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Ghani Global Glass all set to serve export and...

Aug 6, 2020 (MLN): As a part of the expansion plan, Ghani Global Glass has decided to set up another glass melting furnace for tube in view of growing demand for glass tubing, vials & ampoules and to meet forecasted export and local demands for COVID-19 vaccine.

It is worth highlighting that the production capacity of import substitute products will be 100% increased as a result of this expansion plan.

Yesterday, in the board meeting, the directors announced the approval of expansion plan and to raise certain funds through further issue of share capital.

In addition, the company decided to increase the authorized share capital of the company from Rs. 2 billion to Rs. 3 billion, as part of the investment, which is subject to approval by shareholders of the company.

Ghani Global Glass has successfully entered in export business with Bangladesh, Egypt (MENA), Argentina and Mexico. Despite recent lockdowns, due to worldwide spread of COVID- 19, the company is expecting improvement in export business.

The company is continuously improving its production and supply system through innovations and effective cost containment initiatives in order to respond global and local demand.

During FY19, the company succeeded to approve their products in multinational companies (MNCs), middle, and large-scale national companies to get a sizeable business in spite of numerous converters in market.

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Dolmen City REIT waives 35% rentals of Dolmen Mall...

August 6, 2020 (MLN): The Sub-Committee of the Board of Dolmen City REIT, after obtaining recommendations from Property Manager and the REIT Management Company, has deliberated on the strategy going forward and has decided to waive:

i) 35% rentals of the tenants having retail outlets in "Dolmen Mall Clifton" for the month of August 2020;

ii) Minimum rent will not be charged to tenants of "Dolmen Mall Clifton" for the month of August 2020 who are closed or have limited operations on government directives such as entertainment, children playing area and food outlets.

iii) 25% rentals of the tenants of "Harbour Front" for the month of August 2020.

According to the notice sent by the company to PSX, the above discount will not apply to operational tenants who are providing essential services such as supermarkets and banks. This measure will provide essential cash flow relief to tenant partners already affected by the closure of the business.

"Dolmen City REIT stands fully committed with its tenants and willing to extend maximum possible support to all of them during the ongoing pandemic. DCR's management makes every effort to work in close collaboration with our business partners and we can understand the economic challenges that are being faced by the organizations due to COVID-19”, the notification said.

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Global food prices rise for 2nd month in July

Aug 06, 2020: Global food prices this July rose for a second month in a row, driven by higher vegetable oil and dairy prices, the UN Food and Agriculture Organization (FAO) said Thursday.

Averaging 94.2 points last month, the FAO Food Price Index saw a rise of 1.2% or 1.1 points from a month earlier.

The FAO Food Price Index is a trade-weighted index that tracks international market prices of five major food commodity groups.

The vegetable oil price index posted the highest rise among all the sub-indices with 7.6%, a five-month high.

The FAO Dairy Price Index climbed 3.5% in the month, with all products from butter and cheese to milk powders rising.

The sugar price index went up 1.4% from June, as strong sugar crush numbers from Brazil only partly mitigated the effects of rising energy prices and the prospects of lower sugar production in Thailand due to a severe drought.

Last month the FAO Cereal Price Index was practically unchanged, averaging 96.9 points.

In contrast, the meat price index fell 1.8% month-on-month in July, the FAO said.

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PKR appreciates by 10 paisa at interbank trade

August 06, 2020 (MLN): Pakistani rupee (PKR) appreciated by 10 paisa against US Dollar (USD) in today's interbank session as the currency closed the day's trade at PKR 168.13 per USD, against yesterday's closing of PKR 168.23 per USD.

The rupee saw a volatility free session as very little movement was recorded trading in a range of 69 paisa per USD showing an intraday high bid of 168.60 and an intraday Low offer of 168.00.

Within the Open Market, PKR was traded at 168/169 per USD.

Alternatively, the currency lost 1.7 rupees to the Pound Sterling as the day's closing quote stood at PKR 221.55 per GBP, while the previous session closed at PKR 219.85 per GBP.

Similarly, PKR's value weakened by 70 paisa against EUR which closed at PKR 199.36 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 mopped up Rs.20 billion for 1 day at 6.89 percent.

The overnight repo rate towards close of the session was 6.80/7.00 percent, whereas the 1 week rate was 6.95/7.05 percent.

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PMEX Commodity Index closes at 4991 points

August 06, 2020: On Wednesday at Pakistan Mercantile Exchange Limited, PMEX Commodity Index closed at 4,991. The traded value of Metals, Energy and COTS/FX was recorded at PKR 10.675 billion and the number of lots traded was 16,231.

The major business was contributed by Gold amounting to PKR 6.409 billion, followed by Silver (PKR 2.035 billion), Platinum (PKR 777.294 million), Currencies through COTS (PKR 453.704 million), NSDQ 100 (PKR 429.571 million), Crude Oil (PKR 262.959 million), Natural Gas (PKR 131.926 million), DJ (PKR 122.541 million), SP500 (PKR 32.340 million) and Copper (PKR 19.643 million). In agriculture commodities, 4 lots of Cotton amounting to PKR 2.161 million were traded.

Press Release

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