Good Morning
The number of confirmed coronavirus cases in Pakistan have jumped to 454 after Balochistan, Punjab, Sindh, Gilgit-Baltistan and Khyber-Pakhtunkhwa announced an increase in their provincial tallies. Prime Minister Imran Khan Thursday said in order to check the spread of coronavirus in the country and protect the people and economy from its effects, the government was in contact with international institutions and it would utilize all resources to provide relief to the masses. The government is finalizing an approximately $600 million emergency package with multilaterals for dealing with the coronavirus (Covid-19) outbreak across the country.
Market View: The KSE100 Index lost 286.22 points during yesterday’s trading session. We expect the market to remain under pressure due to rising number of corona virus cases in the country. However, sector specific interest might be witnessed on the back of attractive valuations.
Commodities:
Brent oil (USD/bbl): 29.23 (+2.67% D/D)
Crude oil (USD/bbl): 26.65 (+5.67% D/D)
Gold (USD/oz): 1,485.40 (+0.41 D/D)
National News
Pakistan’s coronavirus cases jump to 454
KARACHI / PESHAWAR / LAHORE: The number of confirmed coronavirus cases in Pakistan have jumped to 454 after Balochistan, Punjab, Sindh, Gilgit-Baltistan and Khyber-Pakhtunkhwa announced an increase in their provincial tallies.
All resources to be utilized to protect people, economy from coronavirus effects: PM ISLAMABAD: Prime Minister Imran Khan Thursday said in order to check the spread of coronavirus in the country and protect the people and economy from its effects, the government was in contact with international institutions and it would utilize all resources to provide relief to the masses.
Exporters can send shipping documents directly: SBP
In its efforts to facilitate exporters, the State Bank of Pakistan (SBP) has allowed exporters to directly dispatch shipping documents of their export consignment to their foreign buyers without any limit.
Government finalising $600 million package with multilaterals: minister
The government is finalising an approximately $600 million emergency package with multilaterals for dealing with the coronavirus (Covid-19) outbreak across the country.
Exporters to get relief package
Prime Minister’s Advisor on Commerce, Industries and Production and Investment Abdul Razak Dawood said on Thursday that the government would soon announce a relief package for the affected exporters.
https://www.brecorder.com/2020/03/20/581794/exporters-to-get-relief-package/
Value of $725 per MT fixed on import of sugar withdrawn
The Federal Board of Revenue (FBR) has withdrawn value of $725 per metric tons (MT) fixed on the import of sugar and now 17 percent sales tax would be applicable on the actual value of the commodity at the import stage.
https://www.brecorder.com/2020/03/20/581789/value-of-725-per-mt-fixed-on-import-of-sugar-withdrawn/
Forex reserves fall by $161m
KARACGHI: The country’s total liquid foreign exchange reserves declined by $161 million during last week.According to weekly foreign exchange report issued by the State Bank of Pakistan on Thursday, total liquid foreign exchange reserves held by the country stood at $18.743 billion as on March 13, 2020 down from $18.904 billion on March 6, 2020.
https://epaper.brecorder.com/2020/03/20/5-page/830079-news.html
Coronavirus’ damaging impact on exports: Govt’s financial team, exporters deliberate today on host of issues
ISLAMABAD: In the wake of adverse impact of COVID-19 on Pakistan’s exports, the PTI government’s top financial managers and leading exporters of the country will today (Friday) put their heads together to find out ways on how to resolve the host of problems, including the chronic issue of the liquidity crisis that has aggravated manifold mainly because of delayed payments of export proceeds and halt of shipments to Europe, USA and other main economies by the buyers.
Coronavirus: Pakistan may face initial economic loss of Rs1.3tr
ISLAMABAD: In the wake of outbreak of Coronavirus, Pakistan’s initial economic losses in different sectors of the country’s economy have been estimated at Rs1.3 trillion. These losses are going to be incurred on account of drop in the GDP growth because of reduction in services sector, including airline business and others, FBR’s revenue loss, massive decline in imports, exports, reduction in remittances, disruption in food supplies and other fronts.
IMC launches Toyota Yaris
KARACHI: Indus Motor Company (IMC) has launched all-new Toyota Yaris at an attractive price starting at PKR 2.349 million. The company has commenced bookings of its new vehicle from March 19, 2020.
https://epaper.brecorder.com/2020/03/20/45-page/830259-news.html
Debt limitation law: SHC seeks replies
Sindh High Court (SHC) on Thursday sought the replies from Finance Division, State Bank of Pakistan (SBP) and others in a petition related to increase in public debt in violation of “Fiscal Responsibility and Debt Limitation Act, 2005″.
https://www.brecorder.com/2020/03/20/581781/debt-limitation-law-shc-seeks-replies/
International News
Italy’s death toll from the coronavirus overtakes China’s
The number of people who have died from the coronavirus in Italy has hit 3,405, according to Reuters, meaning the country has now reported more deaths than China as a result of the pandemic.
https://www.cnbc.com/2020/03/19/coronavirus-death-toll-italys-is-now-higher-than-chinas.html
US crude climbs after White House comments on Saudi-Russia dispute
U.S crude oil prices edged higher on Friday, extending gains after a 24% jump the previous day, buoyed by hints from U.S. President Donald Trump he may intervene in the price war between Saudi Arabia and Russia at an “appropriate time.”
https://www.cnbc.com/2020/03/20/oil-markets-saudi-arabia-russia-dispute-in-focus.html
Gold gains but set for weekly drop amid flight for cash
Gold prices rose on Friday after a fall in the previous session, but the metal was on track to post its second weekly drop due to a rush for cash amid the widening economic fallout from the coronavirus outbreak.
https://www.cnbc.com/2020/03/20/gold-markets-coronavirus-in-focus.html
