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Site update: December 13 2019, at 18:00 PKST
Stock update: December 13 2019.

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Friday, December 13 2019

Market watch: Despite positive triggers, KSE-100 inches down
KARACHI: The KSE-100 index inched down on Thursday and closed with a loss of 17 points as investors resorted to profit-booking despite encouraging trade figures. Data released by the Pakistan Bureau of Statistics on Wednesday showed a 14% contraction in trade deficit on a monthly basis. In addition to that, the Pakistan Investment Bond (PIB) yields fell once again in Wednesday’s auction, giving investor sentiment a boost, which was reflected in early trading. In the morning, trading began on an upbeat note, however, selling pressure emerged shortly as investors began offloading stocks and the index dipped by midday. A buying spree towards the end of the session helped wipe off the losses and the market ended on a flat note. At close, the benchmark KSE 100-share Index recorded a decrease of 17.25 points, or 0.04%, to settle at 40,514.17. Arif Habib Limited, in its report, stated that trading in the market was no different from what had been going on since the beginning of the week. The index oscillated between -359 points and +238 points during Thursday’s session and closed at -17 points.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

Pakistani rupee getting strong, likely to hit 150 to dollar
KARACHI: Pakistani rupee is strongly expected to maintain its uptrend in the short run and peak out at around 150 to the US dollar over the next three to four months, which will provide an opportunity to the central bank to build the country’s foreign currency reserves by absorbing excess supply of the greenback in the market. An economist at a leading bank, a currency dealer and a textile exporter, in different conversations, told The Express Tribune that the continuously strengthening rupee would peak out at around 150 to the US dollar by the end of March 2020. Later, the rupee is anticipated to return to its depreciation phase around the fourth quarter (April-June) of the current fiscal year. “The rupee may return to 164-165 by the end of FY20,” the economist said on condition of anonymity.
Related news categories: business economic-indicators misc

State Bank of Pakistan allows advance import payments
KARACHI: The State Bank of Pakistan (SBP) has allowed banks to make advance payment up to 50% of the value of imports against letter of credit for manufacturing concerns. Using this facility, manufacturing concerns will be able to import plant, machinery, spare parts and raw material etc by making payment in advance, according to a statement issued by the SBP. Earlier in July 2018, in light of the pressures on the foreign exchange market and deteriorating balance of payments situation, the SBP withdrew the advance payment facility, which was previously allowed to importers. Subsequently, some of the restrictions were relaxed to facilitate imports in critical areas related to medicines, education and defence while most of the restrictions remained in place.
Related news categories: business economic-indicators misc

Pakistan's e-commerce policy to focus on SMEs
ISLAMABAD: The e-commerce policy of Pakistan will focus on the development and promotion of SMEs for making Pakistan a significant player of the regional and global digital economy, said Joint Secretary (WTO) at the Ministry of Commerce Aisha Humera Moriani. While addressing a seminar on the e-commerce policy of Pakistan, organised by the Islamabad Chamber of Commerce and Industry (ICCI) in collaboration with Ministry of Commerce and Textiles, she said, “E-commerce sales in Pakistan were over Rs20.7 billion, which grew by 93.7% in 2018 reaching Rs40.1 billion, which show that Pakistan’s businesses have great potential to grow through digital sales.” She said that such a policy will contribute towards achieving higher exports through enhanced activities from e-platforms, promote small e-businesses and create employment opportunities through digital connectivity for empowering the youth, especially in remote areas.
Related news categories: business misc

Pakistan invites Russia to acquire OGDC, PPL shares
ISLAMABAD: Pakistan has offered Russia to participate in the divestment of government’s shareholding in the country’s largest state-run oil and gas explorers – Oil and Gas Development Company (OGDC) and Pakistan Petroleum Limited (PPL) – and become a strategic partner by acquiring shares. Pakistan has also asked Russia to become equity partner in Pakistan Refinery Limited (PRL), a subsidiary of Pakistan State Oil. Interested Russian companies may consider equity participation and/or getting engineering, procurement and construction (EPC) contract for the revamp and upgrade of the refinery. Both sides have welcomed the readiness of Russian firm Zarubezhneft and Pakistan’s OGDC, PPL and Mari Petroleum for negotiations on implementing joint investment projects for the development of oil and gas fields.
Related news categories: business company-news economic-indicators misc oilgas-exploration oilgas-marketing psx stock-exchanges
Related symbols: ogdc (news stock) ppl (news stock)

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