The SPI inflation during the week that ended March 26 against March 19 witnessed a reduction of 1.25 percent for combined income groups, ie, from 129.72 points to 128.10 points, the Pakistan Bureau of Statistic (PBS) revealed. The offshore investors are continuously withdrawing their investments from the Pakistan Capital Market as an outflow of $126.524 million of foreign investors portfolio investment (FIPI) was seen during the current calendar year. The rupee dipped by 6 percent or Rs 6 in terms of the dollar in the inter-bank market during the week, ended on March 27, 2020.
Market View: The KSE100 Index gained 842.37 points during Friday’s session. The market is expected to remain under pressure today, underpinned by continued weakness in crude oil and Asian markets this morning.
Brent oil (USD/bbl): 23.38 (-6.22% D/D)
Crude oil (USD/bbl): 20.46 (-4.88% D/D)
Gold (USD/oz): 1,646.50 (-0.4595% D/D)
SPI inflation down 1.25 percent WoW
The SPI inflation during the week that ended March 26 against March 19 witnessed a reduction of 1.25 percent for combined income groups, ie, from 129.72 points to 128.10 points, the Pakistan Bureau of Statistic (PBS) revealed.
Current Calendar Year: Capital market witnesses $126.524m outflow of FIPI
The offshore investors are continuously withdrawing their investments from the Pakistan Capital Market as an outflow of $126.524 million of foreign investors portfolio investment (FIPI) was seen during the current calendar year.
Loses 6pc vs $ in inter-bank market
The rupee dipped by 6 percent or Rs 6 in terms of the dollar in the inter-bank market during the week, ended on March 27, 2020.
PM to unveil roadmap today
Prime Minister Imran Khan will address the nation on Monday (today) regarding the latest situation due to coronavirus outbreak in the country.
Govt likely to earmark Rs270bn in subsidies for FY21
The federal government is likely to earmark Rs270 billion under the head of ‘subsidies’ for the next fiscal year (FY2020-21), Pakistan Today has learnt.
PM Imran Khan defers increase in gas tariff
Prime Minister Imran Khan on Friday deferred the gas tariff revision as per the agreement with IMF and instead asked the SNGPL and SSGC to address the cross cutting issues, corruption and line losses in the system and adopt austerity.
Power Division proposes govt to freeze power tariff
In a bid to ward off negative impact of coronavirus on consumers, the Power Division has proposed to the government to freeze electricity tariff for next six months with effect from April to September 30, 2020, The News has learnt.
Govt urged to defer CNIC condition on sale of goods
Convener of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) standing committee on Sales Tax and Chairman Indenters Association of Pakistan (IAOP), Saquib Fayyaz Magoon, has urged the federal government to defer Computerized National Identity Card (CNIC) condition for 6 months on sale of goods to unregistered persons in view of the current economic situation created after COVID-19 pandemic.
IMF hints at helping Pakistan to fight off corona impact
The International Monetary Fund has announced that it would consider Islamabad’s request for financial assistance under IMF’s Rapid Financing Instrument (RFI) facility to shore up the country’s foreign exchange reserves and budgetary support in the wake of the adverse impact of the coronavirus pandemic on its economy.
US places Pakistan on high-priority list for Covid-19 assistance
The United States has placed Pakistan among the high-priority countries that will receive US assistance for curbing the outbreak of the deadly coronavirus, a senior American official said.
LNG deal with Qatar: Govt under pressure to declare force majeure
Federal Government is under pressure to declare force majeure in its liquefied natural gas (LNG) deal with Qatar following a sharp decline in gas demand in the wake of lockdown due to coronavirus spread, sources said.
CNG owners urge govt to announce relief package
Owners and dealers of Compressed Natural Gas (CNG) here demanded of the government and Prime Minister Imran Khan to announce special financial relief package as the CNG sector also adversely affected due to outbreak of coronavirus.
Govt may exercise force majeure against IPPs, opine experts
The federal government can exercise the clause of force majeure against Independent Power Producers (IPPs) to pull the power sector out of pressure due to outbreak of COVID-19 in the country, said power sector experts.
Ministry of Petroleum Ordered to Enhance Storage Capacity for Fuel
The Cabinet Committee on Energy (CCOE) was apprised on Friday that sufficient stocks of all petroleum products are available in the country, however, due to the pandemic, petroleum products have witnessed a sharp decline in demand.
Government puts off sale of assets
The federal government has put on hold the sale of nearly two and a half dozen state-owned immovable properties and the remaining privatisation transactions will be completed after the global economy recovers from the impact of the novel coronavirus outbreak.
Mari to continue its exploration, drilling and production operations
Mari Petroleum has expressed its commitment to continue its exploration, drilling and production operations without any disruption, while at the same time adopting the precautionary measures to ensure safety of its workforce amidst spread of COVID-19.
Petroleum Division says POL prices to remain intact for April
The government on Friday made it clear that oil prices would remain unchanged for the month of April this year.
Pakistan Energy Sukuk-II of Rs200bn
Independent Power Producers Association (IPPA) has urged Power Division to expedite Pakistan Energy Sukuk-II of Rs 200 billion to clear sizeable overdue amounts of IPPs which are on the verge of default, well informed sources told Business Recorder.
Cabinet body directs NEPRA to perform circular debt audit
The Cabinet Committee on Energy (CCOE) on Friday directed the power sector regulator to audit the circular debt figures in order to determine the reality of the claim of improvement in the past one year.
Govt allocates Rs23bln energy subsidy for exporters
Government has earmarked Rs23 billion as subsidy to bear all the main levies on electricity bills of exporters while extending concessionary tariff of 7.5 US cents per unit for them up to June-end this year, it emerged on Friday.
Stakeholders lambast Pakistan’s new EV policy draft
Electric vehicle stakeholders in the country have lambasted the new electric vehicle policy draft citing that it will create hurdles for electrical vehicles instead of paving way for their introduction in Pakistan.
PIA among carriers at risk of going bankrupt
As air travel comes to a standstill with countries locked down to fight the coronavirus pandemic, there are many airlines in the world which are at risk of going bankrupt in the near future.
Economic activities continue as some countries take orders
Pakistan has managed to let some economic activities continue, including exports, as the world’s largest retail chain Costco in the US has continued to take supplies and many Asian countries remains operational amid lockdown in many states in the US and Europe.
Borders closure extended for two weeks
Special Assistant to Prime Minister on Health Dr Zafar Mirza has said the tally of confirmed coronavirus cases on Saturday rose to 1,500 with 12 deaths across the country, giving Pakistan a 0.8 per cent mortality rate that is lower than many other parts of the world including some developed countries.
We have entered recession, says IMF chief
The coronavirus pandemic has driven the global economy into a downturn that will require massive funding to help developing nations, IMF chief Kristalina Georgieva said Friday.
Japan stocks drop 3% as investors assess economic impact of coronavirus pandemic
Stocks in Asia fell in morning trade on Monday as investors continue to assess the economic impact of the global coronavirus pandemic that continues to spread rapidly.
Crude oil futures slide as pandemic darkens demand outlook
Crude oil benchmarks dropped on Monday, extending last week’s losses as the global coronavirus pandemic worsened and the Saudi Arabia-Russia price war showed no signs of abating.