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Govt borrowing jumps to Rs 2.23 trillion as of...

July 06, 2020 (MLN): The government of Pakistan has acquired an additional debt of Rs.206.68 billion during the week ended June 19, 2020, which brings its total net borrowing for ongoing fiscal year 2020 to Rs.2228.41 billion. As of prior week, the government had borrowed a net sum of Rs.2021.73 billion.

According to the State Bank of Pakistan's weekly estimates in this regard, this year's overall net borrowing as of this week has increased by Rs.591.88 billion over the year as last year's net borrowing for the same period stood at Rs.1.64 trillion.

The government sector borrowings are divided into three broad categories based on the purpose of loan which are budgetary support, commodity operations and others.

Split three ways between these broad categories, the cumulative net borrowing for budgetary support was Rs.2.15 trillion, that for commodity operations stood at Rs.73.31 billion. whereas Rs.3.65 billion (net) were borrowed for other miscellaneous operations.

The two biggest source of financing for budgetary support are the State Bank of Pakistan and the Scheduled Banks. This fiscal year, the central bank has been retired a net sum of Rs.7.67 billion by the government, out of which the Federal Government borrowed Rs.257.3 billion whereas, the Provincial Government retired Rs.237.79 billion, AJK Government retired Rs.17.87 billion, and the GB Government retired Rs.9.3 billion.

On the other hand, the Scheduled Banks have lent out a net total of Rs.2.16 trillion out of which the Federal Government borrowed Rs.2.21 trillion while the Provincial Government retired Rs.49.74 billion.

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Private sector borrows another net sum of Rs 28.3...

July 06, 2020 (MLN): The non-government sector has borrowed another net sum of Rs.28.38 billion during the week ended June 26, 2020, which brings the cumulative net borrowing for ongoing fiscal year FY2020 to Rs.306.3 billion. The net borrowing as of prior week was recorded at Rs.277.92 billion.

According to weekly data released by the State Bank of Pakistan, the sector's borrowing has dropped by Rs.706.58 billion over the year since the borrowing as of corresponding period of last year was recorded at Rs.1012.88 billion.

The non government sector is divided into three broad categories namely, the Private Sector, the Public Sector Enterprises and NBFI. Commercial banks are the main source of financing for the private sector, incuding conventional banks, islamic banks and islamic branches of conventional banks.

This fiscal year, the private sector borrowed a net sum of Rs.186.4 billion, whereas the PSE's have borrowed Rs.117.46 billion and NBFI has borrowed Rs.2.45 billion.

As we disintegrate the inflows and outflows within the private sector, we see that Conventional Banks lent a cumulative sum of Rs.23.7 billion, Islamic Banks lent Rs.29.79 billion and lastly the Islamic branches of Conventional Banks lent Rs.132.91 billion.

 

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Domestic cement consumption declines almost one percent in 2019-2020,...

July 6, 2020: After posting a decrease for three consecutive months, cement despatches increased by 29.94 percent in June 2020 to 4.623 million tons from 3.557 million tons in June 2019, ending the fiscal year 2019-20 on a positive note.

According to the data released by the All Pakistan Cement Manufacturers Association (APCMA), the domestic cement uptake increased by a massive 19.63 percent to 3.835 million tons in June 2020 from 3.206 million tons in June 2019. Moreover, exports also increased by 123.89 percent from 0.351 million tons in June 2019 to 0.787 million tons in June 2020.

The domestic cement consumption in the North was 3.384 million tons in June 2020 against 2.750 million tons in June 2019, however, exports from North declined to 46,025 tons this June compared with 0.145 million tons last June. The scenario was opposite in the South where domestic consumption declined to 0.451 million tons from 0.455 million tons in June 2019, but exports increased from 0.206 million tons in June 2019 to 0.742 million tons in June 2020.

Overall the cement consumption during July-Jun 2019-20 inched up by 1.98 percent to 47.81 million tons solely on the strength of higher export growth of 19.8 percent that crossed 7 million tons mark after a long time.  The domestic consumption however contracted by almost one percent, the first such decline in the last six years.

The performance of cement units in different zones depicted the strength of the south zone in exports and the north zone in local consumption. In fiscal 2019-20 the mills in North Zone despatched 34.327 million of cement to the local market that grew by 6.07 percent over the consumption in the previous fiscal. However, it lost 22 percent of the export market by exporting only 1.97 million tons of cement. The region lost the Indian market due to the protective policies of the Indian government and the Afghan market due to a decline in construction activities in the landlocked country.

In the South Zone, the mills were badly hit by low consumption in the region as their dispatches declined by 29.37 percent to only 5.637 million tons. However, its exports registered a healthy increase of 46.47 percent as it exported 5.877 million tons of cement in 2019-20. In fact, the cement exports were higher than the local consumption perhaps for the first time in history.

“The higher uptake in June has provided a hope that the new fiscal year would be better as a result of the incentives provided to the construction sector,” said a spokesman of APCMA. He appreciated the reduction in excise duty on cement but has asked for a complete withdrawal of excise on the commodity as excise is a punitive duty imposed to curb the use of harmful items. Cement, he reminded, is the backbone of the construction industry that this government wants to promote.

Press Release

 

UKPCCI appreciates Director FPCCI for promoting trade, investment between...

July 6, 2020: UKPCCI has appreciated the services of Sheikh Tariq, Director of Pakistan UK Business Council of FPCCI, for working hard for the promotion of trade and investment among the Pakistan and UK.

In a letter written to President FPCCI, UKPCCI appreciated the assistance provided by him in formulating various delegations of Pakistan for UK.

Her Majesty Queen of Britain’s HM Revenue & Customs has also registered Sheikh Muhammad Tariq, renowned Businessmen of Pakistan, and Pakistani National Custom Agents for filing of custom declaration service from January 2021. After completion of BREXIT transition period, additional more than 250 million custom declaration will be filed and processed.

Press Release

Closing Bell: A Hard Rain’s A-Gonna Fall

July 06, 2020 (MLN): The capital markets kicked off the week on an upbeat note as the benchmark KSE-100 extended mild gains of 151 points or 0.43% to close at 35,202 -level in line with regional market and sustained decline in active coronavirus cases.

According to the closing note by Ismail Iqbal Securities, E&Ps contributed most to the index as international crude oil prices remained stable closing at USD 44.02/bbl.

The Index traded in a range of 236.84 points or 0.68 percent of the previous close, showing an intraday high of 35,238.40 and a low of 35,001.56.

Of the 95 traded companies in the KSE100 Index, 70 closed up 20 closed down, while 5 remained unchanged. The total volume traded for the index was 229.10 million shares.

Sectors propping up the index were Oil & Gas Exploration Companies with 40 points, Cement with 34 points, Pharmaceuticals with 26 points, Oil & Gas Marketing Companies with 26 points and Automobile Assembler with 18 points.

The most points added to the index were by PPL which contributed 16 points followed by PSO with 16 points, INDU with 14 points, GLAXO with 10 points and TRG with 10 points.

Sector-wise, the index was let down by Inv. Banks / Inv. Cos. / Securities Cos. with 34 points, Power Generation & Distribution with 30 points, Fertilizer with 20 points, Miscellaneous with 3 points and Food & Personal Care Products with 3 points.

The most points taken off the index was by HUBC which stripped the index of 40 points followed by DAWH with 34 points, FFC with 18 points, BAFL with 7 points and PTC with 6 points.

All Share Volume increased by 156.49 Million to 332.25 Million Shares. Market Cap increased by Rs.42.56 Billion.

Total companies traded were 380 compared to 346 from the previous session. Of the scrips traded 257 closed up, 94 closed down while 29 remained unchanged.

Total trades increased by 48,221 to 116,168.

Value Traded increased by 4.43 Billion to Rs.11.17 Billion

CompanyVolume

Top Ten by Volume

TRG Pakistan37,708,500
Pak Elektron37,658,000
Lotte Chemical Pakistan30,842,000
Maple Leaf Cement Factory13,736,000
Jahangir Siddiqui & Co. Ltd.11,833,000
Agritech11,413,500
Hum Network10,986,500
HBL Growth Fund8,298,500
Pakistan Telecommunication Company Ltd6,581,000
Hascol Petroleum6,304,500

 

SectorVolume

Top Sector by Volume

Technology & Communication66,885,200
Chemical48,785,024
Cable & Electrical Goods39,250,150
Cement28,004,663
Commercial Banks18,423,328
Power Generation & Distribution15,547,073
Engineering14,786,800
Refinery14,568,100
Inv. Banks / Inv. Cos. / Securities Cos.14,047,500
Food & Personal Care Products9,906,790

 

 

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