Pakistan 57 National Bank of Pakistan 57 First Women Bank Limited 58 Pakistan Security Printing Corporation 59 House Building Finance Corporation 60 SME Bank Limited 61 Financial Monitoring Unit (FMU) Karachi 62 Zari Taraqiati Bank Ltd. (ZTBL) 63 L. Investment Wing 65 Competitiveness Support Fund (CFS) 65 National Investment Trust Limited (NITL) 66 Competition Commission of Pakistan(CCP) 72 Securities and Exchange Commission of Pakistan 86 Joint Investment Companies in Pakistan 103 Infrastructure Project Development Facility (IPDF) 104 M. Provincial Finance 105 O. Regulations Wing 113 P. Auditor General of Pakistan 121 Central Directorate of National Savings(CDNS) 132 Controller General of Accounts (CGA) 136 Pakistan Mint 139 Debt Policy Coordination Office (DPCO) 141 iv COMPILATION TEAM 1. MR. MUHAMMAD ANWAR KHAN Senior Joint Secretary (HRM) 2. MR. MIR AFZAL KHAN Deputy Secretary (Services) 3.
    [Show full text]
  • Is Pakistan Stock Market Moving
    Asian Economic and Financial Review, 2014, 4(6): 808-836 Asian Economic and Financial Review journal homepage: http://www.aessweb.com/journals/5002 IS PAKISTAN STOCK MARKET MOVING TOWARDS WEAK-FORM EFFICIENCY? EVIDENCE FROM THE KARACHI STOCK EXCHANGE AND THE RANDOM WALK NATURE OF FREE-FLOAT OF SHARES OF KSE 30 INDEX Ushna Akber Lahore University of Management Sciences Nabeel Muhammad Lahore University of Management Sciences ABSTRACT In this study, we have attempted to seek evidence for weak-form of market efficiency for KSE 100 Index because over the last five years KSE 100 Index has shown substantial growth as compared to other emerging stock markets. Index returns have been studied from 1st January, 1992 to 30th April, 2013. For further analysis, return series has been divided into sub-periods. The paper has made use of primarily Non-Parametric tests as well as Parametric tests. For further analysis, Runs test has also been run on 20 companies return series for comparison purpose with the results of index return series. In addition, from KSE 30 Index, 20 companies return series based on the free- float of shares have also been analyzed through Runs test to check if increase in numbers of floating shares does increase the randomness in return series or not. To our knowledge, this paper is the first one on KSE 100 Index to study the overall time frame of return series of KSE 100 Index of 22 years with the several random walk and weak-form efficiency tests to ensure the consistency of results; and to compare the results of runs test of index return series with the results of runs test on companies return series from KSE 100 and KSE 30 Indexes.
    [Show full text]
  • KSE-30 Index Brochure
    KSE - 30 INDEX BASED ON FREE-FLOAT Pakistan Stock Exchange Limited Stock Exchange Building, Stock Exchange Road, Karachi-74000 UAN: 111-00-11-22, Fax: (92-21) 32462640, E-mail: [email protected], Web-site: http://www.psx.com.pk TABLE OF CONTENTS Sr. Contents Page No. No. 1. Brief of PSX Indices 1 2. Introduction of KSE-30 Index 2 3. Free-Float Methodology 3 4. Pre-Requisites to Qualify for Inclusion in KSE-30 Index 5 5. Selection Criteria 6 6. Base Period 7 7. Maintenance of KSE-30 Index 8 8. Review Period 8 9. On-line Computation of the Index 8 10. Adjustment for Cash Dividend, Bonus, Right and Newly Issued 8 Capital 11. Updation of Free Float 17 12. KSE-30 Index Composition based on June 30, 2005 18 KSE-30 Index 1. BRIEF OF PSX INDICES The Pakistan Stock Exchange is maintaining two indices, which are in place i.e. KSE 100 Index and KSE All Share Index. Both the said indices are market capitalization-based indices. The KSE 100 Index was introduced in 1991 and comprises of 100 companies selected on the basis of sector representation and highest market capitalization, which captures over 80% of the total market capitalization of the companies listed on the Exchange. Out of 35 Sectors, 34 companies are selected i.e., one company from each Sector (excluding Open- End Mutual Fund) on the basis of the large market capitalization and the remaining 66 companies are selected on the basis of highest market capitalization. This is a total return index i.e.
    [Show full text]
  • Is Pakistan Stock Market Moving Towards Weak-Form Efficiency?
    Munich Personal RePEc Archive Is Pakistan Stock Market moving towards Weak-form efficiency? Evidence from the Karachi Stock Exchange and the Random Walk Nature of free-float of shares of KSE 30 Index. Akber, Ushna and Muhammad, Nabeel Lahore University of Management Sciences August 2013 Online at https://mpra.ub.uni-muenchen.de/52066/ MPRA Paper No. 52066, posted 09 Dec 2013 00:09 UTC Is Pakistan Stock Market Moving Towards Weak-form Efficiency? Evidence from the Karachi Stock Exchange and the Random Walk Nature of free-float of shares of KSE 30 Index. Ushna Akber1& Nabeel Muhammad2 Lahore University of Management Sciences 1. Ushna Akber <[email protected]> is a Teaching Fellow in the Department of Economics at Lahore University of Management Sciences, Lahore, Pakistan. 2. Nabeel Muhammad <[email protected]> is BSc Economics graduate from Lahore University of Management Sciences, Lahore, Pakistan. Acknowledgements: We would like to thank Dr. Hammad Siddiqui and Dr. Syed Muhammad Hussain of Department of Economics at Lahore University of Management Sciences, Dr. Gideon Saar of Cornell University, Dr. Robert A. Van Ness of University of Missisipi, and Dr. Howard E. Thompson of University of Wisconsin-Madison for their valuable feedback and support. Special thanks to Muhammad Awais Zahoor for his research assistance. Both Authors have contributed equally to this paper and are equally responsible for any errors in this paper. ABSTRACT In this study, we have attempted to seek evidence for weak-form of market efficiency for KSE 100 Index because over the last five years KSE 100 Index has shown substantial growth as compared to other emerging stock markets.
    [Show full text]
  • Stock Price, Inflation, Karachi Stock Exchange, KSE 100
    Microeconomics and Macroeconomics 2015, 3(4): 83-88 DOI: 10.5923/j.m2economics.20150304.01 The Impact of Inflation on Stock Prices: Evidence from Pakistan Ghulam Muhammad Qamri1,*, Muhammad Abrar Ul Haq2, Farheen Akram3 1Department of Economics, Nankai University, China 2School of Economics, Finance and Banking, University Utara Malaysia, Malaysia 3Department of Commerce, the Islamia University of Bahawalpur, Pakistan Abstract This empirical study design to investigate the association between stock price and inflation in Pakistan. Many previous studies around the globe examine the relationship between stock price and inflation and proposed different results, many of them found that there is positive link between inflation and stock price. On the other hand some studies realized the negative relationship between these two terms. This research is based on past ten years data of Karachi stock exchange (KSE 100) and the statistical results of this research shows that there is negative relationship between stock price and inflation. Furthermore, when prices of stock are low firms avoid to enter in capital market until the central bank provide alternate for firm’s plan to invest in capital market. Moreover, firm’s equity value is also hit by the startling inflation rate. Similarly tightening of monetary policy can reduce inflation and stock prices both as individuals will be left with less money to buy goods or buy stocks. Keywords Stock price, Inflation, Karachi Stock Exchange, KSE 100 Islamabad stock exchange (ISE). However, a Memorandum 1. Introduction of Understanding (MoU) was signed in Islamabad on 27 August 2015 to form Pakistan Stock Exchange, with the History has shown that the price of stocks and other assets merger of Karachi, Lahore and Islamabad stock exchanges.
    [Show full text]
  • Pakistan's Economy
    The Globalization Bulletin Pakistan Economy January 2019 NEWS COVERAGE PERIOD FROM JAN 21st TO JAN 27th 2019 FOURTH MEMBER OF PM’S ECONOMIC ADVISORY COMMISSION RESIGNS By Irshad Ansari Published: January 26, 2019 ISLAMABAD: Another prominent member of the PTI government’s Economic Advisory Commission (EAC) has stepped down citing ‘personal reasons’, The Express Tribune has learnt. Former chief economist of Pakistan Sakib Sherani is the fourth member of the 18-member EAC to have resigned since its establishment in September 2018. The EAC was set up by Prime Minister Imran Khan to seek expert advice on economic and financial policies of the government. The commission comprised seven members from the government and 11 from the private sector. Officials at the finance ministry have sought to downplay Sherani’s resignation, saying that he had said in the first meeting of EAC that it wouldn’t be possible for him to continue as member for too long because he was already working as a consultant. According to sources, Sherani has informed the prime minister and Finance Minister Asad Umar about his resignation. Sherani is the fourth member of the EAC to have resigned within four months and 25 days of the formation of the premier commission. Finance Ministry officials claim that Sherani has resigned due to personal reasons. However, sources say that is not the case. Sources say that Sherani has stepped down in protest against the government move to bypass the EAC in the preparation of the Finance Supplementary (Second Amendment) Bill, 2019, and five-year macroeconomic framework and midterm budgetary framework.
    [Show full text]
  • A Study on KSE -30 Index
    Vol. 9(4), pp. 157-169, 28 February, 2015 DOI: 10.5897/AJBM2014.7682 Article Number: C03DD3750934 African Journal of Business Management ISSN 1993-8233 Copyright © 2015 Author(s) retain the copyright of this article http://www.academicjournals.org/AJBM Full Length Research Paper Does capital structure influence payout? A study on KSE -30 Index Abdul Jabbar Kasim1* and Muhammad Ajaz Rasheed2 1Department of Commercial & Professional Studies, Institute of Business Management, Karachi. 2Department of Economics, Institute of Business Management, Karachi. Received 0 7 July 2014; Accepted 10 February, 2015 The paper aims to provide an insight into underlying factors which a given mix of owners’ funds and outside funds have on the payout of KSE 30 Index. Capital structure comprises equity and borrowed funds (debt) that listed companies need to carry out their business operations. We have applied panel data methodology on twenty-one KSE-30 companies for the period of 2001-2011. Our results show that high proportion of owners’ capital in capital structure of the firm and Return on Equity results in higher payout. Companies, depending on where they stand on the growth curve, likely use funds firstly for opportunities of capital investment required for growth and thereafter if sufficient funds permit make decision for a payout. As a result, payout can only emerge if out of the residual leftover there is a sufficient cash-flow to distribute as dividend. Key words: Capital Structure, Gearing, Tax shield, Debt financing, Equity Financing, Dividend payout, Investment, Long-term finance, Internal funds, KSE-30 INTRODUCTION This paper gives an insight as to whether capital structure company is poor compared to comparable investment has influence over dividend payment for the companies opportunities they look for other investments avenues.
    [Show full text]
  • The Financial Daily 29-12-2016.Qxd
    www.thefinancialdaily.com Simultaneously published from Karachi and Lahore International Inside Pages: Thursday PTI will establish #2: SHC orders Sindh govt not to remove IG December 29, 2016 govt in Punjab soon, #3: Police arrests prime suspect, accomplice Rabi-ul-Awwal 29 #4: Regulatory bodies Vol#10 Issue# 120 says Tareen #5: Iran rial hits fresh record low Pages 8 Rs 12 See Page# 8 #6: Futures higher after Nasdaq closes at record level KARACHI EDITION Economic Indicators Forex Reserves (16-Dec-16) $23.132bn TOP NEWS::::AZHAR FIRST PAKISTANI TO SCORE A TEST DOUBLE TON IN AUSTRALIA Inflation CPI% (Jul 16-Nov-16) 3.92% Exports (Jul 16 - Nov 16) $8.19bn Imports (Jul 16 - Nov 16) $19.64bn Terrorists include killers of Ismaili community people; Trade Balance (Jul 16 - Nov 16) $(11.78)bn Current A/C (Jul 16-Oct-16) $(1.76)bn Three other terrorists have been awarded imprisonment Remittances (Jul 16-Oct-16) $7.87bn Foreign Invest (Jul 16-Nov-16) $364mn Revenue (Jul 16 - Sep-16) Rs 1,073bn Foreign Debt (Sep 16) $74.64bn Domestic Debt (Sep 16) Rs 14,502bn COAS confirms Repatriated Profit (Jul 16-Nov 16) $802mn LSM Growth (Oct 16) 2.35% GDP Growth FY16 4.70% Per Capita Income FY14 $1,386 Population 193.66mn death sentence to Portfolio Investment SCRA(U.S $ in million) Yearly(Jul, 2016 up to 27-Dec-2016) -364.43 Monthly(Nov, 2016 up to 27-Dec-2016) -353.57 Daily (27-Dec-2016) -26.85 eight terrorists Total Portfolio Invest (16-Dec-2016) 7,755 NCCPL Killers of social workers Sabeen also among sentenced; (U.S $ in million) Kidnappers of two Chinese engineers are also punished FIPI (28-Dec-2016) -5.37 Local Companies (28-Dec-2016) 2.60 RAWALPINDI: Chief of ian for ransom.
    [Show full text]