Good Morning
Rupee tumbled to an all-time low of 168.30 per US dollar in the interbank trade on Monday as surging oil payments exacerbated the market sentiments already dampened by uncertainty about resumption of stalled IMF loan program. All Pakistan Textile Mills Association (APTMA) Sindh-Balochistan Region Chairman Zahid Mazhar on Monday demanded to increase the allocation of natural gas in national quota and to supply continuous and uninterrupted gas to industries in Sindh and Balochistan. Despite negative impact of COVID-19, rice exports maintained an upward momentum and rose by some 5 percent during the last fiscal year (FY20).After the coronavirus pandemic, global economies including Pakistan facing lower growth and the country’s most exports registered a negative growth due to slow demand.
Market View: The KSE-100 Index closed yesterday’s trading session at 37,650.57 points, up by 319.7 points. We expect the market to remain range bound on account lack of any significant trigger.
Commodities:
Brent oil (USD/bbl): 43.34 (+0.14% D/D)
WTI Crude oil (USD/bbl): 40.78 (-0.07% D/D)
Gold (USD/oz): 1822.5 (+0.28 D/D)
National News
Rupee hits all-time low of 168.3/dollar on murky IMF program
KARACHI: Rupee tumbled to an all-time low of 168.30 per US dollar in the interbank trade on Monday as surging oil payments exacerbated the market sentiments already dampened by uncertainty about resumption of stalled IMF loan program.
FBR estimates Rs40bln revenue loss to tax law change
KARACHI: The Federal Board of Revenue (FBR) is feared to lose Rs40 billion in revenue this fiscal year following an amendment into the income tax law pertaining to disposal of shares, sources said on Monday.
APTMA demands for gas supply, reduced rates
KARACHI: All Pakistan Textile Mills Association (APTMA) Sindh-Balochistan Region Chairman Zahid Mazhar on Monday demanded to increase the allocation of natural gas in national quota and to supply continuous and uninterrupted gas to industries in Sindh and Balochistan.
Big banks look to the cloud to accelerate digital shift
For banks, there has been a special tech awakening: to the merits of cloud computing. After years of foot-dragging, many have been abandoning their cautious approach to cloud-based services and signing up with gusto to outsource their storage of data and other activities that demand high-intensity computing power.
Rice exports reach $2.1bn mark in FY20
KARACHI: Despite negative impact of COVID-19, rice exports maintained an upward momentum and rose by some 5 percent during the last fiscal year (FY20).After the coronavirus pandemic, global economies including Pakistan facing lower growth and the country’s most exports registered a negative growth due to slow demand.
December 31st deadline: Registration of builders, developers made mandatory
ISLAMABAD: The Federal Board of Revenue (FBR) has made it mandatory for developers and builders to get themselves registered with the FBR till December 31, 2020 for availing Prime Minister’s amnesty scheme for construction sector and disallowed payment of fixed tax in installments, after expiry of deadline of Sep 30, 2022.
Government bank accounts: Finance ministry frames Cash Management, TSA Rules 2020
ISLAMABAD: The Ministry of Finance has framed Cash Management and Treasury Single Account (TSA) Rules 2020 aimed at anticipating cash needs, manage cash balance in the government bank accounts and to ensure availability of cash, well-informed sources told Business Recorder.
PBIF chief urges PM to stop hike in power tariff
KARACHI: Pakistan Businessmen and Intellectuals Forum President Mian Zahid Hussain Monday urged Prime Minister Imran Khan that there should be no increase in electricity tariff for Karachi and the power utility should be asked to reduce power theft and line losses.
‘NFS&R ensuring supply of wheat at affordable price’
ISLAMABAD: The Ministry of National Food Security and Research (NFS&R) is ensuring supply of wheat at affordable price, said a press release issued on Monday. In order to ensure food security in the country, this ministry is mandated to arrange the requisite supply of wheat within the country, it said
NRPs working as developers/builders must file tax returns: FBR
ISLAMABAD: The Federal Board of Revenue (FBR) Monday conveyed to developers and builders that the non-resident persons working in Pakistan as developers/builders have to file their income tax returns, registration with the FBR is compulsory for availing the incentive package, renovation business is not covered under the amnesty scheme, and facility of temporary registration with the FBR is available till submission of missing documents.
NA informed: Covid-19 cases on state of decline
Responding a calling attention notice regarding alarming decrease in testing for the Covid-19 in the country, Parliamentary Secretary on National Health Services, Regulations and Coordination Dr Nausheen Hamid dispelled the impression that the there had been an alarming decrease in the testing, saying that the government changed its strategy as per the new WHO guidelines.
International News
Oil rises as hopes for Covid-19 vaccine lends support
Oil prices were little changed on Monday as coronavirus cases increased in many countries, though a flurry of announcements about a potential COVID-19 vaccine and ongoing talks over a European Union fund to revive economies hit by the pandemic curbed losses.
Gold hits highest since September 2011, silver at 4-year peak
Gold prices jumped to their highest since September 2011 on Monday, and silver hit a near four-year peak as a spike in COVID-19 infections and hopes for increased stimulus measures supported safe-haven demand.
Asia trades higher with investor sentiment supported by positive vaccine news
Asia Pacific markets rose in early trade on Tuesday after investor sentiment was supported by a slew of positive news on the coronavirus vaccine front.In Japan, the Nikkei 225 gained 0.63% and the Topix index rose 0.17%. South Korea’s Kospi index was up 0.94% while in Australia, the benchmark ASX 200 added 0.7%
