Daily news:08th May 2020

Good Morning

The government has decided to soften the lockdown further from Saturday in the second phase. However, closure of educational institutes has been extended by one and half months till July 15, and all board exams have been cancelled. The Oil and Gas Regulatory Authority (Ogra) on Thursday cut the prices of re-gasified liquefied natural gas (RLNG) to $1.84 per mmbut for SNGPl May and $1.806 per mmbtu for end consumers of the Sui Southern Gas Company (SSGC) over previous month. The foreign exchange reserves held by the central bank increased 2.15% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.

Market View: The KSE100 Index lost 424 points on Thursday, ending the session at 33,304.16 points. We expect the market to remain range bound in the upcoming session as COVID19 cases have stated creeping up in the country. However, easing of lockdown restrictions might contribute positively to investor’s sentiment. 

Commodities:

Brent oil (USD/bbl): 29.79 (+1.12% D/D)
WTI Crude oil (USD/bbl): 23.83 (+1.19% D/D)
Gold (USD/oz): 1,726.40 (+0.0348% D/D)

National News

Lockdown to be eased; virus cases rise

The government has decided to soften the lockdown further from Saturday in the second phase.

However, closure of educational institutes has been extended by one and half months till July 15, and all board exams have been cancelled.

https://www.brecorder.com/2020/05/08/595357/lockdown-to-be-eased-virus-cases-rise/

Prices of RLNG slashed for May

The Oil and Gas Regulatory Authority (Ogra) on Thursday cut the prices of re-gasified liquefied natural gas (RLNG) to $1.84 per mmbut for SNGPl May and $1.806 per mmbtu for end consumers of the Sui Southern Gas Company (SSGC) over previous month.

https://www.brecorder.com/2020/05/08/595338/prices-of-rlng-slashed-for-may/

Secured Transactions Registry launched

Advisor to the Prime Minister on Finance Dr Abdul Hafeez Shaikh on Thursday formally launched the Secured Transactions Registry (STR), saying that it would broaden the scope of assets and help banks to expand their lending portfolios.

https://www.brecorder.com/2020/05/08/595348/secured-transactions-registry-launched/

Government to provide cash flow assistance to MSMEs in three areas

The federal government is planning to provide cash flow assistance to Micro, Small & Medium Enterprises (MSMEs) in three types of areas – loss of investment, fixed assets and clearance of pending payments to restart businesses.

https://www.brecorder.com/2020/05/08/595340/government-to-provide-cash-flow-assistance-to-msmes-in-three-areas/

FPCCI proposes setting up of ‘used vehicles EPZ’ in Karachi or Gwadar

The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has proposed that “used vehicles EPZ” be set up in Karachi, Port Qasim or Gwadar and import of both right-hand and left-hand drive vehicles may be allowed under this EPZ for their export to different countries.

https://www.brecorder.com/2020/05/08/595344/fpcci-proposes-setting-up-of-used-vehicles-epz-in-karachi-or-gwadar/

China, US, EU step up funding to Pakistan

ISLAMABAD: As Pakistan marks over 24,000 confirmed cases of Covid-19 with the death toll doubling, Thursday saw immense financial support from the international capitals. China, the European Union, and the United State stepped up contributions in millions of dollars.

https://www.thenews.com.pk/print/655732-china-us-eu-step-up-funding-to-pakistan

Refineries seek deferment of monthly PDL payment for six months

ISLAMABAD: Pakistan’s five refineries have braved mammoth inventory losses of Rs25.849 billion in just two months of March and April 2020 due to Covid-19’s adverse impact on oil industry across the world and more damage is also on the cards in the next two months of May and June, 2020. The refineries also told the government if they were not compensated, their survival will be at stake.

https://www.thenews.com.pk/print/655703-adverse-impact-of-covid-19-refineries-seek-deferment-of-monthly-pdl-payment-for-six-months

IMF projects govt debt at 78.3pc of GDP

ISLAMABAD: The International Monetary Fund (IMF) has projected total government net debt at 78.3 percent of the GDP for 2020 against 75.2 percent in 2019 that is an increase of 3.1 percent of the GDP.

https://epaper.brecorder.com/2020/05/08/1-page/836261-news.html

Kuwait supports PM Imran’s call for global debt relief initiative

ISLAMABAD: While appreciating Pakistan’s efforts in combating challenges posed by the novel coronavirus (Covid-19), Kuwait extended its support for Prime Minister Imran Khan’s call for global initiative for debt relief for developing countries.

https://tribune.com.pk/story/2216359/1-kuwait-supports-pm-imrans-call-global-debt-relief-initiative/

Foreign exchange: SBP reserves rise $259m to $12.33b

The foreign exchange reserves held by the central bank increased 2.15% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.

https://tribune.com.pk/story/2216319/2-foreign-exchange-sbp-reserves-rise-259m-12-33b/

PM discusses challenges of developing countries to save lives from COVID-19 with Nigerian President

ISLAMABAD: Prime Minister Imran Khan on Thursday held a telephonic conversation with President Muhammadu Buhari of Nigeria, and highlighted exceptional challenge faced by developing countries to save lives from COVID-19 as well fighting poverty and hunger.

https://www.brecorder.com/2020/05/08/595188/pm-discusses-challenges-of-developing-countries-to-save-lives-from-covid-19-with-nigerian-president/

PM wants to raise $15bn thru sale of unutilized govt land

ISLAMABAD: Prime Minister Imran Khan has reportedly expressed his intention to raise $ 15 billion from the sale of 100,000 plots of land to overseas Pakistanis across Pakistan at a price of $ 150,000 each, well informed sources told Business Recorder.

https://epaper.brecorder.com/2020/05/08/1-page/836262-news.html

Shazad G Dada appointed as UBL President, CEO

The outgoing Chief Executive Officer (CEO) of Standard Chartered Bank, Shazad G Dada has been appointed as President and CEO of United Bank Limited.

https://www.brecorder.com/2020/05/07/595110/shazad-g-dada-appointed-as-ubl-president-ceo/

IMC announces interest-free support package

KARACHI: Indus Motor Company (IMC) has announced interest-free support package for dealers and vendors.According to details, the nationwide lock-down has severely impacted the auto sector of Pakistan especially the vendors and dealers. With stagnated revenue generation activities, they are still bearing overhead costs and expenses including salaries of staff and debt servicing.

https://epaper.brecorder.com/2020/05/08/16-page/836376-news.html

International News

Oil gains on hopes that easing of coronavirus curbs will trigger demand boost

Oil prices rose on Friday as more countries began easing lockdowns set in place to stop the coronavirus spreading, giving hope that demand for fuels will pick up after the economic devastation caused by the pandemic.

https://www.cnbc.com/2020/05/08/oil-markets-coronavirus-easing-lockdowns-crude-demand-in-focus.html

Gold eases on firmer equities, focus on US jobs data

Gold eased on Friday as appetite for riskier assets improved after a string of strong corporate earnings, while investors awaited the U.S. jobs report for April to gauge the economic impact of coronavirus-induced restrictions.

https://www.cnbc.com/2020/05/08/gold-markets-equities-us-jobs-data-in-focus.html

Virus origin debate risks reigniting trade tensions; record job losses expected in US

A reignition in U.S.-China trade tensions would be the “the last thing” anyone needs when the world is already reeling from the economic impact of the coronavirus pandemic, said JPMorgan Asset Management’s Alexander Treves.

https://www.cnbc.com/2020/05/08/coronavirus-live-updates-asia-europe.html

Published
Categorised as News

Leave a comment

Your email address will not be published. Required fields are marked *