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Gold price plunges to Rs 126,100 per tola, follows...

August 11, 2020 (MLN): Gold prices tumbled today as the US dollar held onto gains against other currencies in the wake of upbeat US data jobs. In the international market, gold prices reached $1,988 an ounce, down by $47, receding from a record high of $2072.50 last week. The other precious metal, silver, was pegged at $28.28 per ounce.

On the domestic front, gold price fell more than 2% on Tuesday following global markets which retreated from record mark.  During the session, gold declined by Rs 2,900 to Rs 126,100 per tola in bullion markets. The precious yellow metal of 24-Karat had closed at Rs 129,000 per tola on the last day.

According to the Karachi Sarafa Association, the price of 10-gram gold also witnessed a decrease of Rs 2,487 to settle at Rs 108,110 against the previous close of Rs 110,597 per-gram.

On the other hand, the silver prices remained flat at Rs 1,670 per tola.  Similarly, 10-gram silver remained stable at Rs 1,431.75.

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FBR intensifies action against corrupt elements, suspends ten more...

August 11, 2020 (MLN): The Federal Board of Revenue (FBR) has intensified action against irregularity, corruption and inefficiency and suspended ten more officers.

The suspended Customs officers included seven Inspectors, two Superintendents and one Appraising Officer.

Since July, so far 36 officers and 19 officials have been suspended, whereas, three employees have been dismissed from service.

FBR is determined to rid the organization of corrupt and inefficient elements. Prompt action will be taken against the officers and officials found involved in irregularity and inefficiency. The image of the organization will be raised and the perception of the taxpayers and people about the organization will be improved so that the taxpayers’ can pay their due taxes in time without any hesitation and suspicion thinking that their paid taxed would be utilized on the progress of the country and welfare of the people.

An Integrity and Performance Management Unit (IPMU) has been established in FBR to address the complaints of the taxpayers against any employee. The complainant can send his complaint through telephone, e-mail and letter which will be scrutinized and investigated by senior officers. FBR will continue to put its efforts to raise revenue for the Government and will strive to achieve the objectives of the organization at all costs.

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K-Electric earns profits of Rs 2.79 billion during 1HFY20

August 11, 2020 (MLN): K-Electric Limited has announced its financial results for the half year ended December 31, 2019, as per which, it has earned profits of Rs. 2.79 billion (EPS: 0.10), i.e. almost 47% lower than the earnings recorded in same period of last year.

The topline income of the company improved by around 9%, whereas the cost of sales surged by 10.8%, resulting in the gross profit showing a mere change of 0.4%.

The increase in the company’s non-core income by 86%, along with an 86% decline in non-core expenses, served as a saving grace during the period.

However, increase in the finance costs by 2.05x as well as income tax expense by 1.84x negated the impact of aforementioned factors.

Financial Results for the half year ended December 31, 2019 (Rupees in '000)

 

Dec-19

Dec-18

% Change

Sale of energy - net

105,692,090

97,510,657

8.4%

Tariff adjustment

52,695,870

47,931,216

9.9%

REVENUE

158,387,960

145,441,873

8.9%

Purchase of electricity

(51,878,712)

(46,907,251)

10.6%

Consumption of fuel and oil

(70,153,358)

(63,252,030)

10.9%

Expenses incurred in generation, transmission, and distribution

(12,127,064)

(10,967,123)

10.6%

COST OF SALES

(134,159,134)

(121,126,404)

10.8%

GROSS PROFIT

24,228,826

24,315,469

-0.4%

Consumers services and administrative expenses

(10,148,361)

(9,463,329)

7.2%

Impairment loss against trade debts

(6,547,859)

(7,067,793)

-7.4%

Other operating expenses

(288,520)

(2,105,957)

-86.3%

Other income

5,619,789

3,014,199

86.4%

PROFIT BEFORE FINANCE COST

12,863,875

8,692,589

48.0%

Finance cost

(8,047,035)

(2,636,145)

205.3%

PROFIT BEFORE TAXATION

4,816,840

6,056,444

-20.5%

Taxation

(2,022,219)

(710,963)

184.4%

NET PROFIT FOR THE PERIOD

2,794,621

5,345,481

-47.7%

EARNINGS PER SHARE

0.10

0.19

-47.4%

 

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PMEX Commodity Index closes 24 points higher

August 11, 2020: On Monday at Pakistan Mercantile Exchange Limited, PMEX Commodity Index closed at 4,996, up by 24 points. The traded value of Metals, Energy, COTS/FX and Indices was recorded at PKR 9.526 billion and the number of lots traded was 12,048.

The major business was contributed by Gold amounting to PKR 5.766 billion, followed by Silver (PKR 1.508 billion), Copper (PKR 635.835 million), Platinum (PKR 541.652 million), NSDQ 100 (PKR 380.290 million), Currencies through COTS (PKR 244.917 million), DJ (PKR 213.647 million), Crude Oil (PKR 131.884 million), Natural Gas (PKR 85.458 million) and SP500 (PKR 17.469 million).

In agriculture commodities, 2 lots of Cotton amounting to PKR 1.057 million were traded.

Press Release

SECP’s revamps regulation to ensure EODB, market expansion

Aug 11, 2020: The Security and Exchange Commission of Pakistan (SECP) has revamped numerous regulatory regimes by reducing obstacles in many of its regulated sectors for ensuring Ease of Doing Business (EODB).

Under its commitment to promote ease of doing business, SECP with support of Asian Development Bank (ADB) is preparing a five-years plan for development of financial markets in Pakistan, Official sources of SECP told APP here on Tuesday.

The long-term road map will be focusing on demand and supply measures to broaden and deepen the financial system in Pakistan.

In line with government’s vision of Digital Pakistan, SECP has already kicked-off a project Leading Efficiency through Automated Prowess (LEAP).

Under this project, SECP will digitalize all its regulatory processes. In this regard SECP has already codified and re-engineered 250 processes for end to end automation. It is expected that this digitalization project will be implemented within two years.

It will lead to end-to-end digitalization of all internal and external regulatory approvals, launch of a modern Secured Transaction Registry (STR) and introduction of Extensible Business Reporting Language (XBRL) for financial reporting.

SECP operationalized the new Secured Transactions Registry, established under Financial Institutions (Secured Transactions) Act 2016, for registration of security interests created by entities other than companies on their movable assets.

Dr. Abdul Hafeez Shaikh, Advisor to PM on Finance and Revenue, inaugurated the STR on May 7.

To attract new listings in stock market, improve capital formation and provide ease of doing business, SECP has completely digitalized the IPO process for equity and debt issues.

It has made IPO processes more easy, simple and cost effective. First time, government raised Rs 200 billion through Sukuk at less than KIBOR rate, through competitive book building at PSX’, saving Rs 18 bln over 10 years on debt servicing. Transaction oversubscribed by 70 per cent. Excellent team effort of MOF Debt Office , SECP, SBP and PSX.

Pakistan’s first ever Exchange Traded Fund (ETF) was launched at PSX and with the launch of this product, PSX has joined the list of stock exchanges in the world offering ETFs which are investment products combining the returns offered by the stock market with the diversity offered by a mutual fund.

PSX has launched two ETFs, namely the UBL Pakistan Enterprise ETF offered by UBL Funds and NIT Pakistan Gateway ETF offered by NIT. In given circumstances due to COVID 19 pandemic, and in the interest of safety, arrangements were made for virtual launch of ETF, that was also first of its kind.

Introduced amendments in Companies Act 2017, to provide an enabling regulatory framework for businesses, promote and nurture startups as well as attract local and international innovators.

SECP launches single online procedure for swift company registration and the process for registration of business is completely digitalized. Now a new company can be registered in Pakistan only in 4-hours. Now, a new company can be registered in only Rs1500.

SECP has reduced fees for mutual fund and insurance sectors by 70 per cent. The reduction in SECP fee will directly benefit mutual funds unit holders, as this cost was being charged to the unit holders of mutual funds; the reduction in SECP annual fee will also indirectly enhance return of mutual fund investors.

SECP is also in process of bringing new laws for insurance and NBFC sector to allow digital distribution channels. The use of technology will improve financial inclusion and access to insurance and finance to every individual.

Requirement relating to payment of subscription money within 30 days of incorporation by subscriber and filing of auditor certificate has been done away to facilitate small companies.

To establish Pakistan agriculture supply line on modern lines, and provide farmers easy access to finance and reduced their post-harvest losses, SECP has notified Collateral Management Companies Regulations.

The Collateral Management Companies will reserve agriculture commodities by using modern technology and issue electronic receipts to farmers. The farmers can use these electronic receipts for securing loans from banks or can trade this on commodities market.

SECP is also reviewing the Securities Act and the Futures Market Act for their simplification and unification.

APP

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