Good Morning
The Consumer Price Index (CPI)-based inflation nationwide has registered an increase of 8.6 percent on year-on-year (YoY) basis in June 2020 as compared to an increase of 8.2 percent in May, and eight percent in June 2019. The revenue collection saw a paltry growth of 3.9 per cent year-on-year in 2019-20 mainly due to the lockdown and a sharp deceleration in economic activity since the coronavirus outbreak. On the recommendations of the Sindh government, the home department has extended the date of ‘smart’ lockdown throughout the province until July 15.
Market View: The KSE100 Index gained 467.49 points during Thursday’s trading session. We expect the market to sustain the rally on back of surprise interest rate cut last week by State Bank of Pakistan. However, extension in smart lockdown might reverse the rally slightly.
Commodities:
Brent oil (USD/bbl): 42.09 (+0.14% D/D)
Crude oil (USD/bbl): 39.86 (+0.10% D/D)
Gold (USD/oz): 1,776.80 (-0.17% D/D)
June inflation rate edges up slightly to 8.59pc YoY
ISLAMABAD: The Consumer Price Index (CPI)-based inflation nationwide has registered an increase of 8.6 percent on year-on-year (YoY) basis in June 2020 as compared to an increase of 8.2 percent in May, and eight percent in June 2019.
Revenue collection up 3.9pc in 2019-20
ISLAMABAD: The revenue collection saw a paltry growth of 3.9 per cent year-on-year in 2019-20 mainly due to the lockdown and a sharp deceleration in economic activity since the coronavirus outbreak.
Finance Bill, 2020: No new sales tax on mobile phone SIM imposed: FBR
ISLAMABAD: The Federal Board of Revenue (FBR) on Wednesday clarified that the FBR had not imposed any new sales tax of Rs250 per new mobile phone SIM through amendments in the Finance Bill, 2020.
WB approves $500m loan for Pakistan’s budget support
ISLAMABAD: The World Bank (WB) on Tuesday announced that it has approved another $500 million loan to Pakistan for the country’s budget support following its increased expenditures on Covid-19 crisis response.
Fresh projects put on hold till finalisation of power capacity expansion plan
ISLAMABAD: Rebuffing the power regulator’s advice, the Power Division on Wednesday put on hold making fresh commitments for new power projects until a consensus is reached on the country’s first Integrated Generation Capacity Expansion Plan (2020-2047) awaiting approval of the National Electric Power Regulatory Authority (Nepra).
Defer repayment plea of principal loans amounts: Three-month extension to NBMFCs allowed
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has allowed three months extension to the non-bank micro-finance companies (NBMFCs) for accepting borrowers request to defer repayment of principal loans amounts.
CCoP to discuss sell-off of Roosevelt Hotel today
ISLAMABAD: The federal government has deferred discussions on the privatisation of Roosevelt Hotel, Manhattan, New York; policy guidelines with respect to sale price of RLNG, and 2020-2021 projections for urea fertiliser for Thursday (today).
Transit trade with Afghanistan: Razak apprises IDFC CEO about development
Giving an overview of Pakistan’s economic relationships with the regional countries, Abdul Razak Dawood said Pakistan is already working closely with Afghanistan particularly on the development of transit trade as well as building of long term economic relationships.
US keen to include Pakistan in $3b regional fund
ISLAMABAD: The United States intends to launch a regional fund for development in Central Asian Republics (CARs), which will include Pakistan as well.
Cabinet approves increase in EOBI pension
ISLAMABAD: The federal government on Wednesday approved an increase in the Employees Old-Age Benefits Institution (EOBI) pensions for the elderly across Pakistan.
Sindh extends ‘smart’ lockdown until July 15 to control rising COVID-19 cases
On the recommendations of the Sindh government, the home department has extended the date of ‘smart’ lockdown throughout the province until July 15.
AGP reveals Rs2.96tr irregularities in Power Division
ISLAMABAD: The Auditor General of Pakistan (AGP) has revealed irregularities of Rs2,962 billion in 318 cases of Power Division and its attached departments.
FY20: PSX among top-performing markets despite Covid-19
KARACHI: Despite Covid-related challenges, the Pakistan Stock Exchange managed to close the fiscal year 2019-20 in the green, registering a gain of 1.5pc.
Urea offtake jumps 76pc to 1.2m tonnes in June
KARACHI: The provisional offtake of urea registered a whopping increase of approximately 76pc YoY to 610,000 tonnes in June 2020, as compared to the same month of last year.
International News
BioNTech, Pfizer report progress in coronavirus vaccine trial
WASHINGTON: BioNTech of Germany and the US pharmaceutical giant Pfizer reported positive preliminary results on Wednesday from a joint project to develop a coronavirus vaccine.
Oil rises on U.S. crude stockpile draw, global manufacturing activity
Oil prices rose about 1% on Wednesday following a drawdown in U.S. crude inventories from record highs and a string of positive manufacturing data, but a surge in coronavirus cases tempered gains.
KASB Research
