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Midday Report: KSE-100 index up by 155 points

November 15, 2019 (MLN): The KSE-100 index gained around 155 points in the first session of Friday, and closed at 37,398-level.

Commercial Banks and Automobile Sector have captured the maximum gained so far, as they have collectively contributed 65 points to the benchmark index. Company wise, the scrips of DAWH, MTL, UBL, NBP and THALL have gathered the maximum points.

The index has traded in a range of 200 points, and has touched an intraday high of 37,425 and intraday low of 37,225 points.                                                                                                                                                                                                 

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OMO Result: SBP Injects Rs.575.85 Billion for 7 Days

Nov 15, 2019 (MLN): The State Bank of Pakistan (SBP) conducted an Open Market Operation on Friday in which it injected Rs.575.85 Billion into the market for 7 Days.

Summary of OMO Result

TenorTypeOfferedAcceptedHigh - LowAcceptedOfferedAccepted
7DReverse Repo (Injection)580.850575.85013.34 - 13.2513.291817
OMO Settlement: same day November 15, 2019
*Amount in Billions


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Pakistan’s Refinery Sector in hot water yet again!

November 15, 2019 (MLN): The refinery sector of Pakistan has found itself in hot water yet again, considering the changes that have been made to international laws with respect to environmental sustainability.

Sharing some insight on the same, a research report by JS Global says that the International Maritime Organization (IMO) has directed marine sector to curtail their emission of Sulphur to at least 0.5% by the beginning of next year.

With all due respect to the cause and purpose of this move, it is likely that the outcome of this plan shall be devastating for Pakistan’s refinery sector. In case the sector doesn’t, or fails to comply with the new IMO policy, the relevant authorities will retort by taking serious measures, such as heavy fines, penalties, or even detainment of ships of non-complying countries.

Now here comes the worst part, if and when these changes are implemented, the price of Furnace Oil in both international as well as domestic markets will fall substantially, owing to a decline in demand. According to JS Global’s report, the price for FO in Pakistan has fallen by 33% in November alone, and might fall even further when the new IMO policy comes into action.

It goes without saying that to bring the Sulphur emission down to such level, the refinery sector will have to make some significant changes to its operations, such as installing scrubbers or by switching to Low Sulphur Furnace Oil instead of High Sulphur Furnace Oil.   

The report also points out that the refinery sectors across the globe have prepared themselves enough for this inevitable change, whereas Pakistan continues to lag way behind due to its continued reliance on outdated hydro-skimming technology.

Now the good part is that there is a solution for abovementioned complications, but the bad part is that for Pakistan, this solution comes with an unaffordable cost. To successfully comply with IMO policy, Pakistan will have to invest substantially in new technology to catch up with the rest of the nations. However, looking at the current fiscal challenges of the country, it is highly unlikely that the government of Pakistan will even consider this as an issue, let alone investing a colossal amount of money into it.

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SBP to Conduct 7 Day OMO

Nov 15, 2019 (MLN): The State Bank of Pakistan (SBP) announced that it will conduct a 7 day OMO to inject funds into the market.

Quotes timing is: 10:45 PST while result will be announced at: 11:15 PST

Settlement is same day - November 15, 2019


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Disbursement of Loans under Youth Entrepreneurship Scheme to Kick...

November 15, 2019: Mr. Muhammad Usman Dar, Special Assistant to the Prime Minister on Youth Affairs; along with Mr. Asad Umer, Chairman National Assembly Standing Committee on Finance, chaired a high-level meeting with the representatives from State Bank of Pakistan, Presidents and senior officials of National Bank of Pakistan, Bank of Punjab, and Bank of Khyber to review the processing of loan applications received under Youth Entrepreneurship Scheme (YES) of Kamyab jawan Programme.

It was agreed in the meeting that the disbursement of loans to the successful applicants under the scheme would start in December 2019 after completing all the required formalities. All the three executing banks of the scheme: National Bank of Pakistan, Bank of Punjab, and Bank of Khyber would strengthen their infrastructure both in terms of human resource and technology to cope with the huge challenge of processing 1 Million applications received so far under the scheme.

Speaking on the occasion, Mr Muhammad Usman Dar reiterated his resolve to strictly follow merit and transparency in the processing and disbursement of loans to the potential entrepreneurs. This would not only create several employment opportunities for youth but would also contribute remarkably to the national economic growth.

Mr Muhammad Usman Dar appreciated the commitment and efforts of State Bank of Pakistan and the three executing banks: National Bank of Pakistan, Bank of Punjab, and Bank of Khyber, in making this scheme a real game-changer for the creation of jobs through the promotion of SME sector in the country.

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