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Stock markets drop as infection numbers rattle investors

July 09, 2020: Stock markets broke out of their earlier lethargy on Thursday to take a dive as investors worried about the damage new outbreaks of coronavirus might do to efforts at reviving the world economy.

A lower-than-expected number of US jobless claims last week helped sentiment, but the employment situation is still too dire for comfort, analysts said, and could easily deteriorate again.

"The markets appear cautious as new COVID-19 cases continue to rise in the world's largest economy," said analysts at the Charles Schwab brokerage.

Fawad Razaqzada at ThinkMarkets noted that there was "no obvious trigger" behind the abrupt downturn, and some suspected that seasonally reduced trading volumes may have been accentuating the downward trend.

"Markets are dealing with the summer lull," Scope Markets analyst James Hughes told AFP, and lower volumes had caused "some errative moves".

After a steady start, the Dow Jones index on Wall Street was nearly 500 points in the red by the late New York morning.

US stock weakness also pulled the rug from under key European markets, helping to push them into negative territory by the close.

Global politics remained a simmering worry for markets, as tensions between the US and its allies and China worsened over Hong Kong, trade and other issues.

"Risk appetite is struggling as the coronavirus spread is still not under control in most parts of the world and as geopolitical tensions between China and the West intensify," said Edward Moya, an analyst with OANDA.

A giant wall of money stumped up by governments and central banks has been providing support to global asset prices, but that offered stock prices little protection on Thursday.

Gold, by contrast, held above the $1,800 level it had breached for the first time in more than eight years on Wednesday on safe-haven buying.

There was better news in Asia earlier, where Shanghai rallied more than one percent as data showed a pick-up in inflation that indicates the world's number-two economy continues to improve.

Sydney rebounded slightly after Wednesday's sharp drop as Australia's second-biggest city Melbourne imposed a fresh lockdown on five million residents to combat a new virus outbreak.

- Key figures around 1540 GMT -

  • London - FTSE 100: DOWN 1.7 percent at 6,049.62 points (close)
  • Frankfurt - DAX 30: DOWN less than 0.1 percent at 12,489.46 (close)
  • Paris - CAC 40: DOWN 1.2 percent at 4,921.01 (close)
  • EURO STOXX 50: DOWN 0.8 percent at 3,261.17
  • New York - Dow: DOWN 1.8 percent at 25,598.37
  • Tokyo - Nikkei 225: UP 0.4 percent at 22,529.29 (close)
  • Hong Kong - Hang Seng: UP 0.3 percent at 26,210.16 (close)
  • Shanghai - Composite: UP 1.4 percent at 3,450.59 (close)
  • West Texas Intermediate: DOWN 1.1 percent at $40.46 per barrel
  • Brent North Sea crude: DOWN 0.5 percent at $43.08
  • Euro/dollar: DOWN at $1.1300 from $1.1330 at 2100 GMT
  • Dollar/yen: DOWN at 107.23 yen from 107.26 yen
  • Pound/dollar: UP at $1.2615 from $1.2610
  • Euro/pound: DOWN at 89.58 pence from 89.85 pence


Ministry of Privatization discusses Power sector privatization and related...

July 9, 2020: Another important meeting regarding privatization of power plants (NPPMCL) and related power sector reforms was held in the Ministry of Privatization under the chairmanship of Federal Minister/ Chairman, Privatization Mohammed Mian Soomro.

The meeting was attended by State Minister Power, Shehzad Qasim, Special advisor to PM on Petroleum Nadeem Baber, Secretary Privatization, Secretary Power Division, MD PPIB, JS Finance, senior officials from NEPRA and Privatization.

The agenda of this crucial meeting was to interact with potential power sector investors and address their queries regarding future debt financing, timeline extension, and sectoral issues. The financial advisors and potential investors joined the meeting online.

The privatization of NPPMCL had attracted unprecedented interest and 12 out of total 23 parties were prequalified for bidding, which was previously scheduled to take place in mid-April this year, but due to pandemic and international travel advisory restrictions the timeline was modified accordingly.

The high profile local and int’l potential investors include Qatar Investment Authority, EDRA, GPSC, Jera and KAPCO, Atlas Power, Asma Capital, Nebras Power among others shown interest in the said transaction.

Federal Minister Mohammedmian Soomro said that that the privatisation of NPPMCL would not be affected by any perceived sectoral issues emanating from recent developments. Mr. Nadeem Baber and Mr. Shehzad Qasim explained future government policies and power sector reforms. 

The issues which were discussed related to IPP, tariff matters, reduction of circular debts, improved power efficiency, reduction in power cost, raising financing and its cost and ongoing energy plan. Federal Minister said that without addressing the concerns of investors we could not retain investors’ interest and appetite.  In the meeting the investment opportunities were highlighted.

Federal Minister assured the investors that their remaining concerns would be addressed in an amicable manner and asked the concerned transaction officials and financial advisors to interact with line ministries/ Divisions for early provision of relevant information and solution to the potential buyers.

The team of investors appreciated the Ministry of Privatization for all out assistance and also requested for the extension in timeline as the site visit could not be undertaken due to Covid and travel restrictions.

Mohammed Mian Soormro thanked profusely to the Cabinet members, Secretaries and all participants.

Press Release

Money Supply in economy expands by 16% YoY in...

July 9, 2020 (MLN): The total money supply circulating within the economy in May 2020 has been recorded at around Rs.24.196 trillion, according to provisional accounts on Monetary Aggregates for the month, maintained by the State Bank of Pakistan.

The money circulating within the economy until last month was Rs.23.58 trillion while until the corresponding month of last year, the figure was Rs.20.8 trillion. This means that money supply has increased 16% over the year and only 3% over the month.

Having broken down the overall money supply in broad categories, the SBP data shows that a total of Rs.6.36 trillion were circulated as notes while Rs.10.29 trillion accounted for transferable deposits which comprise all deposits that are exchangeable on demand at par without penalty/restriction.

The amount circulated as notes which has been high in Pakistan relative to other developed and emerging economies, rose by over Rs 1.34 trillion or 27% over the year.

Apart from this, other deposits constituted Rs.3.2 trillion in May’20, up by 12%, YoY. Other deposits represent all claims other than transferable deposits in national or foreign currency that are represented by evidence of deposits. Similarly, coins circulated surged from Rs.8.6 billion in May 2019 to Rs.9.12 billion in May 2020.

Furthermore, Rs.269.43 billion worth of deposits were held with post offices while National Saving Schemes held Rs.4.05 trillion, marking a growth of 8% YoY from Rs.3.75 trillion.

Copyright Mettis Link News

CNG stations to remain shut for 48 hours to...

July 09, 2020 (MLN): In order to divert gas to K-Electric and reduce the volume of load shedding, the Sui Southern Gas Company has decided to close CNG stations from Friday to Sunday.

In a letter addressed to Petroleum Pump owners, the company informed that the closure shall be observed from Friday 8 am to Sunday 8 am, i.e. 48 hours.

Copyright Mettis Link News

Closing Bell: Over the rainbow

July 09, 2020 (MLN): Following on from the strong upward trend seen in the previous sessions, equities maintained their momentum on Thursday by adding another 447.28 points to the KSE100 index as the infection ratio of the coronavirus appeared to be slowing.

The Index remained positive throughout the session touching an intraday high of 36,190.70 before closing at 36,142 points.

All share volume was a record for CY20 as the last time the volume was higher was on Dec 5, 2019.

The KSE100 index has closed positive for the last 10 trading sessions accumulating 2,432.54 points along the way while, so far, in FY21 the index return has been 5.00%.  

Of the 95 traded companies in the KSE100 Index 61 closed up 32 closed down, while 2 remained unchanged. Total volume traded for the index was 333.34 million shares.

Sectors propping up the index were Commercial Banks with 218 points, Oil & Gas Exploration Companies with 80 points, Power Generation & Distribution with 48 points, Fertilizer with 38 points and Oil & Gas Marketing Companies with 29 points.

The most points added to the index was by HBL which contributed 56 points followed by HUBC with 43 points, PPL with 35 points, BAFL with 31 points and POL with 27 points.

Sector wise, the index was let down by Pharmaceuticals with 20 points, Automobile Assembler with 7 points, Leather & Tanneries with 3 points, Textile Spinning with 2 points and Miscellaneous with 2 points.

The most points taken off the index was by INDU which stripped the index of 9 points followed by SEARL with 8 points, HINOON with 7 points, AICL with 6 points and GLAXO with 5 points.

All Share Volume increased by 149.79 Million to 467.49 Million Shares. Market Cap increased by Rs.66.85 Billion.

Total companies traded were 378 compared to 378 from the previous session. Of the scrips traded 249 closed up, 109 closed down while 20 remained unchanged.

Total trades increased by 30,208 to 153,917.

Value Traded increased by 2.66 Billion to Rs.15.68 Billion


Top Ten by Volume

Unity Foods40,652,000
Pak Elektron39,604,500
TRG Pakistan38,452,500
Hascol Petroleum28,387,500
Lotte Chemical Pakistan18,522,500
Maple Leaf Cement Factory16,538,500
Pakistan International Bulk Terminal15,160,000
The Bank of Punjab12,912,000
Bank Alfalah12,840,287
Fauji Foods11,745,500



Top Sector by Volume

Technology & Communication62,196,100
Commercial Banks60,780,151
Oil & Gas Marketing Companies41,066,072
Cable & Electrical Goods40,778,950
Vanaspati & Allied Industries40,659,600
Power Generation & Distribution21,367,925
Food & Personal Care Products19,018,480



Copyright Mettis Link News


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