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Saudi Arabia increases customs duty rates on imports
June 4, 2020 (MLN): Saudi Arabia has announced an increase in various customs duty rates applicable to a wide range of highly consumed products which would be applicable from June 10, 2020 onwards.
The products that will see the upsurge in custom fees include, food products, mineral and chemical products, plastic, rubber, leather goods, textile, clothing and footwear, building materials, metal prodcuts (e.g. steel, iron, nickel, copper, aluminium), ceramic, cement, electrical equipment, toys, furniture, machinery equipments, motor vehicles and spare parts and various other manufactured goods.
According to the revised Harmoninzed Tariff Schedule (HTS), the import duty on Mineral products, Textile, Rubber and Plastic items, Bulding materials, Machinery, Motor vehicles and Spare parts will rise upto 15% by June 10 from the current level of 5%.
The duty on Food and beverages (such as live animals, meats, seafood, milk products, yoghurts, vegetables, fruits, sugars, rice, sweets, juices, sauces and honey) ane Metal Products (such as iron or non-alloy steel, stainless steel, alloy steel, wire, pipes and tubes, steel bolts, and articles of copper) will rise upto 25% and 20% respectively, from the current level of 5%.
Whereas, the duty on Chemical Products (such as acids, sulphates, oxides, methane, magnesium and chlorides) will increase from 5% to 5.5 to 6.5%.
As the increase in customs duty rates are significant, this will affect all imports into Saudi Arabia.
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State Bank’s Forex Reserves Decrease by USD 1,711.80 Million
Jun 04, 2020 (MLN): Pakistan's Forex Reserves decreased by USD 1,677.80 Million or 9.02% and the total liquid foreign reserves held by the country stood at USD 16,920.10 Million on May 29, 2020.
According to data published by the State Bank of Pakistan (SBP) its reserves decreased by USD 1,711.80 Million. This decline is primarily attributed to Government external debt repayments of US$ 1,669.1 million.
| Foreign reserves held by | May 29, 2020 | May 21, 2020 | Change | % Change |
|---|---|---|---|---|
| State Bank of Pakistan | 10,362.10 | 12,073.90 | -1711.80 | -14.18% |
| Net Foreign Reserves Held by Banks | 6,558.00 | 6,524.00 | 34.00 | 0.52% |
| Total Liquid Foreign Reserves | 16,920.10 | 18,597.90 | -1677.80 | -9.02% |
Amount in USD Million
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Closing Bell: A Reality Check..
June 4, 2020 (MLN): Domestic equities slumped on Thursday as the KSE-100 index lost around 282 points in today’s session and closed at 34,119-mark, i.e. down by 0.82% from yesterday’s closing.
The absence of positive triggers, economic uncertainty and the rising Covid-19 cases in the country kept investors’ sentiments in check as the benchmark index remained negative throughout the session today.
The Index traded in a range of 311.49 points or 0.91 percent of previous close, showing an intraday high of 34,404.12 and a low of 34,092.63.
Of the 96 traded companies in the KSE100 Index 26 closed up 68 closed down, while 2 remained unchanged. Total volume traded for the index was 104.19 million shares.
Sector wise, the index was let down by Commercial Banks with 85 points, Oil & Gas Exploration Companies with 79 points, Power Generation & Distribution with 34 points, Cement with 28 points and Food & Personal Care Products with 24 points.
The most points taken off the index was by OGDC which stripped the index of 34 points followed by HUBC with 31 points, PPL with 28 points, MCB with 27 points and UBL with 24 points.
Sectors propping up the index were Automobile Parts & Accessories with 7 points, Tobacco with 4 points, Transport with 4 points, Paper & Board with 3 points and Pharmaceuticals with 3 points.
The most points added to the index was by SNGP which contributed 9 points followed by ANL with 8 points, ABOT with 7 points, PMPK with 7 points and FFC with 5 points.
All Share Volume increased by 13.69 Million to 143.64 Million Shares. Market Cap decreased by Rs.55.08 Billion.
Total companies traded were 341 compared to 356 from the previous session. Of the scrips traded 93 closed up, 223 closed down while 25 remained unchanged.
Total trades decreased by 3,085 to 70,067.
Value Traded decreased by 1.27 Billion to Rs.5.55 Billion
| Company | Volume |
|---|---|
| TRG Pakistan | 11,319,000 |
| Unity Foods | 11,305,500 |
| Hascol Petroleum | 8,111,000 |
| Kot Addu Power Company | 6,721,000 |
| Pak Elektron | 6,121,500 |
| Maple Leaf Cement Factory | 5,338,500 |
| Pakistan International Bulk Terminal | 4,734,500 |
| K-Electric | 4,548,000 |
| Sui Northern Gas Pipelines | 4,493,500 |
| The Hub Power Company | 4,063,959 |
| Sector | Volume |
|---|---|
| Technology & Communication | 18,096,600 |
| Power Generation & Distribution | 15,852,459 |
| Oil & Gas Marketing Companies | 13,689,878 |
| Cement | 11,892,696 |
| Vanaspati & Allied Industries | 11,309,100 |
| Commercial Banks | 9,575,402 |
| Miscellaneous | 8,279,200 |
| Textile Composite | 7,041,250 |
| Cable & Electrical Goods | 6,326,500 |
| Food & Personal Care Products | 4,889,620 |
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Pakistan’s Trade deficit improves by 27.77 percent during...
Jun 04, 2020 (MLN): Pakistan's trade deficit for 11 months (July-May) FY20 was USD 21.06 billion compared to a deficit of USD 29.15 billion from the corresponding period from FY19.
According to data released by the Pakistan Bureau of Statistics (PBS), the trade deficit for the month of May 2020 was recorded at USD 1.46 billion compared to a deficit of USD2.247 billion from April 2020 showing an improvement of 35.02 percent.
Compared to May 2019 deficit of USD 2.921 billion, the trade numbers improved by 50.02 percent
Exports increased by 45.35 percent to USD 1.391 billion compared to USD 0.957 billion in April 2020.
However compared to May 2019 exports decreased by 33.64 percent
Imports in May 2020 decreased by 11.02 percent, clocking in at USD 2.851 billion compared to USD 3.204 billion in April 2020.
Similarly compared to May 2019 imports decreased by 43.17 percent
Overall the 11 month exports stood at USD 19.796 billion compared to USD 21.256 from the corresponding period of last year, showing an increase of -6.87 percent. Similarly Imports during the period decreased by 18.96 percent to USD 40.854 billion compared to USD 50.41 from the same period of FY19.
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OGRA directs OMCs, refineries to ensure availability of POL...
June 04, 2020 (MLN): The Oil and Gas Regulatory Authority (OGRA) has directed Oil and Marketing Companies (OMCs) to ensure import of committed cargos.
OGRA Spokesman said that oil stocks are sufficient enough to meet the requirement of the consumers.
He further said that OGRA and Ministry of Energy are taking all possible measures to ensure adequate supply of petroleum products in the prevailing situation. Refineries have also been directed to ensure committed production for the month of June 2020.
District Management of all the provinces, Gilgit Baltistab and AJK have also been advised to physically verify the petrol availability at retail outlets.
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