Tag: COMMODITIES

April 25, 2019: Asian markets stuttered Thursday after New York equities retreated from record highs, with weak economic data around the world offsetting a forecast-beating earnings season.

While the mood on trading floors remains broadly positive after a blockbuster start to the year, there are lingering concerns that growth in most parts of the world is well off the pace of the United States.

A dive in German business sentiment -- the latest soft reading from the European Union -- a growth forecast cut by the Bank of Canada and a drop in Australian inflation were enough to keep US traders from building on Tuesday's records.

"Investors were dealt with another economic reality check as financial data from Europe remains as sick as ever, this despite a chorus of global central banks stimulus," said Stephen Innes at SPI Asset Management.

"The weak EU economy is perhaps raising some doubts as investors spent most of the day in self-analysis mode while taking stock of their stocks."

There was further negativity in Asia, with South Korea on Thursday reporting its biggest quarterly contraction since late 2008. The 0.3 percent drop was also its first negative since the last three months of 2017.

The data has provided a reality check to investors, who have been on a buying spree for much of the year, fuelled by optimism that China and the US will hammer out a deal to end their trade war, as well as central bank dovishness.

Hong Kong was 0.1 percent lower, Seoul dropped 0.2 percent and Shanghai shed 0.3 percent, while Singapore dipped 0.2 percent while Jakarta was off 0.5 percent. However, Tokyo edged up 0.4 percent by the break and Taipei added 0.1 percent. Sydney and Wellington were closed for a public holiday.

(APP)

Islamabad, April 24, 2019: Pakistan and Republic of Korea signed a Framework Arrangement amounting to US$500 Million, here today. The Ceremony was witnessed by Dr.  Abdul Hafeez  Shaikh, Adviser to the Prime Minister on Finance, Revenue and Economic Affairs.

Secretary, Economic Affairs Division, Mr. Noor Ahmed and Ambassador of the Republic of Korea, Kwak Sung-Kyu, signed the Framework Arrangement on behalf of their respective Governments. Under the signed Framework Arrangement (2018-20), Republic of Korea will provide long term concessional financing up to US$ 500 Million for execution of various development projects in Health, Information Technology, Communication, Agriculture, and Energy etc.

Earlier, the Ambassador called on the Adviser and discussed matters pertaining to enhancement of bilateral cooperation between the two countries. The Adviser informed the envoy that Pakistan attached significant importance to its ties with the Republic of Korea which had so many layers of cooperation with Pakistan in both public and private sectors.

The Adviser appreciated the role and cooperation extended by the Republic of Korea for development projects in Pakistan. He said that the economic relations between the two countries would be further strengthened with the passage of time and Framework Arrangement will enable Pakistan to seek financing from Korean Exim Bank for development of various Infrastructure Projects in Pakistan.

The Ambassador of the Republic of Korea hoped that this Framework Arrangement would be instrumental in backing up the economic policies and initiatives being pursued by the new Pakistani government. He said that the agreement would go a long way in further strengthening bilateral cooperation. He also said that Korea would extend all possible cooperation for economic development of Pakistan, which would be greatly conducive to promoting bilateral relations in the years ahead.

KARACHI: President Karachi Chamber of Commerce & Industry (KCCI) Junaid Esmail Makda has requested the Federal Board of Revenue (FBR) to issue necessary instructions to all RTOs to refrain from sending notices for demanding the unjust Annual Turnover Tax from members of Pakistan Yarn Merchants Association (PYMA) till the issue is resolved as the Annual Turnover Tax, which was 0.1 percent, was inadvertently being charged at 1.0 percent.

In a letter sent to Member (Inland Revenue-Policy) FBR, Dr. Hamid Ateeq Sarwar, President KCCI referred to a meeting between KCCI delegation and FBR authorities held recently at FBR House in Islamabad in which this particular issue was also thoroughly discussed with Member IR-Policy and other officials who assured to resolve the same in due course but no correction has been done so far in SRO333 (1)/2011.

While reiterating that Inland Revenue-Policy department and RTOs should not issue further notices, he said that PYMA members have been receiving notices for Annual Turnover Tax which have to be suspended till the FBR makes necessary amendment.

April 24, 2019 (MLN): The State Bank of Pakistan conducted an auction on Wednesday in which it sold Treasury Bills worth Rs. 638.505 Billion for 3 months.

The Cut Off Yield decreased marginally to 10.9799 percent.

The SBP rejected the solitary bid for 6 month T-Bills, while no bids were received for 12 months.

Earlier SBP had received bids worth Rs.1,776.211 Billion for 3 and 6 months.

Copyright Mettis Link News

April 24, 2019: According to Karachi Sarafa Association the per tola price of 24 karat has witnessed decrease of Rs 200 on Wednesday and traded at Rs 68,600 per tola as compared with the last closing of  Rs 68,800.

The price of 10 gram gold also witnessed decrease of Rs 172 and traded at Rs 58,813 as compared with the last closing of Rs 58,985.

The price of Silver remained unchanged at Rs 900 per tola and that of 10 grams Silvers at Rs 771.60.

According to the Rawalpindi- Islamabad local Sarafa Association, the per tola price of 24-karat gold in the twin cities of Rawalpindi-Islamabad decreased by Rs 600 per tola and traded at Rs 67,400 as compared with the last closing of Rs68,000.

The price of 10 grams gold also decreased by Rs 520 and traded at Rs57, 780 against Rs58, 300 of last day.

In the international market, the price of gold increases by $01 and traded at $ 1273 as compared with the last closing of $1272.

 (APP)