Daily news: 17th June 2020

Good Morning

Authorities have formulated a plan to impose smart lockdowns in several coronavirus hotspots in Karachi’s East, West and Korangi districts, a notification issued from the Karachi Commissioner’s office on Tuesday says. The development came amid a sharp spike in the number of coronavirus cases in the megapolis. The city reported 1,854 cases and 30 deaths over the past 24 hours, according to the Sindh health department. The rupee was a little changed against the dollar in the interbank market on Tuesday, dealers said.The rupee closed at 164.87 per dollar, slightly weaker from Monday’s close of 164.85 against greenback. In the open market, the rupee ended lower at 165.15 against the dollar. It had settled at 165.05 in the previous session. Dealers said the domestic currency lost some grounds due to weak supplies.

Market View: The KSE100 gained 194.6 points in the last trading session, to close at 34,019.12 points. We expect bearish trend to continue amid fresh lockdowns and increasing number of covid-19 deaths. 

Commodities:

Brent oil (USD/bbl): 40.10 (-2.1 D/D)

WTI Crude oil (USD/bbl): 37.31 (-2.79% D/D)

Gold (USD/oz): 1,732.8 (-0.19% D/D)

National News

Smart lockdowns for Karachi hotspots planned

Authorities have formulated a plan to impose smart lockdowns in several coronavirus hotspots in Karachi’s East, West and Korangi districts, a notification issued from the Karachi Commissioner’s office on Tuesday says. The development came amid a sharp spike in the number of coronavirus cases in the megapolis. The city reported 1,854 cases and 30 deaths over the past 24 hours, according to the Sindh health department

https://www.brecorder.com/news/1004965/smart-lockdowns-for-karachi-hotspots-planned

Construction activity alone can’t support economy: PBIF chief

KARACHI Pakistan Businessmen and Intellectuals Forum (PBIF) president Mian Zahid Hussain has expressed concern over neglecting the restoration of zero-rating said in these difficult times it will damage exports, reduce prospects of jobs and disappoint masses.

https://www.brecorder.com/news/1004944/construction-activity-alone-cant-support-economy-pbif-chief

Assets Declaration Scheme, 2019: FBR issues reminder to taxpayers

ISLAMABAD: The Federal Board of Revenue (FBR) has issued a reminder to the taxpayers for payment of outstanding tax under the Assets Declaration Scheme, 2019.According to an announcement of the FBR here on Tuesday, the taxpayers who had filed declarations under the Assets Declaration Act, 2019, as amended subsequently, are reminded to pay outstanding tax, along with default surcharge by the due date of June 30th, 2020.

https://www.brecorder.com/news/1004954/assets-declaration-scheme-2019-fbr-issues-reminder-to-taxpayers

Construction industry to cater to needs of the poor: minister

LAHORE: Punjab Finance Minister Makhdoom Hashim Jawan Bakht has said that the Pakistan Tehreek-e-Insaf (PTI) government in its Annual Development Programme (ADP) for 2020-21 paid special attention to the construction industry as its 16 allied industries will cater to the needs of the poor segment of society in this pandemic.

https://www.brecorder.com/news/1004959/construction-industry-to-cater-to-needs-of-the-poor-minister

Private oil cos held responsible for petrol crisis

ISLAMABAD: The preliminary report on the petrol crisis has not only held private oil companies responsible for black marketing and hoarding of petroleum products but it has also found violations of safety rules of storing POL products. The finding has highlighted a sudden decline in the shares of oil marketing companies (OMCs) dropped during the petrol crisis period from 1-10 June, 2020, as compared to May 2020.

https://www.brecorder.com/news/1004962/private-oil-cos-held-responsible-for-petrol-crisis

Dexamethasone ‘proves’ first life-saving drug

LONDON: A cheap and widely-used steroid called dexamethasone has become the first drug shown to be able to save lives among Covid-19 patients in what scientists said is a “major breakthrough” in the coronavirus pandemic.

https://www.brecorder.com/news/1004963/dexamethasone-proves-first-life-saving-drug

Provinces apprise NCOC on smart lockdowns

ISLAMABAD: The National Command and Operation Centre (NCOC) on Tuesday was apprised by the provinces including Azad Jammu and Kashmir (AJK) and Gilgit Baltistan (GB) on smart lockdowns and enforcement measures in various areas across the country based on Trace, Test and Quarantine (TTQ) strategy.

https://www.brecorder.com/news/1004964/provinces-apprise-ncoc-on-smart-lockdowns

Petroleum Levy scenario analysis

Arab Light crude oil has so far averaged $40/bbl. If that stays the same for another 10 days – the government will have to increase prices by Rs30/ltr or 39 percent over June. This is how unsustainable June petrol prices were. That is assuming the ex-refinery prices stay at 12-month average of Rs7.5 per liter for petrol – and not Rs17/liter between March and April.

https://www.brecorder.com/news/1004777/petroleum-levy-scenario-analysis

Textile exports surge 86pc in May as lockdown eases

KARACHI: Textile sector saw its exports climb 86 percent in May over April after partial ease in lockdown, but it is still a double-digit short of export revenue earned in the corresponding month of a year earlier, official data showed on Tuesday.

https://www.thenews.com.pk/print/673584-textile-exports-surge-86pc-in-may-as-lockdown-eases

Rs56 bn tax relief provided: Usman Buzdar

LAHORE: Chief Minister Sardar Usman Buzdar has said the Punjab government has provided tax relief to the tune of Rs56 billion despite the unusual situation and added that this step would help in the promotion of business activities.

https://www.thenews.com.pk/print/673831-rs56-bn-tax-relief-provided-usman-buzdar

Govt eyes Rs2.4trln debt from banking sector

KARACHI: Facing a difficult challenge to narrow widening fiscal deficit, the government planned to raise massive Rs2.4 trillion from banking sector through treasury bills and bonds in three months, the central bank’s data showed on Tuesday.

https://www.thenews.com.pk/print/673586-govt-eyes-rs2-4trln-debt-from-banking-sector

Rupee inches down

The rupee was a little changed against the dollar in the interbank market on Tuesday, dealers said.The rupee closed at 164.87 per dollar, slightly weaker from Monday’s close of 164.85 against greenback. In the open market, the rupee ended lower at 165.15 against the dollar. It had settled at 165.05 in the previous session. Dealers said the domestic currency lost some grounds due to weak supplies.

https://www.thenews.com.pk/print/673588-rupee-inches-down

International News

Oil falls on rise in U.S. crude stocks, virus resurgence fears

Oil prices retreated on Wednesday, weighed down by an increase in U.S. crude inventories and worries about a potential second wave of the coronavirus pandemic.

https://www.cnbc.com/2020/06/17/oil-markets-us-crude-inventories-coronavirus-in-focus.html

Gold steady as virus fears offset firmer equities, dollar

Gold prices held steady on Wednesday, as fears of a second wave of coronavirus infections offset optimism around a potential Covid-19 drug and a stronger U.S. dollar.

https://www.cnbc.com/2020/06/17/gold-markets-coronavirus-dollar-in-focus.html

Asia stocks little changed as IMF warns of unprecedented crisis; regional geopolitical tensions watched

Stocks in Asia were little changed in Wednesday morning trade as the International Monetary Fund said the global economy is set to see a more significant contraction than it previously forecast.

https://www.cnbc.com/2020/06/17/asia-markets-imf-economic-forecast-coronavirus-geopolitics-in-focus.html
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