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Asia markets gain despite global growth worries

May 17, 2022: Asian shares edged higher on Tuesday despite data reinforcing investor fears the global economic recovery may be more fragile than expected, even as inflationary pressures remain high.

MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.84% on Tuesday, but is still down the index is down 6.7% so far this month. U.S. stocks ended the previous session with mild losses.

In Tokyo, the Nikkei was flat in early trade, while in Australia the S&P/ASX200 index gained 0.34%.

Hong Kong's Hang Seng Index was 1.2% higher and mainland China's CSI300 Index gained 0.07%.

The U.S. dollar index, which tracks the greenback against a basket of currencies of other major trading partners, was flat in Asian trade to be at 104.1.

Economic growth fears in the world's two largest economies have re-emerged following weak retail sales and factory production figures in China and disappointing U.S. manufacturing data.

Investors are also weighing the global inflationary impact of lockdowns in China to combat the coronavirus, which have halted factory production in areas across the country.

"One important way China's lockdowns could impact the rest of the world is through its impact on inflation. After all, inflation – and the central bank response – has been a stiff headwind for global bond and equity markets this year," Capital Economics wrote in a note to clients.

The gains on Tuesday in Asian markets follow a mostly weaker U.S. session on Monday.

The S&P 500 declined 0.4 per cent, while larger losses were incurred on the Nasdaq Composite which dropped 1.2 per cent, to 11,664.

The Dow Jones index was barely positive, up just 0.08%.

"Risk markets were weighed down by concerns over deteriorating global growth prospects," ANZ strategists said in a research note.

"Hugely disappointing Chinese data for April and the plunge in the U.S. Empire State manufacturing index raised anxiety that economic activity may be suffering an abrupt loss in momentum as supply-chain disruption intensifies. The profile of the data suggests that supply issues related to the zero-COVID policy in China are the key factors."

The New York Fed's Empire State manufacturing index published on Monday showed an abrupt fall during May and shipments fell at their fastest pace since the beginning of the pandemic.

In early Asian trade, the yield on benchmark 10-year Treasury notes rose to 2.8931% compared with its U.S. close of 2.879% on Monday.

The two-year yield, which rises with traders' expectations of higher Fed fund rates, touched 2.578% compared with a U.S. close of 2.568%.

"Markets currently price the Fed funds rate to be 53 basis points higher at the next meeting in June, and 200 basis points higher by year-end," said Imre Speizer, Westpac's head of New Zealand strategy.

The dollar rose 0.06% against the yen to 129.24. It is getting closer to its high this year of 131.34.

The European single currency was up 0.1% on the day at $1.0437, having lost 0.99% in a month.

U.S. crude dipped 0.18% to $113.99 a barrel. Brent crude was slightly higher at $114.40 per barrel.

Gold was slightly higher. Spot gold was traded at $1,826.7072 per ounce.

Reuters

ECC allows import of 200,000 MT of Urea on...

May 16, 2022 (MLN): The Economic Coordination Committee (ECC) of the Cabinet on Monday allowed the Trading Corporation of Pakistan (TCP) to explore the possibility for the import of 200,000 MT of Urea on government to government (G2G) basis and on a deferred payment.

Federal Minister for Finance and Revenue Mr Miftah Ismail presided over a meeting of the Economic Coordination Committee (ECC) of the Cabinet at the Finance Division today.

According to the details, the Ministry of Industries and Production submitted a summary on import of Urea and presented that Govt intends to create better stock for Urea fertilizer to ensure continuity of Urea supply during next financial year and requested for allowing import of Urea from the international market in order to stabilize the local market.

The ECC after discussion allowed the Trading Corporation of Pakistan (TCP) to explore the possibility of import of 200,000 MT of Urea on a G2G basis and on deferred payment.

Federal Minister for Industries and Production Makhdoom Syed Murtaza Mehmood, Minister of State for Finance & Revenue Dr Aisha Ghous Pasha, Minister of State for Petroleum Mr Musadik Masood Malik, Federal Secretaries and senior officers attended the meeting.

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ECC approves Rs55.48bn for price differential claims of OMCs

May 16, 2022 (MLN): The Economic Coordination Committee (ECC) of the Cabinet on Monday approved a supplementary grant of Rs55.48 billion for the payment of price differential claims (PDCs) of Oil Marketing Companies (OMCs) and Refineries.

Federal Minister for Finance and Revenue Mr Miftah Ismail presided over a meeting of the Economic Coordination Committee (ECC) of the Cabinet at the Finance Division today.

According to the details, Petroleum Division submitted a summary for reimbursement of Price Differential Claims (PDCs) of Oil Marketing Companies (OMCs) and Refineries. The price differential is to be paid to the Oil Marketing Companies/Refineries by the Government as a subsidy in the wake of the Government’s decision to keep the petroleum products’ prices fixed at the level notified on 1st March 2022.

The ECC after deliberation approved a supplementary grant of Rs55.48 billion for the disbursement of PDC to OMCs/Refineries for the first fortnight of May 2022. Due to the continuously rising trend of oil prices in the international market, the quantum of subsidy has been on the higher side.

Federal Minister for Industries and Production Makhdoom Syed Murtaza Mehmood, Minister of State for Finance & Revenue Dr Aisha Ghous Pasha, Minister of State for Petroleum Mr Musadik Masood Malik, Federal Secretaries and senior officers attended the meeting.

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Raast IDs crosses 10mn mark

May 16, 2022 (MLN): The number of Raast IDs registration has crossed the 10 million mark since its launch in Feb22, another milestone achieved by the State Bank of Pakistan (SBP) in the journey of digitization.

Taking to its Twitter handle, the central bank on Monday said, "The aggregated value of Person to Person (P2P) transactions using Raast system by customers crosses Rs36bn."

Raast, a flagship initiative of the State Bank of Pakistan (SBP) is a payment system platform that enables various types of transactions among different stakeholders such as organizations, businesses and persons.  The objective of this initiative is to promote digitization and financial inclusion in the country. In the first phase of Raast, launched in January 2021, transactions from organizations to persons, generally referred to as Bulk Payments, were enabled. The second phase is designed to facilitate P2P transactions under Raast. 

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PSX Closing Bell: Run to the Hills

May 16, 2022 (MLN): Pakistan’s stock market has tumbled to its lowest level of 42,667 points since December 2020 as the government decided not to increase fuel prices.

Moreover, uncertainty on the economic and political front as the country is going through the extremely worst economic crisis and cherry on the top, the melting reserves with no clue of IMF tranche and funding from friend countries have created a strong spell of uncertainty which kept investors cautious, leading the benchmark KSE-100 index to close at 42,667 level, after shedding 819 points or 1.9% DoD.

The panic amongst investors was further intensified by the constant depreciation of PKR against USD, as the local currency settled today’s trade at 194.18, compared to the previous close of 192.53 per USD.

The Index remained negative throughout the session touching an intraday low of 42,373.14

Of the 93 traded companies in the KSE100 Index 9 closed up 81 closed down, while 3 remained unchanged. Total volume traded for the index was 135.50 million shares.

Sector wise, the index was let down by Commercial Banks with 172 points, Cement with 125 points, Oil & Gas Exploration Companies with 110 points, Technology & Communication with 108 points and Fertilizer with 68 points.

The most points taken off the index was by SYS which stripped the index of 72 points followed by LUCK with 60 points, MEBL with 48 points, PPL with 38 points and OGDC with 36 points.

Sectors propping up the index were Chemical with 59 points, Paper & Board with 5 points and Vanaspati & Allied Industries with 1 points.

The most points added to the index was by EPCL which contributed 48 points followed by LOTCHEM with 11 points, PKGS with 6 points, COLG with 2 points and PSMC with 1 point.

All Share Volume increased by 42.33 Million to 250.45 Million Shares. Market Cap decreased by Rs.123.18 Billion.

Total companies traded were 340 compared to 343 from the previous session. Of the scrips traded 63 closed up, 263 closed down while 14 remained unchanged.

Total trades increased by 23,344 to 119,299.

Value Traded increased by 1.94 Billion to Rs.8.91 Billion

CompanyVolume

Top Ten by Volume

Lotte Chemical Pakistan18,143,611
Pakistan Refinery18,068,223
Cnergyico PK14,168,680
Telecard12,440,500
Worldcall Telecom11,934,500
Habib Bank10,735,709
Ghani Global Holdings9,711,733
TRG Pakistan8,440,733
Engro Polymer & Chemicals8,326,814
Engro Fertilizers8,319,330

 

SectorVolume

Top Sector by Volume

Technology & Communication46,527,507
Chemical45,026,918
Refinery36,146,449
Cement19,804,310
Commercial Banks19,145,093
Food & Personal Care Products12,118,664
Fertilizer9,725,758
Miscellaneous9,563,318
Power Generation & Distribution9,131,565
Cable & Electrical Goods8,347,100

 

 

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