March 25, 2020: After days of mounting pressure, Tokyo 2020 organizers bowed to the inevitable and postponed the Games to next year due to the rapidly spreading outbreak.
Now Japan faces the unenviable task of re-organizing the event with every aspect thrown into chaos, from venues to security and accommodation.
AFP/APP
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April 09, 2020 (MLN): Pakistan's Forex Reserves decreased by USD 399.30 Million or 2.3% and the total liquid foreign reserves held by the country stood at USD 16,988.20 Million on Apr 03, 2020.
According to data published by the State Bank of Pakistan (SBP) its reserves decreased by USD 463.10 Million This decline is attributed to external debt repayments of US$465 million. Reserves held by commercial banks, however, increased by USD 63.80 million.
| Foreign reserves held by | Apr 03, 2020 | Mar 27, 2020 | Change | % Change |
|---|---|---|---|---|
| State Bank of Pakistan | 10,722.50 | 11,185.60 | -463.10 | -4.14% |
| Net Foreign Reserves Held by Banks | 6,265.70 | 6,201.90 | 63.80 | 1.03% |
| Total Liquid Foreign Reserves | 16,988.20 | 17,387.50 | -399.30 | -2.30% |
Amount in USD Million
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April 09, 2020: The global coronavirus pandemic is causing an economic crisis unlike any in the past century and will require a massive response to help in the recovery, IMF chief Kristalina Georgieva said Thursday.
She warned that "global growth will turn sharply negative in 2020," with 170 of the International Monetary Fund's 180 members experiencing a decline in per capita income.
"In fact, we anticipate the worst economic fallout since the Great Depression."
Even in the best case, the IMF expects only a "partial recovery" next year, and she urged governments to provide "lifelines" for businesses and households to "avoid scarring of the economy that would make the recovery so much more difficult."
AFP/APP
April 9, 2020 (MLN): K-Electric Limited (KEL), the sole electricity provider in Karachi has unveiled its financial performance for the year ended June 2019 as per which the company has booked net profits of Rs 17.2 billion which was 40% higher than the profits of Rs 12.3 billion earned in the same period of last year.
The has reflected in KEL’s earnings per share which also rose by 40% YoY from Rs 0.45 per share to Rs 0.63 per share.
KEL’s profitability improved mainly on the back of upward tariff adjustment of worth Rs 97.4 billion compared to last year adjustment of Rs 32.9 billion and sustained progress in key financial indicators during the year.
The other important contributing factors towards improved financial results of the company were the marginal increase in company’s generation, transmission and distribution expenses and increase in sales of energy by Rs 7.5 billion.
Furthermore, the company also enjoyed a tax reversal of Rs 8.39 billion which further boosted KEL’s profitability.
Financial Results for the year ended June 30th, 2019 (Rs '000) | |||
|---|---|---|---|
| Jun-19 | Jun-18 | % change |
REVENUE |
|
|
|
sale of Energy-net | 191,674,571 | 184,155,557 | 4% |
Tariff adjustment | 97,444,499 | 32,970,950 | 196% |
| 289,119,070 | 217,126,507 | 33% |
COST OF SALES |
|
|
|
Purchase of Electricity | (95,153,398) | (77,454,783) | 23% |
Consumption of fuel and oil | (120,616,728) | (71,870,026) | 68% |
expenses incurred in generation, transmission and distribution | (22,642,835) | (22,504,522) | 1% |
| (238,412,961) | (171,829,331) | 39% |
GROSS PROFIT | 50,706,109 | 45,297,176 | 12% |
Consumers services and administrative expenses | (25,196,447) | (20,846,255) | 21% |
Impairment loss against trade debts | (12,873,209) | (13,843,173) | -7% |
Other operating expenses | (5,033,029) | (2,122,422) | 137% |
Other income | 7,563,950 | 8,470,214 | -11% |
| (35,538,735) | (28,341,636) | 25% |
PROFIT BEFORE FINANCE COST | 15,167,374 | 16,955,540 | -11% |
Finance cost | (6,284,677) | (3,236,292) | 94% |
PROFIT BEFORE TAXATION | 8,882,697 | 13,719,248 | -35% |
Taxation | 8,390,920 | (1,407,418) |
|
NET PROFIT FOR THE YEAR | 17,273,617 | 12,311,830 | 40% |
EARNING PER SHARE-BASIC AND DILUTED | 0.63 | 0.45 | 40% |
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April 09, 2020: PMEX Commodity Index finally bounced back from the bear market as it gained 487 points to close at 3,765 on Wednesday. The traded value of Metals, Energy and COTS/FX was recorded at PKR 5.047 billion and the number of lots traded was 13,282.
The major business was contributed by Gold amounting to PKR 2.100 billion, followed by Crude Oil (PKR 931.696 million), NSDQ 100 (PKR 570.029 million), DJ (PKR 480.787 million), Currencies through COTS (PKR 412.166 million), SP500 (PKR 161.944 million), Silver (PKR 116.724 million), Natural Gas (PKR 100.946 million), Platinum (PKR 86.027 million), Japan Equity (PKR 81.363 million) and Copper (PKR 5.687 million).
In agriculture commodities, 13 lots of Cotton amounting to PKR 5.849 million were traded.
Press Release
April 09, 2020 (MLN): The capital markets witnessed strong gains on Thursday, racking up 866 points in line with global equity markets while news of IMF to disburse an additional $1.43 billion to Pakistan to support the economic impact of COVID-19 improved investors’ sentiments.
Moreover, the hopes that the talk between OPEC and its allies for output cut and decline in T-Bills yields in yesterday’s auction remained the key upside triggers for the market.
The KSE-100 index closed at 31,837-mark i.e. 2.80% higher than the previous closing.
The Index remained positive throughout the session touching an intraday high of 32,009.88
Of the 97 traded companies in the KSE100 Index, 84 closed up 11 closed down, while 2 remained unchanged. The total volume traded for the index was 172.68 million shares.
Sectors propping up the index were Commercial Banks with 201 points, Oil & Gas Exploration Companies with 150 points, Fertilizer with 102 points, Cement with 94 points and Oil & Gas Marketing Companies with 67 points.
The most points added to the index were by PPL which contributed 52 points followed by FFC with 49 points, OGDC with 45 points, UBL with 45 points and PSO with 40 points.
Sector-wise, the index was let down by Tobacco with 11 points, Close - End Mutual Fund with 3 points and Sugar & Allied Industries with 1 point.
The most points taken off the index were by PAKT which stripped the index of 11 points followed by COLG with 3 points, HGFA with 3 points, GLAXO with 2 points and JDWS with 1 point.
All Share Volume increased by 35.51 Million to 216.51 Million Shares. Market Cap increased by Rs.120.58 Billion.
Total companies traded were 352 compared to 333 from the previous session. Of the scrips traded 276 closed up, 57 closed down while 19 remained unchanged.
Total trades increased by 13,738 to 90,962.
Value Traded increased by 2.65 Billion to Rs.8.55 Billion
| Company | Volume |
|---|---|
| Maple Leaf Cement Factory | 21,403,000 |
| Hascol Petroleum | 21,109,000 |
| Unity Foods | 12,418,000 |
| K-Electric | 11,128,500 |
| Pioneer Cement | 9,279,000 |
| Fauji Cement Company | 8,546,500 |
| Pak Elektron | 7,922,000 |
| The Bank of Punjab | 6,465,500 |
| Kohat Cement Company | 5,868,000 |
| Oil & Gas Development Company | 5,564,474 |
| Sector | Volume |
|---|---|
| Cement | 61,257,391 |
| Oil & Gas Marketing Companies | 27,291,225 |
| Commercial Banks | 16,650,132 |
| Technology & Communication | 14,677,100 |
| Power Generation & Distribution | 14,676,287 |
| Vanaspati & Allied Industries | 12,418,200 |
| Oil & Gas Exploration Companies | 10,180,037 |
| Cable & Electrical Goods | 8,045,300 |
| Food & Personal Care Products | 6,871,150 |
| Engineering | 6,701,900 |
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