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Turkish Airline assured reduction in freight charges to promote...

July 14, 2020: The Turkish Airline has assured for reduction in freight charges & provision of excellent facilities to promote export of fruits & vegetables to Frankfurt, London and other Western International markets.

After a ban of six months on the national flag carrier for its flight operation to Europe, the export of fruits & vegetables faces a big problem. Keeping this problem in view, the commercial counselor of Pakistani Embassy in Istanbul, Bilal Khan Pasha had a meeting with the Chairman of Turkish Airline, ILKER AYCI and spoke about commencement of commercial flights of the Turkish Airline from Pakistan, particularly export of fruits & vegetables to the European Union.

During the meeting the Chairman of Turkish Airline extended assurance for commencement of flight operation from Pakistan and export of fruits & vegetables through the Airline to the European Union. In backdrop of this meeting, a delegation of exporters led by Waheed Ahmed the Patron-in-Chief of All Pakistan Fruit & Vegetable Exporters, Importers & Merchants Association (PFVA) had a meeting with the General Manager of Turkish Airline, Gurhan Sozen in Karachi. The delegation of PFVA consisted of Shehzad Warriach, Saeed Khan, Muhammad Zulifqar & Shaia Mateen.

Waheed stated that due to six months’ ban imposed on the national carrier by the European Union for its flight operation, Pakistani exporters have been deprived of privilege, the national carrier recently extended by reducing freight charges assisting the exporters in bringing down the cost of export shipments particularly mangoes & other fruits & vegetables and thus Pakistani exporters are now likely to be victimized by the foreign carriers due to their high freight charges! Comprehending problems of Pakistan exporters of fruits & vegetables due to the ban on the national carrier, Pakistani commercial counselor Bilal Khan Pasha had a meeting with the chairman of the Turkish Airline stressing the need for closer cooperation during this specific situation. Pakistan is a brother Islamic country of Turkey and the Turkish Airline has assured to extend full cooperation and support at the time when the national flag carrier is currently confronted with the challenging issue of acute shortage of manpower – Waheed , making it very difficult to export mangoes and other fruits & vegetables by Air to Europe, the sincere offer of cooperation & support by the Turkish Airline to facilitate export of this sector is commendable.

Meeting of the PFVA delegation with the General Manager of Turkish Airline in Pakistan, Gurhan Sozen to promote co-operation has been very fruitful. Pakistani exporters stressed the need for reduction in freight charges & provision of special handling facilities for perishable cargo i.e, export consignments of fruits & vegetables by the Turkish Airline so as to facilitate export of fruits & vegetables to Europe, UK & Canada. Pakistan & Turkey are tied up in a deep & strong relationship of Islamic culture & brotherhood and both the courtiers stood united during the difficult times by assisting and cooperating.

Economy of Pakistan is under immense pressure due to the global pandemic of coronavirus and this pressure can only be released by enhancing exports of the country. Cooperation from the Turkish Airline in this context to maintain exports and to attain the export target would be of great help. Pakistan strongly desires and is keen to export fruits & vegetables through the Turkish Airline on a long-term basis.

Taking advantage of this wonderful occasion, the General Manager Turkish Airline Gurhan Sozen assured for reduction in freight charges and provision of excellent ground handling facilities for the export shipment of fruits & vegetables. The GM requested that the PFVA shall provide him details of export volume so that space required for each export shipment can be well estimated and planned accordingly. The PFVA , at the earliest, would furnish details about export volume of mangoes & other fruits & vegetables shipments & space requirements to the Turkish Airline for Europe , UK , Canada & other countries so that with the support of the Turkish Airline , export of Pakistani fruits & vegetables to these export destinations can be maintained .

The delegation of PFVA also presented a gift of delicious Pakistani mangoes to the GM, Gurhan Sozen . According to Waheed Ahmed, the regional cargo head - South Asia of the Turkish Airline, Halit Tuncer has also assured cooperation & support for export of fruits & vegetables from Pakistan. The Director South Asia also shared that the Turkish Airline has already prepared a schedule of flights for Karachi, Lahore & Islamabad and it would be a pleasure to facilitate export of fruits & vegetables from Pakistan.

Waheed Ahmed appreciated extensive efforts of Pakistani commercial counselor Bilal Khan Pasha based in Istanbul for making grounds for cooperation by the Turkish Airline and initiation of a meeting with the high officials of the Airline in Pakistan with the delegation of PFVA. Bilal Khan is a glorying example of tireless efforts who is striving hard in provision of facilities to the Pakistani exporters besides further cementing economic ties between Turkey & Pakistan.

Press Release

Closing Bell: Dream on

July 14, 2020 (MLN): The capital markets continued its upward trajectory and closed in a green zone with a gain of 126 points to end at 36,745.22 level.

In the early hours, the market observed short spell of bull run, however, in later hours profit-taking witnessed as the corporate season is about to begin.

In the oil and gas sector, Pakistan Oilfields Limited (POL) saw an upward trend following an announcement of MOL regarding a gas and condensate discovery in Tal Block, Pakistan.

The index has been positive for the straight 13 trading sessions, taking a cumulative increase of 3035.59 points or 9.01%, while in FY21 the index return has been 6.75%.

The Index traded in a range of 408.25 points or 1.11 percent of the previous close, showing an intraday high of 36,936.31 and a low of 36,528.06.

Of the 97 traded companies in the KSE100 Index, 52 closed up 40 closed down, while 5 remained unchanged. The total volume traded for the index was 323.24 million shares.

Sectors propping up the index were Oil & Gas Exploration Companies with 66 points, Inv. Banks / Inv. Cos. / Securities Cos. with 36 points, Fertilizer with 24 points, Miscellaneous with 11 points and Pharmaceuticals with 10 points.

The most points added to the index were by POL which contributed 44 points followed by DAWH with 31 points, PPL with 16 points, KEL with 15 points and SHFA with 11 points.

Sector-wise, the index was let down by Cement with 23 points, Oil & Gas Marketing Companies with 16 points, Technology & Communication with 10 points, Automobile Parts & Accessories with 6 points and Chemical with 3 points.

The most points taken off the index was by PSO which stripped the index of 18 points followed by LUCK with 11 points, HUBC with 10 points, BAFL with 9 points and DGKC with 8 points.

All Share Volume decreased by 2.66 Million to 466.25 Million Shares. Market Cap increased by Rs.18.03 Billion.

Total companies traded were 393 compared to 403 from the previous session. Of the scrips traded 214 closed up, 158 closed down while 21 remained unchanged.

Total trades increased by 13,199 to 163,389.

Value Traded decreased by 0.30 Billion to Rs.18.26 Billion

CompanyVolume

Top Ten by Volume

K-Electric39,266,000
Pak Elektron33,542,500
Maple Leaf Cement Factory25,272,500
Pakistan Petroleum23,338,305
Unity Foods20,096,000
The Bank of Punjab19,117,500
TRG Pakistan16,244,500
Aisha Steel Mills14,866,000
Jahangir Siddiqui & Co. Ltd.13,993,500
Hascol Petroleum12,034,000

 

SectorVolume

Top Sector by Volume

Cement52,009,070
Power Generation & Distribution48,126,292
Cable & Electrical Goods37,936,600
Engineering37,145,700
Technology & Communication37,021,300
Commercial Banks32,964,891
Chemical31,145,814
Oil & Gas Exploration Companies28,892,552
Oil & Gas Marketing Companies26,874,351
Inv. Banks / Inv. Cos. / Securities Cos.20,591,900

 

 

Copyright Mettis Link News

 

Gold slips by Rs 350 per tola to Rs...

July 14, 2020 (MLN): Contrary to the previous session, today, gold witnessed a decrease in demand as the price of 24 Karat-Gold dropped by Rs 350 to Rs 108,900 per tola in bullion markets. The precious yellow metal of 24-Karat had closed at Rs 109,250 per tola on the last day.

According to the Karachi Sarafa Association, the price of 10-gram gold also witnessed a decrease of Rs 300 to settle at Rs 93,364 against Rs 93,664 on the last trading day.

On the other hand, the silver prices remained flat at Rs 1,060 per tola.  Similarly, 10-gram silver remained stable at Rs 908.78.

In the global market, gold prices inched lower by $15 to clock in at $1,794 per ounce while silver was valued at $18.95 per ounce.

Copyright Mettis Link News

Archroma starts production of hand sanitizers to help fight...

July 14, 2020 (MLN): As part of its active engagement in the fight against COVID-19, Archroma, a global leader in color and specialty chemicals towards sustainable solutions, started bulk production of a new range of hand sanitizers at its Landhi site in Pakistan in May 2020.

The new Kieralon HS range was developed by the R&D team at the Archroma Center of Excellence in Karachi, in line with the World Health Organization (WHO) recommendations.

Sanitizers are currently in high demand in Pakistan in hospitals, isolation centers, medical institutes and other health care environments, due to the COVID-19 outbreak. The use of sanitizers has also been made mandatory in all factories, offices and public places, driving the demand even higher.

The Kieralon HS range is being produced in different grades and concentrations to eliminate a broad range of germs, bacteria and viruses, to cater for various healthcare and hygiene requirements. They also include emollients and display non-stick and quick drying effect, for skin comfort.

In April 2020, Archroma announced the introduction in Brazil of Mowiplus HPC 9600, a new thickener for sanitizing gels, developed to address the global shortage in the thickener traditionally used for sanitizing gels.

Archroma is also actively supporting manufacturers in the production of face masks and medical protective equipment. Its antimicrobial and barrier products in particular are in high demand, and Archroma is making every effort to assist existing and new customers entering this sector by providing technical know-how and support.

The company is supporting producers of packaging & paper who are facing high demand for food packaging as many restaurants have switched to delivery or take-away, as well as for parcels and boxes supporting online shopping.

Mujtaba Rahim, CEO of Archroma Pakistan comments, “Within Archroma we are cognizant of the acute community need for high quality hygiene products that are also comfortable for users, as hand sanitizers tend to be harsh on the skin, so we took on the challenge to develop and start production in record time. The Archroma team in Pakistan won’t rest in fighting the COVID-19 pandemic, and hopes this new product will help to stop the spread of the virus and the suffering that it causes.”

 

PMEX Commodity Index closes at 4,467 points

July 14, 2020: On Monday at Pakistan Mercantile Exchange Limited, PMEX Commodity Index closed at 4,467. The traded value of Metals, Energy and COTS/FX was recorded at PKR 12.233 billion and the number of lots traded was 16,143.

The major business was contributed by Gold amounting to PKR 7.005 billion, followed by NSDQ 100 (PKR 1.756 billion), Silver (PKR 1.019 billion), DJ (PKR 826.664 million), Currencies through COTS (PKR 670.697 million), Platinum (PKR 334.125 million), Crude Oil (PKR 240.596 million), SP500 (PKR 138.724 million), Natural Gas (PKR 128.948 million) and Copper (PKR 112.474 million).

In agriculture commodities, 4 lots of Wheat amounting to PKR 17.535 million and 3 lots of Cotton amounting to PKR 1.594 million were traded.

Press Release

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