Tag: IMF

December 7, 2021 (MLN): Gold continued to extend gains in the domestic bullion market today as the price of 24-karat gold inched up by Rs350 to close at Rs124,000 per tola.

Similarly, the price of 10-gram of 24k gold also increased by Rs300 and was traded at Rs106,310 while the 10gm 22k gold was valued at Rs97,451, as reported by Karachi Sarafa and Jewellers Association.

On the contrary, the price of 24-karat silver remained stagnant at Rs1,460. Likewise, the price of 10-gram silver stayed flat at Rs1,251.71.

In the international market, the demand for gold remained steady, saw an up of $1 to stand at $1,781 on the back of a strong dollar which offset the back for precious metal stemming from concerns regarding the economic impact of the emergence of Omicron. Meanwhile, silver was traded at $22.43 an ounce.

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December 7, 2021 (MLN): The United Arab Emirates will shift its weekend to Saturday and Sunday for government entities as it looks to bring itself more in line with the rest of the world, Bloomberg reported on Tuesday.

As per the details, the UAE government said it will adopt a 4-1/2 day working week from January 1, with the weekend starting on Friday afternoon and lasting until Sunday.

Presently, the UAE and the rest of the Gulf nations, have a Sunday-Thursday working week.

“This will align the UAE with global markets and make it easier for international corporations to do business,” said Nabil Alyousuf, chief executive officer of Dubai-based International Advisory Group, reported Bloomberg.

“This will increase the number of days we do business with the rest of the world, which will boost trade,” he added.

In the context of Pakistan, this development will increase business turnover, said Malik Bostan, President Forex Association of Pakistan, while speaking to Mettis Global News.

“As 70% of Pakistan’s workers are in the Middle East, it will also boost remittance inflow,” he added.

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December 07, 2021 (MLN): The Cotton Crop Assessment Committee (CCAC) has revised the cotton production target for the fourth time, by around 3 percent, from 9.37 million bales set for 2021-22 to 9.1 million bales, the sources told Mettis today.

As per earlier expectations of the committee, the cotton production was to be around 10.05 million bales. However, the estimates were later revised to 8.46mn bales. In October'21, the committee revised its estimates once again and according to which the cotton production to be around 9.37mn bales.

The meeting was held under the chairmanship of Dr. Akmal Sidiq, Technical Advisor, Ministry of National Food Security and Research (MNFSR) for the third time. The committee estimated 5.168 million bales in Punjab, 3.5 million bales in Sindh, 0.43 million in Balochistan, and 0.004 million bales in Khyber Pakhtunkhwa.

Dr. Khalid Abdullah, Cotton Commissioner, presented an overview of the cotton production scenario in the country. Dr. Abdul Qayum, DG Crop Reporting Services Govt of Punjab assessed the production of 5.168 million bales from its earlier assessment of 5.44 million bales. However, Sindh retained its earlier assessment of 3.5 million bales.

On the other hand, Ahsan-ul-Haq, President, Cotton Ginners Forum said that the cotton output will be around 7.5 to 7.8 million bales. He also highlighted that textile mills during FY22 have received hefty export orders and to meet these orders, the textile imports will be around 7 million bales during the ongoing fiscal year.

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December 07, 2021 (MLN): In line with global equities, the Pakistan Stock Exchange also witnessed positive momentum throughout the trading on Tuesday as bulls remained dominant across the board leading the benchmark KSE-100 index to close in green amid the higher cement despatches reported in November.

Ahsan Mehanti, Director Arif Habib Group told Mettis Global, stocks rallied on Tuesday due to an increase in cement sales. Meanwhile, the rise in oil prices also supported a bullish close as concerns about the impact of the Omicron variant on fuel demand eased.

Topline Securities in its market wrap said, “The market made an intraday high of 78 5points as investors cheered the news flow regarding PDM where they deferred resignation and hold “Mahngai March” in March.”

The index remained positive throughout the session touching an intraday high of 44,065.89.

Of the 95 traded companies in the KSE100 Index 73 closed up 20 closed down, while 2 remained unchanged. Total volume traded for the index was 89.33 million shares.

Sectors propping up the index were Oil & Gas Exploration Companies with 115 points, Technology & Communication with 114 points, Cement with 85 points, Food & Personal Care Products with 33 points and Refinery with 27 points.

The most points added to the index was by TRG which contributed 68 points followed by OGDC with 54 points, PPL with 46 points, LUCK with 33 points and SYS with 26 points.

Sector wise, the index was let down by Glass & Ceramics with 1 points, Textile Spinning with 1 points and Leasing Companies with 1 points.

The most points taken off the index was by ENGRO which stripped the index of 20 points followed by UBL with 10 points, COLG with 9 points, PKGS with 8 points and KEL with 7 points.

All Share Volume increased by 52.47 Million to 229.38 Million Shares. Market Cap increased by Rs.97.56 Billion.

Total companies traded were 347 compared to 314 from the previous session. Of the scrips traded 247 closed up, 82 closed down while 18 remained unchanged.

Total trades increased by 18,047 to 108,086.

Value Traded increased by 2.29 Billion to Rs.8.37 Billion

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