Good Morning
The State Bank of Pakistan (SBP) has enhanced the financing limit of Renewable Energy Refinance Scheme by 100 percent from Rs 1 billion to Rs 2 billion aimed at further promoting and increasing the use of renewable energy. National Electric Power Regulatory Authority (Nepra) is all set to increase Discos’ tariffs under quarterly tariff adjustment mechanism by Rs 2 per unit but upward and downward adjustments under monthly fuel price adjustment will be different for different months. The Asian Infrastructure Investment Bank (AIIB) Board of Directors has approved a loan of $250 million to help Pakistan strengthen its response to the social and economic fallout from the COVID-19 pandemic.
Market View: The KSE100 Index gained 104.30 points during Wednesday’s trading session. We expect the market to remain range bound due to lack of significant trigger.
Commodities:
Brent oil (USD/bbl): 44.19 (-0.23% D/D)
Crude oil (USD/bbl): 41.81 (-0.21% D/D)
Gold (USD/oz): 1,864.60 (-0.03% D/D)
Renewable Energy Refinance Scheme: SBP enhances financing limit to Rs 2 billion
KARACHI: The State Bank of Pakistan (SBP) has enhanced the financing limit of Renewable Energy Refinance Scheme by 100 percent from Rs 1 billion to Rs 2 billion aimed at further promoting and increasing the use of renewable energy.
Discos: Nepra to approve increase in tariffs
ISLAMABAD: National Electric Power Regulatory Authority (Nepra) is all set to increase Discos’ tariffs under quarterly tariff adjustment mechanism by Rs 2 per unit but upward and downward adjustments under monthly fuel price adjustment will be different for different months.
Importers buy 300,000 tonnes of wheat from Black Sea region
HAMBURG: Importers in Pakistan bought at least 300,000 tonnes of wheat expected to be sourced from the Black Sea region in deals made in June and July, European traders said on Wednesday.
Export of jute products begins
ISLAMABAD: Pakistan has started export of jute products to several countries including Middle East.
Covid-19 pandemic: AIIB approves $250m loan to tackle social, economic fallout
ISLAMABAD: The Asian Infrastructure Investment Bank (AIIB) Board of Directors has approved a loan of $250 million to help Pakistan strengthen its response to the social and economic fallout from the COVID-19 pandemic.
Subsidy for agri sector, housing finance approved
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet (ECC) has approved Rs48.7 billion subsidy for the agriculture sector and housing finance with disbursement of over Rs18 billion in the current fiscal year.
Govt removes Hafeez Shaikh from NFC, restores previous TORs
ISLAMABAD: The government on Wednesday removed PM’s Adviser on Finance Dr Abdul Hafeez Sheikh as a member of the 10th National Finance Commission (NFC) and issued a new notification on the composition of members.
International News
Oil declines slightly after surprise build in U.S. inventories
Oil prices moved lower on Wednesday as U.S. government data showed a surprise rise in U.S. crude inventories, and as tensions escalated between the United States and China.
https://www.cnbc.com/2020/07/22/oil-prices-fall-on-us-inventory-build-increasing-pandemic-fears.html
Gold rallies on Sino-US woes, silver soars to 7-year peak
Gold surged to a nine-year peak on Wednesday as an escalation in U.S.-China tensions stoked demand for safety, while silver followed bullion’s rally to hit a near seven-year high on hopes for a recovery in industrial demand.
https://www.cnbc.com/2020/07/22/gold-climbs-to-nine-year-high-on-weaker-dollar-stimulus-bets.html
KASB Research
