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Site update: June 24 2019, at 17:00 PKST
Stock update: June 24 2019.

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Monday, June 24 2019

Weekly review: Lack of triggers, profit-taking drive market down
KARACHI: Following three weeks of bullish performance, the Pakistan stock market had a mixed week as a lack of triggers and profit-taking pushed the index down by 448 points or 1.26% at 35,125 points. The rupee lost further ground against the US dollar, which impacted investor sentiments in the stock market. Other developments that kept the index in check included Fitch Rating’s assessment of Pakistan’s economy and ongoing debate over the federal budget for next fiscal year. The benchmark KSE-100 index kicked off trading on a negative note and plunged on account of post-budget uncertainty and lack of institutional support. Moreover, Fitch Ratings kept Pakistan’s credit rating unchanged despite a staff-level agreement between Islamabad and the International Monetary Fund (IMF) as it saw significant risks to implementation of the $6-billion loan programme.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

Chinese company ready to invest $3b in Lahore project
LAHORE: A Chinese environmental company is ready to invest $3 billion in the clean drinking water and sanitation system in Lahore, said Punjab Board of Investment and Trade (PBIT) Chairman Sardar Tanveer IIyas Khan. Although he did not disclose the name of the company saying negotiations were at early stages, he revealed that the same company had already completed a couple of hydro projects in Pakistan. In an interview with The Express Tribune, the PBIT chairman said the metropolitan city did not have a single water filtration plant, though it had expanded its boundaries with its allied districts.
Related news categories: business economic-indicators misc

Govt’s foreign borrowing soars to $9.5b in 11 months
ISLAMABAD: The Pakistan Tehreek-e-Insaf (PTI) government has busted the annual target of foreign loans in 11 months and acquired $9.5 billion from international creditors due to repayment of previous loans and failure to achieve the $27-billion export target. Gross foreign loan disbursements from July to May of the outgoing fiscal year were higher than the annual budgetary target of $9.3 billion, sources in the Ministry of Finance told The Express Tribune on Saturday. They said the loan disbursements amounted to $9.5 billion, excluding $5 billion that Pakistan obtained from Saudi Arabia and the United Arab Emirates in cash deposits and did not book the amount as federal government obligation. In May alone, the government took $544 million in expensive foreign commercial loans from two Middle East and one European bank.
Related news categories: business economic-indicators misc

Negotiators pave way for Trump-Xi meeting at G20
BEIJING: Senior officials from China and the United States will communicate in preparation for a meeting between their heads of state in Osaka, Japan, during the G20 summit next week, the Ministry of Commerce said. China hopes that the US will create the “necessary conditions and atmosphere” for evenhanded dialogue, ministry spokesman Gao Feng said. The US should listen to its industries, call off its “wrong practices” and solve problems through consultation and cooperation, he said. On Tuesday, President Xi Jinping and US President Donald Trump spoke by telephone and agreed to meet at the G20 summit next week. News of the planned meeting raised hopes for a possible breakthrough in the stalled trade talks between the two countries. As the world’s two largest economies, the US and China have complementary economic structures and very close ties, and there is a huge intersection of interests between the two sides, Gao said.
Related news categories: business economic-indicators misc

Cigarette manufacturer backs FED of Rs300 per kg
KARACHI: A cigarette manufacturing firm has welcomed the imposition of Rs300-per-kilogramme levy on tobacco processing at the factory level and has asked the government not to drop the tax under the influence of illegal cigarette manufacturers. “The tax under consideration will not be charged from farmers, but from the cigarette manufacturers,” Pakistan Tobacco Company (PTC) Senior Regulatory Affairs Manager Noor Aftab told The Express Tribune. “The legitimate tobacco industry supports the Rs300-per-kg adjustable advance tax. This measure assists in documentation of the industry,” he said. Illegal and tax-evading cigarette manufacturers are creating an impression that the tax will be collected from farmers, which is incorrect. They are running the campaign in an attempt to influence the government to withdraw the tax, which basically discourages the production of tax-evaded cigarettes.
Related news categories: business economic-indicators misc tobacco

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