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Gold extends losses for third straight day

August 12, 2020 (MLN): Precious metal prices fell for the third straight day on Wednesday. Gold which was touching new highs last week has started to falter following global markets.

In domestic markets, gold price dropped by around 5% today. During the session, gold plunged by Rs 6,100 to Rs 120,000 per tola in bullion markets. The precious yellow metal of 24-Karat had closed at Rs 126,100 per tola on the last day.

According to the Karachi Sarafa Association, the price of 10-gram gold also witnessed a decrease of Rs 5,229 to settle at Rs 102,881 against the previous close of Rs 108,110 per-gram.

On a similar note, the silver prices declined by Rs 200 to Rs 1,470 per tola after a stable previous session. Likewise, the price of 10-gram silver was recorded at Rs 1,260.28, down by Rs 171.47 compared to yesterday’s close of Rs 1,431.75.

In international markets, gold prices fell to $1,933 an ounce as US bond yields improved and the dollar recovered. The silver also slid to $25.66 per ounce.

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Pakistan’s fiscal deficit stands at 8.1% in FY20

August 12, 2020 (MLN):  Pakistan’s fiscal deficit in FY20 stood at 8.1 percent of the GDP, compared to the deficit of 8.9 percent of GDP in FY19.

In terms of Rupees, the country’s total budget deficit in FY20 clocked in at Rs 3.376 trillion, whereas, in FY19 it stood at Rs 3.444 trillion.

Much of the rise in the deficit came in the April-June 2020 quarter. The fiscal deficit had stood at just 3.8% of GDP on March 31, 2020 but increased to 8.1 percent over the remainder of the financial year.

Earlier, the government had estimated that Pakistan's fiscal deficit will reach at around 9.1% of GDP in FY20, against the original budget proposal of 7.1%, on the basis of Rs 1.24 trillion Covid-19 relief package announced by the government. The International Monetary Fund and the Fitch Ratings had also projected deficit at 9.2 percent and 9.5 percent respectively mainly because of a major revenue shortfall due to the economic fallout from pandemic and additional expenditure arising out of Covid-19 relief package.

According to the data released by Ministry of Finance, government plugged this deficit through domestic borrowing of 2.48 trillion, while external borrowing to plug the deficit amounted to Rs 895.5 billion. Compared to FY19, the government domestic and external borrowings to aid budget deficit were stood at Rs 3.028 trillion and Rs 417 billion respectively.

The data also revealed that the primary deficit which is other than debt servicing clocked in at Rs 757 billion or 1.8 percent of GDP.

As the fiscal deficit is the difference between the expenditures and revenues of the government. During FY20, total revenues and expenditures of the government as percentage of GDP stood at 15 percent and 23.1 percent respectively, while in absolute terms, the revenues amounted to Rs 6.27 trillion and the expenditures to Rs 9.648 trillion

The revenue from taxes stood at Rs4.747 trillion. Of this, about Rs 4.334 trillion came from federal revenues and Rs 413.6 billion came from provincial.

On the other hand, non-tax revenue arrived at Rs1.524 trillion. This included about Rs1.422 trillion non-tax revenue of the federal and Rs102 billion of the provincial governments.

During FY20, the current expenditure of the government came in at Rs 8.532 trillion. This included federal expenditure of about Rs 6.016 trillion and provincial expenditure of Rs 2.516 trillion.

Mark-up payments during the year were increased to Rs2.619 trillion or 6.3 percent of GDP, compared to Rs 2.109 trillion or 5.4 percent of GDP in FY19.

Defense spending, though increasing in absolute terms, remained unchanged at 3 percent of GDP when compared with last year.

The total development expenditure and net lending during FY20 was amounted to Rs 1.204 trillion. This encompassed total development expenditure of Rs 1.090 trillion of which provinces utilized about Rs 622 billion, federal utilized Rs 467.74 billion on development schemes and Rs 65.5 billion were spent on Other development expenditures. The net lending stood at Rs 48.5 billion.

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Auction: MTB & PIB-FRB Bid Pattern

August 12, 2020 (MLN): The State Bank of Pakistan released the Bid Pattern for today's MTB Auction.

Auction target is Rs.150.00 billion against a maturing amount of Rs.178.40 billion, showing a net retirement of Rs.28.40 Billion.

Link to Full Bid Pattern

In the previous auction cut off yield for 3, 6 and 12 months was 6.9501, 7.0995 and 7.14 percent.

SBP also released the Bid pattern for today's PIB (Floating Rate) Auction.

Auction Target is Rs.120.00 Billion for 3, 5 and 10 year Bonds, which will be the re-opening of June 18, 2020 issue.

Coupon Rates for are 8.2670, 8.3070 and 8.5170 percent for 3, 5 and 10 years.

Link to Full Bid Pattern

 

 

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Gong Ceremony on listing of TPL Trakker Ltd held...

August 12, 2020: In an exciting development for Pakistan’s capital market, TPL Trakker Limited, a pure tech-based company, was listed on Pakistan Stock Exchange w.e.f. Monday, August 10, 2020.

A Gong Ceremony to mark the Company’s listing was held today. This is the second listing for the Financial Year 2020-21, which comes only five (5) days after the successful listing of The Organic Meat Company Limited on the Pakistan Stock Exchange.

The gong striking ceremony was attended by Mr. Ahmed Chinoy & Mr. Muhammad Ashraf Bawany – Board Members of Pakistan Stock Exchange, Mr. Nadir Rahman – COO of Pakistan Stock Exchange, Mr. Sarwar Ali Khan – CEO of TPL Trakker Limited, Mr. Shahid Ali Habib – CEO of Arif Habib Limited (Consultant to the Issue), Mr. Muhammad Fakhar – Associate, Investment Banking at Habib Bank Limited (Corporate Advisor & Bankers to the Issue), senior management and other team members of these organizations.

TPL Trakker Ltd. went public by offering 58.3 Mn shares (Base Issue) at Rs 12 per share along with an additional 57.4 Mn shares (Green-Shoe Option) at Rs.12 per share from its Initial Public Offering (IPO) via the Fixed Price mechanism. The public offering took place on July 22 – July 23, 2020. The public subscription was a success for TPL Trakker Limited as the issue of 58.3 Mn shares was oversubscribed by 14.6 % or 1.15 times.

A total of 1,488 applications were received for subscribing to 66.82 Mn shares, helping TPL Trakker to raise Rs 801.82 Mn from the IPO. Interestingly, a majority of the applications were received through the EIPO system of the Central Depository Company which reflects a growing trend amongst the investors to file online applications of shares in an IPO.

For the IPO, Arif Habib Limited were the Consultants to the Issue and Habib Bank Limited was the Corporate Advisor. Bankers to the issue were Habib Bank Limited, MCB Bank Limited, Meezan Bank Limited, Bank Al-Habib Limited, Habib Metropolitan Bank Limited, and Allied Bank Limited. The public issue was underwritten by Arif Habib Limited, AKD Securities Limited, Habib Bank Limited, Intermarket Securities Limited, Topline Securities Limited, Bank Al Habib Limited, and Next Capital Limited.

Through the capital raised, TPL Trakker Limited plans to finance its regional expansion of IoT solutions, investment in developmental IT infrastructure, development of mapping data, and working capital for Connected Car and IIOT (Industrial Internet of Things) solutions.

Mr. Farrukh Khan, CEO of PSX, while welcoming the second public offering at Pakistan Stock Exchange for the year 2020, said, “It is a matter of great pride to announce the listing of TPL Trakker on PSX, the second company listed in the current year. The successful IPO and listing of TPL Trakker, a pure technology-based company, has been completed efficiently amidst the challenges posed by the Coronavirus and the ensuing impact. This further demonstrates that companies are actively utilizing the Stock Exchange as their preferred platform to raise capital and invest to strengthen their businesses. In recent days PSX has been witnessing record trading volumes. The increased activity proves that Pakistan’s capital market is resilient and fully able to play its part in the country’s economic development, despite the current challenges”.

Mr. Shahid Ali Habib, CEO of Arif Habib Limited, Consultant to the Issue, commenting on the IPO, said, “I am delighted that TPL Trakker Ltd., one of Pakistan’s largest IoT companies, is getting listed at Pakistan Stock Exchange. It is a proud moment for us at Arif Habib Limited to have facilitated this journey for the Company that will be a new pure tech player within the technology sector of the Pakistan Stock Exchange. We have received very good participation from institutions, including mutual funds, banks, insurance companies, and HNWIs in this IPO”.

Speaking at the gong striking ceremony, Mr. Sarwar Ali Khan, CEO, TPL Trakker, said, “Striking the gong is symbolic in many ways for us at TPL Trakker. It rings in a new beginning, and an outlook for the future that is riddled with opportunity. Trakker has come a long way since 2001 and as we expand our portfolio further into Logistics and Transportation, diversify into new verticals, and bring innovative IoT Solutions and Services to the market, we are poised to execute our vision of regional growth. I would like to thank the entire investor community who have had faith in TPL Trakker and its scope. And I am proud and humbled to be a part of the Trakker team without whom none of this is possible”.

Mr. Malik Sheheryar, CFO, TPL Trakker, said, “The gong striking ceremony is a momentous occasion for us at TPL Trakker. The Company’s successful IPO with an oversubscription of 14.6%, given the global pandemic and current economic conditions, is a testament to the strength and potential of TPL Trakker even during such challenging times. I am confident that we will rise above the expectations of our investors and continue to hold our position as a leader in the IoT segment in Pakistan”.

Press Release

PKR appreciates by 19 paisa at interbank trade

August 12, 2020 (MLN): Pakistani rupee (PKR) appreciated by 19 paisa against US Dollar (USD) in today's interbank session as the currency closed the day's trade at PKR 168.08 per USD, against yesterday's closing of PKR 168.27 per USD.

The rupee endured a relatively dull trading session with very little intraday movement, trading in a range of 30 paisa per USD showing an intraday high bid of 168.30 and an intraday Low offer of 168.10.

Within the Open Market, PKR was traded at 168/169 per USD.

Meanwhile, the currency gained 59 paisa against the Pound Sterling as the day's closing quote stood at PKR 219.6 per GBP, while the previous session closed at PKR 220.19 per GBP.

Similarly, PKR's value strengthened by 42 paisa against EUR which closed at PKR 197.62 at the interbank today.

On another note, within the money market, the overnight repo rate towards close of the session was 6.90/7.00 percent, whereas the 1 week rate was 6.95/7.05 percent.

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