Daily news:24th June 2020

Good Morning

The rupee fell to almost two-and-a-half month low of 167.65 against the US dollar in the interbank trade on Tuesday as investors and companies rushed to cover a shortage of the US currency before the fiscal year end, dealers said. Ismail Suttar, President of the Apex Body of Manufacturers, The Employers Federation of Pakistan (EFP), has endorsed incumbent government’s decision to reconsider launching of electricity markets in Pakistan, stating that it will induce competition in the power sector and enhance the efficiency of the energy supply chain.

Market View: The KSE-100 Index closed yesterday’s trading session at 34,052.7 points, up by 314.7 points. We expect the market to remain range bound in the upcoming session due to lack of any significant trigger.

Commodities:
Brent oil (USD/bbl): 42.43 (-0.47% D/D)
WTI Crude oil (USD/bbl): 40.12 (-0.62% D/D)
Gold (USD/oz): 1786.4 (+0.24% D/D)

National News

Rupee falls to 2.5-month low of 167.7 on unceasing outflows

KARACHI: The rupee fell to almost two-and-a-half month low of 167.65 against the US dollar in the interbank trade on Tuesday as investors and companies rushed to cover a shortage of the US currency before the fiscal year end, dealers said.

https://www.thenews.com.pk/print/676788-rupee-falls-to-2-5-month-low-of-167-7-on-unceasing-outflows

Removal of anomalies in Finance Bill 2020: FBR may submit reports to Hafeez today

ISLAMABAD: The Federal Board of Revenue (FBR)’s Anomaly Committees are expected to submit their reports to the Advisor to the Prime Minister on Finance, Abdul Hafeez Shaikh, on Wednesday (today) for removal of technical and legal anomalies in the Finance Bill, 2020.

https://www.brecorder.com/news/40000506/removal-of-anomalies-in-finance-bill-2020-fbr-may-submit-reports-to-hafeez-today

Treasury MPs say people misled on federal budget

ISLAMABAD: The treasury MPs on Tuesday cautioned against attempts being made to misled people on the federal budget, after the opposition kept attacking the government, saying it lacked “boldness and foresight”.

https://www.brecorder.com/news/40000545/treasury-mps-say-people-misled-on-federal-budget

No demands of IPPs without forensic auditing first: EFP

KARACHI: Ismail Suttar, President of the Apex Body of Manufacturers, The Employers Federation of Pakistan (EFP), has endorsed incumbent government’s decision to reconsider launching of electricity markets in Pakistan, stating that it will induce competition in the power sector and enhance the efficiency of the energy supply chain.

https://www.brecorder.com/news/40000537/no-demands-of-ipps-without-forensic-auditing-first-efp

Housing finance: SBP steering committee discusses pilot projects

KARACHI: Steering Committee on Housing and Construction Finance in its first meeting held on Tuesday discussed two initial pilot projects, one on the government land model and the other private sector builders’ model.

https://www.brecorder.com/news/40000531/housing-finance-sbp-steering-committee-discusses-pilot-projects

Finance Bill 2020: Govt urged to look into concerns of automotive sector

KARACHI: President of Korangi Association of Trade & Industry (KATI) Sheikh Umer Rehan has urged the government to remove the anomalies and concerns of automotive sector regarding Finance Bill 2020, as this was a key sector for economic growth of the country and one of the largest employment provider.

https://www.brecorder.com/news/40000530/finance-bill-2020-govt-urged-to-look-into-concerns-of-automotive-sector

Review of Finance Bill 2020: Exporters urge NA body chairman to invite stakeholders

ISLAMABAD: Exporters have urged the chairman National Assembly Standing Committee on Finance to invite the stakeholders during the review of the Finance Bill, 2020, to have a real picture of the sales tax regime, governing export sectors specifically the sales tax refund payments viz-a-viz the Federal Board of Revenue (FBR)’s claim of payments in 72 hours.

https://www.brecorder.com/news/40000521/review-of-finance-bill-2020-exporters-urge-na-body-chairman-to-invite-stakeholders

Next set of CPEC project: Pakistan will need to overcome challenges: UNDP

ISLAMABAD: Pakistan will need to overcome several challenges including macroeconomic, legal and regulatory as well as coordination issues to embark swiftly towards the next set of projects planned under the China-Pakistan Economic Corridor (CPEC), says the United Nations Development Programme (UNDP).

https://www.brecorder.com/news/40000572/nnext-set-of-cpec-project-pakistan-will-need-to-overcome-challenges-undp

FPCCI seeks amendments in budget before finance bill’s approval

LAHORE: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has called for amendments in the federal budget before the approval of finance bill in the national assembly.

https://www.brecorder.com/news/40000225/fpcci-seeks-amendments-in-budget-before-finance-bills-approval

Prices of LPG cylinders increased

ISLAMABAD: The prices of LPG cylinders increased on Tuesday subsequent to expiry of supply contract between the Sui Southern Gas Company Ltd (SSGC) and the JJVL.

https://epaper.brecorder.com/2020/06/24/15-page/841891-news.html

Covid-19 outbreak-Pakistan reaches 13th position globally

ISLAMABAD: Minister for Planning and Development Asad Umar has said the aim of targeted lockdown is to isolate maximum Covid-19 infected cases. Chairing a briefing at the National Command and Operation Centre (NCOC) in Islamabad, he said here is a positive difference seen in the urban areas with maximum compliance of wearing masks in public places.

https://epaper.brecorder.com/2020/06/24/1-page/841763-news.html

International News

Oil drops nearly 1% as demand concerns weigh

Oil prices fell on Tuesday as a rising number of Covid-19 cases sparked demand fears, although losses were capped after U.S. President Donald Trump soothed jangled nerves over U.S.-China trade.

https://www.cnbc.com/2020/06/23/oil-markets-us-china-relations-in-focus.html

Gold vaults to highest since October 2012 as dollar stumbles

Gold prices surged to their highest since October 2012 on Tuesday, driven by a weakness in the U.S. dollar and widespread monetary stimulus packages by central banks as a jump in coronavirus cases dents the economic outlook.

https://www.cnbc.com/2020/06/23/gold-markets-coronavirus-in-focus.html

Asia Pacific stocks mostly higher as Fauci warns of surge of coronavirus cases in U.S.

Stocks in Asia Pacific mostly edged higher Wednesday morning as the coronavirus situation stateside continues to be watched, with White House health advisor Dr. Anthony Fauci warning Tuesday that parts of the U.S. are beginning to see a “disturbing surge” of Covid-19 cases.

https://www.cnbc.com/2020/06/24/asia-markets-coronavirus-currencies-oil-in-focus.html
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