Good Morning
Pakistan’s exports decreased by 6.81 percent during fiscal year 2019-20 and remained $21.394 billion as compared to $22.958 billion during the corresponding period of last year, the Pakistan Bureau of Statistics (PBS) data revealed. Pakistan’s foreign exchange reserves increased to $18.952 billion during the week ended July 10 from $18.790 billion in the previous week, the central bank reported on Thursday. Federal Minister for Planning, Development and Special Initiatives Asad Umar said the federal government had to reduce development budget by Rs170 billion due to coronavirus and this budget deficit would be met next year.
Market View: The KSE-100 Index closed yesterday’s trading session at 37,001.44 points, up by 322 points. We expect positive momentum to continue on the back of rising FX reserves and stable currency.
Commodities:
Brent oil (USD/bbl): 43.26 (-0.26% D/D)
WTI Crude oil (USD/bbl): 40.72 (-0.07% D/D)
Gold (USD/oz): 1797.9 (-0.13 D/D)
National News
Exports down 6.81 percent YoY
ISLAMABAD: Pakistan’s exports decreased by 6.81 percent during fiscal year 2019-20 and remained $21.394 billion as compared to $22.958 billion during the corresponding period of last year, the Pakistan Bureau of Statistics (PBS) data revealed.
Forex reserves rise to $18.952bln
KARACHI: Pakistan’s foreign exchange reserves increased to $18.952 billion during the week ended July 10 from $18.790 billion in the previous week, the central bank reported on Thursday.
In comparison with domestic (local sales): GST (imports) collection shows lower growth in FY20
ISLAMABAD: The sales tax (imports) collection showed lower growth as compared to sales tax domestic (local sales), mainly because of reduction in imports during 2019-20.According to the Federal Board of Revenue (FBR) biannual review for 2019-20, sales tax on imports is a significant component of federal tax receipts. The share of sales tax (imports) in total sales tax net collection is 52.1 percent during first half of 2019-20. The net collection of sales tax imports during the first half of 2019-20 stood at Rs. 446.8 billion against Rs. 385.8 billion in first half of 2018-19.
Government for increase in KE tariff in phases
ISLAMABAD: The government has decided that K-Electric tariff should be increased in phases to bring it at par with other parts of the country, and to look for a sustainable solution of gas price issue through a further consultation process.
Coronavirus: Development budget cut by Rs170bn: minister
ISLAMABAD: Federal Minister for Planning, Development and Special Initiatives Asad Umar said the federal government had to reduce development budget by Rs170 billion due to coronavirus and this budget deficit would be met next year.
Up to 50 million: FBR directed to make payments of refunds
ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh has directed the Federal Board of Revenue (FBR) to make payment of all income tax refunds of up to Rs50 million in the next couple of weeks, and a clear roadmap and strategy may be adopted for the payment of the remaining refunds.
Databank for ‘360-degree’ view of taxpayers developed
LAHORE: The Federal Board of Revenue (FBR) has captured data sources such as banks, vehicles and real estate transactions and a databank has also been developed for a 360-degree view of taxpayers, sources said.
Cash withdrawals from banks: WHT collection shows negative growth ,FBR
ISLAMABAD: The withholding tax collection from cash withdrawal from banks stood at Rs 8.5 billion during July-December (2019-20) against Rs 17.69 billion during the same period of 2018-19, reflecting a negative growth of 51.9 percent.
APOTOA calls nationwide strike, may result in oil shortage for 48 hours
The All Pakistan Oil Tankers Owners Association (APOTOA) has called for a nationwide strike to cut off oil supplies, which may lead to an oil shortage for 48 hours. Senior Vice President Shams Shahwani said petrol pumps will face acute oil shortages for 48 hours, creating an oil shortage in some areas.
Rs400b construction projects to be initiated next year
The government would initiate construction projects worth Rs400 billion in the last quarter (March-June 2021) of the current fiscal year, aimed at reviving the economy and realising the dream of disadvantaged segments of society to own their own houses, Information Minister Shibli Faraz said on Thursday.
Number of Covid-19 cases declined by 38.74 percent, claims Umar
ISLAMABAD: Federal Minister for Planning and Development Asad Umar, while defending the government’s policy towards coronavirus, has claimed that the number of Covid-19 cases in the country declined by 38.74 percent during the first 15 days of July as compared with June.
International News
Oil drops 1% OPEC+ agrees to ease output curbs
Oil prices fell on Thursday after OPEC and other producers including Russia agreed to ease record supply curbs from August, though the drop was cushioned by tightening global inventories as economic activity picks up.Brent crude fell 45 cents, or 1%, to $43.35 per barrel. West Texas Intermediate crude settled 45 cents, or 1.09%, lower at $40.75 per barrel.
Gold falls below $1,800 per ounce on firm dollar, ECB policy pause
Gold fell below the key $1,800 level on Thursday as the dollar strengthened and the European Central Bank kept its monetary policy on hold, prompting some investors to lock in profits. Spot gold fell 0.8% to $1,796 per ounce. U.S. gold futures settled down 0.7% to $1,800.30.
Asia Pacific stocks mostly higher following Thursday’s plunge in mainland Chinese shares
Stocks in Asia Pacific mostly edged higher in Friday morning trade following Thursday’s drop that saw shares in China plunging more than 4%.Mainland Chinese stocks edged higher in early trade after plunging on Thursday. The Shanghai composite advanced 0.12% while the Shenzhen component gained 0.54%. Hong Kong’s Hang Seng index rose 0.76%.
