Good Morning
The World Bank (WB) has massively revised downward the GDP growth rate projection for Pakistan by five percent to negative 2.6 percent from 2.4 percent for the outgoing fiscal year 2019-2020. Petroleum Division on Monday constituted a seven-member committee to ascertain the element of hoarding and black marketing as well as verify the availability of stocks in the depots of the oil marketing companies (OMCs), and their supply to the retail outlets. Dr Shafiur Rehman Afridi, director general (Oil) will chair the committee while Imran Ali Abro (RO) will serve as secretary committee. Adviser to the Prime Minister on Finance and Revenue, Dr Abdul Hafeez Shaikh has assured Farmers Association of Pakistan (FAP) that agriculture package of Rs50 billion would be targeted after the association sought reduction in duty on import of fertilizer import, waiver of agri-loans and reduction in power tariff for tube wells in the budget for next fiscal year.
Market View: The KSE100 gained 399.15 points in the last trading session, to close at 34,749.57 points. We expect the market to remain range bound however, revised forecast of Pakistan’s GDP growth by WB may negatively impact investor’s sentiment..
Commodities:
Brent oil (USD/bbl): 41.18 (+0.93% D/D)
WTI Crude oil (USD/bbl): 38.60 (+1.13% D/D)
Gold (USD/oz): 1,701.1 (-0.24% D/D)
National News
Pakistan: GDP forecast massively revised downward
ISLAMABAD: The World Bank (WB) has massively revised downward the GDP growth rate projection for Pakistan by five percent to negative 2.6 percent from 2.4 percent for the outgoing fiscal year 2019-2020.
Committee formed to probe POL crisis
ISLAMABAD: Petroleum Division on Monday constituted a seven-member committee to ascertain the element of hoarding and black marketing as well as verify the availability of stocks in the depots of the oil marketing companies (OMCs), and their supply to the retail outlets. Dr Shafiur Rehman Afridi, director general (Oil) will chair the committee while Imran Ali Abro (RO) will serve as secretary committee.
Stocks being continuously replenished: OCAC
KARACHI: The Oil Companies Advisory Council (OCAC) has said that the current stocks of petrol are being continuously replenished by the oil marketing companies (OMCs) from supplies being made available through local refinery’s production and regular arrival of vessels carrying imported petrol at the two ports, the Karachi Port Trust (KPT) and the Fauji Oil Terminal Company (FOTCO) at Port Qasim Authority (PQA).
Sales tax to be major source of revenue: Dawood
ISLAMABAD: Prime Minister Advisor on Commerce and Investment, Abdul Razak Dawood said on Monday that sales tax, not customs duty, will be the major source of tax revenue. Talking to Business Recorder, he said, duty on raw materials should be reduced. Last year, the government had lowered customs duty on 1638 items in the federal budget 2019-20, he said adding that this year, customs duty and additional customs duty on these items will be zero.
Cabinet to decide fate of PSM employees today
ISLAMABAD: The Federal Cabinet which is scheduled to meet on Tuesday (today) will decide the fate of 9,350 employees of Pakistan Steel Mills (PSM), sources close to Chairman PSM, BoD told Business Recorder.
Hafeez tells FAP: Rs 50 billion agri relief package approved
ISLAMABAD: Adviser to the Prime Minister on Finance and Revenue, Dr Abdul Hafeez Shaikh has assured Farmers Association of Pakistan (FAP) that agriculture package of Rs50 billion would be targeted after the association sought reduction in duty on import of fertiliser import, waiver of agri-loans and reduction in power tariff for tube wells in the budget for next fiscal year.
Promotion of export: PBC identifies some key issues
KARACHI: The Pakistan Business Council (PBC) has identified some key issues and proposed the way forward for the export promotion through branding and overseas presence.
It’s going to be a relief budget, advisor assures KCCI
KARACHI: The Karachi Chamber of Commerce & Industry (KCCI) was given an assurance by Advisor to Prime Minister on Finance and Revenue Dr. Hafeez Shaikh that the upcoming budget for FY2020-21 would be a relief budget.
EFP seeks 40 percent cut in gas tariff for industries
KARACHI: Ismail Suttar, President of the apex body of manufacturers, the Employers Federation of Pakistan (EFP), has recommended a 40 percent reduction in gas price earlier this week. After careful deliberation, he stated that the gas price in the current economic landscape of Pakistan with Covid-19 situation and beyond is nothing less than exorbitant.
CDWP approves seven projects worth Rs19.456 bn
ISLAMABAD: The Central Development Working Party (CDWP) meeting on Monday chaired by Deputy Chairman Planning Commission Mohammad Jahanzeb Khan approved 7 projects worth Rs19.456 billion and recommended 2 projects worth Rs32.11 Billion to ECNEC for further approval.
Pakistan to attract FDI under PSDP Plus regime
ISLAMABAD: The PTI government has decided to allure foreign direct investment (FDI) from abroad under the unique concept of (Public Sector Development Program) PSDP Plus regime. All the ministries have finalised their projects for investment from abroad to this effect.
State Bank wants growth-inducing policies for recovery
KARACHI: The State Bank of Pakistan (SBP) on Monday stressed need of growth-inducing policies to reinforce recovery in domestic demand crippled by the coronavirus-sparked lockdown.
Corona to peak in July, August: PM Imran Khan says people not taking pandemic seriously
ISLAMABAD: Prime Minister Imran Khan on Monday warned that the country was yet to experience the peak of coronavirus cases in late July or early August and urged the nation to strictly follow the standard operating procedures (SOPs).
International News
Oil prices rise on optimism easing of lockdowns to spur fuel demand
Oil prices climbed on Tuesday, paring losses from the previous session, as markets broadly rose on growing confidence in a global recovery with pandemic lockdowns easing.
Gold gains as dollar hovers near 3-month low; Fed meet in focus
Gold prices rose on Tuesday as the U.S. dollar hovered near a three-month low and amid fears of a deep economic fallout from the coronavirus crisis, while investors focused on the U.S. Federal Reserve meeting for clues on policy measures.
Australian markets jump more than 2% as Asia stocks trade mixed
Stocks in Asia Pacific traded mixed Tuesday morning after an overnight rally stateside that saw the S&P 500 erasing its losses and entering positive territory for the year.
