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OMO Result: SBP Injects Rs.110.00 Billion for 1 Day

August 05, 2021 (MLN): The State Bank of Pakistan (SBP) conducted an Open Market Operation on Thursday in which it injected Rs.110.00 Billion into the market for 1 Day.

Summary of OMO Result

  Amount*RateBids
TenorTypeOfferedAcceptedHigh - LowAcceptedOfferedAccepted
1DReverse Repo (Injection)222.100110.0007.21 - 7.157.2142
Total amount offered at 7.21% was Rs. 152,000.00 Mio out of which SBP accepted R.s. 110,000.00 Mio on pro-rata basis.
OMO Settlement: same day August 05, 2021
*Amount in Billions

 

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Govt to impose Withholding tax on online markets from...

August 5, 2021 (MLN): The Fed­eral Board of Revenue (FBR) has issued a notification for the imposition of withholding tax on online markets that shall be effective from September 1, 2021.

On Wednesday, FBR announced this decision through a notice “SRO984-2021”

In the budget 2021-22, the government had proposed a withholding tax at the rate of 2% of the gross value of supplies made by persons other than active taxpayers.

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ATRL re-appoints Mr. M. Adil Khattak as CEO

August 5, 2021 (MLN): Attock Refinery Limited (ATRL) has re-appointed Mr. M. Adil Khattak as Chief Executive Officer (CEO) of the company, with effect from July 18, 2021 for the period ending on December 31, 2021.

The aforesaid information was disseminated by the company through notice to Exchange.

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SBP to Conduct 1 Day OMO

August 05, 2021 (MLN): The State Bank of Pakistan (SBP) announced that it will conduct a 1 day OMO to inject funds into the market.

Quotes timing is: 11:15 PST while result will be announced at: 11:45 PST

Settlement is same day - August 05, 2021

 

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Oil prices rise on Mideast tensions; crude stock build...

August 5, 2021: Oil prices rose on Thursday, supported by tensions in the Middle East, but failed to recoup most of the previous day's losses after a surprise build in crude stockpiles in the United States, the world's top oil consumer.

Brent crude oil futures rose by 19 cents, or 0.3%, to $70.57 a barrel by 0438 GMT, while U.S. West Texas Intermediate (WTI) crude futures increased by 23 cents, or 0.3%, to $68.38 a barrel. Both benchmarks fell by more than $2 a barrel on Wednesday.

"With tensions brewing amongst Iran and world powers over last week's drone attack, it seems nuclear deal talks will be lengthy and unlikely to provide imminent sanction relief for Iran," said Edward Moya, senior analyst at OANDA.

Israeli aircraft struck what the country's military said were rocket launch sites in south Lebanon early on Thursday in response to earlier projectile fire towards Israel.

The exchange came after an attack on a tanker off the coast of Oman last Thursday that Israel blamed on Iran. Two crew members, a Briton and a Romanian, were killed. Iran denied any involvement.

The U.S. State Department said on Wednesday it believed Iranians hijacked the Panama-flagged Asphalt Princess tanker in the Gulf of Oman but was not in a position to confirm.

Risks of potential supply disruptions amid a forecast for more storms in the Atlantic also supported prices, Moya said.

The National Oceanic and Atmospheric Administration (NOAA) on Wednesday revised upward its outlook for the 2021 Atlantic hurricane season, estimating there was a 65% chance of an above-normal season and between three and five major hurricanes.

Helping check gains, a rise in locally transmitted COVID-19 cases in second-largest oil consumer China has prompted restrictions in some cities and cancellation of flights and is threatening fuel demand, analysts said.

Prices also fell steeply in the previous session after the U.S. Energy Information Administration (EIA) said crude stockpiles rose by an unexpected 3.6 million barrels last week.

Some analysts, though, pointed to a bigger-than-forecast fall of 5.3 million barrels in fuel stockpiles.

"The fall in U.S. gasoline stockpiles to the lowest level since November 2020 suggests that fuel demand conditions in the U.S. are still quite resilient," analysts from the Commonwealth Bank of Australia said in a note on Thursday.

The bank expects Brent oil prices to rise to $85 a barrel by the fourth quarter as oil demand outpaces supply growth.

Reuters

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