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Merkel urges swift agreement on EU virus package

July 08, 2020: German Chancellor Angela Merkel on Wednesday urged EU countries to show solidarity and overcome deep divisions to approve a massive coronavirus recovery plan this summer.

The leaders of the 27 EU states meet in Brussels next week for a crunch summit aimed at agreeing a 750-billion euro ($843-billion) plan to tackle economic devastation wrought by the pandemic.

Merkel met Wednesday with European Commission president Ursula von der Leyen, and two other top EU leaders, Charles Michel and David Sassoli, to prepare for the July 17-18 meeting.

In a joint statement, they underscored "that reaching swiftly an agreement on an ambitious European recovery package is the EU's highest priority for the coming weeks.

In addition, they "stressed that it would be essential that Heads of State and Government reach an agreement during this European Council meeting."

But a group of countries, a so-called "Frugal Four", are trying to rein in spending, which is earmarked mainly for the poorer countries of southern Europe hardest hit by the COVID-19 epidemic.

"We need extraordinary solidarity -- everyone is ready, especially Germany, to overcome the pandemic, to deal with its consequences", Merkel told the European Parliament in a speech to mark Germany taking over the EU's rotating presidency for six months.

Next week's summit -- the first physical meeting of leaders since travel restrictions were put in place to try to stem the spread of coronavirus -- is set to be a fraught affair.

Austria, Denmark, the Netherlands and Sweden insist that loans with tough conditions attached, rather than grants, should be the preferred method of rescue and are not in a rush to make a deal.

Other countries argue that the plan, drawn up by the European Commission, misallocates the money, giving too much to eastern Europeans who were never on the front lines of the pandemic.

"Our common objective is to find a quick agreement as time is running out due to the economic crisis. We must not waste time. The poorest are paying the price", Merkel said, urging all sides to make compromises.

Of the proposed 750 billion euros, 500 billion euros would be redistributed in the form of grants, with rest distributed as loans.

French President Emmanuel Macron insisted talks on the fund were making progress after meeting Dutch Prime Minister Mark Rutte -- one of the leading frugals -- for a working dinner late last month.

AFP/APP

Stocks stall on virus spikes while safe haven gold...

July 08, 2020: Europe's stock markets slipped for a second straight session on Wednesday, with concerns about fresh spikes in coronavirus infections helping haven investment gold above $1,800 an ounce for the first time since 2011.

The eurozone's key indices were down by a percent or more at the close, with London doing a little better.

On Wall Street the Dow Jones was unchanged in the late New York morning.

Equity markets were in "a struggle for any meaningful direction", said Craig Erlam, an analyst with OANDA.

"The rally has clearly lost momentum as the grand reopening runs into the kind of challenges we all feared," he said.

A string of positive indicators, from China to the US in recent weeks -- as well as hopes for a vaccine and the easing of lockdowns around the world -- had fuelled a global stock markets rally that had lifted equities out of their March depths.

But while hopes that the world economy will recover remained intact, the ongoing spread of coronavirus has seen indices run out of steam over the past two days.

That helped gold climb to $1,804.31 an ounce Wednesday on the London Bullion Market, the highest level in 8.5 years, as recent dollar weakness also made the metal priced in the US unit attractive to investors.

"It is little surprise that the original safe haven is continuing its rally," said Carlo Alberto De Casa, chief analyst at ActivTrades.

- 'Want to be covered' -

"Investors are still buying stocks but it seems they want to be covered in case of any market correction."

With gold seen as a good store of value, Markets.com analyst Neil Wilson said the metal was also winning support thanks to fears of high inflation caused by central bank stimulus to prop up the global economy.

"The gold bull thesis rests not only on the requirement for safe assets given the economic uncertainty, but also longer term on fears of a surge in inflation caused by the massive increase in the money supply," he said in a client note.

Adding to market unease were ongoing tensions between China, the US and several other nations over Beijing's imposition of a security law in Hong Kong.

The pound, meanwhile, got a small boost against the dollar after Britain's finance minister announced a package to help the economy recover from the coronavirus fallout.

The measures "will pack a sizeable punch and support higher private spending with significant implications for hard hit sectors such as construction, housing and hospitality", said Kallum Pickering, an analyst with Berenberg.

- Key figures around 1540 GMT -

  • London - FTSE 100: DOWN 0.6 percent at 6,156.16 points (close)
  • Frankfurt - DAX 30: DOWN 1.0 percent at 12,494.81 (close)
  • Paris - CAC 40: DOWN 1.2 percent at 4,981.13 (close)
  • EURO STOXX 50: DOWN 1.1 percent at 3,286.09
  • New York - Dow: FLAT at 25,898.41
  • Tokyo - Nikkei 225: DOWN 0.8 percent at 22,438.65 (close)
  • Hong Kong - Hang Seng: UP 0.6 percent at 26,129.18 (close)
  • Shanghai - Composite: UP 1.7 percent at 3,403.44 (close)
  • West Texas Intermediate: DOWN 0.3 percent at $40.49 per barrel
  • Brent North Sea crude: DOWN 0.2 percent at $42.99
  • Euro/dollar: UP at $1.1327 from $1.1271 at 2040 GMT
  • Dollar/yen: DOWN at 107.46 yen from 107.54 yen
  • Pound/dollar: UP at $1.2587 from $1.2541
  • Euro/pound: UP at 90.00 pence from 89.87 pence

AFP/APP

Closing Bell: Given to Fly

July 8, 2020 (MLN): The benchmark KSE-100 Index surged again on Wednesday, extending its winning streak to the ninth consecutive trading session after recording a rise of 321 points or 0.91% to finish at 35,694 mark.

The rally in domestic stocks today was primarily helped by SBP’s move to safeguard the businesses and households as it reduced markup rate on investment under TERF to 5% from the existing 7% and on LTFF for non-textile sector to 5% from 6%.

The Index remained positive throughout the session touching an intraday high of 35,698.48

Of the 93 traded companies in the KSE100 Index 61 closed up 28 closed down, while 4 remained unchanged. Total volume traded for the index was 205.99 million shares.

Sectors propping up the index were Commercial Banks with 163 points, Automobile Assembler with 30 points, Technology & Communication with 29 points, Oil & Gas Exploration Companies with 21 points and Pharmaceuticals with 19 points.

The most points added to the index was by HBL which contributed 75 points followed by UBL with 35 points, PPL with 25 points, TRG with 24 points and MTL with 20 points.

Sector wise, the index was let down by Power Generation & Distribution with 13 points, Fertilizer with 7 points and Food & Personal Care Products with 7 points.

The most points taken off the index was by LUCK which stripped the index of 15 points followed by HUBC with 10 points, ENGRO with 6 points, OGDC with 6 points and NESTLE with 5 points.

All Share Volume decreased by 16.20 Million to 317.69 Million Shares. Market Cap increased by Rs.53.20 Billion.

Total companies traded were 378 compared to 394 from the previous session. Of the scrips traded 236 closed up, 120 closed down while 22 remained unchanged.

Total trades decreased by 3,325 to 123,709.

Value Traded increased by 0.81 Billion to Rs.13.02 Billion

CompanyVolume

Top Ten by Volume

TRG Pakistan38,340,500
Pak Elektron20,611,500
Maple Leaf Cement Factory17,504,000
Jahangir Siddiqui & Co. Ltd.17,343,500
Worldcall Telecom13,545,500
Lotte Chemical Pakistan10,289,500
D.G. Khan Cement Company10,167,000
Hascol Petroleum10,058,500
The Bank of Punjab9,769,000
Avanceon7,019,500

 

SectorVolume

Top Sector by Volume

Technology & Communication67,825,500
Cement44,999,964
Commercial Banks31,896,876
Cable & Electrical Goods22,445,700
Inv. Banks / Inv. Cos. / Securities Cos.19,342,300
Oil & Gas Marketing Companies16,490,581
Chemical16,223,578
Engineering10,973,000
Food & Personal Care Products9,598,010
Power Generation & Distribution9,174,257

 

 

Copyright Mettis Link News

 

OGDC successfully completes, injects development well Mela #07 into...

July 8, 2020: Oil & Gas Development Company Limited (OGDCL) as operator with (56.45% share), Pakistan Petroleum Limited (PPL) (28.55%) & Government Holdings (Private) Limited (GHPL) (15%) in joint venture of Mela Drilling & Production Lease (D&PL) Block has successfully tested, completed, injected development well Mela # 07 into production stream.

The Mela well is located in district Kohat, Khyber Pakhtunkhwa. The gas is being supplied into main grid of Sui Northern Gas Pipe Line network. 

The structure of Mela well # 07 was delineated drilled and tested using OGDCL’s in house expertise. The well was drilled down to the depth of 5,095 meters, targeting to test the hydrocarbon potential of Datta formation. The Zone is currently producing 427 Barrels (BBL) of crude oil and 5.0 MMSCFD of gas through 36/64” choke at well head flowing pressure 1780 PSI.

It is pertinent to mention that Mela Oil Field was discovered in September, 2006. The newly injected development well would add to the hydrocarbon reserves base of the OGDCL, PPL, GHPL and the country besides bringing significant savings to the exchequer through import substitution. The increase in oil and gas production would also help in mitigating ever growing demand of domestic consumers and industry.

PKR appreciates by 19 paisa at interbank trade

July 08, 2020 (MLN): Pakistani rupee (PKR) appreciated by 19 paisa against US Dollar (USD) in today's interbank session as the currency closed the day's trade at PKR 166.76 per USD, against yesterday's closing of PKR 166.95 per USD.

The rupee endured a relatively dull trading session with very little intraday movement, trading in a range of 19 paisa per USD showing an intraday high bid of 167.00 and an intraday Low offer of 166.90.

Within the Open Market, PKR was traded at 166.70/168 per USD.

Alternatively, the currency lost 68 paisa to the Pound Sterling as the day's closing quote stood at PKR 209.01 per GBP, while the previous session closed at PKR 208.33 per GBP.

On the other hand, PKR's value strengthened by 11 paisa against EUR which closed at PKR 188.19 at the interbank today.

On another note, within the money market, the overnight repo rate towards close of the session was 6.50/6.75 percent, whereas the 1 week rate was 6.85/6.95 percent.

Copyright Mettis Link News

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