Tag: Pakistan currency news
June 27, 2022 (MLN): Mari Petroleum Company Limited (MPCL) has informed that a post-acid test has been performed at its exploratory well Bannu West-l ST-l in Bannu West Block, located in North Waziristan, KP to understand the well's behavior and expected improvements in its performance parameters, the company’s filing on PSX showed today.
The test rates were in the order of 50 MMSCFD of gas and 300 barrels per day of condensate at flowing wellhead pressure of 5,500 Psig at 40/64" choke size from the Lockhart formation.
The company had made a said gas/condensate discovery on June 01, 2022.
MPCL is the operator of Bannu West Block having 55% working interest along with OODCL and ZPCL as joint venture partners having 35% and 10% working interest, respectively.
The well, which was spudded in June 06, 2021, showed an initial gas flow rate of around 25 MMSCFD at Wellhead Flow Pressure (WHFP) of 4,339 Psi and around 300 BPD condensate at 32/64" choke size from the Lockhart formation prior to performing any acid treatment.
June 27, 2022 (MLN): Following a bloodbath on Friday, the benchmark KSE-100 index witnessed a recovery as it gained 365 points or a 0.89% increase [9:59 PST] so far in morning trade and is currently trading at 41,416 points level.
The positive sentiments among investors are attributable to the news flows suggesting that IMF is likely to send a draft of the “Memorandum of Economic and Financial Policies (MFEP)” to Pakistan hinting toward both parties’ agreement, analyst at Ismail Iqbal Securities said.
On the other hand, the final budget for FY23 would be passed on 30th June 2022 with the finance bill tabling a day before the NA session to get approved.
Moreover, in the energy sector, Pakistan has officially requested KSA to enhance an oil facility on deferred payments to $3.6bn from an existing $1.2bn, he added.
Sector-wise, Commercial Banks, Cement, Technology & Communication, Oil & Gas Exploration, and Power Generation and Distribution sectors have witnessed the maximum gains so far.
Scrip-wise, SYS, MARI, HUBC, TRG UBL, and MCB observed the highest-buying activity.
To recall, on Friday, domestic equities witnessed huge selling pressure after the announcement of a 10% super tax imposed on the large-scale industry in a bid to shore up revenues for supporting the country's poor amid rising inflation. The benchmark KSE-100 index lost 1,665.18 points to conclude the day’s trade at 41,051.79, observing an intraday low of 40,555.41.
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June 27, 2022 (MLN): TPL REIT Fund I managed by TPL REIT Management Company Limited (TPL RMC), a wholly-owned subsidiary of TPL Properties, has successfully achieved its First Financial Close with disbursements of the first tranche of 50% of the first round of equity funding, Rs5.625 billion from the eight (08) leading commercial banks in Pakistan.
Out of the total Initial fund size amounting to Rs18.35 billion, TPL Properties Limited (TPLP), the strategic investor in the fund, contributes Rs7.1 billion of land value to the fund, in the form of Investment Property (Initial Asset Portfolio), while the remaining Rs11.25 billion (Fresh Raise) is a fresh equity raise by the largest banks in Pakistan (Anchor Investors) out of which TPL REIT has received disbursements amounting to Rs5.625 billion (50% of the total Fresh Raise) as part of the first tranche, as the fund satisfied all its condition precedents for disbursement.
The initial funds received by TPL REIT will be deployed in financing the development costs of the Initial Asset Portfolio which includes the first Technology Park in Pakistan, the first sustainable integrated master plan community, Mangrove, and a residential asset; One Hoshang. The remaining 50% of the Fresh equity Raise will be disbursed in two further tranches based on specific milestones agreed upon with the Anchor Investors.
TPL REIT Management Company Limited (TPL RMC) is the leading provider of REIT management services in Pakistan. TPL RMC is a 100% owned subsidiary of TPL Properties Limited (TPLP), established to capitalize on the Real Estate development and management expertise of its parent company through launching Sustainable Development Impact REIT Funds across diverse real estate asset classes in Pakistan.
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June 27, 2022: The Pakistani rupee (PKR) on Monday gained around one rupee against the greenback in early trade as the local unit is being traded at 207.03/207.53 per USD [9:49 PST], compared to the previous close of PKR207.48 per USD.
The positive sentiments stemmed in the interbank market after the State Bank of Pakistan (SBP) had received a $2.3 billion loan from a Chinese consortium on Friday.
As per expectations, in the wake of depleting foreign exchange reserves, the inflow has given some respite to the deteriorating rupee-dollar parity.
Meanwhile, the International Monetary Fund (IMF) is expected to send the draft of Memorandum of Economic and Financial Policies (MEFP) to Pakistan today which would be a crucial step to validate that both sides have reached an agreement for the revival of $6bn program.
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June 27, 2022: Malaysian palm oil futures jumped more than 2% on Monday, recouping some losses from a plunge last week, but gains were capped by weak exports so far in June.
The benchmark palm oil contract FCPOc3 for September delivery on the Bursa Malaysia Derivatives Exchange gained 111 ringgit, or 2.38%, to 4,775 ringgit ($1,084.73) a tonne during early trade.
Palm declined 14.5% last week, effectively giving up most of the gains for this year so far. The contract had rallied earlier this year due to a global edible oil shortage after Russia's invasion of Ukraine disrupted supplies of sunflower oil.
Exports of Malaysian palm oil products for June 1-25 fell between 13% and 19.6% from the same period in May, cargo surveyors said on Saturday.
Germany does not expect its proposal for a temporary waiver on biofuel mandates to get agreement from the Group of Seven leading industrialized democracies due to resistance from the United States and Canada, a German government source said.
Dalian's most-active soyoil contract DBYcv1 rose 1.4%, while its palm oil contract DCPcv1 gained 0.04%. Soyoil prices on the Chicago Board of Trade BOcv1 were down 0.14%.
Palm oil is affected by price movements in related oils, as they compete for a share in the global vegetable oils market.
Stocks gained in Asia, amid improved risk sentiment after Wall Street rebounded strongly at the end of last week as oil prices eased, tempering fears of prolonged inflation and the accompanying aggressive Federal Reserve tightening.