Tag: economic fallout

December 4, 2020 (MLN): Domestic equities remained bullish throughout the day today, amid a buying spell, mainly witnessed in blue-chip stocks, especially in E&Ps and Banking sectors. Closing on 42,207 points level, KSE – 100 gained 150 points on Friday, or up by 0.38% from previous close.

Over the week, KSE-100 gained 1,400 points or up by 3.4% WoW and closed at its highest values since Sep 18, 2020.

Speaking of today’s performance, the Index remained positive throughout the session touching an intraday high of 42,316.17

Of the 97 traded companies in the KSE100 Index 62 closed up 32 closed down, while 3 remained unchanged. Total volume traded for the index was 237.17 million shares.

Sectors propping up the index were Oil & Gas Exploration Companies with 61 points, Commercial Banks with 57 points, Technology & Communication with 31 points, Engineering with 10 points and Refinery with 8 points.

The most points added to the index was by OGDC which contributed 38 points followed by TRG with 26 points, UBL with 15 points, PPL with 12 points and HMB with 11 points.

Sector wise, the index was let down by Oil & Gas Marketing Companies with 16 points, Fertilizer with 12 points, Automobile Assembler with 4 points, Transport with 4 points and Automobile Parts & Accessories with 2 points.

The most points taken off the index was by FFC which stripped the index of 12 points followed by MTL with 11 points, SNGP with 8 points, PSO with 7 points and EFERT with 6 points.

All Share Volume increased by 7.59 Million to 427.91 Million Shares. Market Cap increased by Rs.30.84 Billion.

Total companies traded were 409 compared to 400 from the previous session. Of the scrips traded 234 closed up, 151 closed down while 24 remained unchanged.

Total trades decreased by 17,679 to 132,936.

Value Traded increased by 0.12 Billion to Rs.18.15 Billion

Copyright Mettis Link News

December 04, 2020: The Competition Commission of Pakistan (CCP) marks the World Competition Day on 5th December 2020 with the theme, “Enhancing Economic Efficiency of SMEs” with the resolve to play an active role under its mandate to strengthen and support the small and medium enterprises through policy and advocacy initiatives.

On 5th December 2010, the International Network of Civil Society Organization on Competition (INCSOC) announced and proposed the first World Competition Day. Subsequently, each year, the world’s competition community celebrates 5th December as the World Competition Day by holding events, issuing statements and taking other outreach measures with the intention to support consumers and promote fair play in the market. This year’s international theme is “Competition Policy and Access to Healthcare.”

The Competition Law of Pakistan is a pro-business, pro-growth statute and the Commission believes in stimulating economic performance and creating a level playing field by eradicating market distortions and eliminating entry barriers. The competition encourages businesses to compete to continuously look for better ways to satisfy their consumer base with improved quality, durability, service, and price which come to fruition in innovation. This in result, enhances the economic efficiency of businesses and particularly enables the small businesses to compete and grow.

The SME sector is the backbone of Pakistan’s economy and there is still a lot of potential for growth and innovation. The CCP realizes that the SME sector deserves a special focus in the aftermath of the COVID-19 pandemic and its sustenance will depend on the support it gets from the relevant quarters. The CCP encourages all efforts geared at ensuring a sustainable growth of SMEs and will endeavor to contribute under its mandate through issuing policy guidelines and taking advocacy initiatives for their benefit.

CCP is working to coordinate with jurisdictions where competition agencies have contributed, directly or indirectly, towards enhancing the economic efficiency of SMEs, both in the COVID-19 situation and before.

Press Release

December 04, 2020 (MLN): The Weekly Sensitive Price Indicator (SPI) for the Combined Group decreased by 0.23% during the week ended Dec 03, 2020 while the SPI increased by 8.14% compared to the corresponding period from last year.

According to data released by the Pakistan Bureau of Statistics (PBS) the Combined Index was at 141.41 compared to 141.74 on Nov 26, 2020 while the index was recorded at 130.77 a year ago, on Dec 05, 2019

Out of the 51 monitored items, the average price of 17 items increased, 13 items decreased whereas 21 items registered no change during the week.

The weekly SPI percentage change by income groups showed that SPI decreased across all quantiles ranging between 0.76% and 0.06%.

The Lowest Income Group witnessed a weekly decrease of 0.76% while the highest income group recorded a decrease of 0.06%.

On an yearly basis, analysis of SPI change across different income segments showed that SPI increased across all quantiles ranging between 7.31% and 9.7%.

Yearly SPI for the Lowest Income Group increased by 9.7% while the highest income group recorded an increase of 7.31%.

The average price of Sona urea stood at Rs.1689 per 50 kg bag which is 0.18% higher than last week’s price and 15.84% lower when compared to last year.

Meanwhile, average Cement price was recorded at Rs.576 per 50 kg bag, which is 0.52% higher than the previous week and 1.23% higher than prices last year.

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December 04, 2020: Prime Minister Imran Khan has directed to remove obstacles in the way of foreign investment and industrialization and ensure all possible facilities to enhance industrial production.

Chairing a meeting regarding the enforcement of mobile devices manufacturing policy in Islamabad on Friday, he said the development of the industrial sector would increase the country's income and provide better employment opportunities to the people.

The meeting was briefed that Pakistan is a big market for cellular phones as around 40 million mobile sets are annually bought in the country. It was told that after the enforcement of the Device Identification, Registration, and Blocking System, revenue collection has been increased from 22 to 54 billion rupees and it also ended the smuggling of mobile sets. The meeting was apprised that now a number of international companies are showing interest to locally manufacture mobile devices in Pakistan.

Radio Pakistan

December 4, 2020 (MLN): Safe-haven asset extended losses on Friday in the domestic bullion market. The price of 24 karat gold fell by Rs 200 to Rs 110,300 per tola. The precious yellow metal of 24-Karat had closed at Rs 110,500 per tola on the last day.

According to the data released by the All Sindh Saraf Jewellers Association, the price of 10-gram gold also decreased by Rs 172 to Rs 94,564 against the price of Rs 94,736 reported in the previous session.

On the other hand, the price of silver tola and 10-gram silver remained unchanged at Rs 1220 and Rs. 1,045.95 respectively, the association reported.

In the international market, the gold rally took a breather as gold prices remained unchanged to US $1,839 an ounce as traders were watchful during the session while silver was pegged at US$ 24.18 an ounce.

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