The Supreme Court of Pakistan has ordered Shaheen Air to submit twenty million rupees as compensation in the court.
The court was hearing a suo moto case regarding the stranded passengers of the airline in China.
During the hearing, Chief Justice Mian Saqib Nisar said that the court will fix the compensation amount that shall be paid to the affected passengers.
He directed the airline to ensure payment of the amount within a week.
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Nov 22, 2019 (MNL): The KSE-100 exchange recuperated the losses incurred in the previous session, as it gained around 812 points on Friday and closed at 37,944-level.
The sentiments in the market were driven by the expectation that the State Bank of Pakistan, along with keeping the policy rate unchanged, will reduce the statutory liquidity ratio (SLR).
Furthermore, the market performed relatively better as there was no selling by Mutual Funds today, as opposed to yesterday wherein the latter sold securities worth $5.1 million.
The Index traded in a range of 994.62 points or 2.68 percent of previous close, showing an intraday high of 37,949.83 and a low of 36,955.21.
Of the 95 traded companies in the KSE100 Index 84 closed up 10 closed down, while 1 remained unchanged. Total volume traded for the index was 166.29 million shares.
Sectors propping up the index were Commercial Banks with 203 points, Fertilizer with 134 points, Oil & Gas Exploration Companies with 130 points, Cement with 88 points and Power Generation & Distribution with 43 points.
The most points added to the index was by ENGRO which contributed 57 points followed by FFC with 54 points, HBL with 50 points, LUCK with 47 points and PPL with 44 points.
Sector wise, the index was let down by Miscellaneous with 3 points, Tobacco with 1 points, Real Estate Investment Trust with 1 points and Textile Spinning with 1 points.
The most points taken off the index was by SHFA which stripped the index of 3 points followed by SPWL with 3 points, PMPK with 1 point, DCR with 1 point and IDYM with 1 point.
All Share Volume increased by 10.47 Million to 243.04 Million Shares. Market Cap increased by Rs.131.83 Billion.
Total companies traded were 374 compared to 384 from the previous session. Of the scrips traded 299 closed up, 63 closed down while 12 remained unchanged.
Total trades decreased by 1,928 to 80,051.
Value Traded increased by 0.02 Billion to Rs.8.12 Billion
| Company | Volume |
|---|---|
| TRG Pakistan | 24,472,000 |
| Pak Elektron | 20,625,000 |
| The Bank of Punjab | 15,415,500 |
| Pakistan Telecommunication Company Ltd | 10,928,500 |
| K-Electric | 7,710,500 |
| Ittefaq Iron Industries | 6,555,500 |
| Maple Leaf Cement Factory | 6,292,000 |
| Pakistan International Bulk Terminal | 6,019,000 |
| International Steels | 5,553,500 |
| Amreli Steels | 5,445,000 |
| Sector | Volume |
|---|---|
| Technology & Communication | 44,721,000 |
| Commercial Banks | 28,749,200 |
| Cement | 26,044,200 |
| Engineering | 22,998,800 |
| Cable & Electrical Goods | 21,647,700 |
| Power Generation & Distribution | 10,189,000 |
| Chemical | 9,699,900 |
| Transport | 9,515,100 |
| Oil & Gas Marketing Companies | 7,820,800 |
| Fertilizer | 7,529,500 |
Copyright Mettis Link News
November 22, 2019 (MLN): The Monetary Policy Committee of State Bank of Pakistan has decided to maintain the status quo by keeping the Policy Rate unchanged at 13.25%.
A meeting of the Monetary Policy Committee took place in Karachi today, whereby the committee decided upon the aforementioned action.
The outcome of the meeting was in line with market expectations, wherein several brokerage houses predicted the policy rate to remain at 13.25%.
Copyright Mettis Link News
November 22, 2019: The trade ties between Pakistan and the United States are set to witness a new record this year as U.S. President Donald Trump and Prime Minister Imran Khan reaffirmed commitment for a stronger relationship, the White House said on Friday.
"The two leaders reaffirmed their commitment to strengthening the United States-Pakistan trade relationship, which is on track to set a new record this year, as well as investment and people-to-people ties between our countries,” White House Deputy Press Secretary Judd Deere said in a statement following the telephonic conversation between the two leaders that took place Thursday evening.
The relationship between Pakistan and the U.S. entered into a fresh phase of rejuvenation after Prime Minister Imran Khan assumed his office last year. Later, the meeting between Imran Khan and President Trump in Washington this July gave a positive dimension to the otherwise roller-coaster bilateral ties as the discussion featured Trump's mediation offer on Kashmir.
In a joint press conference at White House the same day, Prime Minister Imran Khan informed President Trump of a "good news" in the offing, which was interpreted by media as related to the release of an American and an Australian professors abducted by Taliban in Kabul, Afghanistan two and a half years ago.
After the release of two professors this week, President Trump called to thank Imran Khan in view of facilitation extended by Pakistan.
“President Donald J. Trump spoke with Prime Minister Imran Khan of Pakistan. He thanked the Prime Minister for Pakistan’s support for the recovery of American hostage Kevin King and Australian hostage Timothy Weeks," the PM Office statement said after the phone call.
The PM Office said: "President Trump hopes this positive development will contribute to furthering the peace process in Afghanistan," adding that he also thanked the Prime Minister for Pakistan’s efforts in facilitating this positive outcome.
Prime Minister Imran Khan conveyed that the release of Western hostages in Afghanistan was a "positive development and Pakistan was happy that they were safe and free."
The Prime Minister re-affirmed Pakistan’s commitment to the advancement of Afghan peace and reconciliation process for a peaceful and stable Afghanistan. Both leaders agreed to continue to work together for the promotion of this shared objective.
The Prime Minister apprised President Trump of the current situation in Indian Occupied Jammu and Kashmir, underscoring that over eight million people remained under siege for over 100 days.
Appreciating President Trump’s continued engagement as well as mediation offer, Prime Minister Imran Khan stressed that the President must continue his efforts for facilitation of a peaceful solution of the Jammu and Kashmir dispute.
Recalling their conversations in Washington and New York, the two leaders agreed to deepen bilateral collaboration, including at relevant multilateral fora.
The two leaders further agreed to remain in close contact, according to PM Office.
To recall, the total Exports from Pakistan as per Balance of Payment (BOP) during the Jul-Oct FY20 amounted to $8.2 billion, as against $7.9 billion in Jul-Oct FY19. This resulted in an increase of 3.35% YoY during the period under review.
APP
November 22, 2019 (MLN): Pakistani rupee (PKR) appreciated by 4 paisa against US Dollar (USD) in today's interbank session as the currency closed the day's trade at PKR 155.29 per USD, against yesterday's closing of PKR 155.34 per USD.
The rupee traded within a very narrow range of 9 paisa per USD showing an intraday high bid of 155.31 and an intraday Low offer of 155.24.
During the week, the currency has gained 10 paisa against the greenback, as the previous week was concluded at PKR 155.39 per USD.
Within the Open Market, PKR was traded at 155/155.65 per USD.
Meanwhile, the currency gained 87 paisa against the Pound Sterling as the day's closing quote stood at PKR 200.22 per GBP, while the previous session closed at PKR 201.09 per GBP.
Similarly, PKR's value strengthened by 59 paisa against EUR which closed at PKR 171.65 at the interbank today.
On another note, within the money market, the State Bank of Pakistan (SBP) conducted an Open Market Operation in which it injected Rs.649.9 billion for 7 days at 13.29 percent.
The overnight repo rate towards close of the session was 13.25/13.30 percent, whereas the 1 week rate was 13.20/13.30 percent.
Copyright Mettis Link News
November 22, 2019: Crude oil prices were down at trade opening on Friday due to China's strong stance taken against the U.S. in its talks of fighting back, and which resulted in the souring of trade tensions between the two countries.
Chinese President Xi Jinping stated his country did not start the trade war, which he said it wants to work out with the U.S., but stressed that China could "fight back."
"This [trade war] is not something we want ... We want to work for a Phase 1 agreement on the basis of mutual respect and equality.
"We don’t want to start a trade war, but we are not afraid. When necessary we will fight back, but we have been working actively to try not to have a trade war," he said.
The prolonged Sino-American trade war continues to lower confidence in global markets and has a knock on effect of threatening global investments.
The lowering of global economic growth forecasts have negatively impacted overall oil consumption estimates for next year and put a downward pressure on crude prices.
International benchmark Brent crude was trading at $63.61 per barrel at 0700 GMT on Friday with a 0.08% decline after it closed Thursday at $63.66 a barrel.
American benchmark West Texas Intermediate was at $58.16 a barrel at the same time for a 0.33% loss after ending the previous session at $58.35 per barrel for trade invoicing in currencies other than the U.S. dollar and having the technological capabilities to support this may become a competitive edge for companies, added UBS in the report.
APP
