Canada has agreed to invest $ 100 million in solar power generation sector in Khyber Pakhtunkhwa (KP).
Official sources told Radio Pakistan that 1,000 megawatts electricity will be produced by a Canadian firm.
A Memorandum of Understanding (MoU) between the Canadian Commercial Corporation and KP government has been signed for this purpose.
This electricity will be provided to industrial zones in the province to enhance industrial production.
July 07, 2020: Considering the fact that COVID-19 pandemic is continuing to stress the cash flow of small and medium sized businesses and households, SBP has decided to extend the Deferment of Principal Amount facility up till 30th September 2020.
This facility will however be available for Small & Medium Enterprise Financing, Consumer Financing, Housing Finance, Agriculture Finance and Micro financing only. The facility is not being extended to corporates and commercial borrowers since a significant amount of their loans and advances has already been deferred. It is expected that more businesses and households, who were not able to avail the facility, will benefit from this extension.
On March 26th 2020, amid growing concerns about the potential economic impact of the COVID–19 pandemic, State Bank of Pakistan (SBP) with the collaboration of Pakistan Banks Association (PBA) announced a comprehensive set of measures to help businesses and households to manage their finances. Among these, a key measure was the deferment of principal amount of loans and advances by banks and DFIs. Under this facility, businesses and households could request for the deferment of their loans and advances for a period of one year, albeit continuing to service the mark-up amount.
The measure also ensured that the deferment of principal will not affect borrower’s credit history and such facilities will not be reported as restructured/rescheduled in the credit bureau’s data. This measure proved extremely helpful for borrowers and is evident from the fact that up till 3rd July 2020, banks deferred Rs. 593 billion of principal amount of loans of over 359 thousand borrowers. A very large number of borrowers— 95 percent of total beneficiaries of this scheme, as of July 3, 2020 have been small borrowers including SMEs, consumer finance, and microfinance.
Press Release
July 07, 2020: The price of 24 karat gold increased by Rs 1000 on Tuesday and was traded at Rs 105,900 as against its trading at Rs 104,900 the previous day, Karachi Sarafa Association reported.
Likewise, the price of 10-gram gold also witnessed an increase of Rs 857 and was trade at Rs 90,792 against its sale at Rs 89,935.
The price of per tola silver remained stable and was trade at Rs 1050 and that of 10-gram silver was recorded at Rs 900.20.
In the international market, the price of per ounce gold remained unchanged at $1776, Karachi Sarafa Association reported.
APP
July 7, 2020 (MNL): The KSE-100 index marked its eighth consecutive stay in the green district due to the rise in international stock markets, and ultimately closed at 35,373.35 level after gaining 170.58 points
According to Ismail Iqbal Securities, the market continued to be surrounded by positive sentiments on the back of drop in the cases of COVID-19 infections. Moreover, the increase in liquidity due to lower investment returns on fixed income assets also contributed to the upliftment of local equities.
The Index remained positive throughout the session touching an intraday high of 35,474.82
Of the 99 traded companies in the KSE100 Index 60 closed up 32 closed down, while 7 remained unchanged. Total volume traded for the index was 241.07 million shares.
Sectors propping up the index were Commercial Banks with 61 points, Automobile Assembler with 43 points, Cement with 41 points, Pharmaceuticals with 25 points and Oil & Gas Exploration Companies with 15 points.
The most points added to the index was by INDU which contributed 23 points followed by BAFL with 20 points, UBL with 15 points, HINOON with 12 points and AICL with 11 points.
Sector wise, the index was let down by Power Generation & Distribution with 24 points, Fertilizer with 17 points, Food & Personal Care Products with 9 points, Tobacco with 5 points and Engineering with 4 points.
The most points taken off the index was by HUBC which stripped the index of 24 points followed by ENGRO with 16 points, NESTLE with 10 points, TRG with 9 points and EFERT with 7 points.
All Share Volume increased by 1.64 Million to 333.89 Million Shares. Market Cap increased by Rs.29.53 Billion.
Total companies traded were 394 compared to 380 from the previous session. Of the scrips traded 207 closed up, 157 closed down while 30 remained unchanged.
Total trades increased by 10,866 to 127,034.
Value Traded increased by 1.04 Billion to Rs.12.21 Billion
| Company | Volume |
|---|---|
| Pak Elektron | 32,968,500 |
| Hascol Petroleum | 31,521,000 |
| Lotte Chemical Pakistan | 24,126,000 |
| Pakistan International Bulk Terminal | 23,509,500 |
| Maple Leaf Cement Factory | 19,875,500 |
| TRG Pakistan | 18,473,500 |
| Jahangir Siddiqui & Co. Ltd. | 15,845,500 |
| Pioneer Cement | 7,141,000 |
| Hum Network | 5,461,000 |
| The Bank of Punjab | 5,315,000 |
| Sector | Volume |
|---|---|
| Cement | 46,730,717 |
| Technology & Communication | 38,665,700 |
| Cable & Electrical Goods | 36,392,500 |
| Oil & Gas Marketing Companies | 36,205,012 |
| Chemical | 32,850,583 |
| Transport | 24,204,100 |
| Commercial Banks | 22,219,201 |
| Inv. Banks / Inv. Cos. / Securities Cos. | 19,263,300 |
| Automobile Assembler | 11,206,900 |
| Power Generation & Distribution | 10,732,678 |
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July 07, 2020: The Organic Meat Company Limited (TOMC), i.e. the leading exporter of halal meat from Pakistan and market leader in the value-added segment, has closed its Book Building successfully.
In spite of Corona led economic contraction, the investors’ response was far better than the expectations, with several leading local and foreign investors along with high net worth investors participating in the bidding.
The company has received total participation of Rs. 1,371,162,584 against an issue szize of Rs. 720,000,000 at the floor price of Rs. 18 per share. The issue has been oversubscribed by 1.9x.
The total investors participation in the Book Building of TOMCL were 136 out of which 95 became successful investors.
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July 7, 2020 (MLN): Advisor for Commerce, Textile, Industry and Production, and Investment of Pakistan, Abdul Razak Dawood has appreciated exporters for showing good performance during the Fiscal Year 2019-2020 as compared to the regional counterparts.
Taking to his twitter handle on Tuesday, he wrote: ‘I want to congratulate all our exporters on the good performance in 2019-20, in spite of the very challenging situation caused by COVID-19. Our exporters were only 6% less than 2019-20, while our regional countries Bangladesh was down 17% and India down by 14%.
Earlier this month, Abdul Razzak had lauded the exporters for their contribution to Pakistan’s economic recovery, due to their continued momentum and expansion of exports with new products and more geographical diversification. ‘Overall declining trend in exports, due to COVID, has been arrested’, he had said.
‘The good performance was also due to the timely lifting of the lockdown and the good coordination between Federal and Provincial agencies at the daily meetings of NCOC. Out Exporters deserve every praise for their effort, hard work and reaching out to out customers’, he added.
Pakistan has indeed showed resilience throughout the year, especially during the first two quarters of FY20, as compared to the previous years. The fourth quarter depicted a drastic fall in exports, mainly due to the disturbance in business activity by the Coronavirus.
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