Tag: XAU

January 22, 2021 (MLN): D.G. Khan Cement Company (DGKC), owned by Pakistan Tycoon Mian Mohammad Mansha, has revived a plan to expand its capacity to tap growth as the nation recovers from the Covid-19 pandemic.

According to Bloomberg, the cement maker, is considering increasing its daily output by 8,000 to 12,000 metric tons.

The people familiar with the matter told Bloomberg that the final decision is expected by the end of next month.

Speaking to Mettis Global News on the above development, Mr. Inayat Ullah Niaz, Chief Financial Officer of DGKC said, “ we are currently working on it and the corporate approval has been obtained, however, the size of the increase in capacity is yet to be decided.”

The company had first decided to expand its capacity by 12,000 tons a day in Nov’19 and was awaiting approval.

To highlight, the provincial government of Punjab last month approved new plants. The approvals have been granted to D.G. Khan Cement, Dandot Cement Co., Global Cement, and Cane Cement told Abdul Karim, an economic adviser at Punjab’s Industries, Commerce, and Investment Department to Bloomberg. There are more applications for cement plants under process with the provincial government, he added.

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January 22, 2021 (MLN): The KSE-100 index ended Friday’s session with a loss of 116 points to close at the 45,868-index level, concluding the lackluster performance down by 0.25% DoD.

Investors remained cautious ahead of the MPS announcement, however, at the end of the session, investors' sentiments revived as State Bank kept the policy rate unchanged at 7%, a closing note by Ismail Iqbal Securities highlighted.

The Index traded in a range of 422.10 points or 0.92 percent of the previous close, showing an intraday high of 46,115.10 and a low of 45,693.00.

Of the 96 traded companies in the KSE100 Index, 35 closed up 60 closed down, while 1 remained unchanged. The total volume traded for the index was 236.25 million shares.

Sector-wise, the index was let down by Oil & Gas Exploration Companies with 45 points, Fertilizer with 21 points, Oil & Gas Marketing Companies with 14 points, Power Generation & Distribution with 11 points, and Technology & Communication with 9 points.

The most points taken off the index was by TRG which stripped the index of 27 points followed by ENGRO with 14 points, MARI with 14 points, PPL with 13 points, and OGDC with 12 points.

Sectors propping up the index were Engineering with 10 points, Textile Composite with 10 points, Glass & Ceramics with 6 points, Insurance with 5 points, and Transport with 4 points.

The most points added to the index was by SYS which contributed 19 points followed by KTML with 14 points, INIL with 10 points, FFBL with 9 points, and GHGL with 6 points.

All Share Volume decreased by 175.75 Million to 430.63 Million Shares. Market Cap decreased by Rs.19.01 Billion.

Total companies traded were 391 compared to 418 from the previous session. Of the scrips traded 142 closed up, 232 closed down while 17 remained unchanged.

Total trades decreased by 21,742 to 126,287.

Value Traded decreased by 2.10 Billion to Rs.15.83 Billion

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January 22, 2021 (MLN): Gold price broke its four-day streak row in the domestic bullion market on Friday as it declined by Rs 600 to Rs 112,800 per tola against the price of Rs 113,400 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 514 and was sold for Rs 96,708 at the closing of trade as opposed to Rs 97,222 reported yesterday.

However, silver rates 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, the gold prices went down by USD 25 and traded at USD 1,845 per ounce against USD 1,870 per ounce recorded yesterday, while silver was valued at USD 25.25 an ounce.

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January 22, 2021: As part of SECP’s initiative for promoting Housing Finance Companies (HFCs) in Pakistan, SECP organized a webinar in collaboration with Pakistan Mortgage Refinance Company (PMRC) and International Finance Corporation (IFC).

Speaking at the occasion, Farrukh Sabzwari, SECP Commissioner for Specialized Companies, highlighted the significance of the housing finance sector, its overarching link with more than 40 ancillary industries and discussed the opportunities presented by the underserved housing finance market for potential new players. He pinpointed major challenges being faced by this sector and emphasized upon SECP’s resolve to handhold the potential investors willing to form HFCs under the NBFC regulations.

Mr. Mudassir H. Khan, CEO PMRC, expressed his views highlighting the role of PMRC in developing the housing mortgage market. Mr. Charles Schneider, from IFC, spoke about practices in the international jurisdictions and the existing opportunities in Pakistan. Speaking on the occasion, international expert on Housing from Malaysia, Mr. N.K. Rupan provided an analysis of the regional markets and highlighted the importance of HFCs in the growth of affordable housing.

Present at the event, Mr. Hassan Daud Butt, CEO of KPK Board of Investment highlighted that KPK possesses a lot of potential for the housing market and can offer great opportunities for new entrants. Other prominent speakers included Mr. Zaigham Rizvi, Chairman of the Naya Pakistan Housing Task Force and Dr. Amjad Saqib, CEO of the Akhuwat.

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