Good Morning
Pakistan has received all-time high over $23 billion home remittances inflows during the last fiscal year (FY20). The sales of passenger cars have declined by 52 percent YoY in Jun-2020 to 8,446 units. The Pakistan International Airlines (PIA) is expected to incur losses of Rs100 billion due to suspension of international flights amid coronavirus pandemic. The GPD growth in Middle East, North Africa, Afghanistan, and Pakistan (MENAP) region in 2020 is expected to be two percentage points weaker than in April’s estimates, says the International Monetary Fund (IMF).
Market View: The KSE100 Index gained 421.17 points during Monday’s trading session. We expect the market to continue the bullish momentum, however investors should exercise caution because a slight correction is on the cards.
Commodities:
Brent oil (USD/bbl): 41.91 (-1.90% D/D)
Crude oil (USD/bbl): 39.22 (-2.19% D/D)
Gold (USD/oz): 1,800.50 (-0.75% D/D)
National News
Remittances hit historic high of $23.121bn
KARACHI: Pakistan has received all-time high over $23 billion home remittances inflows during the last fiscal year (FY20).
June passenger cars sales plunge 52pc YoY
KARACHI: The sales of passenger cars have declined by 52 percent YoY in Jun-2020 to 8,446 units.
Month-wise actual RLNG volumes: Ogra empowered to allow recovery of revenue shortfall
ISLAMABAD: The government has empowered Ogra to provisionally allow the recovery of RLNG revenue shortfall considering the month-wise actual RLNG volumes diverted in the domestic and commercial sectors by SNGPL and any amount available in the deferral account would also be adjusted while actualizing the RLNG sale price, subject to verification of volumes supplied to domestic and commercial consumers.
PIA losses expected to reach Rs100bn amid Covid-19 pandemic
KARACHI: The Pakistan International Airlines (PIA) is expected to incur losses of Rs100 billion due to suspension of international flights amid coronavirus pandemic.
SBP extends Covid-19 mitigation measures till December
KARACHI: The State Bank of Pakistan (SBP) has extended a number of measures taken to mitigate the impact of Covid-19 from their original deadline of June 30 and September 30, to December 31, according to three circulars issued on Monday.
Govt’s offer for investors to whiten black money
ISLAMABAD: Federal Minister for Information and Broadcasting Senator Shibli Faraz on Sunday asked investors to turn their black money into white by investing in the construction industry during a recess in international obligations that will last till Dec 31 this year.
Growth in MENAP region may be two percentage points in 2020: IMF
ISLAMABAD: The GPD growth in Middle East, North Africa, Afghanistan, and Pakistan (MENAP) region in 2020 is expected to be two percentage points weaker than in April’s estimates, says the International Monetary Fund (IMF).
NTDC’s ‘controversial’ plan: Nepra all set to hold hearing tomorrow
ISLAMABAD: National Electric Power Regulatory Authority (Nepra) is all set to hold a hearing on Wednesday (tomorrow) on NTDC’s “controversial” Indicative Generation Capacity Expansion Plan (IGCEP) 2047 covering the future horizon of energy for 28 years i.e., from 2020 to 2047 encapsulating electric power generation additions required in order to meet the future energy and power demand of Pakistan.
Afghan exports thru Wagha border allowed
ISLAMABAD: Pakistan on Monday announced reopening of Wagha border crossing from Wednesday (July 15) to allow the export of Afghan goods to India “with a view to facilitating Afghanistan’s transit trade”.
Pakistan Bureau of Statistics begins electronic data collection
ISLAMABAD: Planning Development and Special Initiatives Secretary Mathar Niaz Rana on Monday was informed that the Pakistan Bureau of Statistics (PBS) has shifted away from manual data collection towards electronic data collection.
International News
Oil prices drop on demand recovery fears amid U.S. virus surge
Oil prices fell around 2% in early trade on Tuesday on worries that new clampdowns on businesses to stem surging coronavirus cases in California and other U.S. states could threaten the nascent recovery in fuel demand.
Gold eases on firmer dollar, virus fears cap losses
Gold slipped on Tuesday to trade below the key $1,800 level due to a stronger dollar, though concerns over surging coronavirus cases around the world and Sino-U.S. tensions put a floor under bullion prices.
https://www.cnbc.com/2020/07/14/gold-markets-dollar-coronavirus-in-focus.html
KASB Research
