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China-ASEAN Expo to begin in Guangxi today

November 27, 2020: Pakistan is participating in the four-day China-ASEAN Expo in Guangxi province begins on Friday.

Speaking at a news conference, the Spokesperson of the Chinese Ministry of Commerce Gao Feng said that President Dr. Arif Alvi will deliver a special message through video link, together with the leaders of China and ASEAN countries at the inaugural ceremony.

Pakistan’s full-spectrum participation includes a dedicated pavilion, extra booths for enterprises and special trade and investment events to highlight opportunities for China and ASEAN countries in Pakistan.

Radio Pakistan

Shares stuck near peaks, U.S. oil futures extend declines

November 27, 2020: Asian shares stalled near record highs on Friday as investors weighed renewed doubts about a highly-anticipated coronavirus vaccine against hopes that some of the region's economies will recover quicker than their Western peers.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.11% but remained with striking distance of a life-time peak touched this week. Australian shares were down 0.56%. Japan's Nikkei fell 0.12% in choppy trade.

Shares in China rose 0.37% after data showed Chinese industrial profits hit a nine-year high. South Korean stocks also rose 0.05%.

U.S. S&P 500 e-mini stock futures fell 0.29% in Asian trade. U.S. financial markets were closed on Thursday for the Thanksgiving holiday and will trade on a partial schedule later on Friday.

U.S. oil prices extended their declines from a seven-month high due to signs of oversupply.

British drugmaker AstraZeneca's coronavirus drug was touted as a "vaccine for the world" due to its inexpensive cost, but the efficacy of the vaccine is now facing more intense scrutiny, which experts say could delay its approval.

Several scientists have raised doubts about the robustness of results showing the shot was 90% effective in a sub-group of trial participants who, by error initially, received a half dose followed by a full dose.

"With global case numbers having now topped 60 million... there is certainly some rough terrain ahead for the global recovery, and that can create economic scarring," analysts at ANZ Bank wrote in a memo.

MSCI's broadest gauge of world stocks was up 0.02% on Friday in Asia, sitting just below a record high reached in the previous session.

Doubts about the distribution of a coronavirus vaccine have placed a renewed focus on the current state of the pandemic, which looks grim for many places.

U.S. hospitalizations for COVID-19 are at a record and experts warn that Thanksgiving could lead to further infections and deaths.

More than 20 million people across England will be forced to live under the toughest restrictions even after a national lockdown ends on Dec. 2. Partial lockdowns in some European countries have also raised concerns about economic growth.

The European Central Bank's chief economist highlighted these concerns in dovish comments on Thursday, which pushed European bond yields lower.

The euro, which last bought $1.1911, showed little reaction because currency traders have largely priced in expectations for additional ECB easing next month.

The dollar index was near its lowest in more than two months, but moves were subdued due to the U.S. trading holiday.

The yield on benchmark 10-year Treasury notes fell to 0.8553% as some investors sought the safety of holding government debt.

U.S. crude dipped 1.4% to $45.07 a barrel. However, Brent crude rose 0.35% to $47.79 per barrel.

Fuel demand is falling due to renewed coronavirus lockdowns, but some oil producers are not complying with agreed production cuts, which raises concerns about oversupply.

Spot gold, which is often sought during times of uncertainty, was little changed at $1,809.60 per ounce following a 0.3% gain on Thursday.

Bitcoin, the world's biggest cryptocurrency, edged up to $17,264 on Thursday, but it tumbled by 8.4% in the previous session after failing to take out its record high of $19,666.

Bitcoin has rallied around 140% this year, fuelled by demand for riskier assets


November 27, 2020: Treasury Management Division of National Bank...

  November 27, 2020: Treasury Management Division of National Bank of Pakistan (NBP) on Friday...

Overseas investors inject Rs 45.12 million net in debt...

November 26, 2020 (MLN): Overseas investors purchased net Rs 45.12 million worth of securities during the week ended November 20, 2020, i.e. around Rs.1.97 billion lower than last week's numbers.

According to a weekly report on Specially Convertible Rupee Accounts (SCRA) released by the State Bank of Pakistan, the gross sale of securities during the week was recorded at Rs.7.2 billion, which is around 59.1 percent lower than the figures recorded last week. Similarly, the total purchase of securities stood at Rs.7.2 billion, which is 63.1 percent lower than the prior week.

Over the week, the overall purchase of securities declined by Rs.12.37 billion while the net sale of securities tumbled by Rs.10.4 billion.

Apart from this, the inflow of remittance into these accounts stood at Rs.3.43 billion, while its outflow has been reported at Rs.3.88 billion.

The closing balance of SCRA was recorded at Rs.28.63 billion, which marks a decline of Rs.168.28 million over the week.

Copyright Mettis Link News

Ghani Automobile Industries’ shareholders authorize resolution merger with Ghani...

November 26, 2020 (MLN): The shareholders of Ghani Automobile Industries Limited (GAIL) in an extraordinary general meeting held on November 19, 2020, and held again on November 26, 2020, have passed the following resolution.

  • Ghani Automobile Industries Limited to be merged with and into Ghani Value Glass Limited in accordance with the Scheme of Arrangement ("Scheme") for amalgamation to be approved by the Lahore High Court Lahore.
  • The Scheme of Arrangement ("Scheme") for amalgamation between Ghani Automobile Industries Limited and its members and  Ghani Value Glass Limited and its members considered by the meeting and initiated by the Chairman of the meeting for purpose of identification be and is hereby adopted, agreed and approved.
  • The SWAP ratio as recommended by the board of directors of Ghani Automobile Industries Limited be and is hereby approved and issuance of 1 ordinary share of Ghani Value Glass Limited to be issued to the shareholders of  Ghani Automobile Industries Limited in exchange for every 7.8047 ordinary shares of Ghani Automobile Industries Limited held by them be and is hereby approved.
  • The CEO, CFO and the Company Secretary are hereby jointly and singly authorized to take all steps necessary, ancillary and incidental by the Company for completion of the amalgamation of  Ghani Automobile Industries Limited with and into Ghani Value Glass Limited.

Copyright Mettis Link News

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