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Arif Habib Ltd’s shareholding in ORIX Leasing Pakistan to...

July 13, 2020: Arif Habib Limited is planning to acquire a further 316,500 shares of ORIX Leasing Pakistan Limited, the Pakistan Stock Exchange informed on Monday.

On account of this transaction, the combined shareholding of Arif Habib Corporation will become 18,274,200 shares, which represents 10.94% of the total issued voting shares of ORIX Leasing Pakistan Limited.

Copyright Mettis Link News

TECHNICAL ANALYSIS VIEW OF PAKISTAN STOCK MARKET

By (Misbah Maqbool) July 13, 2020 (MLN): KSE 100 WEEKLY CHART KSE 100 DAILY CHART Last Friday KSE...

Pakistan to resume Afghan exports from Wednesday

July 13, 2020: Pakistan has decided to resume Afghan exports from Wednesday, after implementing COVID-19 related protocols.

In a press release, Foreign Office Spokesperson Aisha Farooqui said the decision has been taken at the special request of the government of Afghanistan and with a view to facilitating Afghanistan's transit trade.

The Spokesperson said with this step, Pakistan has fulfilled its commitments under Pakistan-Afghanistan Transit Trade Agreement. She said Pakistan has restored bilateral trade and Afghan transit trade at all border crossing terminals to pre-COVID-19 status.

The Spokesperson said Pakistan remains fully committed to further strengthening its bilateral relations with Afghanistan in all areas including trade, and to facilitate Afghanistan's transit trade under APTTA.

Radio Pakistan

European equities advance at open

July 13, 2020: European stock markets rose at the open on Monday, spurred higher by investor optimism before the start of corporate results season, dealers said.

                  In initial deals, London's benchmark FTSE 100 index of major blue-chip companies rallied 1.3 percent to 6,174.21 points compared with Friday's closing level.

                  In the eurozone, Frankfurt's DAX 30 index won 1.4 percent to 12,815.64 points and the Paris CAC 40 added 1.2 percent to 5,028.96.

                  "European markets ... kick-starting the week," said AvaTrade analyst Naeem Aslam.

                  "Traders are focused on the third-quarter earnings season and the hope is that it will set a more positive tone for the coronavirus stock market rally."

AFP/APP

Oil slips as traders expect OPEC+ to ease supply...

July 13, 2020: Oil slipped nearly 1% on Monday as traders eyed an OPEC technical meeting this week which is expected to recommend an easing in supply cuts that have been propping up crude prices.

Brent crude fell 32 cents, or 0.7%, to $42.92 a barrel by 0646 GMT while U.S. West Texas Intermediate crude was at $40.22 a barrel, down 33 cents, or 0.8%.

Oil was little changed last week as a resurgence of coronavirus cases prompted several U.S. states to impose tighter travel restrictions that could dampen oil demand recovery at the world's largest consumer.

However, prices climbed more than 2% on Friday after the International Energy Agency raised its 2020 oil demand forecast by 400,000 barrels per day.

Oil prices have recovered sharply from multi-decade lows in April as the Organization of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC+, cut output by a record 9.7 million barrels per day (bpd) over May to July.

OPEC’s Joint Ministerial Monitoring Committee (JMMC) will meet on Tuesday and Wednesday to recommend the next level of cuts after compliance in the group hit 107% in June, up from 77% in May.

OPEC and Russia are expected to ease their supply cuts to 7.7 million bpd as global oil demand has recovered and prices have bounced back, OPEC+ sources have told Reuters.

“They’ve done a good job of bringing prices as high as expected in the mid-term so they should be very careful about ruining sentiment,” Tony Nunan, a Tokyo-based senior risk manager at Mitsubishi Corp said.

Higher prices have prompted some U.S. producers to start drilling again even as the number of operating oil and natural gas rigs hit a record low for a 10th straight week.

“If you want to keep drilling down, then you’re going to have to keep prices around this level,” Nunan said.

Libya exported its first crude cargo in six months on Friday after a blockade by eastern forces, but then re-imposed force majeure on all oil exports on Sunday.

Its National Oil Corp accused the United Arab Emirates of instructing the eastern forces in Libya’s civil war to reimpose the blockade.

Reuters

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