Tag: wage subsidies

January 26, 2021: Optimism that new vaccines will bring the pandemic under control and allow economic activity to resume coupled with a stimulus in major economies has boosted the growth forecast this year to 5.5 percent, the IMF said Tuesday.

"These developments indicate a stronger starting point for the 2021-22 global outlook," the IMF said in its latest World Economic Outlook (WEO).

The fund expects growth in the United States to be a full two points higher than previously projected at 5.5 percent, its strongest rate since 1984, while the IMF forecasts China growing 8.8 percent.

But the Washington-based crisis lender warned the outlook is beset by "extraordinary uncertainty" and more action is needed to prevent lasting damage.

APP

January 26, 2021 (MLN): Multinational companies operating in Pakistan repatriated $892.3 million in profit and dividends on investments in the country during the six months of FY21 which was 7% higher than the profits of $836.3 million repatriated in the corresponding period of last year. This was due to improved profitability and macroeconomic indicators which strengthened foreign investors’ confidence in Pakistan’s economy.

However, in the month of December alone, repatriation of profits and dividends on investment by the foreign firms decreased 13%YoY while jumped by a whopping 108% MoM to $144.2 million, SBP data showed.

The data further revealed that during July-Dec FY21, foreign companies repatriated $840.1 million worth of profit against the foreign direct investments (FDI) in various businesses compared to $743.2 million in the same period last year. Moreover, profits on equity investments stood at $52.2 million compared to $93.1 million a year earlier, marking a decline of 44% YoY.

Sector-wise:

The data shows that the major sectors that repatriated relatively higher profits include  Food, Communication sector, Financial Business, Tobacco & Cigarettes, Transport, Oil & Gas Exploration sector and Chemical, among which Food Sector repatriated highest profits of $171.5 million during 6MFY21 to overseas, against $53.4 million in the corresponding period of last fiscal year, showing a  growth of 221% YoY.

The data further revealed that profits outflow from Financial Businesses increased dipped 2% YoY to $122.5 million against an outflow of $125.5 million in July-Dec FY20.

Profit outflows from the Communication sector jumped to $119.3 million from $33 million. The transport sector repatriated $74.1 million in July-December FY2021, which was 47% lower when compared with $139.2 million in the corresponding period of FY2020.

The Tobacco & Cigarettes segment repatriated $76.5 million in the first six months of FY21, compared with $35.1 million in the same period of FY20.

The Oil & Gas Exploration sector repatriated $69.2 million, which was 38% lower as they had sent $111.8 million during July-Dec FY20.

Similarly, the Chemical sector repatriated 32% lower profits during the period under review which amounted to $46.8 million, while in the corresponding period last year, the sector repatriated $69.1 million.

Country-wise:

A country-wise break up of data on repatriation of profit/dividend released by SBP revealed that firms and individual investors belonging to the United Kingdom dispatched the single largest profit of $303.8 million during 6MFY21 compared to $155.7 million in the same period the prior year.

The United States witnessed the repatriation of the second-highest profits as the country repatriated $133.6 million abroad during the period under review, compared with $100.1 million in the corresponding period the previous year.

Third in line is Malta which repatriated $91.7 million from Pakistan during the period, while in the corresponding period last year, the country did not remit any profits or dividend income from Pakistan.

Next followed by Switzerland with profit repatriation of $53.4 million which was 12% lower when compared with last year figures.

Companies from Hong Kong repatriated $44 million in 6MFY21 compared to $98.9 million in July-Dec FY20.

Furthermore, Chinese firms repatriated $35.9 million abroad during the period under study, compared with $92.1 million in 6MFY20, depicting a fall of 61% YoY.

Copyright Mettis Link News

January 26, 2020 (MLN): The KSE-100 index ended the trading session on Tuesday with a 199.74 point or 0.43 percent gain to close at 46,287.38.

The market followed an upward trajectory as the cement sector saw increased investors’ interest owing to an increase of Rs 5 per bag in the northern region after which the sector closed up by 1.82%, as per the closing note by Topline Securities.

Agreement between government-IPPs also added to investors’ confidence in the bourse.

Besides, amid corporate earnings season, the market witnessed some volatility as investors reacted to earnings announcements made by FFBL and NRL.

The Index remained positive throughout the session touching an intraday high of 46,398.60.

Of the 97 traded companies in the KSE100 Index, 51 closed up 45 closed down, while 1 remained unchanged. The total volume traded for the index was 341.57 million shares.

Sectors propping up the index were Cement with 93 points, Technology & Communication with 43 points, Oil & Gas Marketing Companies with 34 points, Chemical with 31 points and Oil & Gas Exploration Companies with 22 points.

The most points added to the index was by TRG which contributed 37 points followed by PSO with 26 points, PIOC with 21 points, LUCK with 21 points and POL with 17 points.

Sector-wise, the index was let down by Commercial Banks with 28 points, Inv. Banks / Inv. Cos. / Securities Cos. with 16 points, Pharmaceuticals with 7 points, Glass & Ceramics with 6 points and Tobacco with 5 points.

The most points taken off the index was by DAWH which stripped the index of 15 points followed by AGP with 12 points, UBL with 10 points, FFBL with 9 points and BAFL with 9 points.

All Share Volume increased by 133.18 Million to 603.24 Million Shares. Market Cap increased by Rs.20.32 Billion.

Total companies traded were 413 compared to 414 from the previous session. Of the scrips traded 199 closed up, 203 closed down while 11 remained unchanged.

Total trades increased by 29,160 to 185,231.

Value Traded increased by 5.75 Billion to Rs.26.80 Billion

Copyright Mettis Link News

January 26, 2021 (MLN): Gold price declined by Rs 250 to Rs 113,200 per tola on Tuesday against the price of Rs 113,450 per tola reported in the previous session.

According to the data provided by the All Sindh Saraf Jewellers Association, the price of 10-gram of 24k gold also declined by Rs 215 and was sold for Rs 97,050 at the closing of trade as opposed to Rs 97,265 reported yesterday.

However, the rate of silver remained unchanged at Rs 1,300 per tola. The price of 10 grams of silver also remained the same at Rs 1,114.54.

In the international markets, gold price went down by USD 9 and traded at USD 1,854 per ounce against USD 1,863 per ounce recorded yesterday, while silver was valued at USD 25.43 an ounce.

Copyright Mettis Link News

January 26, 2021 (MLN): National Refinery Limited (NRL) has incurred losses of Rs 822 million during 1HFY21 ended December 31, 2020, depicting a decline of 72.44% YoY against a net loss of Rs 2.98 billion in the same period of last fiscal year.  

This has translated into a loss per share which clocked in at Rs 10.29 against the loss per share of Rs 37.33 in the aforementioned period.

According to the financial results issued to PSX, the company made losses due to a 26% YoY decline in net revenue from contracts, which in turn resulted from higher trade discounts offered to the customers. While there was a decline in the cost of sales by 28%, the company still made a gross loss of Rs 211 million i.e. almost 92% YoY lower than the same period of last year.

During 1HFY21, the company witnessed a decrease in its major expense heads as distribution & administrative expenses came down by 27.6% YoY and 4% YoY respectively, giving some relief to the financial position of NRL. The Finance cost, too, depicted a decline of 64.4% YoY owing to a lower interest rate regime.

Meanwhile, the company received tax credit amounting to 192 million i.e. 78% YoY lower as compared to the same period last year.  

Copyright Mettis Link News