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Net foreign selling from Pakistan debt market loses momentum

June 5, 2020 (MLN): The pace of foreign selling from Pakistan’s debt market slowed down by Rs 5.92 billion during the week ended May 29, 2020. The overseas investors pulled out Rs 1.18 billion from the local markets via SCRA, marking the 14th straight week of net selling.

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.2.7 billion, which is around 86.3 percent lower than the figures recorded last week. Similarly, the total purchase of securities stood at Rs.1.5 billion, which is 88 percent lower than the prior week.

Consequently, the net sale of securities for the week ended May 29, 2020 clocked in at Rs.1.19 billion, i.e. around Rs.5.93 billion higher than last week's numbers.

Over the week, the overall purchase of securities declined by Rs.11.3 billion while the net sale of securities tumbled by Rs.17.23 billion.

Apart from this, the inflow of remittance into these accounts stood at Rs.407.91 million, while its outflow has been reported at Rs.1.93 billion.

The closing balance of SCRA was recorded at Rs.30.21 billion, which marks a decline of Rs.79.7 million over the week.

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Banks shine as European stock market rally resumes

June 5, 2020: European shares resumed their rally on Friday as a bumper stimulus from the European Central Bank fuelled hopes of a faster economic recovery, putting the main benchmarks on course for their best week in two months.

The pan-European STOXX 600 gained 1.2% by 0722 GMT, led by a 3% jump in bank stocks. Insurers, automakers and travel stocks also rose more than 2%.

Global equity markets have climbed strongly this week, with Wall Street indexes nearing record levels as investors focussed on re-opening of economies.

The STOXX 600 is about 15% below all-time highs but has recovered more than 37% from March lows as fresh stimulus plans for Europe spurred a move into economically sensitive cyclical sectors.

British Airways owner-IAG and EasyJet jumped nearly 9%, topping gains on the STOXX 600.

Reuters

OMO Result: SBP Injects Rs.1,440.00 Billion for 1 Day

June 05, 2020 (MLN): The State Bank of Pakistan (SBP) conducted an Open Market Operation on Friday in which it injected Rs.1,440.00 Billion into the market for 1 Day.

Summary of OMO Result

  Amount*RateBids
TenorTypeOfferedAcceptedHigh - LowAcceptedOfferedAccepted
1DReverse Repo (Injection)1,478.6501,440.0008.07 - 8.028.022424
Total amount offered at 8.02 % was Rs. 249,000,00 mio out of which SBP accepted Rs 210,350.00 mio on pro rata basis.
OMO Settlement: same day June 05, 2020
*Amount in Billions

 

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Russia says OPEC+ meeting to be held on Saturday

June 5, 2020: The Russian energy ministry said a video conference of a group of leading oil producers, known as OPEC+, would be held on Saturday.

Separately, an OPEC+ source told Reuters that the OPEC conference was scheduled to start at 2 pm Vienna time (1200 GMT) on Saturday followed by the OPEC+ online meeting at 4 pm.

Reuters

OGRA takes up the matter of HOBC pricing with...

June 5, 2020 (MLN): Oil and Gas Regulatory Authority (OGRA) has taken up the matter of HOBC pricing with Oil Marketing Companies (OMCs), keeping in view the interests of the consumers, OGRA’s spokesperson said on Friday.

Taking to his social media handle, the spokesperson informed that all OMC’s have been advised to set reasonable prices in line with the declining oil prices in international market.

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