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Site update: June 18 2018, at 16:00 PKST
Stock update: June 14 2018.

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Wednesday, June 13 2018

PSX sees steepest fall after 20 sessions
LAHORE - Pakistan Stock Exchange posted steepest fall on Tuesday since May 14, 2018, as 4 percent Pak rupee devaluation against US$ failed to entice investors. Further, Pakistan imports continue to rise as last two devaluations have yet to make any noticeable impact on the overall import bill, thereby raising the question, ‘is devaluation really the solution?’. Investors also fear that Monday’s devaluation and call to further devalue will likely push up the interest rates and will eventually rein in on aggregate demand. Investors’ sentiment remained bleak across the board, while disappointment was more striking in banks and cements. Total traded volumes/values was down -14%/-23%, respectively in yesterday’s trading session. Amongst the major sectors, cement, bank, oil & gas marketing, fertilizer, automobile and exploration & production sectors withheld 519 points from the index. As per the notice sent to PSX by WorldCall Telecom (WTL), the company is intimated by TFC trustee that it has received requisite approvals from TFC holders to affect the 3rd restructuring of TFC-III. According to the State Bank of Pakistan (SBP), Pakistanis received home remittances amounting to $18.028 billion in 11MFY18, +3% YoY. Month-on-month basis, during May 2018, the inflow of workers' remittances amounted to $1.77 billion, which is 7.30 percent higher than April 2018 and 5 percent lower than May 2017.
Related news categories: business economic-indicators misc psx stock-exchanges

Opec sees 'considerable uncertainty' in oil market
PARIS - After months of sharp oil price rises there is now considerable uncertainty as to the market's direction for the rest of the year, OPEC said on Tuesday as a key meeting of oil producers looms. Question marks over global economic growth, and resulting oil demand, as well as over US producers' capacity to pump oil at an ever faster pace make forecasting difficult, the Organization of the Petroleum Exporting Countries said in its regular monthly oil market report. Various sources show that "considerable uncertainty as to world oil demand and non-OPEC supply prevails", OPEC said, leading to a wide range of estimates for the remainder of 2018. While economic growth is projected to be strong in the US, Europe and Japan, there is a chance of a slowdown in China and India, OPEC said. For now, global oil demand growth is expected at 1.61 millions of barrels per day (mb/d) in the second half of the year, with total oil demand projected to breach the 100 mb/d level. But uncertainty "warrants close monitoring of the factors impacting both world oil demand and non-OPEC supply that will shape the outlook of the oil market going forward", the report said. Non-OPEC suppliers include the United States where producers have returned to the business in droves, encouraged by rising prices.
Related news categories: business misc oilgas-marketing

Samsung launches world’s first wind-freeTM air conditioner in Pakistan
Samsung Pakistan, one of the country’s leading consumer electronics brand, today announced the launch of the world’s first Wind-Free TM Air Conditioner. By utilizing Samsung’s exclusive Wind-Free TM cooling technology in its innovative design, the new line up of air conditioners will provide consumers with a cooler indoor environment and optimal energy efficiency without the discomfort of direct cold airflow. The Wind-Free TM Room Air Conditioner uses the world’s first 8 Pole digital inverter. The air conditioner features a temperature controlled Wind-Free TM Good Sleep mode which creates the ideal environment for a good night’s sleep – without direct cold air flow. Cool air is gently dispersed through 21,000 micro air holes. The world’s first 8-Pole digital inverter saves upto 72% energy as compared to conventional models. It maintains the desired temperature without frequently turning off and on, so it’s quieter, more durable and efficient. The 2-Step Cooling mode cools the air faster and automatically changes to Wind-Free TM mode to maintain the temperature.The 8-Pole digital inverter technology helps to cool the air 43% faster and its unique design disperses cool air evenly across the room. The amazing ‘Smart Home’ feature allows consumers to use theWi-Fi enabled application to remotely control functions and schedule operations. It also gives live feedback about how it operates and lets users monitor and limit power usage.
Related news categories: business misc tech-comm

SECP notifies regulations for non-profit associations
ISLAMABAD - The Securities and Exchange Commission of Pakistan (SECP) has notified the Associations with Charitable and Not for Profit Objects Regulations, 2018. The regulations specify procedure for grant of license to associations with charitable and not for profit objectives, incorporation of association as a public limited company, conditions applicable to such companies, fit and proper criteria for the promoters, members, directors and chief executive officer, provision for revocation of license and subsequent transfer of assets to another company licensed under section 42 of the Companies Act, 2017 (Act) and monthly reporting requirements. The associations may apply for grant of license for the promotion of single or multiple objectives. After grant of license, the association shall apply for its incorporation as a company within 60 days of the date of issuance of license. The regulations require that the company licensed under section 42 of the Act shall utilize all its money, property, donations or income or any part thereof solely for promoting its objectives. The limit of liability for each of its members shall not be less than Rs100,000. Each promoter shall undertake to donate a reasonable amount of not less than Rs200,000 as a start-up donation.
Related news categories: business economic-indicators investment-copr misc

MPs for spending 4pc of GDP on science, technology sector
ISLAMABAD - Senate Standing Committee on Science and Technology Tuesday expressed its concerns over the alarmingly low percentage of 0.00025 of GDP spent on science and technology sector and called for increasing the percentage to 4 percent. It also recommended increasing the annual budget of the ministry and 16 organisations working with it. The meeting was told that for the year 2017-18, the ministry was given a total of Rs 6.394 billion in the head of non-development budget while Rs.2.497 billion as development budget. The Committee observed that the country is facing acute water scarcity, energy shortage and drastic climatic changes and if urgent measures are not taken, the nation may face disastrous consequences. Chairman of Committee, Senator Mushtaq Ahmed remarked that reforms in the area of science and technology have made strategic locations and availability of natural resources irrelevant for many countries and success in science and technology has proved to be a decisive factor in progress and development of many countries. He said, “Despite being a nuclear state, we are facing shortfall in electricity and are declared water scarce country.” Members of the Committee were also of the view that the ministry and its attached departments should help spread awareness into the new technologies available for saving water and other resources. A detailed briefing was given on the institutions working with the ministry including NUST and COMSATS, Pakistan Council for Science and Technology, Pakistan Science Foundation, National Institute of Oceanography, Pakistan Council of Research in Water Resources, Pakistan Council of Renewable Energy Technologies, Council for Working and Housing Research, Pakistan Standards and Quality Control Authority, and National Institute of Electronics.
Related news categories: business misc helpline: +92-42-3631-4186 (10:30am to 5:30pm)