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The central government’s debt, excluding its liabilities, increased at a double-digit pace to Rs34.5 trillion by the end of May 2020 on an annualised basis, with an average of Rs14.2 billion per day, reported the State Bank of Pakistan (SBP) on Monday. MOL group has made new hydrocarbon discovery in TAL Block. Owing to decline in the oil prices in the international market, the Oil and Gas Regulatory Authority (Ogra) has suggested the government to reduce the natural gas prices by up to 6 percent for consumers.
Market View: The KSE100 Index gained 126.6 points during Monday’s trading session. We expect the market to continue the momentum, however slight correction is on the cards.
Commodities:
Brent oil (USD/bbl): 43.14 (+0.56% D/D)
Crude oil (USD/bbl): 40.52 (+0.57% D/D)
Gold (USD/oz): 1,812.30 (-0.06% D/D)
Government’s debt soars to Rs34.5 trillion
ISLAMABAD:The central government’s debt, excluding its liabilities, increased at a double-digit pace to Rs34.5 trillion by the end of May 2020 on an annualised basis, with an average of Rs14.2 billion per day, reported the State Bank of Pakistan (SBP) on Monday.
ECC to approve FD’s proposal of SAR 22.5m equity investment today
ISLAMABAD: The meeting of the Economic Coordination Committee (ECC) of the Cabinet would be held Wednesday (July 15) to consider and approve various proposals moved by ministries, including the Finance Division’s proposal seeking approval for SAR 22.5 million equity investment abroad by Eastern Products Private Limited Pakistan (EPPLP).
MOL group makes new hydrocarbon discovery in TAL block
KARACHI: MOL group has made new hydrocarbon discovery in TAL Block. MOL operates TAL block with 8.4 percent stake whereas Pakistan Oilfields Limited (POL), Pakistan Petroleum Limited (PPL) and Oil and Gas Development Company (OGDC) hold stake of 21 percent, 28 percent and 28 percent, respectively in the block.
Ogra to cut natural gas prices by 6pc
ISLAMABAD: Owing to decline in the oil prices in the international market, the Oil and Gas Regulatory Authority (Ogra) has suggested the government to reduce the natural gas prices by up to 6 percent for consumers.
Pakistan set to implement single window system for trade
ISLAMABAD: The government is all set to comply with the World Trade Organisation provisions to implement Pakistan Single Window (PSW) to streamline cross-border movement of goods and regulatory bottlenecks.
Govt defers decision to hike power tariff in Karachi
ISLAMABAD: The federal cabinet has deferred a decision to increase price of electricity for consumers of the K-Electric (KE) – the power utility that provides electricity to Karachi – and to put an additional burden of Rs73 billion on people of the metropolis who are already facing acute power outages.
Govt mulls deregulating LPG prices
ISLAMABAD: The Petroleum Division is looking to deregulate prices of liquefied petroleum gas (LPG) and has sought consent of the Council of Common Interests (CCI) to take provinces on board, a move that will give a free hand to LPG players in the market.
Foreign IT investors: WB lists factors making country less attractive
ISLAMABAD: A combination of economic, political and other external factors make Pakistan less attractive to foreign information technology investors, besides, policy barriers, limit market entry, increase costs, and reduce capacity to compete.
40 acres of Hawkes Bay land to be given to KE
KARACHI: As much as 40 acres of land at Hawkes Bay Beach will be allotted to K-Electric (KE) to set up a 500 kilowatt grid station.
Turkish Airlines to manage Pakistan’s fruit, vegetable exports after PIA ban
ISLAMABAD: While Pakistan International Airlines (PIA) flight operations to Europe remain suspended, Turkish Airline has offered its services to transport Pakistani fruit and vegetable exports to other countries.
International News
Oil rises after U.S. crude stocks drop, focus on OPEC+ meeting
Oil prices rose on Wednesday after a sharp drop in U.S. crude inventories, with the market waiting for more direction from a meeting later in the day on the future level of production by OPEC and its allies.
UK to purge Huawei from 5G by end of 2027, siding with Trump over China
Prime Minister Boris Johnson ordered Huawei equipment to be purged completely from Britain’s 5G network by the end of 2027, risking the ire of China by signalling that the world’s biggest telecoms equipment maker is not welcome in the West.
Gold edges higher on virus fears, China-U.S. tensions
Gold inched higher on Wednesday, holding firm above the key $1,800 level, as worries over surging coronavirus cases and simmering China-U.S. tensions lifted demand for the safe-haven metal.
https://www.cnbc.com/2020/07/15/gold-markets-coronavirus-china-us-tensions-in-focus.html
KASB Research
