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European stocks drop at open on fresh virus fears

Jul 14, 2020: European stock markets fell at the open on Tuesday, mirroring losses in Asia, as fears resurfaced over a spike in coronavirus infections around the world, dealers said.

In initial deals, London's benchmark FTSE 100 index of major blue-chip companies sank 0.7 percent to 6,130.25 points compared with Monday's closing level, impacted also by news of virus-hit UK economic activity.

In the eurozone, Frankfurt's DAX 30 index lost 1.4 percent to 12,621.96 points and the Paris CAC 40 shed 1.5 percent to 4,981.03.

"A late sell-off on Wall Street spilled over into Asia and is dragging on European stocks," said City Index analyst Fiona Cincotta.

"Sentiment soured on Wall Street after the state of California imposed new restrictions on business as coronavirus cases spiral out of control and hospitalisations soar.

"The shutdown fuels fears that the growing number of coronavirus cases will hamper the fragile economic recovery.

A worrying increase in new cases across the planet has forced governments to revert to measures aimed at preventing the disease's spread.

California, the richest of the US states, ordered all indoor restaurants, bars and movie theatres to re-close, while churches, gyms, shopping malls, hair salons and non-essential offices have been told to shut up shop in several densely populated counties, including Los Angeles.

The measures follow new restrictions imposed in Texas, Arizona, Florida and other major states.

Meanwhile, Hong Kong on Monday announced sweeping new measures as the city suffers a relapse. Melbourne is already under a new lockdown and there are signs of new outbreaks in Sydney.

The new spikes come as WHO chief Tedros Adhanom Ghebreyesus warned: "There will be no return to the 'old normal' for the foreseeable future."

He added that without governments adopting a comprehensive strategy, the situation would get "worse and worse and worse".

AFP/APP

K-Electric submits request to NEPRA to buy 6MW from...

July 14, 2020 (MLN): K-Electric has submitted Power Acquisition Request (PAR) to NEPRA for the power purchase from Lucky Cement Limited (LCL). The power supply to be received from LCL shall be distributed to the DHA City Karachi (DHCK).

DHCK is a new residential cum commercial project in the suburbs of Karachi. This project falls within the KE licensed territory. However, the DHCK did not timely complete KE's new connection requirement in the past and hence the required power infrastructure is not there.

Consequently, KE, DHCK, and LCL have reached an understanding for purchase by KE of surplus power of up to 6 MW from LCL and delivery of such power to DHCK by connecting through an 11kV network.

LCL has 29.7304 MW thermal power plant fired on gas which has a generation license from NEPRA.

In this regard, NEPRA approved LCL's licensee proposed modification request dated February 21, 2020 thereby allowing LCL to supply electric power to KEL for onward supply to DHCK on individual connection/metering basis.

It is pertinent to mention that LCL got a No Objection Certificate ("NOC") from Sui Southern Gas Company (SSGC) in relation to the supply of surplus power to KE.

LCL has provided Power Sale Proposal (PSP), containing details about the LCL and its proposed tariff for the review and approval by NEPRA.

KE understands that for any pass-through of power purchase costs to the consumer end tariff of KE, the same shall be determined by NEPRA. Therefore, KE requests NEPRA to admit the PAR and review the PSP of LCL to determine a generation tariff for the purchase of power from LCL in accordance with the Interim Power Procurement (Procedures and Standards) Regulations, 2005.

Copyright Mettis Link News

Mol announces Gas and Condensate Discovery in Pakistan

July 14, 2020: MOL, as the operator of TAL Block in Pakistan, has made a new gas and condensate discovery. This marks the company’s 13th discovery in Pakistan and 10th discovery in the TAL Block.

The Mamikhel South-1 exploratory well successfully reached a total depth of 4,939m on 23 May 2020. Upon testing the well flowed gas and condensate from Lockhart and Hangu formation at a flow rate of 6,516 boepd (16.12 MMscf/d and 3,240 bpd, respectively), with flowing well-head pressure of 4,476 PSI at 32/64” choke.  Further testing of the well is ongoing.

Dr. Berislav Gašo, MOL Group’s E&P EVP commented: “I am delighted to announce that we have made another discovery in Pakistan. This new discovery has de-risked an exploration play in a deeper reservoir in the TAL Block, leading to new upside opportunities. The Mamikhel South-1 discovery will also help to improve the energy security of the country from indigenous resources. We are thankful to our Joint Venture partners as well as the Government of Pakistan for their continued support.”

As the operating shareholder MOL is responsible for 89 mboepd gross production (as of Q1 2020) in the TAL block (MOL’s share is 8.4%). Our partners in the Joint Venture consortium are OGDCL, PPL, POL and GHPL. MOL has a proven track record of successfully operating in Pakistan’s upstream sector for 21 years and holds equity stakes in four blocks in the country.

MOL Group

 

OMO Result: SBP Injects Rs.70.00 Billion for 3 Days

July 14, 2020 (MLN): The State Bank of Pakistan (SBP) conducted an Open Market Operation on Tuesday in which it injected Rs.70.00 Billion into the market for 3 Days.

Summary of OMO Result

  Amount*RateBids
TenorTypeOfferedAcceptedHigh - LowAcceptedOfferedAccepted
3DReverse Repo (Injection)70.00070.0007.11 - 7.017.0155
 
OMO Settlement: same day July 14, 2020
*Amount in Billions

 

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NBP Funds CEO clarifies Investor claims against Mutual Funds

July 14, 2020 (MLN): An investor, in a series of video releases through his YouTube...

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