Tag: SAUDIARABIA
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Transport group becomes the scapegoat in the entire ‘CAS’...
November 19, 2019 (MLN): With all the buzz surrounding the advent of much-awaited Current Account Surplus after nearly four years, very little thought has been put into what actually made this miracle happen! And thus, by having a thorough look at the details published by PBS, it is clear that the transport group was the scapegoat in this entire scenario.
Quite honestly, the decision to curtail the import within the transport group was inevitable, as the auto sector in Pakistan has not been really making any significant mark with respect to volumetric sales. And quite honestly again, the auto sector cannot be blamed for this as the ongoing economic slowdown has taken a serious toll on its performance.
The transport group imports during the month of October 2019 amounted to $108.3 million, i.e. around 50.25% less as compared to the imports of the previous month and 56.13% less as compared to the same month of last year.
The cumulative import during the first four months of current Fiscal Year totaled 646.19 million, i.e. down by 37.76% as compared to $1.03 billion recorded in the corresponding period of last year.
Within the transport group, the major curtailment was done in the import of CKD/SKD by 60.16% YoY, followed by Completely Built Units (CBUs) by 59.42% and Build Units by 59.42% during the month of October.
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Denmark extends support for Pakistan’s renewable energy projects
November 19, 2019: Danish Ambassador Rolf Holmboe on Tuesday called on Special Assistant to Prime Minister (SAPM) on Petroleum Nadeem Babar and offered his country’s support in successful execution of renewable energy projects in Pakistan.
The envoy offered Denmark's unstinted support and cooperation to Pakistan in partnering for successful execution of renewable energy projects with a focus on hybrid solar and wind power plants in Pakistan, a Petroleum Division press release said here.
The visiting dignitary appreciated the reforms being undertaken in energy sector of Pakistan and its resolve to focus on renewable energy and making good progress in this sector.
He also shared proposals for provision of mini/micro power plant technologies.
Denmark is a world leader in renewable energy and eyeing the Pakistani market with active interest. This has also been made possible by the present Government's emphasis on strict implementation of a renewable energy policy.
Nadeem Babar thanked the Danish ambassador for his country's offer of assisting Pakistan in the renewable energy sector.
He appreciated Denamrk's interest in Pakistan's Energy sector and welcomed any possible investments.
The SAPM said Pakistan would also like to collaborate in exploring avenues of transfer of technology in the renewable energy sector, adding it was the objective of the present government to ensure tangible results in Pakistan's renewable energy production during the next 20 years.
APP
Closing Bell: Bull Mode Continues
November 19, 2019 (MLN): The KSE-100 index opened 313 points higher than the previous day’s closing point. According to Ismail Iqbal Securities (Pvt.) Ltd, investors were expecting the positive momentum to continue after the current account turned positive with USD 99mn surplus in October 2019, supported by a significant decline in imports and slight growth in exports.
Later, investors chose to book profits. During the session, the index registered an increase of 152 pts and closed at 38,564.
The Index traded in a range of 518.82 points or 1.35 per cent of the previous close, showing an intraday high of 38,910.71 and a low of 38,391.89.
Of the 94 traded companies in the KSE100 Index, 49 closed up 43 closed down, while 2 remained unchanged. The total volume traded for the index was 246.09 million shares.
Sectors propping up the index were Power Generation & Distribution with 103 points, Oil & Gas Marketing Companies with 63 points, Inv. Banks / Inv. Cos. / Securities Cos. with 37 points, Pharmaceuticals with 28 points and Textile Composite with 11 points.
The most points added to the index were by HUBC which contributed 94 points followed by PSO with 33 points, DAWH with 27 points, SNGP with 23 points and FFC with 14 points.
Sector-wise, the index was let down by Tobacco with 34 points, Commercial Banks with 31 points, Fertilizer with 16 points, Refinery with 7 points and Engineering with 5 points.
The most points taken off the index were by PAKT which stripped the index of 34 points followed by ENGRO with 27 points, UBL with 24 points, BAHL with 17 points and POL with 11 points.
All Share Volume decreased by 80.76 Million to 385.32 Million Shares. Market Cap decreased by Rs.12.77 Billion.
Total companies traded were 390 compared to 412 from the previous session. Of the scrips traded 187 closed up, 177 closed down while 26 remained unchanged.
Total trades decreased by 6,180 to 114,347.
Value Traded decreased by 1.45 Billion to Rs.14.06 Billion
| Company | Volume |
|---|---|
| K-Electric | 27,535,000 |
| The Bank of Punjab | 25,028,500 |
| Dost Steels | 22,268,000 |
| Sui Northern Gas Pipelines | 15,113,500 |
| Pak Elektron | 14,420,500 |
| Engro Polymer & Chemicals | 14,053,000 |
| TRG Pakistan | 12,399,500 |
| Fauji Cement Company | 11,932,000 |
| Maple Leaf Cement Factory | 10,735,500 |
| Sui Southern Gas Company | 8,721,500 |
| Sector | Volume |
|---|---|
| Cement | 42,759,200 |
| Commercial Banks | 40,089,300 |
| Power Generation & Distribution | 38,536,000 |
| Engineering | 36,807,300 |
| Technology & Communication | 32,503,000 |
| Chemical | 30,075,720 |
| Oil & Gas Marketing Companies | 28,970,100 |
| Inv. Banks / Inv. Cos. / Securities Cos. | 18,182,200 |
| Cable & Electrical Goods | 15,175,300 |
| Food & Personal Care Products | 11,739,000 |
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PKR depreciates by 1 paisa at interbank trade
November 19, 2019 (MLN): Pakistani rupee (PKR) closed today's trading session relatively unchanged against the USD with the rate remaing stable at PKR 155.36.
The rupee endured a relatively dull trading session with very little intraday movement, trading in a range of 13 paisa per USD showing an intraday high bid of 155.44 and an intraday Low offer of 155.37.
Within the Open Market, PKR was traded at 154.50/155.60 per USD.
Alternatively, the currency gained 2 paisa against the Pound Sterling as the day's closing quote stood at PKR 201.27 per GBP, while the previous session closed at PKR 201.3 per GBP.
On the other hand, PKR's value weakened by 6 paisa against EUR which closed at PKR 171.94 at the interbank today.
On another note, within the money market, the overnight repo rate towards close of the session was 13.60/13.75 percent, whereas the 1 week rate was 13.30/13.40 percent.
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Arif Habib Ltd’s shareholding in ORIX Leasing Pakistan reaches...
November 19, 2019 (MLN): Subsequent to the acquisition of 7,880,522 shares of ORIX Leasing Pakistan Limited (ORIX) on November 13, 2019, the combined shareholding of Arif Habib Corporation Limited, Arif Habib Limited and Mr. Arif Habib has reached 20,380,222 shares, i.e. around 12.2% of the total issued voting shares of ORIX.
The above-mentioned details were disseminated by Arif Habib Limited and ORIX Leasing Pakistan Limited via a notification on Tuesday.
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