The International Monetary Fund plans on providing Pakistan $1.4 billion by next week to improve the country’s financial situation as it fights coronavirus, Arab News reported on Wednesday. The Economic Coordination Committee (ECC) of the Cabinet on Thursday (today) is likely to approve issuance of long-awaited Pakistan Energy Sukuk-II worth Rs 200 billion to clear some receivables of power sector entities which is on the brink of default, well informed sources told Business Recorder. Treasury bills yields fell across the board at an auction on Wednesday as the market ratcheted up bets the central bank will be pressed to further cut interest rate to support economy from the spread of the coronavirus. The cut-off yield for three-month T-bills fell 40 basis points to 10.90 percent. The six-month papers cut-off yield was down 100 bps at 10.30 percent, while the yield on 12-month paper fell 122 bps to 9.65 percent.
Market View: The KSE100 Index lost 260.28 points during yesterday’s session and closed at 30,971.27points. We expect the market to remain range bound in the upcoming session. However, news flows from major European economies entering into deep recession could negatively impact investor’s sentiment.
Brent Crude oil (USD/bbl): 33.34 (+1.52% D/D)
WTI Crude oil (USD/bbl): 25.97 (+3.42% D/D)
Gold (USD/oz): 1,684.50 (-0.019% D/D)
IMF to provide Pakistan $1.4 billion to stabilise economy amid coronavirus crisis
The International Monetary Fund plans on providing Pakistan $1.4 billion by next week to improve the country’s financial situation as it fights coronavirus, Arab News reported on Wednesday.
ECC likely to approve Sukuk-II issuance
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Thursday (today) is likely to approve issuance of long-awaited Pakistan Energy Sukuk-II worth Rs 200 billion to clear some receivables of power sector entities which is on the brink of default, well informed sources told Business Recorder.
Rs144bn to be distributed among 12mn poor families during next two and half weeks: PM
ISLAMABAD: Prime Minister Imran Khan Wednesday said the government would distribute a total of Rs 144 billion among 12 million poor families, affected by the ongoing lock-down in the wake of Coronavirus pandemic across the country, during the next two and half weeks.
Refund payments: ‘Queue’ system not being properly followed
After replacement of the FASTER system with “queue” system for refund payments, certain field formations of the Federal Board of Revenue (FBR) are not following queue in processing of sales tax refunds to the exporters under the prime minister’s package for the business community.
Treasury bills yields fall sharply
KARACHI: Treasury bills yields fell across the board at an auction on Wednesday as the market ratcheted up bets the central bank will be pressed to further cut interest rate to support economy from the spread of the coronavirus.The cut-off yield for three-month T-bills fell 40 basis points to 10.90 percent. The six-month papers cut-off yield was down 100 bps at 10.30 percent, while the yield on 12-month paper fell 122 bps to 9.65 percent.
K-Electric defers payment of March bills by a month
ISLAMABAD: On the directives of National Electric Power Regulatory Authority (NEPRA), K-Electric has deferred the payment of March electricity bills by a month, as the company had issued the bills on average basis without taking proper meter readings.
PSX completes pilot run of new surveillance system
Pakistan Stock Exchange (PSX) has integrated and successfully completed the pilot run of the surveillance system in the last week of March 2020 in close coordination with the SECP.
Fit and proper criteria: SECP nod mandatory before appointment of directors
The Securities and Exchange Commission of Pakistan (SECP) will make mandatory for securities exchange, clearing house and central depository to obtain clearance from the commission, on the fit and proper of the directors prior to their appointment or election, on the board of directors. The SECP has issued SRO 292 (I)/2020 here on Wednesday to issue draft amendments to the Central Depositories (Licensing and Operations) Regulations, 2016.
FBR directs steel melters, re-rolling mills to submit actual figures
ISLAMABAD: The Federal Board of Revenue (FBR) has directed steel melting and re-rolling mills to submit consumer number of electricity meters and electricity units consumed during month (kWh) to collect actual excise duty in sales tax mode payable and verify electricity consumption with the distribution companies (DISCOs).
Crude futures climb ahead of OPEC+ meeting
Crude futures rose on Thursday on expectations the world’s largest oil producers would agree to cut production at a meeting later in the day as the industry grapples with the coronavirus-driven collapse in global oil demand.Brent crude futures rose 2.5%, or 81 cents, to $33.65 as of 0034 GMT after touching a high of $33.90, adding to gains in the previous session.U.S. West Texas Intermediate (WTI) crude futures were up 4.3%, or $1.08, at $26.17, having climbed as much as 6%.
UK, France, Germany hit by worst recession
ISLAMABAD: The coronavirus pandemic is battering the world’s major economies such as the UK, France, Germany and could trigger the deepest global recession in generations, experts warned Wednesday, as rising death tolls in Europe and the US dampened hopes for a quick turnaround.
Gold inches up on weak dollar, pandemic peaking hopes cap gains
Gold prices rose slightly on Thursday ahead of a U.S. weekly jobless claims report as the dollar inched lower, while increasing appetite for risk on hopes that the new coronavirus pandemic is nearing a peak limited the metal’s upside.