Tag: Asian markets build on gains as central banks take action
December 04, 2020 (MLN): The Weekly Sensitive Price Indicator (SPI) for the Combined Group decreased by 0.23% during the week ended Dec 03, 2020 while the SPI increased by 8.14% compared to the corresponding period from last year.
According to data released by the Pakistan Bureau of Statistics (PBS) the Combined Index was at 141.41 compared to 141.74 on Nov 26, 2020 while the index was recorded at 130.77 a year ago, on Dec 05, 2019
Out of the 51 monitored items, the average price of 17 items increased, 13 items decreased whereas 21 items registered no change during the week.
The weekly SPI percentage change by income groups showed that SPI decreased across all quantiles ranging between 0.76% and 0.06%.
The Lowest Income Group witnessed a weekly decrease of 0.76% while the highest income group recorded a decrease of 0.06%.
On an yearly basis, analysis of SPI change across different income segments showed that SPI increased across all quantiles ranging between 7.31% and 9.7%.
Yearly SPI for the Lowest Income Group increased by 9.7% while the highest income group recorded an increase of 7.31%.
The average price of Sona urea stood at Rs.1689 per 50 kg bag which is 0.18% higher than last week’s price and 15.84% lower when compared to last year.
Meanwhile, average Cement price was recorded at Rs.576 per 50 kg bag, which is 0.52% higher than the previous week and 1.23% higher than prices last year.
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December 04, 2020: Prime Minister Imran Khan has directed to remove obstacles in the way of foreign investment and industrialization and ensure all possible facilities to enhance industrial production.
Chairing a meeting regarding the enforcement of mobile devices manufacturing policy in Islamabad on Friday, he said the development of the industrial sector would increase the country's income and provide better employment opportunities to the people.
The meeting was briefed that Pakistan is a big market for cellular phones as around 40 million mobile sets are annually bought in the country. It was told that after the enforcement of the Device Identification, Registration, and Blocking System, revenue collection has been increased from 22 to 54 billion rupees and it also ended the smuggling of mobile sets. The meeting was apprised that now a number of international companies are showing interest to locally manufacture mobile devices in Pakistan.
December 4, 2020 (MLN): Safe-haven asset extended losses on Friday in the domestic bullion market. The price of 24 karat gold fell by Rs 200 to Rs 110,300 per tola. The precious yellow metal of 24-Karat had closed at Rs 110,500 per tola on the last day.
According to the data released by the All Sindh Saraf Jewellers Association, the price of 10-gram gold also decreased by Rs 172 to Rs 94,564 against the price of Rs 94,736 reported in the previous session.
On the other hand, the price of silver tola and 10-gram silver remained unchanged at Rs 1220 and Rs. 1,045.95 respectively, the association reported.
In the international market, the gold rally took a breather as gold prices remained unchanged to US $1,839 an ounce as traders were watchful during the session while silver was pegged at US$ 24.18 an ounce.
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Dec 04, 2020: Exploration and Production (E&P) companies have made around 90 oil and gas discoveries in different parts of the country during the last six years.
The companies found 12, 24, 17, 22, 12 and 3 hydrocarbon deposits in 2015, 2016, 2017, 2018, 2019 and 2020 respectively, out of which 10 were discovered in different parts of Punjab, 69 in Sindh, eight in Khyber Pakhtunkhwa and three in Balochistan, according to an official document available with APP.
The E&P companies, during first two years of the Pakistan Tehreek-i-Insaf (PTI) government, made 26 discoveries and added 9,444 BPD (Barrels per Day) oil and 218 MMCFD (Million Cubic Feet per Day) gas in the national pool against the depletion of 9611 BPD oil and 279 MMCFD gas from the operational wells.
While the companies have acquired around 5,110 2D Line-Kilometer and 2,693 Square-Kilometer seismic data to assess the potential of hydrocarbon deposits in different pockets during the two-year period.
Pakistan’s total sedimentary area is around 827,268 square kilometers, out of which 320, 741 KM or 39 per cent of the area was under exploration.
The country’s existing gas production stood at around 3.7 billion Cubic Feet per Day (BCFD) against the demand of 6 BCFD, adding the gas reserves were depleting at the ratio of 9.5 per cent per year.
Making a true calculation of the country’s existing and future energy needs, the Petroleum Division has aligned its strategy to achieve self-sufficiency in oil and gas sector by introducing ease-of-doing-business and radical measures to ensure a level-playing field for all competitors.
The Petroleum Division has identified as many as 40 new oil and gas exploration block, which would be awarded to potential E&P companies through a transparent bidding process in coming months.
December 04, 2020 (MLN): Pakistan's trade deficit for 5 months (July-November) FY21 was USD 9.69 billion compared to a deficit of USD 9.64 billion from the corresponding period from FY20.
According to data released by the Pakistan Bureau of Statistics (PBS), the trade deficit for the month of November 2020 was recorded at USD 2.068 billion compared to a deficit of USD1.803 billion from October 2020 showing the deficit worsened by 14.7 percent.
Compared to November 2019 deficit of USD 1.917 billion, the trade numbers deteriorated by7.88 percent
Exports increased by 2.71 percent to USD 2.161 billion compared to USD 2.104 billion in October 2020.
Similarly compared to November 2019 exports increased by 7.67 percent.
Imports in November 2020 increased by 8.24 percent, clocking in at USD 4.229 billion compared to USD 3.907 billion in October 2020 and increased by 7.77 percent compared to November 2019.
Overall the 5 month exports stood at USD 9.737 billion compared to USD 9.536 from the corresponding period of last year, showing a decrease of 2.11 percent. Similarly Imports during the period increased by 1.29 percent to USD 19.422 billion compared to USD 19.175 from the same period of FY20.
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