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PKR depreciates by 13 paisa at interbank trade

April 01, 2020 (MLN): Pakistani rupee (PKR) depreciated by 13 paisa against US Dollar (USD) in today's interbank session as the currency closed the day's trade at PKR 166.83 per USD, against yesterday's closing of PKR 166.7 per USD.

The Rupee saw significant volatility in today’s session and traded in a range of 1.55 rupees per USD showing an intraday high bid of 167.05 and an intraday Low offer of 166.45.

Within the Open Market, PKR was traded at 164/167 per USD.

Meanwhile, the currency lost 94 paisa to the Pound Sterling as the day's closing quote stood at PKR 206.35 per GBP, while the previous session closed at PKR 205.41 per GBP.

On the other hand, PKR's value strengthened by 40 paisa against EUR which closed at PKR 182.74 at the interbank today.

On another note, within the money market, the overnight repo rate towards close of the session was 10.25/10.50 percent, whereas the 1 week rate was 10.75/10.90 percent.

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European yields fall as investors scramble for safety

April 1, 2020: Euro zone bond yields fell on Wednesday, with investors rushing into safe-haven government debt as the continuing spread of the novel coronavirus fed risk-off sentiment.

More than 74,000 new cases were reported globally on Tuesday, the largest increase in a single day since the virus began and almost 30% above the previous day's rise.

There are now over 850,000 cases and 42,000 deaths across 205 countries and territories, according to a Reuters tally at 0200 GMT on Wednesday. Italy and the United States have reported a total of more than 100,000 cases each.

Germany's Bund yield was down 4.7 basis points at -0.504% . Most of the rest of the core euro area market also saw declines, with France and Belgium seeing rates steady.

Lyn Graham-Taylor, fixed income strategist at Rabobank, said there was a strong risk-off mood across the financial markets on Wednesday.

The market can't "look around the corner" for a significant improvement in the euro zone economy given the recently published weak data and the lack of positive news in regards to the coronavirus, he said.

Data on Wednesday showed euro zone manufacturing activity collapsed last month as breaks in global supply chains caused by measures to curb the coronavirus pandemic crushed output.

The nosedive could worsen in coming months, a survey showed on Wednesday.

Elsewhere, Portugal launched the sale of a 7-year bond via a syndicate of banks, reflecting widespread sentiment in Europe that national treasurers are under pressure to finance huge government rescue programs to fight the economic fallout from the spread of COVID-19.

"I've heard rumours the books are going to be really big," Rabobank's Graham-Taylor said, adding that "it wouldn't be a surprise" if the number was much bigger than that of the 2015 issue, when books topped 3 billion euros ($3.3 billion).

Spain was the first euro zone member country to tap the primary market with a 7-year bond last week. Belgium also priced a 7-year bond on Tuesday.

Unicredit analysts said the 7-year maturity segment appears to be meeting with strong demand from financial institutions.

Portugal's 10-year government bond yield was last up 1.7 bps to 0.852%, a six-day high. ($1 = 0.9128 euros)

 Reuters

Silk Bank requests SBP to extend the date for...

April 1, 2020 (MLN): Silk Bank Limited has requested the State Bank of Pakistan (SBP) to extend the date for approval and disclosure of third Quarter of 2019 financials of the Bank till April 30th, 2020.

In a letter to Exchange, the Bank has also requested SBP to extend the date for approval of Annual Accounts of 2019 till May 31st, 2020, in view of current lockdown and the consequent extension in the various reporting requirements given to the banking industry by SBP.

The Bank’s request to SBP was also supported by the SBP’s decision to extend the timelines for the Annual Accounts of 2019 and Q1 Accounts of 2020 for the banking industry due to the Coronavirus pandemic.

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JDMT partially resumes operations after provincial govt’s approval

April 01, 2020 (MLN): Janana De Malucho Textile Mills Limited (JDMT) has partially resumed its plant operations and has opened its offices as the Provincial Government and Labour Department of KPK have allowed textile companies to resume their operations under the notification dated March 31, 2020.

The Company had temporarily suspended its plant operations and had closed its offices till 05th April 2020 in compliance with the directives of the Provincial Government and Labour Department of KPK regarding the Lockdown as a measure to control the outbreak of COVID-19.

Moreover, the company has informed that it shall keep updating PSX as soon as its operational activities are fully resumed.

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Dolmen City REIT to waive 25% rentals of the...

April 1, 2020 (MLN): The management of Dolmen City REIT has decided to waive 25% rentals of the tenants of "The Harbour Front" for the month of April 2020 since many offices were closed as per the directives of Sindh and Federal Government.

This measure will provide cost and cash flow relief to tenant partners whose business is already affected. Further, the company will continue to engage with the tenants and monitor the situation closely.

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