Islamabad November 21 2022: TRG, System Limited and Netsol share price gains at Pakistan Stock Exchange as the technology exports of the country have risen by 13.33 per cent to USD 221 million in October this year from USD 195 million reported for the same period last year, according to data released by State Bank of Pakistan.
TRG Pakistan Limited (TRG) gain the most in today's trading session at Pakistan Stock Exchange with gain of PKR 5.02 or 3.55 percent to end the day at PKR 146.57. System Limited (SYS) gain PKR 10.43 or 2.27 percent to close at PKR 469.21 while NETSOL gain 66 paisa or 0.59 percent to close the trading at PKR 113.25. Avanceon Limited (AVN) and Octopus Digital Limited (OCTUPUS) gain 26 basis points and 13 basis points respectively.
"In the US market, the high margin Mortgage business which was a major contributor to BPO revenue in the past, has seen a constant decline over the past year owing to the increase in interest rates. However, the Company has been able to successfully absorb the impact of this challenge through increased focus on the IT business. In line with Company’s strategy to focus more on IT consulting in all markets with the US and Europe at the forefront, the Company expects this growth to continue due to the relevance of the various service domains and technology stack the Company is targeting" says Asif Peer Chief Executive Officer of Systems Limited
“Technology exports of USD 854 million have been reported by the State Bank of Pakistan (SBP) for the period July to October of FY2022-23, which is an increase of 2.89%.In comparison to USD 830 million reported for the same period last year,” said a news release.
The net Technology exports of USD 721 million have been reported by SBP which is an increase of 14.44 per cent as compared to net exports of USD 630 million for the same period in FY2021-22.