Good Morning
Pakistan has received $505.5 million from the World Bank under the Resilient Institutions for Sustainable Economy (RISE) programme, which will help improve the fiscal management, strengthen the government’s stabilisation drive and finance the pandemic responses, the central bank said in a tweet on Tuesday. Moody’s Investors Service sees Pakistan to make up for an expected drop in remittances with reduction in oil import bills as a global demand slump gives price shock to oil-producing economies. Ratings agency Moody’s estimated a 20 percent drop in remittances this year for a number of economies, including Pakistan. The Central Directorate of National Savings has received single bidding for hiring services of a bank to comply with FATF’s anti-money laundering/counter financing terrorism requirements under the third party arrangement with a whopping cost of Rs5.3 billion, it was learnt.
Market View: The KSE-100 Index closed yesterday’s trading session at 38,627.2 points, up by 406.11 points. We expect positive momentum to continue on account of increasing USD inflows.
Commodities:
Brent oil (USD/bbl): 43.37 (+0.32% D/D)
WTI Crude oil (USD/bbl): 41.08 (+0.10% D/D)
Gold (USD/oz): 1945.9 (+0.06 D/D)
National News
Pakistan receives $505mln from World Bank
KARACHI: Pakistan has received $505.5 million from the World Bank under the Resilient Institutions for Sustainable Economy (RISE) programme, which will help improve the fiscal management, strengthen the government’s stabilisation drive and finance the pandemic responses, the central bank said in a tweet on Tuesday.
Moody’s expects Pakistan to offset remittance drop on oil fall
KARACHI: Moody’s Investors Service sees Pakistan to make up for an expected drop in remittances with reduction in oil import bills as a global demand slump gives price shock to oil-producing economies. Ratings agency Moody’s estimated a 20 percent drop in remittances this year for a number of economies, including Pakistan
CDNS receives bid from bank to comply with FATF’s requirements
ISLAMABAD: The Central Directorate of National Savings has received single bidding for hiring services of a bank to comply with FATF’s anti-money laundering/counter financing terrorism requirements under the third party arrangement with a whopping cost of Rs5.3 billion, it was learnt.
Sugar, wheat to be imported
ISLAMABAD: The federal cabinet met here on Tuesday with Prime Minister Imran Khan in the chair, and decided that 1.5 million ton wheat would be imported in the coming days to thwart the designs of hoarders.
FPCCI urges govt to abolish 2.5pc regulatory duty on PFY
KARACHI: “Government should reverse its decision to impose a 2.5pc regulatory duty on polyester filament yarn and impose uniform import duties & taxes for commercial & industrial importers, so that industries especially SMEs can get cheaper raw materials and to boost domestic exports”, Khawar Noorani, Chairman Standing committee on imports, convener yarn trade committee, Federation of Pakistan Chambers of Commerce & Industry (FPCCI) and former chairman Pakistan Yarn Merchants Association( PYMA) demanded.
Project registered with FBR: First buyer of property not required to explain source of funds
ISLAMABAD: The first purchaser of a property, including a building or a unit in the building, is not required to explain the source of funds used for purchase from a project registered with Federal Board of Revenue (FBR) under the Fixed Tax Scheme for the construction sector.
POL products: ECC approves proposal to revise prices on fortnightly basis
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet Tuesday approved the Ministry of Energy’s proposal for revision of prices of petroleum products on fortnightly basis instead of the existing monthly basis from August 1, 2020 and allowed import of 300,000 tonnes of sugar.
SOCAR offers record-low spot price in Pakistan LNG buy tender
KARACHI: SOCAR Trading has placed the lowest offer into a spot buy tender by Pakistan LNG Ltd (PLL) for a liquefied natural gas (LNG) cargo for delivery in late August, a notice posted on PLL’s website said on Tuesday.
Rupee gains
KARACHI: The rupee posted more gains on Tuesday on inflows from the international financial institution, dealers said.In the interbank market, the rupee ended at 166.45 against the dollar, 0.25 percent, or 42 paisas, stronger than Monday’s closing of 166.87.
Gold prices fall Rs1,300/tola
ISLAMABAD: The price of 24 karat gold decreased Rs1,300/tola on Tuesday, as it was traded at Rs122,500 against Rs123,800 on the previous day, Karachi Sarafa Association reported.Likewise, the price of 10 grams gold also witnessed a decrease of Rs1,114 and was traded at Rs105,024 against its sale at Rs106,138.
NPL’s year-end profit up 31pc
KARACHI: Nishat Power Limited (NPL) on Tuesday announced its profit for the fiscal year 2019/20 increased 31 percent to Rs4.943 million, translating into an earning per share (EPS) of Rs13.960.
International News
Oil drops more than 1% as rising Covid-19 cases spark demand fears
Oil prices fell around 1% on Tuesday, as U.S. lawmakers prepared to wrangle over an economic stimulus package and investors worried about a rise in coronavirus cases worldwide. Brent crude futures fell 19 cents, or 0.44%, to $43.22 a barrel, while West Texas Intermediate crude futures settled 56 cents, or 1.35%, lower at $41.04 per barrel.
Gold steadies on virus fears, stimulus bets; Fed meet eyed
Gold prices steadied on Wednesday as worries over rising cases of COVID-19 and expectations of possible inflation from more stimulus measures underpinned the metal, while investors awaited the U.S. Federal Reserve’s meeting outcome later in the day.
Asia Pacific stocks mixed ahead of U.S. Fed rate decision; Japan’s Nissan Motor plunges
Stocks in Asia Pacific were lower in Wednesday morning trade as investors await the U.S. Federal Reserve’s interest rate decision.Mainland Chinese stocks dipped in early trade, with the Shanghai composite down 0.55% while the Shenzhen component was fractionally lower. Hong Kong’s Hang Seng index slipped 0.23%.
