Good Morning

The weekly SPI inflation during the week ended March 19 against March 12 witnessed an increase of 0.05 percent for combined income groups, ie, from 129.66 points to 129.72 points, Pakistan Bureau of Statistic (PBS) revealed. In view of the fact that banks and stock market are vital instruments of country’s financial system, the Securities and Exchange Commission of Pakistan (SECP) has announced that the all capital market entities would be operational on Tuesday, March 24. SECP has issued directive to open Stock market at 11am in morning. The executive board of the World Bank is scheduled to approve on Thursday $200 million for an emergency project in Pakistan to respond to the coronavirus outbreak and strengthen national systems for public health preparedness.

Market View: The KSE100 Index gained 537.58 points during the last trading session. The rebound in the Asian markets and crude oil prices this morning should lend a helping hand to the index today. However, the lockdown in Sindh and Punjab, and industrial closures could hamper sentiment. 

Commodities:

Brent oil (USD/bbl): 27.77 (+2.89% D/D)
Crude oil (USD/bbl): 24.29 (+3.98% D/D)
Gold (USD/oz): 1,591.60 (+1.531% D/D)

National News

SPI inflation up 0.05pc WoW

The weekly SPI inflation during the week ended March 19 against March 12 witnessed an increase of 0.05 percent for combined income groups, ie, from 129.66 points to 129.72 points, Pakistan Bureau of Statistic (PBS) revealed.

https://epaper.brecorder.com/2020/03/21/1-page/830277-news.html

All capital market entities will be operational today: SECP

In view of the fact that banks and stock market are vital instruments of country’s financial system, the Securities and Exchange Commission of Pakistan (SECP) has announced that the all capital market entities would be operational on Tuesday, March 24. SECP has issued directive to open Stock market at 11am in morning.

https://epaper.brecorder.com/2020/03/24/16-page/830874-news.html

Regulators conduct mock exercise to run PSX remotely

Taking into account the lockdown in Sindh, the Self-Regulatory Organizations (SROs) of stock market, including Pakistan Stock Exchange Limited (PSX), Central Depositary Company (CDC), National Clearing Company of Pakistan Limited (NCCPL) and the apex regulator Securities and Exchange Commission of Pakistan (SECP) on March 23 (Monday) conducted mock exercise to run PSX remotely.

https://epaper.brecorder.com/2020/03/24/16-page/830876-news.html

Stockbrokers demand 15-day closure of bourse

PSX Stockbrokers Association Monday demanded of the government to announce holidays for Pakistan Stock Exchange for such number of days as has been prescribed by Sindh government in its lockdown notice.

https://epaper.brecorder.com/2020/03/24/3-page/830751-news.html

PSX gears up to launch two exchange-traded funds

Pakistan Stock Exchange (PSX) has announced to launch the much-awaited two exchange-traded funds (ETFs) – a basket of multiple shares each whose units would be available for online trade like shares – on Tuesday (March 24).

https://tribune.com.pk/story/2181232/2-psx-gears-launch-two-exchange-traded-funds/

FATF chief urged to remove Pakistan from grey list

Senate Standing Committee on Interior Chairman, Senator Rehman Malik, wrote a letter to the President, Financial Action Task Force (FATF), Marshall Billingslea, pleading him to remove the name of Pakistan from FATF’s Grey List in wake of coronavirus outbreak to enable the country to exercise our full potential against the pandemic.

https://www.thenews.com.pk/print/633356-fatf-chief-urged-to-remove-pakistan-from-grey-list

WB to provide $200m for emergency project to combat virus outbreak

The executive board of the World Bank is scheduled to approve on Thursday $200 million for an emergency project in Pakistan to respond to the coronavirus outbreak and strengthen national systems for public health preparedness.

https://www.dawn.com/news/1543081/wb-to-provide-200m-for-emergency-project-to-combat-virus-outbreak

US announces $1m assistance

The United States has announced to help Pakistan in the fight against coronavirus with an initial US$1 million assistance to bolster the monitoring and to give a rapid response to COVID-19 in the country.

https://epaper.brecorder.com/2020/03/21/1-page/830281-news.html

IMF to give tax break to businesses hit by corona

The International Monetary Fund (IMF) has agreed with Pakistan to give tax breaks to businesses being affected by the global coronavirus pandemic but Islamabad does not feel the need to renegotiate the $6 billion package, which may also make next year’s tax collection target unrealistic.

https://tribune.com.pk/story/2180727/2-imf-give-tax-break-businesses-hit-corona/

PTI govt finalises economic stimulus plan as COVID-19 tally spikes

The federal government has hammered out an economic stimulus package aimed at offsetting the impact of the novel coronavirus outbreak on the working class and industrial sector amid the closure of businesses across the country to stem the rising number of COVID-19 cases.

https://tribune.com.pk/story/2182021/1-pti-govt-finalises-economic-stimulus-plan-covid-19-tally-spikes/

PSDP process overhaul need of the hour in Pakistan

The Public Sector Development Programme (PSDP) is the apex development-sector portfolio funded by the government. In the current fiscal year, the total budget allocated to the PSDP was Rs701 billion.

https://tribune.com.pk/story/2181839/2-psdp-process-overhaul-need-hour-pakistan/

Pakistan seeks debt relief to fight Covid-19

Foreign Minister Shah Mehmood Qureshi has said that countries like Pakistan, which are burdened by external debt, should be provided relief in repayment of loans so that they could focus on dealing with the coronavirus pandemic.

https://www.dawn.com/news/1542810/pakistan-seeks-debt-relief-to-fight-covid-19

PSDP 2019-20: Govt releases Rs466.68bn against budgeted Rs701bn

The federal government has released Rs466.68 billion (66.57 percent) including Rs92.74 billion foreign aid (72.3 percent) for various ongoing and new development projects under the Public Sector Development Programme (PSDP) 2019-2020 against the total budgeted allocation of Rs701 billion.

https://epaper.brecorder.com/2020/03/21/17-page/830414-news.html

Three auto plants closed

Indus Motor Company Limited (IMCL), Pak Suzuki Motors Company Limited (PSML) and Yamaha Motor Pakistan (YMP) on Monday announced to shut plants and offices during lockdown in Sindh.

https://epaper.brecorder.com/2020/03/24/14-page/830864-news.html

Imran Khan expected to announce relief package for power sector today

In the wake of fast spreading coronavirus in the country, Prime Minister Imran Khan is expected to announce a relief package for domestic consumers and industry today.  

Govt plans Rs3 trillion debts from banking sector

Government on Friday unveiled a plan to borrow more than Rs3 trillion from banking sector to finance budget and pay for maturity during the next two months, a major proposed debt accumulation since the signing of IMF’s reforms program last year that restricts credit from the central bank.

https://www.thenews.com.pk/print/632124-govt-plans-rs3-trillion-debts-from-banking-sector

SBP announces six relaxations for exporters impacted by COVID-19

The State Bank of Pakistan (SBP) has announced six different relaxations to help exporters facing declining demand in overseas markets and problems in existing orders, according to a statement issued by the central bank on Friday.

Textile exporters say order cancellations growing

Some textile exporters may have to lay off employees mainly daily-wage workers after most of the orders were delayed for an indefinite period due to lockdown in various European countries.

https://www.dawn.com/news/1542563/textile-exporters-say-order-cancellations-growing

Steel producers seek duty relief on scrap import

Following the outbreak of coronavirus in the country, Pakistan Association of Large Steel Producers (PALSP) has requested relief measures from the government, citing the global economy seems to be heading towards recession.

https://tribune.com.pk/story/2180549/2-steel-producers-seek-duty-relief-scrap-import/

PM asks for cuts in duties and taxes to bring down food prices

Taking notice of high prices of perishable products, Prime Minister Imran Khan has asked the Federal Board of Revenue to come up with a summary for reducing duty and taxes on eatables to bring down prices of essential commodities.

https://www.dawn.com/news/1542804/pm-asks-for-cuts-in-duties-and-taxes-to-bring-down-food-prices

COVID-19 Outbreak: Govt working on three-pronged strategy: Hafeez

Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh said Monday that the government was working on three-pronged strategy, aimed at containing Covid-19 virus, provision of healthcare and food at affordable rates and assistance to business community to run their businesses.

https://epaper.brecorder.com/2020/03/24/9-page/830817-news.html

Industrial zones closed, but pharma, food exempted

Pharmaceutical and packaged food manufacturers have been allowed to continue operations during the province-wide 15-day lockdown announced by the Sindh government, while all other industrial units were ordered shut, industry representatives told Dawn on Monday.

https://www.dawn.com/news/1543287/industrial-zones-closed-but-pharma-food-exempted

Razzak vows support to exporters, industry

Prime Minister Advisor on Commerce, Industries and Production and Investment, Abdul Razak Dawood has said that the government will provide all possible incentives to the exporters and industry at this critical time.

https://epaper.brecorder.com/2020/03/23/18-page/830715-news.html

PTA urges KE to extend deadline of bills for a month

Chairman Pakistan Tanner’s Association(PTA) Sheikh Afzal Hussain has urged all electric supply organizations like KE, LESCO etc to immediately announce the extension in deadline envisaged in their electric bills already issued to the consumers in Pakistan in general and at Karachi in particular for at least one month in view of the gravity of the situation and matter prevailing within the country which would certainly enable the users especially industrial consumers to defray the bills with convenience by the extended deadline of 1 month.

https://epaper.brecorder.com/2020/03/23/2-page/830582-news.html

Shortage of raw material creating problems for exporters: SCCI chief

President Sialkot Chamber of Commerce and Industry (SCCI) Muhammad Ashraf Malik has assured full support to the Federal and Provincial Government from the Industry of Sialkot in the wake of COVID-19 pandemic.

https://epaper.brecorder.com/2020/03/23/12-page/830667-news.html

Five-year programme launched to increase productivity of wheat

A five years National Programme for enhancing profitability through increasing productivity of wheat costing Rs.16518 million has been initiated in Punjab; disclosed by Deputy Director Agriculture (Extension) Dr. Iftikhar Ahmed Waraich on Sunday.

https://epaper.brecorder.com/2020/03/23/13-page/830673-news.html

International flight operations suspended for two weeks

The federal government on Saturday, while urging the nation to practice “social distancing” on the long weekend to avoid transmission of COVID-19 pandemic, confirmed 534 (some news websites have claimed that Pakistan’s Covid-19 tally crossed 700 with Sindh accounting for more than 50 per cent cases) coronavirus positive cases out of 4,046 suspected cases in Pakistan. Special Assistant on National Health Services Dr Zafar Mirza said this, while addressing a press conference here along with National Disaster Management Authority (NDMA) Chairperson Lieutenant General Muhammad Afzal, and Special Assistant to the Prime Minister on National Security Division Dr Moeed Yusuf.

https://epaper.brecorder.com/2020/03/22/10-page/830542-news.html

IMF sees severe impact from pandemic on global economy, but crisis temporary

The impact of the global coronavirus pandemic will be “quite severe,” but a long expansionary period and high employment rates mean the global economy should weather the current shock, a top International Monetary Fund official said on Friday.

https://epaper.brecorder.com/2020/03/22/4-page/830477-news.html

International News

Japan stocks jump about 5% as Fed ramps up stimulus measures; Softbank surges 16%

Stocks in Asia jumped in Tuesday afternoon trade as authorities ramped up stimulus measures to combat the economic impact of the global coronavirus outbreak.

https://www.cnbc.com/2020/03/24/asia-markets-coronavirus-stimulus-measures-currencies-in-focus.html

Oil prices climb as US ramps up economic support measures

Oil prices rose on Tuesday on hopes that the United States will reach a deal soon on a $2 trillion coronavirus aid package which could blunt the economic impact of the outbreak and in turn support oil demand.

https://www.cnbc.com/2020/03/24/oil-markets-us-crude-futures-in-focus.html

Share on facebook
Share on twitter
Share on linkedin

You may also like

Leave a comment

Your email address will not be published.

KASB Morning Shout:24th March 2020

Categories

Recent Blogs

Archive

Follow Us