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Gold posts marginal gains

July 16, 2020 (MLN): Gold moved fractionally higher at the domestic bullion market today. The price of 24 Karat-Gold increased by only Rs 50 to Rs 109,350 per tola in the local market. The valuable yellow metal had closed at Rs 109,300 per tola on the previous trading day. 

According to the Karachi Sarafa Association, the price of 10-gram gold also increased marginally by Rs 43 to settle at Rs 93,750 against Rs 93,707 on the last trading day.

On the other hand, the silver prices remained flat at Rs 1,110 per tola.  Similarly, 10-gram silver remained stable at Rs 943.07.

In the international market, gold prices reached $1,806 an ounce, down by only $2 while silver was pegged at $19.27 per ounce.

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Amendments in CGT System have been incorporated as per...

July 16, 2020 (MLN): National Clearing Company of Pakistan Limited (NCCPL) via notification to Exchange has notified all market participants that the Finance Act 2020 has introduced a new subsection 3B in Section 37A of the Income Tax Ordinance, 2001, as per which "shares of a public company" shall be considered as security if such company is a public company at the time of disposal of such shares.

The effect of the above proviso has been  incorporated in the Capital Gain Tax (CGT) System with effect from July 1, 2020 whereby CGT System will compute, determine, collect and deposit Capital Gain and Tax thereon on disposal of all listed securities irrespective of its date of acquisition whether acquired before or after of its listing date, the notification revealed.

The notice further highlights that Finance Act, 2020 has maintained applicable CGT Rates for the Financial Year 2020-21, details of which are mentioned in the table below.

Market

Period

FY 2020-21 CGT Rates

 

Investors appearing in (ATL)

Investors not appearing
in (ATL)

PSX

Where the security was acquired before 1st July, 2013

0.00%

0.00%

Securities Acquired before July 1, 2016. Where holding period of a security is twenty-four months or more but the security was acquired on or after 1st July, 2013

7.50%

15.00%

Securities Acquired on or after July 1, 2016

15.00%

30.00%

Cash settled derivatives traded on Stock Exchange

5.00%

10.00%

MUFAP

Where the holding period of securities more than Four years

0.00%

0.00%

Stock Funds:  For individuals and corporate if Dividend receipts of the fund are more than capital gains

10.00%

20.00%

 

Stock Funds: For individuals and corporate if Dividend receipts of the fund are less than capital gains

12.50%

25.00%

Other than Stock Funds: For Individuals

10.00%

20.00%

Other than Stock Funds: For Corporate

25.00%

50.00%

PMEX

Future Commodity Contracts executed at Pakistan Mercantile Exchange

5.00%

10.00%

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PRL starts producing FO and HSD under its new...

July 16, 2020 (MLN): Pakistan Refinery Limited has released the details of its new operational strategy, which involves the implementation of new crude oil recipes.

As a part of the strategy, the new crude oil recipes are expected to positively change the product slate and make Refinery compliant with regulatory requirements. According to the latest notification issued by the company in this regard, the following progress has been achieved so far:

IMO-2020 FO

The Refinery is presently producing the Fuel Oil (FO) of new emission-standards enforced by the International Maritime Organization 2020 (IMO-2020) carrying a much higher price than High Sulphur FO which was previously produced.

EURO-H HSD

The Refinery has also started producing the EURO-ll compliant High-Speed Diesel (HSD) w.e.f July 14, 2020. This has enabled Company to save the price differential and High Sulphur penalty imposed on the non-compliant HSD.

The above efforts are to improve future refinery-margins and to help the Company in achieving regulatory compliance. However, based on the present unstable business situation and depending on the margins, the Company will review its strategy regularly and, if required, may change it accordingly.

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PKR weakens by 32 paisa against greenback

July 16, 2020 (MLN): Pakistani rupee (PKR) depreciated by 32 paisa against US Dollar (USD) in today's interbank session as the currency closed the day's trade at PKR 166.99 per USD, against yesterday's closing of PKR 166.67 per USD.

The rupee traded within a very narrow range of 34 paisa per USD showing an intraday high bid of 167.10 and an intraday Low offer of 166.85.

Within the Open Market, PKR was traded at 166.60/167.50 per USD.

Alternatively, the currency gained 95 paisa against the Pound Sterling as the day's closing quote stood at PKR 209.37 per GBP, while the previous session closed at PKR 210.33 per GBP.

Similarly, PKR's value strengthened by 30 paisa against EUR which closed at PKR 190.36 at the interbank today.

On another note, within the money market, the State Bank of Pakistan (SBP) conducted an Open Market Operation in which it injected Rs.143 billion for 8 days at 7.01 percent.

The overnight repo rate towards close of the session was 6.90/7.00 percent, whereas the 1 week rate was 7.10/7.40 percent.

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PMEX Commodity Index erases yesterday’s losses

July 16, 2020: On Wednesday at Pakistan Mercantile Exchange Limited, PMEX Commodity Index reversed its losses by gaining 17 points and closed at 4,500-mark. The traded value of Metals, Energy and COTS/FX was recorded at PKR 11.030 billion and the number of lots traded was 10,638.

The major business was contributed by Gold amounting to PKR 7.298 billion, followed by DJ (PKR 817.583 million), Currencies through COTS (PKR 811.534 million), Silver (PKR 725.806 million), NSDQ 100 (PKR 675.921 million), Crude Oil (PKR 322.584 million), Platinum (PKR 177.931 million), SP500 (PKR 97.631 million), Natural Gas (PKR 61.792 million) and Copper (PKR 53.626 million).

In agriculture commodities, 8 lots of Wheat amounting to PKR 36.225 million and 2 lots of Cotton amounting to PKR 1.044 million were traded.

Press Release

 

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