Daily news: 7th July 2020

Good Morning

After posting decrease for three consecutive months, cement dispatches increased by 29.94 percent in June 2020 to 4.623 million tons from 3.557 million tons in June 2019, ending the fiscal year 2019-20 on a positive note. The Sukkur-Hyderabad Motorway project at the cost of Rs182.5 billion, along with N-25 Karachi-Quetta Road worth approximately Rs200 billion, and Mianwali-Muzaffargarh Road valued at approximately Rs100 billion, are being processed for implementation under the public-private partnership mode. The Prime Minister (PM) Imran Khan has directed the Ministry of Commerce (MoC) to present the next five year trade policy by July 10.

Market View: The KSE100 Index gained 151.39 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): 42.90 (-0.58% D/D)

Crude oil (USD/bbl): 40.41 (-0.59% D/D)

Gold (USD/oz): 1,788.10 (-0.11% D/D)

National News

Public-private partnership: Three mega-road projects worth over Rs 480 billion under implementation

ISLAMABAD: The Sukkur-Hyderabad Motorway project at the cost of Rs182.5 billion, along with N-25 Karachi-Quetta Road worth approximately Rs200 billion, and Mianwali-Muzaffargarh Road valued at approximately Rs100 billion, are being processed for implementation under the public-private partnership mode.

https://www.brecorder.com/news/40003305/public-private-partnership-three-mega-road-projects-worth-over-rs-480-billion-under-implementation

PSX, MUFAP appreciate ‘long overdue’ capital market reforms, urge govt to do more

KARACHI: In a joint statement released on Monday, the Pakistan Stock Exchange (PSX) and the Mutual Funds Association of Pakistan (MUFAP) appreciated the government and the regulator for what it dubbed ‘long-overdue’ capital market reforms, while also pointing out further reforms that need implementation.

Cement dispatches increase by 29.94pc after three months

LAHORE: After posting decrease for three consecutive months, cement dispatches increased by 29.94 percent in June 2020 to 4.623 million tons from 3.557 million tons in June 2019, ending the fiscal year 2019-20 on a positive note.

https://epaper.brecorder.com/2020/07/07/12-page/843470-news.html

Housing, construction, development: PM forms national coordination committee

ISLAMABAD: Prime Minister Imran Khan on Monday constituted the National Coordination Committee on Housing, Construction and Development in order to coordinate and facilitate the government’s policy to promote construction and development-related activities especially affordable housing projects for the low-income segment of the society as envisaged in the Naya Pakistan Housing Programme (NPHP).

https://www.brecorder.com/news/40003359/housing-construction-development-pm-forms-national-coordination-committee

Unbudgeted subsidy of Rs969m extended to RLNG fertiliser plants

ISLAMABAD: Shortly after the passage of the budget, the Economic Coordination Committee has approved an unbudgeted subsidy of Rs969 million to restart the RLNG-based fertiliser plants of Agritech and Fatima Fertilizer.

OICCI Security Survey 2020: Foreign investors upbeat about improved security environment

KARACHI: Overseas Investors Chamber of Commerce and Industry (OICCI), the largest chamber in terms of economic contribution and representing top 200 foreign investors in Pakistan, has released the results of its latest Annual Security Survey 2020, covering feedback on the security environment from July 2019 to June 2020.

https://www.brecorder.com/news/40003360/oicci-security-survey-2020-foreign-investors-upbeat-about-improved-security-environment

PM directs MoC to present five-year trade policy by July 10

ISLAMABAD: The Prime Minister (PM) Imran Khan has directed the Ministry of Commerce (MoC) to present the next five year trade policy by July 10.

New govt body extensively engaged with IPPs

ISLAMABAD: The newly-constituted committee headed by Chairman Federal Land Commission , Babar Yaqoob Fateh Muhammad, is extensively engaged with the Independent Power Producers (IPPs) to de-draft Power Purchase Agreements (PPAs) aimed at getting maximum relief, well-informed sources told Business Recorder.

https://www.brecorder.com/news/40003361/new-govt-body-extensively-engaged-with-ipps

Wheat, wheat flour: PM asks provinces, ministry to ensure uniform prices

ISLAMABAD: Prime Minister Imran Khan has said he has directed the Ministry of National Food, Security and Research, and the provinces to ensure provision and availability of wheat and flour in all the provinces at uniform price as it was need of every citizen, and has directed the provinces to make sure free inter-province movement of wheat.

https://www.brecorder.com/news/40003363/wheat-wheat-flour-pm-asks-provinces-ministry-to-ensure-uniform-prices

Textile millers fear production losses amid power outages, low gas pressure

LAHORE: All Pakistan Textile Mills Association (APTMA)-Punjab Chairman Adil Bashir has said that frequent power outages and inadequate supply of gas were causing serious problems for the manufacturing units of the province.

Companies Act, 2017, Limited Liability Partnership Act, 2017: Amendments to be approved by cabinet today

ISLAMABAD: The federal cabinet, which is scheduled to meet on Tuesday (today) will approve amendments in Companies Act, 2017 and Limited Liability Partnership Act, 2017 aimed at meeting requirements of Financial Action Task Force (FATF).

https://www.brecorder.com/news/40003362/companies-act-2017-limited-liability-partnership-act-2017-amendments-to-be-approved-by-cabinet-today

11MFY20: Pakistan’s deficit in services trade narrows 41.6pc to $2.7bn

ISLAMABAD: Owing to the coronavirus-led lockdown, Pakistan’s services’ exports declined by 16.72pc YoY to $389.99 million in May 2020, as against $468.27 in May last year.

International News

Oil prices inch higher on output cut support, but U.S. coronavirus spike caps gains

Oil prices cautiously rose in early trade on Tuesday with major producers sticking to supply cuts, but gains were capped as U.S. coronavirus cases surged, potentially hampering a recovery in fuel demand.

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

Gold firms to near 8-year peak as virus concerns boost demand

Gold prices edged higher on Tuesday, hovering near an eight-year high, as concerns over surging coronavirus cases around the world kept bullion’s safety demand elevated.

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

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