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Pakistan’s total liquid foreign exchange reserves crossed $18 billion mark at the end of the last week, the State Bank of Pakistan (SBP) reported on Thursday. The country’s total liquid foreign exchange reserves posted an increase of $820 million during the last week ended on July 3, 2020 supported by bulk foreign inflows. The Federal Board of Revenue (FBR) Thursday said the revenue target of Rs 4,963 billion for the current fiscal year is achievable without imposing taxes and taking harsh measures. Inflated refund claims, unreported sales and domestic sales disguised as exports are prime factors behind a delay in the processing of refund claims under the sales tax regime, said the Federal Board of Revenue (FBR) sources.

Market View: The KSE-100 Index closed yesterday’s trading session at 36,142.3 points, up by 447.28 points. We expect positive momentum to continue as funds pore into equities from fixed income securities due to their non-attractive yields. Moreover, rising FX reserves will also add to the positive sentiment of the investors.

Commodities:
Brent oil (USD/bbl): 42.10 (-0.59% D/D)
WTI Crude oil (USD/bbl): 39.28 (-0.86% D/D)
Gold (USD/oz): 1806.00 (+0.12% D/D)

National News

Foreign reserves stand at $18.8 billion

KARACHI: Pakistan’s total liquid foreign exchange reserves crossed $18 billion mark at the end of the last week, the State Bank of Pakistan (SBP) reported on Thursday.The country’s total liquid foreign exchange reserves posted an increase of $820 million during the last week ended on July 3, 2020 supported by bulk foreign inflows.

https://www.brecorder.com/news/40004153/foreign-reserves-stand-at-188-billion

FBR says revenue target achievable

ISLAMABAD: The Federal Board of Revenue (FBR) Thursday said the revenue target of Rs 4,963 billion for the current fiscal year is achievable without imposing taxes and taking harsh measures.

https://epaper.brecorder.com/2020/07/10/1-page/843791-news.html

Delay in refund claims: Inflated claims, unreported sales prime factors

LAHORE: Inflated refund claims, unreported sales and domestic sales disguised as exports are prime factors behind a delay in the processing of refund claims under the sales tax regime, said the Federal Board of Revenue (FBR) sources.

https://www.brecorder.com/news/40004074/delay-in-refund-claims-inflated-claims-unreported-sales-prime-factors

Shortage of petrol: LHC decides to set up high-level commission

LAHORE: Lahore High Court Chief Justice Muhammad Qasim Khan on Thursday hearing a petition against shortage of petrol in the country during last month decided to constitute a high-level commission. The Chief Justice adjourned hearing till July 16 and directed the attorney general to present names for the members of the commission.

https://www.brecorder.com/news/40004075/shortage-of-petrol-lhc-decides-to-set-up-high-level-commission

K-Electric to get more supply from national grid

ISLAMABAD: The federal government will be enhancing supply to power to K-Electric from the national grid.The federal government is already supplying over 650MW electricity to the power utility from national grid without any formal agreement. The Cabinet Committee on Energy (CCoE) recently decided to allocate 1200MW electricity to KE in addition to existing supply of over 650MW from national grid.

https://www.brecorder.com/news/40004171/k-electric-to-get-more-supply-from-national-grid

Finance releases strategy for uplift funds

ISLAMABAD: The Finance Ministry has released the strategy for development funds with 20 percent releases for the first quarter and 30 percent each for 2nd and3rd Quarter, and 20 percent for 4th Quarter.An office memorandum of the Finance Division stated that keeping in view the Public Finance Management Act (PFM) Act, 2019, the strategy for release of funds relating to Development Budget for Financial Year 2020-2021 would be implemented with immediate effect.

https://www.brecorder.com/news/40004175/finance-releases-strategy-for-uplift-funds

SSGC announces load-shedding for industrial consumers

KARACHI: Sui Southern Gas Company on Thursday unveiled a load-shedding schedule for captive power plants and compressed natural gas (CNG) stations, announcing 48-hour supply halt to the industrial consumers to redirect fuel to K-Electric.

https://www.thenews.com.pk/print/684558-ssgc-announces-load-shedding-for-industrial-consumers

Import duty collection slips 7.4pc to Rs453bln in FY2020

KARACHI: Pakistan Customs saw duty collection fall 7.4 percent to Rs453 billion during the last fiscal year of 2019/20 as imports were seen declining due to administrative and regulatory measures, official data showed on Thursday.

https://www.thenews.com.pk/print/684559-import-duty-collection-slips-7-4pc-to-rs453bln-in-fy2020

FBR drafts concessionary rules for raw material import

KARACHI: The Federal Board of Revenue (FBR) on Thursday introduced rules for allowing concession on import of raw materials to facilitate genuine exporters and manufacturers. The FBR notified SRO 615(I)/2020 to issue draft rules for granting concessions and exemption on import of raw material and capital goods to comply with amendment made through Finance Act 2020.

https://www.thenews.com.pk/print/684562-fbr-drafts-concessionary-rules-for-raw-material-import

US bans PIA operations over licence issue

RAWALPINDI: Problems for the Pakistan International Airlines (PIA) continued to exacerbate on Thursday as the United States also imposed a ban on flights of the national flag carrier for six months citing dubious pilots’ licences.

https://tribune.com.pk/story/2254117/us-bans-pia-operations-over-licence-issue

International News

Oil drops 3% as rising Covid-19 cases spur demand fears

Concerns about renewed coronavirus lockdowns in the United States outweighed signs of a recovery in U.S. gasoline demand on Thursday to keep a lid on oil prices.

The market is also in a holding pattern ahead of a meeting on July 15 of the market monitoring panel of the Organization of the Petroleum Exporting Countries (OPEC) and its allies.

https://www.cnbc.com/2020/07/09/oil-markets-coronavirus-in-focus.html

Gold’s rally loses steam as investors drift towards dollar

Gold prices retreated on Thursday, a day after vaulting to nearly nine-year highs, as investors embraced the safe-haven greenback in the face of record U.S. coronavirus cases. Spot gold fell 0.6% to $1,799.23 per ounce, having surged to its highest since September 2011 at $1,817.71 on Wednesday. U.S. gold futures settled down 0.9% at $1,803.8.

https://www.cnbc.com/2020/07/09/gold-markets-coronavirus-in-focus.html

Asia Pacific markets trade lower as ‘coronavirus anxiety’ dominates sentiment

Asia Pacific markets fell Friday as investors remained cautious due to the growing number of coronavirus cases around the world.Australia’s benchmark ASX 200 erased some of its earlier losses but still traded down 0.13%. The heavily-weighted financials subindex traded down 0.11% while the energy subindex declined 1.81%.

https://www.cnbc.com/2020/07/10/asia-markets-coronavirus-infection-cases-in-focus.html
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Daily news: 10th July 2020

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