Tag: EURO

Dec 06, 2019: The OPEC group of oil producing countries and their allies -- including Russia -- agreed on Friday to a production cut of 500,000 barrels per day in addition to their current agreement.

Ministers gathered at OPEC headquarters in Vienna "decided for an additional adjustment of 500 (thousand barrels per day)", effective as of 1 January 2020, according to a statement issued after the meeting.

This would bring production 1.7 million barrels per day below October 2018 levels.

However, the group said that "in addition, several participating countries, mainly Saudi Arabia, will continue their additional voluntary contributions," meaning the overall production cut would be 2.1 million barrels per day.

The statement said that OPEC and its partners in the so-called OPEC+ grouping would convene for a special meeting on 6 March.

OPEC members had been aiming for a cut in order to stem pressure on prices from abundant reserves and weak global economic growth.

Oil prices surged following the announcement, with US benchmark WTI and its European counterpart Brent both nearly two percent higher shortly after 1500 GMT.

AFP/APP

December 06, 2019 (MLN): The non-government sector has borrowed another net sum of Rs.35.35 billion during the week ended November 29, 2019, which brings the cumulative net borrowing for ongoing fiscal year FY2020 to Rs.68.31 billion. The net borrowing as of prior week was recorded at Rs.32.96 billion.

According to weekly data released by the State Bank of Pakistan, the sector's borrowing has dropped by Rs.407.84 billion over the year since the borrowing as of corresponding period of last year was recorded at Rs.476.14 billion.

The non government sector is divided into three broad categories namely, the Private Sector, the Public Sector Enterprises and NBFI. Commercial banks are the main source of financing for the private sector, incuding conventional banks, islamic banks and islamic branches of conventional banks.

This fiscal year, the private sector borrowed a net sum of Rs.86.63 billion, whereas the PSE's have retired Rs.18.93 billion and NBFI has borrowed Rs.606.29 million.

As we disintegrate the inflows and outflows within the private sector, we see that Conventional Banks lent a cumulative sum of Rs.45.89 billion, Islamic Banks lent Rs.13.85 billion and lastly the Islamic branches of Conventional Banks lent Rs.26.89 billion.

Copyright Mettis Link News

December 06, 2019 (MLN): The government of Pakistan has acquired an additional debt of Rs.187.45 billion during the week ended November 29, 2019, which brings its total net borrowing for ongoing fiscal year 2020 to Rs.332.94 billion. As of prior week, the government had borrowed a net sum of Rs.145.48 billion.

According to the State Bank of Pakistan's weekly estimates in this regard, this year's overall net borrowing as of this week has increased by Rs.30.51 billion over the year as last year's net borrowing for the same period stood at Rs.302.42 billion.

The government sector borrowings are divided into three broad categories based on the purpose of loan which are budgetary support, commodity operations and others.

Split three ways between these broad categories, the cumulative net borrowing for budgetary support was Rs.384.85 billion, while that for other purposes stood at Rs.1.34 billion. On the contrary, a net total of Rs.53.25 billion were retired off Commodity Operations.

The two biggest source of financing for budgetary support are the State Bank of Pakistan and the Scheduled Banks. This fiscal year, the central bank has lent out a net sum of Rs.137.19 billion to the government, out of which the Federal Government borrowed Rs.381.2 billion whereas, the Provincial Government retired Rs.230.3 billion, AJK Government retired Rs.11.08 billion, and the GB Government retired Rs.2.62 billion.

Meanwhile, the Scheduled Banks have lent out a net total of Rs.247.65 billion out of which the Federal Government borrowed Rs.252.31 billion while the Provincial Government retired Rs.4.65 billion.

Copyright Mettis Link News

December 6, 2019 (MLN): After yesterday’s successful performance of the stock market, the capital markets concluded today’s trade in consolidation as profit taking emerged in the second half of the session at higher levels which brought the index down to close almost flat as per Next capital.

The benchmark KSE -100 index gained 91 points in today’s session, closing the day at 40,732 points.

The Index traded in a range of 388.27 points or 0.96 percent of previous close, showing an intraday high of 40,982.45 and a low of 40,594.18.

Of the 96 traded companies in the KSE100 Index 46 closed up 49 closed down, while 1 remained unchanged. Total volume traded for the index was 268.60 million shares.

Sectors propping up the index were Oil & Gas Exploration Companies with 64 points, Food & Personal Care Products with 30 points, Insurance with 24 points, Fertilizer with 23 points and Chemical with 15 points.

The most points added to the index was by PPL which contributed 34 points followed by BAHL with 30 points, HUBC with 26 points, EFERT with 23 points and OGDC with 23 points.

Sector wise, the index was let down by Cement with 21 points, Pharmaceuticals with 17 points, Oil & Gas Marketing Companies with 13 points, Commercial Banks with 13 points and Refinery with 11 points.

The most points taken off the index was by PSO which stripped the index of 27 points followed by HBL with 21 points, SEARL with 15 points, KAPCO with 14 points and LUCK with 14 points.

All Share Volume decreased by 90.98 Million to 416.92 Million Shares. Market Cap increased by Rs.40.99 Billion.

Total companies traded were 382 compared to 404 from the previous session. Of the scrips traded 185 closed up, 185 closed down while 12 remained unchanged.

Total trades decreased by 10,516 to 123,288.

Value Traded decreased by 4.95 Billion to Rs.15.18 Billion

Copyright Mettis Link News

December 06, 2019 (MLN): The Oil and Gas Regulatory Authority (OGRA) has notified revised prices of Regasified Liquefied Natural Gas (RLNG) for the current month.

According to the notification, there is $0.1151 per mmbtu (Million British Thermal Unit) decrease in sale price of imported RLNG on the system of Sui Southern Gas Pipelines Company (SSGC) for the month of November as compared to the last month. The new price of the RLNG for SSGC system has been fixed at $ 10.8234 per mmbtu.

Similarly, there is $0.1111 per mmbtu decline in sale price of imported RLNG on the system of Sui Northern Gas Pipelines Company Limited (SNGPL) for the current month as compared to October, 2019. The new price of the LNG for SNGPL system has been fixed at $ 10.8349 per mmbtu.

Copyright Mettis Link News