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The State Bank of Pakistan (SBP) reduces markup rate to 5 percent on refinance schemes for investment and introduces other enhancements aimed to facilitate the business in Covid-19 pandemic. The federal government has put an end to the power of pharmaceutical companies to increase prices of drugs while not paying any heed to opposition from some cabinet members and pharmaceutical companies. The Organic Meat Company Limited (TOMCL), one of the largest halal meat processing companies in Pakistan successfully raised Rs800 million by offering 40 million shares at the strike price of Rs20 per share – fetching a premium of Rs2 per share over the floor price. Pakistan’s leading cement manufacturer DG Khan Cement Company Limited (DGKCC) has managed to procure export orders from the Philippines.

Market View: The KSE100 Index gained 321.54 points during Monday’s trading session. We expect the market to remain range bound due to lack of any significant trigger.

Commodities:

Brent oil (USD/bbl): 43.21 (-0.18% D/D)

Crude oil (USD/bbl): 40.79 (-0.27% D/D)

Gold (USD/oz): 1,819.50 (-0.05% D/D)

National News

SBP reduces markup rate to 5 percent for refinance schemes

KARACHI: The State Bank of Pakistan (SBP) reduces markup rate to 5 percent on refinance schemes for investment and introduces other enhancements aimed to facilitate the business in Covid-19 pandemic.

https://www.brecorder.com/news/40003905/sbp-reduces-markup-rate-to-5-percent-for-refinance-schemes

Govt takes away drug pricing power from pharmaceutical companies

ISLAMABAD: The federal government has put an end to the power of pharmaceutical companies to increase prices of drugs while not paying any heed to opposition from some cabinet members and pharmaceutical companies.

Export woes sour Pakistan’s prized mango season

MULTAN: Dwindling harvests, drooping demand and export supply chains hit by the coronavirus are biting into Pakistan’s mango industry, with producers of the prized fruit battling to weather a disastrous season.

NA body seeks details of tax refund payments

ISLAMABAD: The National Assembly Standing Com­mittee on Finance on Wednesday showed displeasure over the payment of refunds to taxpayers while directing the Federal Board of Revenue (FBR) to share details on Thursday.

https://www.dawn.com/news/1567869/na-body-seeks-details-of-tax-refund-payments

FBR likely to miss target for 1st quarter of FY21, new chairman tells NA body

ISLAMABAD: Admitting that the revenue collection target for the financial year 2020-21 (FY21) would be “very difficult” to achieve, the newly-appointed Federal Board of Revenue (FBR) chairman has said that his department may not be able to meet the target for the first quarter (July-Sept) due to the impact of Covid-19.

TOMCL raises Rs800m by offering 40m shares

KARACHI: The Organic Meat Company Limited (TOMCL), one of the largest halal meat processing companies in Pakistan successfully raised Rs800 million by offering 40 million shares at the strike price of Rs20 per share – fetching a premium of Rs2 per share over the floor price.

https://www.brecorder.com/news/40003894/tomcl-raises-rs800m-by-offering-40m-shares

Shrinking GDP, growing poverty: Experts for countering impact of coronavirus on economy

LAHORE: During the there-month lockdown due to the coronavirus Pakistan’s annual GDP growth for the calendar year 2020 is expected to contract by 3.2pc and job losses is estimated at 1.6 million.

https://www.brecorder.com/news/40003805/shrinking-gdp-growing-poverty-experts-for-countering-impact-of-coronavirus-on-economy

DG Khan Cement receives export orders from Philippines

Pakistan’s leading cement manufacturer DG Khan Cement Company Limited (DGKCC) has managed to procure export orders from the Philippines.

Punjab govt to conduct physical verification of flour, sugar stocks

LAHORE: Punjab Industries Minister Mian Aslam Iqbal and Chief Secretary Jawwad Rafique Malik jointly chaired an important meeting on Wednesday to review the actions taken against hoarders of flour and sugar.

BRI moot lauds CPEC, seeks greater regional connectivity

ISLAMABAD: The Pakistan-China Institute (PCI) convened the first ever Non-Governmental Online Conference on Belt and Road Initiative (BRI), of which CPEC is the flagship, which was attended by eight countries.

102MW Gulpur hydropower plant starts production

LAHORE: Gulpur Hydropower Project has achieved certified commercial operation and has started producing cheap electricity for the national grid, said NESPAK Managing Director Dr Tahir Masood in a press communiqué on Wednesday.

International News

Oil rises on improving U.S. gasoline demand

Oil prices edged up on Wednesday on signs of a recovery in gasoline consumption in the United States, but rising U.S. crude inventories and an increase in coronavirus infections limited gains.

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

Gold smashes through $1,800 level as investors bolt for safety

Gold soared past the technical $1,800 threshold on Wednesday, scaling its highest since September 2011, as investors bolted for safety from the novel coronavirus and central banks poured in powerful stimulus to cushion its economic fallout.

https://www.cnbc.com/2020/07/08/gold-markets-coronavirus-in-focus.html

KASB Research

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Daily news: 9th July 2020

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