NEWSLETTER

December 2019
ARTICLE ON
 MESSAGE FROM THE CEO FUNCTION OF FINANCIAL MARKETS IN ECONOMY

 INTRODUCTION TO THE INSTITUTE

 IFMP ACTIVITIES

 TRAINING CALENDAR

 ARTICLE

 TERMS OF THE MONTH

 BUSINESS AND ECONOMIC NEWSFLASH

 URDU GLOSSARY
TERMS OF THE MONTH

 FEEDBACKS ON TRAINING AND QUOTES

BUSINESS AND ECONOMIC NEWSFLASH

 MARKETS IN REVIEW

URDU GLOSSARY

Your Gateway to Careers in Financial Markets

QUOTES AND JOKES

Institute of Financial
MARKETS Markets of Pakistan
IN REVIEW

Address: Building 9-A, 2nd Floor,

P.E.C.H.S Block No. 6, Shahrah-e-Faisal Karachi.
Tel: +92 (21) 34540843-44
00 CONTENT

Message from the CEO Page: 3

Introduction to the Institute Page: 4

IFMP Activities Page: 5

Training Calendar Page: 6

Article: Function of Financial Market in Economy Page: 7

Terms of the Month Page: 12

Business and Economic Newsflash Page: 13

Urdu Glossary Page: 16

Feedback and Quotes Page: 17

Markets in Review Page: 18

www.ifmp.org.pk 92 (21) 34540843-44 info@ifmp.org.pk

01 Message from the Chief Executive Officer

T 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.
Mr. Muhammad Ali Khan
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.

◊ December 2019 IFMP Newsletter Page 3 ◊

02 Introduction to the Institute

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 ◊ ◊ EXAMINATION SCHEDULE ◊

Candidate Registration Fee Rs.10,000 Sun, January 26, 2020
Examination Registration Fee Rs.7,000 Sun, March 29, 2020
Membership Fee (Annual) Rs.5,000
Sun, May 31, 2020
Study Guide (Hard Copy) Rs.800

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

◊ December 2019 IFMP Newsletter Page 4 ◊

03 IFMP Activities

IFMP in collaboration with PSX organized an awareness session on the

topic of Capital Markets: Investments and Career Perspective on 3rd
December 2019 at Iqra University Islamabad Campus
Speakers from PSX (Mr. Muhammad Saqib) and IFMP (Mr. Muhammad Hammad Uddin) gave
the students an overview of the Capital Market of Pakistan, Investment and Career options in
Capital Market along with the role of IFMP. IUIC students also visited PMEX and Zahid Latif
Khan Securities.

◊ December 2019 IFMP Newsletter Page 5 ◊

04 Training Calendar

For the year 2019-2020

Duration
Date Program Fees/person Location
(days)

08-01-20 Mutual Fund Distributors Training Rs5,000 1 Karachi

23-01-20 Anti Money Laundering /CFT Rs15,000 1 Karachi

Life Insurance Agent's Fundamentals Train-

06-02-20 Rs5,000 1 Karachi
ing and Examination

05-03-20 Fundamentals of Capital Markets Training Rs5,000 1 Karachi

07-04-20 Mutual Fund Basic Training Rs5,000 1 Karachi

Non-Life Insurance Agent's Fundamentals

05-05-20 Rs5,000 1 Karachi
Training and Examination

04-06-20 Commodity Brokers' Certification Training Rs5,000 1 Karachi

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.
◊ December 2019 IFMP Newsletter Page 66 ◊
05 Function of Financial Markets in Economy

A market is where supply for a specific decent can fulfill need for it. On account of monetary mar-
kets, the positive qualities being referred to is cash.

In capital markets, supply operators are those with "positive reserve funds limit", for example for
the most part families (astounding as that may appear!), and organizations, despite the fact that
the last by and large want to reinvest benefits or disperse profits to investors. The interest side
originates from governments, the advanced welfare state having considerable money prerequi-
sites, or different organizations. Such operators are said to have "financing prerequisites".

A long way from being a dynamic element, regularly depicted as both nonsensical and all-
incredible, capital markets are in reality a main impetus in the economy since they are places
where the fuel, cash, is made accessible to drive the machine forward, at the end of the day create
riches.

This is the idea, yet practically speaking obviously the instrument is somewhat more intricate.

The primary trouble dwells in the way that a trade entirely to happen between specialists with re-
serve funds limit and operators with financing prerequisites. For a market to work, it isn't suffi-
cient that a decent and its organic market exist; specialists additionally need to need to exchange
it! Be that as it may, operators with reserve funds limit, chiefly family units it ought to be re-
viewed, are commonly profoundly disinclined to hazard. A repugnance besides which can be legit-
imized by good judgment. Any book on the securities exchange for maturing financial specialists
will start with a notice asking per users to just put assets in the financial exchange that won't be
required sooner rather than later. Therefore, the heft of investment funds created by family units
are hung on store sought after records or bank accounts where cash is quickly accessible.

Interestingly, operators with financing needs, for example organizations, need to discover long
haul financing for improvement. The time skyline of specialists with reserve funds limit is ordinar-
ily half a month to a couple of months. The time skyline of operators with financing necessities is
quite a while! This distinction makes genuine trade in business sectors increasingly mind bog-
gling.

Banks

This is the place a third class of financial specialists comes in, specifically the banks. Banks are the
main operators who have the ability to change momentary assets, specifically locate deposits

◊ December 2019 IFMP Newsletter Page 7 ◊

 Function of Financial Markets in Economy
05
(from current records), into medium or long haul use: bank credit. Banks in this manner manufac-
ture the vital extension among families and organizations; generally they have played and still as-
sume a fundamental job in financing the economy.

Each bank has the privilege to convey as credit practically all the cash (however not every last bit
of it! see beneath) kept by its clients on request accounts. In any case, this advance disseminated
by the bank doesn't drop the store, which stays accessible for the client. The bank along these lines
makes cash. These credits, allowed as sight deposits, increment the banks' money and consequent-
ly their capacity to disperse new advances, and so forth. Deposits make advances, which thus
make deposits, and so forth. This is known as the "credit multiplier".

The limit of banks to make cash is clearly, and luckily, not boundless. It is constrained as a matter
of first importance by the way that solitary piece of the credit allowed will stay as a store. The rest
of be changed over into money by withdrawals. Truth be told, it is to ensure the banks' capacity to
adapt to withdrawals that the national bank expects them to hinder a level of their deposits as
least holds, which can't be utilized to circulate credit. This hold necessity rate is one of the instru-
ments utilized by national banks to control the amount of cash available for use.

Furthermore, an organization can't back itself exclusively through credit: past a specific degree of
obligation, the money related costs end up terribly punishing the outcomes and now the banks
never again consent to loan. Organizations additionally need to discover financing for considerably
longer terms, financing that in certainty possibly becomes due when the organization is disinte-
grated: this is capital, or in the exceptionally long haul, securities for instance. All capital and long
haul obligation is what is known as the value capital of an organization.

Banks, particularly shipper banks, are likewise engaged with the long haul financing of organiza-
tions, however it isn't their main role, which is to circle cash. To invest organizations with value
capital, monetary specialists are expected to immobilize enormous totals of cash over significant
stretches of time, clearly so as to acquire a benefit: these are investors.

Institutional investors

The primary investors on the capital markets today are the purported "institutional investors", I. e.
insurance agencies, resource supervisors and benefits reserves. They, as well, are depleting open
investment funds, however these reserve funds are secured and are not quickly due, rather than
the sums kept in current records. Additionally, these organizations for the most part have an ad-
ministrative or legally binding or statutory commitment to develop these reserve funds so as to

◊ December 2019 IFMP Newsletter Page 8 ◊

05 Function of Financial Markets in Economy
have the option to pay out cases on account of insurance agencies or benefits to their endorsers on
account of annuity reserves.

Rather than conveying credit like banks, institutional investors purchase protections gave by or-
ganizations looking for financing. These protections either speak to value (on account of offers), or
long haul obligation (on account of bonds). This buy is made either on the essential market, I. e.
when the security is given, or on the auxiliary market, which is all the more regularly alluded to as
"the Stock Exchange".

Between the choice of organizations to discover financing available on one hand, and the choice of
institutional investors to put the reserve funds they have in authority then again, this time there
are obviously a stockpile and an interest that can just meet. Notwithstanding, it is important that
the market be sorted out to encourage this gathering; a few sorts of entertainers will add to this. In
this unique situation, the banks are indeed indicating their solid nearness on the grounds that, as
money account attendants and liquidity suppliers, they will assume an imperative intermediation
job.

Issue of Securities

Backers wishing to bring assets up in the market go to a bank, or a gathering of banks (the
"syndicate"), which goes about as the specialist for this issue. The specialist is liable for all the
monetary states of the issue. It takes a "solid duty endorsing", at the end of the day it ensures that
it will purchase every one of the protections gave, in any case whether it can discover financial
specialists prepared to get them or not.

After the issue, and once the protections are available, the guarantor's paying specialist (which
might be equivalent to the monetary operator or another organization) will be liable for the
smooth running of all exchanges associated with the life of the security: installment of coupons for
bonds or profits for shares, reimbursements, capital increments.

Ultimately, credit rating organizations are free foundations that survey the nature of guarantors
and give them a rating assessment that sets up their unwavering quality as borrowers.

Custodians

The backer's monetary operator deals with the association with the Central Securities Depository,
a key player in the protections advertise. The focal safe will stay up with the latest in its records,
for each issue of which it knows, the absolute amount of protections gave and the amount held by

◊ December 2019 IFMP Newsletter Page 9 ◊

05 Function of Financial Markets in Economy
every organization enlisted with it (the total of the amounts held by every foundation should
clearly rise to the all out amount!).

Market Operations

Financial specialists by and large purchase protections through a representative, which gives a few
administrations to speculators. Budgetary examiners study the market, the guarantors and make
proposals. Dealers give the examiners' recommendation to financial specialists and gather their
requests. At long last, merchants purchase or sell protections available.

Exchanging between agents happens either legitimately "over-the-counter", or through a sorted

out market, a stock trade, or on one of the electronic commercial centers that are as of now grow-
ing unequivocally.

When the exchange has been arranged, the speculator goes to their overseer to assume control
over the "post-exchange" stage. All together for the exchange to be properly enlisted, the protec-
tions provided by the dealer must be traded for the money gave by the purchaser. This is settle-
ment.

The caretaker will likewise be answerable for giving to the records of its customer speculator the
effect of the various protections exchanges happening in its portfolio: coupon or profit install-
ments, reimbursements, yet in addition separation of membership rights, takeover offers, open
trade offers.

Trading rooms

Market exchanges did by institutional financial specialists are not restricted to purchasing and
selling protections. Given the totals contributed, and the variety of business sectors wherein finan-
cial specialists work, this action creates extra needs. The financial specialist must procure remote
monetary forms, consequently the need to intercede on the outside trade advertise. He may like-
wise require credit, or unexpectedly need to briefly put money so as to streamline income. At last,
he needs to secure his arrangement of benefits against advertise vacillations, consequently a re-
quirement for subordinates.

Non-money related firms face a similar kind of necessities: merchants need to acquire remote
trade, handling enterprises need to secure themselves against vacillations in the cost of crude ma-
terials. Every one of them have money the executives needs, and the need to fence against cost or
loan cost developments.

◊ December 2019 IFMP Newsletter Page 10 ◊

05 Function of Financial Markets in Economy
Banks bolster this interest at the office level for little and medium-sized organizations, or straight-
forwardly at the exchanging floor level for bigger customers. The aggregate positions created on
the different items are then taken over by brokers in the exchanging room. The movement of a
room is first controlled by the entirety of the solicitations of the considerable number of clients of
the bank!

Speculation and Arbitrage

Every single money related foundation just as assets committed to this movement dedicate some
portion of their assets to hypothesis. This portion of the market movement, with its accursed noto-
riety, is regardless a need. To hypothesize is to be sure to take a position in opposition to the pre-
sent pattern: it is to be a vender when you believe that the costs will go down (and that they are
hence at their pinnacle!), a purchaser when you feel that they will go up. By taking a position, ex-
aminers carry liquidity to the market: they are the dealers of speculators who need to purchase,
the purchasers of the individuals who need to sell. This is an unsafe business, since not at all like
financial specialists or non-monetary partnerships, theorists are wagering on what's to come.

Arbitrageurs additionally assume an orchestrating job: they exploit value contrasts between vari-
ous markets to make gains. For instance, in the outside trade showcase, they purchase the dollar
on a spot where it is less expensive and sell it where it is more sought after, so increasingly costly.
This is a hazard free action, since the advantages bought are quickly exchanged, however which
requires critical assets since the capital additions per exchange are low. The action of arbitrageurs
eradicates advertise irregularities.

*******************

◊ December 2019 IFMP Newsletter Page 11 ◊

06 Terms of the Month
Actuarial Gain Or Loss customer churn, is the rate at which customers stop
doing business with an entity. It is most commonly
Actuarial gain or loss refers to an increase or a de-
expressed as the percentage of service subscribers
crease in the projections used to value a corporation’s
who discontinue their subscriptions within a given
defined benefit pension plan obligations. The actuarial
time period. It is also the rate at which employees
assumptions of a pension plan are directly affected by
leave their jobs within a certain period. For a compa-
the discount rate used to calculate the present value
ny to expand its clientele, its growth rate (measured
of benefit payments and the expected rate of return
by the number of new customers) must exceed its
on plan assets.
churn rate.
Index Investing
Preemptive Rights
Index investing is a passive strategy that attempts to
Preemptive rights are a contractual clause giving a
generate similar returns as a broad market index. In-
shareholder the right to buy additional shares in any
vestors use index investing to replicate the perfor-
future issue of the company's common stock before
mance of a specific index – generally an equity or
the shares are available to the general public.
fixed-income index – by purchasing exchange-traded
funds (ETF) that closely track the underlying index. Retention Bonus
Effective Yield A retention bonus is a targeted payment or reward
outside of an employee's regular salary that is offered
The effective yield is the yield of a bond which has its
as an incentive to keep a key employee on the job
coupons reinvested after payment has been received
during a particularly crucial business cycle, such as a
by the bondholder. Effective yield is the total yield an
merger or acquisition, or during a crucial production
investor receives in relation to the nominal yield or
period. This payment, meant to keep an employee
coupon of a bond. Effective yield takes into account
from leaving their position, is typically a one-time
the power of compounding on investment returns,
payment.
while nominal yield does not.

Churn Rate
The churn rate, also known as the rate of attrition or

Get Yourself Registered!!

6th January, 2020

Last Date for Registration for 26th January, 2020

Examination

◊ December 2019 IFMP Newsletter Page 12◊

07 Business and Economic Newsflash
Tax Revenue target reduced by Rs265 billion
The Federal Board of Revenue (FBR) has decreased expense income focuses for the progressing
financial year by a monstrous Rs 265 billion.

According to subtleties, the duty receipts target has been set at Rs 5238 billion, down from Rs
5503 billion. The primary half target is set at Rs 2198 billion, a reduction from Rs 2367 billion.

In the mean time, the non-charge income target has been raised from Rs 838 billion to Rs 1,170bn.
Though, the objective of complete consumption is set at Rs 10,608 bn, up from Rs 10,419bn. The
evaluated spending plan for intrigue has been raised to Rs 3,125bn when contrasted with
Rs2,978bn. Moreover, the spending shortage is assessed at Rs 3,329bn, up from Rs 3,173bn.

Only days back, FBR expanded the date for recording of Income Tax returns/proclamations for the
Tax Year 2019 for people and Associations of Persons (AoPs) up to December 31, 2019.

As indicated by the personal duty roundabout No. 17 of 2019 gave by the FBR here on Monday, in
exercise of the forces gave under segment 214A of the Income Tax Ordinance 2001, the Federal
Board of Revenue (FBR) has broadened the date for recording of Income Tax Return/Statements
for the Tax Year 2019 as under:-

1). The date of documenting of absolute salary/proclamations of conclusive tax collection for peo-
ple and Associations of Persons (AoPs) for Tax Year 2019 which were expected on September 30,
2019 and stretched out up to December 16, 2019 is thus additionally reached out up to December
31, 2019.

2). The date of recording of Total Income/Statements of conclusive tax assessment for organiza-
tions for the Tax Year 2019, which were expected on September 30, 2019 and stretched out up to
December 16, 2019 in regard of those organizations who have paid 95 percent of the conceded du-
ty risk at the very latest September 30, 2019 is therefore additionally reached out up to December
31, 2019, the FBR included.

◊ December 2019 IFMP Newsletter Page 13 ◊

07 Business and Economic Newsflash
SPI Inflation edges down for Combined Income Groups
The Sensitive Price Index (SPI) based expansion for consolidated salary bunches during the week
finished December 19, 2019 saw a slight decrease of 0.03 percent against December 12, 2019 as
it descended from 130.06 focuses to 130.02 focuses, said the information discharged by Pakistan
Bureau of Statistics (PBS) on Monday.
As indicated by the PBS, the week after week expansion related information dependent on 2015-
16 instrument covering 17 urban and 51 fundamental things for all use bunches uncovered that
SPI on yearly premise arrived at 17.94 percent from 110.24 focuses on December 20, 2018 to
130.02 focuses on December 19, 2019.
As indicated by the information, SPI for money bunch with month to month salary of Rs 17,732
enlisted a decrease of 0.24 percent on week by week premise from 133.99 focuses to 133.67 fo-
cuses, while on yearly premise it went up by 17.86 percent from 113.41 focuses to 133.67 focus-
es. For the salary gathering of Rs 17,732-22,888 week after week SPI declined by 0.20 percent
from 129.75 focuses to 129.49 focuses and on yearly premise it saw an expansion of 18.46 per-
cent from 109.31 focuses to 129.49 focuses.
For the month to month pay gathering of Rs 22,889-29,517 week by week expansion went some-
where near 0.12 percent from 131.21 focuses to 131.05 focuses and on yearly premise it went up
by 20.79 percent from 108.49 focuses to 131.05 focuses. Week after week expansion for the sala-
ry bunch with month to month pay of Rs 29,518-44,175 went somewhere near 0.07 percent from
128.13 focuses to 128.04 focuses and on yearly premise SPI for the above pay bunch bounced up
by 19.69 percent from 106.98 focuses to 128.04 focuses.
For the salary gathering of Rs 44,175 or above, week after week expansion went up by 0.07 per-
cent from 131.65 focuses to 131.74 focuses and on yearly premise SPI for the pay bunch saw an
expansion of 17.26 percent from 112.35 focuses to 131.74 focuses.
During the week under audit, costs of 27 wares saw an expansion: eggs, bananas, melted oil gas,
potatoes, vegetable ghee, vitality saver, chicken, gram beat, cooking oil, beat Mash, beat Masoor,
a plate of cooked heartbeat, wheat flour pack, kindling, refined sugar, gur, garlic, curd, new milk,
mustard oil and shirting.
Normal costs of 3 things during the week under survey enrolled decrease which included toma-
toes, onions and basmati rice.

◊ December 2019 IFMP Newsletter Page 14 ◊

07 Business and Economic Newsflash
As per PBS, during the period costs of 21 things stayed unaltered, including, Irri-6 rice, powdered
milk, long material, meat, lamb, Lipton Yellow Label tea, gentlemen shoes, oil, fast diesel, coordi-
nate box, women shoes, phone call charges, dress, powdered salt and others.

Electricity Tariffs up by Rs1.56 per unit

The National Electric Power Regulatory Authority (NEPRA) has dropped another expansion bomb
on power clients, as it expanded on Wednesday control duty by and by.
The electric power controller NEPRA has affirmed a climb Rs1.56 per unit increment in power
costs, which would include a weight of Rs14.50 billion on the pockets of customers.
According to subtleties, NEPRA Chairman Tausif H Farooq led a solicitation at increment in power
costs in the wake of the Central Power Purchasing Agency's (CPPA) month to month fuel modifi-
cation.
The CPPA had contended in the appeal that in the long stretch of October, 25.48 percent of power
was created from water, 12.17pc was produced from nearby gas though, 25.41pc was delivered
from imported LNG. Then, no power was delivered from rapid diesel.
Heater oil plants are running because of absence of gas. Because of this, the expense of power was
expanded by Rs1.73 per unit. NEPRA endorsed raising the power tax to Rs1.56 per unit rather
than Rs1.73. The ongoing ascent in costs will put the customers at a weight of Rs 14.5 billion.

***********************

◊ December 2019 IFMP Newsletter Page 15 ◊

08 Urdu Glossary

Market Ratios ‫مارکیٹ کا تناسب‬

High Leverage ‫اعیل بیعانہ‬

Acquirer ‫حاصل ے‬
‫کرن واال‬

Delinquent Loan ‫ناجائز قرض‬

Debt Relief ‫قرض امداد‬
Nonearning Assets ‫غی منقولہ اثاث‬
‫ر‬
Bank Failure ‫بینک یک ناکایم‬

Nominal Assets ‫بر ےان نام اثاث‬

Federal Funds ‫ی‬

‫وفاق فنڈز‬

Agreement Letter ‫معاہدہ خط‬

Deferred Payment ‫تاخی ےس ادائیگ‬

‫ر‬

Financier ‫فنانسی‬
‫ر‬

Brokerage Firm ‫بروکری ج فرم‬

Historical Cost ‫ے‬

‫تاریخ الگت‬

Marginal Cost ‫معمویل قیمت‬

◊ December 2019 IFMP Newsletter Page 16 ◊

10
08
09 Quotes
Quotes
Feedback
and
andand
Jokes
Jokes
Quotes

Feedback on IFMP training

Excellent informative and technical knowledge was provided.

 Muhammad Shah Jehan, Audit Supervisor, Kreston Hyder Bhimji & Co. Char-
tered Accountants
 Attended IFMP - Financial Risk Management

The training was good. Description of the topic was explained very well.
 Syed Ziauddin, Deputy Manager, NBP Funds Limited
 Attended IFMP — Financial Risk Management

Excellent learning. Experience was great. Refresher of known topics and introduction
to new ones were given.
 Raheel Abu Ali, Assistant General Manager, State Life Insurance Corporation
of Pakistan
 Attended IFMP — Financial Risk Management

Quotes

The stock market is filled with individuals who The stock market is a device for trans-
know the price of everything, but the value of ferring money from the impatient to
nothing. the patient.
- Phillip Fisher - Warren Buffet

◊ December
February 2019
2019
2018 IFMPIFMP
Newsletter
Newsletter Page 16
Page
◊ 17
16 ◊
 Markets in Review
10
◊ Monthly Review ◊
Pakistan
KIBOR
Crude Oil Stock
(6 Months)
Exchange

(WTI)$ Bid % Offer % 100 Index

Beginning 56.04 Beginning 13.36 13.64 Beginning 39,287.65

Ending 61.46 Ending 13.23 13.48 Ending 40,735.08

Change 5.42 Change -0.13 Change 1,447.43

Gold Silver

10 Grams 10 Grams

Beginning Rs. 72,960 Beginning Rs. 857.34

Ending Rs. 75,448 Ending Rs. 917.35

Change 2,488 Change 60.01

Foreign Exchange Rates

Interbank Market (buying)

GBP (£) EURO (€) USD ($)

Beginning Rs. 199.78 Rs. 170.89 Rs. 155.25

Ending Rs. 203.13 Rs. 173.47 Rs. 154.90

Change Rs. 3.35 Rs. 2.58 - Rs. 0.35

Contact Us
www.ifmp.org.pk 92 (21) 34540843-44 info@ifmp.org.pk

◊ December 2019 IFMP Newsletter Page 18 ◊