Tag: fell below zero

Jan 22, 2020: Concerted efforts are required to significantly increase the financial value of kinnow exported by the country to different international markets.

FPCCI's Businessmen Panel's Secretary General (Federal), Ahmad Jawad here on Wednesday said that total export of citrus around the globe was $14.8 billion, however, Pakistan share could not exceed $200 million worth.

This, he said despite the fact that the country produces more than two million tons of kinnow annually which should fetch substantial amount of foreign exchange for the country.

"Government therefore needs to play its role and support the industry to increase financial value of the exports," said the senior exporter of fruit and a former member of FPCCI's horticultural committee.

Ahmad Jawad in this regard suggested efforts to help open Iran, the second largest global market for local kinnows as the export of local product would simply increase by 40%.

He regretted that no concerted efforts were registered or being made to address the situation which is thus depriving national exchequer of a sizable income.

The horticulturist also drew attention of the authorities towards favorable weather conditions improving the overall citrus yield with every chance that the fruit may easily meet export target or even cross it further.

"Orchards were affected last season and overall yield was reduced," he said mentioning that current season was, however, casting supportive impact.

Jawad said the country was currently exporting increased bulk of fruit and vegetables yet forex gains were registered to remain limited as no investment was being made in the technologies prerequisite to improve quality of exports.

It was mentioned that presently there were many varieties of citrus available in the world but Pakistan produced only a few and this shortcoming also needed to be overcome to increase the exports.

APP

January 22, 2020 (MLN): Pakistan's outstanding debts as of December 31, 2019 stood at Rs.20.73 trillion whereas total debt at the end of prior month was Rs.20.64 trillion, meaning that around Rs.93.53 billion were additionally borrowed during this month alone.

As compared to the same period last year when outstanding credit was Rs.18.37 trillion, the current debt position is Rs.2.36 trillion higher this time around, marking a year-on-year expansion of 12.87 percent.

The country's total credit accumulation during the 6 month period (Jun-Dec), has widened by Rs.506.49 billion as the total outstanding debt at the beginning of ongoing fiscal year June 30, 2019, stood at Rs.20.22 trillion. This means that Pakistan's outstanding debts have broadened by 2.5 percent this fiscal year.

The total outstanding credit is branched into the amount accumulated by government sector and that accumulated by the non-government sector. Out of the total outstanding loan, credit given to the government sector accounts for Rs.12.68 trillion while credit to non-government sectors account for Rs.8.05 trillion.

Credit to Government Sector:

The State Bank of Pakistan’s net credit to the government sector amounts to Rs.5.95 trillion which includes investments in government securities and government deposits, and other direct loans. During these 6 months, the central bank has been retired a sum of Rs.731.44 billion or 10.95 percent.

Meanwhile, the second largest source of financing for the sector, the Scheduled Bank's net credit adds up to Rs.6.73 trillion which is Rs.1.01 trillion higher than the outstanding credit at the beginning of the fiscal year thus indicating that the sector accumulated additional loan during the period.

Credit to Non-Government Sector:

The State Bank’s claim to outstanding credit of this particular sector is comparatively negligible (only Rs.25.69 billion), while on the b-side, scheduled banks have a claim to up to Rs.8.03 trillion as of the end of this month.

At the end of previous month (November 2019), the outstanding amount owed to these banks was Rs.7.84 trillion indicating that Rs.186.31 billion were additionally borrowed during the month whereas during ongoing fiscal year, Rs.227.13 billion were further accumulated.

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January 22, 2020: The per tola price of 24 karat gold appreciated by Rs 350 on Tuesday and was traded at Rs 90,300 as compared to Rs 89,950 on last trading day, Karachi Sarafa Association reported.

Likewise, the price of 10 gram gold witnessed an increase of Rs 300 and was traded at Rs 77,418 against last closing of Rs 77,118.

The price of silver remained stable and was traded at Rs 1,030 and that of 10 gram silver was traded at Rs 883.

In international market, the price of per ounce increased by $2 and was traded at $1,558 against $1,556.

APP

January 22, 2020 (MLN): The bouts of glumness continued to trouble the KSE-100 index, as it went on to lose a further 65 points in today’s session, and ultimately closed at 42,651-level.

This comes as a disappointment for several market observers, as the benchmark index has been down for third day in a row and has lost 606 points or 1.40% this week

Easily, OGDC was the key driver of today’s performance as it first went lower circuit in the initial hours of the session, as a result of local investors selling off its stock amidst circulation of reports that the Government was selling around 10% shares of the company.

However, the market recuperated slightly towards the end after the Privatization Committee dispelled the rumors of OGDC shares being offered at discount or historical average.

The Index traded in a range of 530.05 points or 1.24 percent of previous close, showing an intraday high of 42,674.76 and a low of 42,144.71.

Of the 95 traded companies in the KSE100 Index 40 closed up 52 closed down, while 3 remained unchanged. Total volume traded for the index was 118.31 million shares.

Sector wise, the index was let down by Oil & Gas Exploration Companies with 71 points, Oil & Gas Marketing Companies with 36 points, Tobacco with 22 points, Inv. Banks / Inv. Cos. / Securities Cos. with 18 points and Power Generation & Distribution with 12 points.

The most points taken off the index was by OGDC which stripped the index of 71 points followed by PAKT with 22 points, DAWH with 17 points, PSO with 12 points and POL with 12 points.

Sectors propping up the index were Cement with 58 points, Fertilizer with 33 points, Commercial Banks with 11 points, Food & Personal Care Products with 9 points and Textile Composite with 4 points.

The most points added to the index was by LUCK which contributed 42 points followed by FFC with 20 points, ENGRO with 18 points, MCB with 17 points and UBL with 10 points.

All Share Volume increased by 0.42 Million to 177.98 Million Shares. Market Cap decreased by Rs.46.77 Billion.

Total companies traded were 352 compared to 344 from the previous session. Of the scrips traded 139 closed up, 189 closed down while 24 remained unchanged.

Total trades increased by 10,095 to 75,628.

Value Traded increased by 2.48 Billion to Rs.9.29 Billion

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January 22, 2020 (MLN): The total Foreign Investment in Treasury bills (T-Bills) during July 1, 2019 till January 21, 2020 recorded at USD 2.448 billion, this led the overall Foreign Investment to arrive at $3 billion, revealed State Bank of Pakistan (SBP)’s latest data.

During the period mentioned above, inflows of $1.57 billion in T-bills came from United Kingdom (UK) and $805 million from the United States (USA).

In the month from January 1, 2020 to January 21, 2020, foreign investors invested $980 million in T-bills, in which $830 million came from UK and $142 million from USA.

Similarly, in the single session on January 21, 2020, foreigners invested $102 million in T-bills in which $95.86 million came from UK and $6.2 million from Ireland.

Meanwhile, inflows in PIBs from July 1, 2019 to January 21, 2020 amounted to $30.8 million. Within the same time period, the inflows from USA stood at around $10.29 million and from UK at $20.5 million.

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