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ECC approves PM’s Package for Rabi Crops

October 29, 2020: Adviser to the Prime Minister on Finance Dr. Abdul Hafeez Shaikh chaired the special meeting of the ECC today to approve the “PM’s Package for Rabi Crops-Specially wheat".

In order to give the incentives to the farmers for the upcoming Rabi season, the Federal Cabinet in its meeting held on 27-10-2020 constituted a special committee to design the package to reduce the input cost for the farmers with the special intent to increase the production of wheat in the country.

According to the package Rs.1000/per 50 kg bag will be given as subsidy on fertilizers; DAP, P and K fertilizers. The Federal and Provincial government will share the subsidy in 70% and 30% ratio. On weedicides at Rs. 250 per acre and fungicides at Rs.150 will be given by the Federal Government as subsidy.

The provinces will distribute the subsidy in their already prevalent manner but will be responsible for ensuring transparency. The Federal funds for the subsidy will be directly disbursed to the provinces by the Finance Division on the basis of their share, keeping in view their system strength and overall outreach. 

The Ministry of National Food Security would examine the provinces’ demand for funds and after its recommendation Finance Division shall transfer the funds to the provinces. It was also decided that the provinces will expand, improve and up-grade their subsidy disbursement systems. The package will be presented in the next Cabinet meeting on Tuesday for approval by the Federal Cabinet.

Press Release

Closing Bell: When the levee breaks

October 29, 2020 (MNL): The KSE-100 index ended the trading session on Thursday with a 1,298.86 point or 3.15 percent decline to close at 39,888.

The benchmark index took cues from international markets, which sank after a meltdown in New York and Europe sparked by France reimposing a nationwide lockdown to battle a new wave of virus infections, with fears other major economies could follow suit.

The increase in the number of covid cases in Pakistan too played a major role in the performance of stock markets today. Moreover, the government has ordered all restaurants, malls, and shops to shut down at 10 p.m., which is hinting towards another imminent lockdown.

The stock markets were also impacted by the financial results of various companies that were announced today. OGDC, in particular, had a significant negative impact on the E&P sector after it announced a 14% decline in profitability to Rs 23.4 billion during the quarter ended September 30, 2020, from Rs 27.3 billion realized in 1QFY20.

The Index remained negative throughout the session touching an intraday low of 39,283.22

Of the 94 traded companies in the KSE100 Index 4 closed up 89 closed down, while 1 remained unchanged. Total volume traded for the index was 374.81 million shares.

Sector wise, the index was let down by Commercial Banks with 245 points, Oil & Gas Exploration Companies with 198 points, Fertilizer with 131 points, Cement with 105 points and Oil & Gas Marketing Companies with 98 points.

The most points taken off the index was by PPL which stripped the index of 67 points followed by ENGRO with 66 points, POL with 65 points, HUBC with 57 points and HBL with 56 points.

Sectors propping up the index were Tobacco with 6 points.

The most points added to the index was by PAKT with 12 points.

All Share Volume increased by 173.36 Million to 541.78 Million Shares. Market Cap decreased by Rs.209.65 Billion.

Total companies traded were 422 compared to 415 from the previous session. Of the scrips traded 47 closed up, 368 closed down while 7 remained unchanged.

Total trades increased by 37,616 to 175,930.

Value Traded increased by 5.19 Billion to Rs.20.34 Billion


Top Ten by Volume

Unity Foods60,515,500
Maple Leaf Cement Factory39,112,208
Pakistan International Bulk Terminal38,642,500
Hascol Petroleum34,492,530
Fauji Cement Company26,403,500
Power Cement24,716,000
TRG Pakistan15,622,000
Pakistan Refinery15,334,500
Shabbir Tiles & Ceramics14,873,500



Top Sector by Volume

Vanaspati & Allied Industries60,587,800
Oil & Gas Marketing Companies42,427,477
Commercial Banks38,819,619
Technology & Communication37,240,700
Power Generation & Distribution32,256,795
Glass & Ceramics17,952,500



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FCCL: Higher margins amid better retention prices improve earnings

October 29, 2020 (MLN): Fauji Cement Company Limited (FCCL) has posted 2.3x increase in net profits for 1QFY21 to Rs 695.58 million as opposed to the profits of Rs 292.8 million in the same quarter of last year.

The earnings per share of the company exhibited a jump of 142.8% YoY from Rs 0.2 to Rs 0.5 per share.

This outstanding jump in profitability is primarily attributed to higher than expected gross margins on the back of 18% YoY increase in local cement dispatches, and better cement retention prices.

 During the quarter, FCCL’s overall volume jumped to 0.8 mln tons, compared to 0.7 mln tons in the corresponding quarter last year, largely due to 20% YoY rise in local cement dispatches. As a result, company’s net turnover grew by 29.6% YoY. This takes the gross profits to Rs 1.18 billion from Rs 591.3 million, marking an upsurge of over 100% YoY.

Subsequently, the gross margins during the quarter witnessed a massive jump of 7ppts to 21% from 13.9% in 1QFY20.

On the expense side, Company’s selling and admin costs declined by 9% and 6% YoY respectively while its operating expenses rose significantly by 138% YoY. In addition, despite decline in interest rate company’s net financial charges increased by 42% YoY due to higher short-term debt.

On the tax front, company booked an affective tax rate of 27% which was same as in 1QFY20.

According to the report by Intermarket Securities, FCCL so far posted the highest gross margins among the North based producers besides BWCL. Also, the company has touched a utilization level of 97% and taken 7.2% of local share compared to their capacity share of 5% in 1QFY21.

Going forward, the company will continue to sell more than its capacity share, it added.

Profit and Loss Account for the Quarter ended September 30, 2020 ('000 Rupees)




% Change

Turnover - net




Cost of Sales




Gross Profit/ (loss)




Selling and Distribution Cost




Administrative Expenses




Other Operating Expenses




Other Income




Finance Cost




Finance Income




Profit/(loss) before Taxation








Profit/(loss) for the period




Earnings/(loss) per Share - Basic and Diluted (Rs)




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GLAXO intends to dispose old, inactive warehouses worth Rs...

October 29, 2020 (MLN): GlaxoSmithKline Pakistan Limited (GLAXO) intends to dispose of its old and inactive warehouses situated in 6 different locations across the country, having total carrying value of Rs. 83 million. 

As per notice issued to Exchange, the management of the company is initiating necessary procedure for their disposal.


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PKR appreciates by 1.1 rupees over the week

October 29, 2020 (MLN): Pakistani rupee (PKR) appreciated by 36 paisa against US Dollar (USD) in today's interbank session as the currency closed the day's trade at PKR 160.26 per USD, against yesterday's closing of PKR 160.62 per USD.

The rupee traded within a very narrow range of 24 paisa per USD showing an intraday high bid of 160.44 and an intraday Low offer of 160.28.

During the week, the currency has gained 1.11 rupees against the greenback, as the previous week was concluded at PKR 161.37 per USD.

Within the Open Market, PKR was traded at 159.20/161.00 per USD.

Meanwhile, the currency gained 75 paisa against the Pound Sterling as the day's closing quote stood at PKR 208.16 per GBP, while the previous session closed at PKR 208.91 per GBP.

Similarly, PKR's value strengthened by 86 paisa against EUR which closed at PKR 187.96 at the interbank today.

On another note, within the money market, the overnight repo rate towards close of the session was 7.30/7.40 percent, whereas the 1 week rate was 7.07/7.12 percent.

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