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Banking spread remains static at 5.7% in June-19

July 23, 2019 (MLN): The Banking sector spread remained static 5.78% for the month of June 2019, showing almost no change over prior month's spread. However, it widened by 93.6 bps as compared to the spread of same period in last year.

In accordance with the State Bank of Pakistan's monthly data released on Weighted Average Lending & Deposit Rates, the lending rate for all banks (inclusive of zero markup) widened by 38 bps as it stood at 11.49%. Meanwhile, the deposit rate widened by 36 bps over month, thus maintaining the latest rate at 5.7%.

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Gold price remains stable at Rs 83,900 per tola

Jul 23, 2019: The price of 24 karat gold remained constant and was traded at Rs 83,900 per tola and that of 10 gram gold was traded at Rs 71, 914, Karachi Sarafa Association reported on Tuesday.

The price of silver also remained stable and was traded at Rs 1,050 per tola and that of 10 gram at Rs 900.

According to Rawalpindi-Islamabad local Sarafa Association, the price of 24 karat gold in twin cities of Rawalpindi and Islamabad was decreased by Rs 400 and was traded at Rs 82,600 as compared to last closing at 83,000 per tola.

The price of 10 grams gold also witnessed decrease of Rs 345 and was traded at Rs 70,815 against Rs 71,160 of last day.

In international market, the price of per ounce gold decreased by $ 4 and was traded at $ 1422 as compared with the last closing at $ 1426.

APP

Boris Johnson wins race to become Britain’s next PM

July 23, 2019: Boris Johnson won the race to become Britain's next prime minister on Tuesday, heading straight into a confrontation over Brexit with Brussels and parliament, as well as a tense diplomatic standoff with Iran.

The former London mayor easily beat his rival, Foreign Secretary Jeremy Hunt, in a vote of members of the governing Conservative Party.

He is expected to be confirmed as prime minister on Wednesday, when his predecessor Theresa May formally tenders her resignation to Queen Elizabeth II.

US President Donald Trump was the first world leader to offer his congratulations, saying: "He will be great!"

It is a triumph for a man who has always wanted the top job, but Johnson, known for his jokes and bluster, is taking over at a time of immense political upheaval.

Three years after the referendum vote to leave the European Union, Britain remains a member amid continued wrangling in a divided parliament on how to proceed.

- 'We'll get Brexit done' -

Johnson led the 2016 Brexit campaign and -- after May delayed Brexit twice -- insists the latest deadline must be kept, with or without a divorce agreement with the EU.

"We're going to get Brexit done on October 31," he declared after winning 66 percent of almost 160,000 votes cast.

However, Brussels says it will not renegotiate the deal it struck with May to ease the end of a 46-year partnership -- even after MPs rejected it three times.

EU negotiator Michel Barnier said he wanted to work with Johnson "to facilitate the ratification of the withdrawal agreement and achieve an orderly #Brexit".

But he said he was ready to "rework" an accompanying declaration on future UK-EU ties.

Although parliament dislikes May's deal, Johnson faces significant opposition from MPs to his threat to leaving with no deal, including from Conservative colleagues.

Several ministers said they will not serve under Johnson, warning that severing ties with Britain's closest trading partner with no new arrangements is deeply irresponsible.

But addressing Conservative members after his win, Johnson insisted with his trademark optimism that he would find a way through the deadlock.

"Like some slumbering giant we are going to rise and ping off the guy ropes of self-doubt and negativity," he said.

- 'Brilliant or a disaster' -

Johnson promised to "work flat out from now on", saying he would announce his top team in the coming days.

But Westminster is watching for any early challenge which could stop him automatically becoming prime minister.

May's government has a majority of just two in the 650-seat House of Commons, made possible through an alliance with Northern Ireland's Democratic Unionist Party (DUP).

The main opposition Labour party is not expected to force a confidence vote this week -- but some in his own party have already tried.

Junior foreign minister Alan Duncan, who quit this week, revealed he had sought to force a vote on Tuesday but was blocked by Commons Speaker John Bercow.

However, other colleagues who do not agree with Johnson are still willing to give him a chance.

"I think he needs to be given an opportunity to go out there to engage with the European Commission," outgoing justice minister David Gauke told BBC radio.

MPs are expected to go on their summer holidays on Friday, giving Johnson some breathing room over the summer to try to get a new Brexit deal.

But when he returns, if "no deal" looks likely, many MPs have vowed to stop him -- a move that could trigger an early election.

Opposition Labour leader Jeremy Corbyn challenged Johnson on Tuesday to call a vote, although both his party and the Tories are struggling amid a splintering of support among a public deeply divided over Brexit.

They face a challenge from Nigel Farage's eurosceptic Brexit Party on one side, and the pro-EU Liberal Democrats on the other.

Outside parliament, where pro- and anti-Brexit protesters gather daily, reaction to Johnson's win was mixed.

"What a disaster!" said Janet Ellis, 68, who opposes Brexit. But eurosceptic Michelle Pearce, 64, said: "It's the most we can hope for."

"He'll be brilliant or a disaster," Pearce said.

- Gulf tensions -

Johnson's domestic battles might have to take a backseat during his first days in office as he manages tensions with Iran.

The Islamic republic seized a UK-flagged tanker in the strategic Strait of Hormuz last Friday -- two weeks after UK authorities detained an Iranian tanker off Gibraltar.

The standoff comes amid escalating tensions between Iran and the United States over the Islamic republic's nuclear ambitions.

Iranian Foreign Minister Mohammad Javad Zarif tweeted his congratulations to Johnson, saying: "Iran does not seek confrontation.

"But we have 1500 miles of Persian Gulf coastline. These are our waters & we will protect them."

AFP/APP

Net increase in External Public Debt reaches $2.5 billion...

July 23, 2019 (MLN): Federal Minister for Economic Affairs, Hammad Azhar has said that the net increase in External Public Debt Stock of Pakistan in FY18-19 was approximately US $2.5 billion, as compared to US $8.6 billion in previous year.

Taking up to social media on Tuesday, he further informed that the net increase in Total External Debt and Liabilities amounted to US $10 billion in FY18-19, as opposed to US $13.3 billion in previous year.

Moreover, he apprised that the External Debt Repayment and servicing totaled US $9.1 billion in FY18-19, as compared to US $5.8 billion in previous year.

Copyright Mettis Link News

 

Closing Bell: Investors play safe

Jul 23, 2019 (MNL): The domestic stock market continues to witness a rather unhurried trading pattern on the floors as market participants carried out a comparatively dull trade today, causing the benchmark KSE 100 index to gain only 131 points and conclude the day at 32,715 points.

While today’s session marks the bourse’s third day in green district, the investors are keeping the hike slow and steady.

The Index traded in a range of 299.36 points or 0.92 percent of previous close, showing an intraday high of 32,754.32 and a low of 32,454.96.

Of the 92 traded companies in the KSE100 Index 56 closed up 29 closed down, while 7 remained unchanged. Total volume traded for the index was 79.62 million shares.

Sectors propping up the index were Cement with 43 points, Fertilizer with 29 points, Commercial Banks with 18 points, Oil & Gas Exploration Companies with 17 points and Pharmaceuticals with 16 points.

The most points added to the index was by FFC which contributed 26 points followed by EFERT with 14 points, HBL with 13 points, UBL with 11 points and FCCL with 10 points.

On the other hand, the KSE All Share Volume increased by 52.42 Million to 97.12 Million Shares while Market Cap increased by Rs.4.91 Billion.

Total companies traded were 318 compared to 312 from the previous session. Of the scrips traded 178 closed up, 110 closed down while 30 remained unchanged.

Meanwhile the total trades increased by 12,496 to 37,372 whereas value Traded increased by 1.51 Billion to Rs.3.49 Billion.

CompanyVolume

Top Ten by Volume

Maple Leaf Cement Factory13,217,500
Unity Foods8,611,000
Worldcall Telecom7,804,500
Fauji Foods6,899,000
Pak Elektron5,980,500
D.G. Khan Cement Company5,298,000
TRG Pakistan4,537,500
Lotte Chemical Pakistan2,786,500
K-Electric2,158,500
International Steels2,131,000
SectorVolume

Top Sector by Volume

Cement23,884,100
Technology & Communication12,761,500
Vanaspati & Allied Industries8,611,000
Commercial Banks7,711,900
Food & Personal Care Products7,202,310
Cable & Electrical Goods6,381,550
Chemical4,987,400
Engineering4,346,200
Oil & Gas Marketing Companies3,537,700
Fertilizer3,397,800

Copyright Mettis Link News

 

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