Good Morning
The State Bank of Pakistan (SBP) sold Rs167.5 billion worth of market treasury bills at an auction on Wednesday, while the yields rose across the board. The Economic Coordination Committee (ECC) on Tuesday approved a Ministry of Energy’s proposal for revision in the prices of petroleum products on a fortnightly basis instead of the existing monthly basis. The State Bank of Pakistan on Wednesday issued revised instructions to banks to expand Islamic Banking Windows (IBWs), after concluding IBWs help in promoting Shariah-compliant financial services and increase financial inclusion in Pakistan. Another increase in petroleum products prices is on the cards, as the Petroleum Ministry has suggested to the government to increase the prices by up to Rs9.5/litre for August 2020, despite the fact that international oil prices are almost stagnant, but rupee has devalued.
Market View: The KSE100 Index lost 209.00 points during Wednesday’s trading session. We expect the market to remain range bound during today’s trading session. Investors might prefer profit-taking before the upcoming Eid Holidays.
Commodities:
Brent oil (USD/bbl): 43.80 (+0.11% D/D)
Crude oil (USD/bbl): 41.31 (+0.10% D/D)
Gold (USD/oz): 1,959.90 (+0.33% D/D)
State Bank sells MTBs worth Rs167.5 billion
KARACHI: The State Bank of Pakistan (SBP) sold Rs167.5 billion worth of market treasury bills at an auction on Wednesday, while the yields rose across the board.
ECC okays import of up to 0.3m tonnes of sugar, fortnightly revision of POL prices
ISLAMABAD: The Economic Coordination Committee (ECC) on Tuesday approved a Ministry of Energy’s proposal for revision in the prices of petroleum products on a fortnightly basis instead of the existing monthly basis.
SBP issues instructions for promotion of Islamic banking
KARACHI: The State Bank of Pakistan on Wednesday issued revised instructions to banks to expand Islamic Banking Windows (IBWs), after concluding IBWs help in promoting Shariah-compliant financial services and increase financial inclusion in Pakistan.
Food ministry approves four treatment plants to boost mango export to Iran
ISLAMABAD: Taking serious notice of the complaints filed by the All Pakistan Fruit and Vegetable Exporters, Importers and Merchants Association (PFVA), the Ministry of National Food Security and Research on Wednesday approved four Hot Water Treatment (HWT) plants to facilitate export of mangoes to Iran.
Rs7 per litre hike in petrol price on the cards
ISLAMABAD: Another increase in petroleum products prices is on the cards, as the Petroleum Ministry has suggested to the government to increase the prices by up to Rs9.5/litre for August 2020, despite the fact that international oil prices are almost stagnant, but rupee has devalued.
Govt plans to divest 10pc shares of OGDCL, other petroleum companies
ISLAMABAD: Privatisation Minister Muhammadmian Somroo on Wednesday chaired a meeting of the Privatisation Commission Board to discuss matters pertaining to the divestment of government shares in Oil and Gas Development Company Ltd (OGDCL), Pakistan Petroleum Ltd (PPL) and Mari Petroleum Company Limited (MPCL).
Govt obtained $10.6 bn foreign loans during FY2019-20
ISLAMABAD: The government has obtained $10.6 billion foreign loans from multilateral and bilateral creditors during the financial year 2019-20 out of which $3.373 billion were secured as foreign commercial borrowings. The foreign commercial borrowing has become the second major source of getting foreign inflows as it constitutes 32 percent of total foreign inflows.
NA approves two FATF-related bills amid Opp’s ruckus
ISLAMABAD: The government on Wednesday managed to get two Financial Action Task Force (FATF)-related bills–the Anti-terrorism (Amendment) Bill, 2020 and the United Nations (Security Council) (Amendment) Bill, 2020 — passed by the National Assembly (NA) amidst protests by the opposition.
Power generation reaches record high of 23,116MW, says Asad Umar
Federal Minister for Planning, Development, Reforms and Special Initiatives Asad Umar on Wednesday said that power generation in the country reached a record high of 23,116 Megawatts (MW) on Tuesday.
End consumers pay Rs190 bn in power tariff due to jump in dollar
ISLAMABAD: The power consumers have so far paid a whopping Rs190 billion in the tariff in just two years of the incumbent government just because of the dollar appreciation that went up by over 40 percent against the rupee.
Govt urged to take pragmatic steps for development of small industries
PESHAWAR: The Sarhad Chamber of Commerce and Industry (SCCI) has urged the government to take pragmatic steps for the development of small and medium-scale industries.
Govt to set up 24 electric vehicle charging stations across country, says Omar Ayub
ISLAMABAD: Federal Minister for Energy Omar Ayub Khan on Wednesday said that the government is taking steps to control environmental pollution and that 24 electric vehicle charging stations will soon be set up in the country.
60pc subsidy being provided to non-traditional items: TDAP
KARACHI: Acting Secretary Trade Development Authority of Pakistan (TDAP), Riaz Sheikh has informed business community that TDAP is giving 60 percent subsidy to non-traditional items and 80 percent to non-traditional markets.
International News
Fed holds rates steady, says economic growth is ‘well below’ pre-pandemic level
The Federal Reserve held interest rates steady in a decision announced Wednesday that came along with a tepid outlook on the coronavirus-plagued economy.
Oil prices slip as Covid-19 case surge dents fuel demand hopes
Oil prices dipped on Thursday as a surge of coronavirus infections around the globe raised fears a rebound in fuel demand would stutter just as major oil producers are set to raise output in August.
Gold eases as risk sentiment improves after Fed policy meeting
Gold prices edged lower on Thursday as investors’ appetite for riskier assets improved after the Federal Reserve pledged to support the coronavirus-battered U.S. economy, although a weaker dollar limited losses for the bullion.
