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Site update: July 22 2019, at 17:00 PKST
Stock update: July 22 2019.

Recent Financial News

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Monday, July 22 2019

Weekly review: Bears dominate as selling pressure persists
KARACHI: Bears dominated the stock market during the week ended on July 19 as persistent selling pressure dragged the benchmark index down by 1,214 points or 3.6%, which closed at 32,458.77 points – below the 32,500 mark. The week was marred by developments on the political and economic fronts, which kept investors cautious. Monday began on a negative note as the market plunged massively on expectations of further tightening of the monetary policy. Speculation of a hefty hike and further depreciation of the rupee made the investors wary. On the other hand, a World Bank arbitration court asked Pakistan to pay $5.8 billion in damages to Tethyan Copper Company in the Reko Diq case. This development added pressure to the already weakening equity market.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

IMF rep to meet customs, SBP officials on Tuesday
ISLAMABAD : The International Monetary Fund (IMF) Resident Representative Teresa Dabam Sanchez will visit Large Taxpayers Unit (LTU) Karachi and the Pakistan Customs House Karachi on Tuesday to review compliance with the IMF bailout package conditions. In this regard, the IMF Resident Representative Office has informed the Federal Board of Revenue (FBR) in writing. During the visit, the IMF official will hold meetings with the LTU Karachi chief commissioner and other officials as well as the State Bank of Pakistan (SBP) officials. The IMF transferred first tranche [of $991.4 million] of its new bailout package to the SBP on July 10 while also issuing details of the conditions of its agreement with Pakistan.
Related news categories: business economic-indicators misc

China opens up finance sector to more foreign investment
BEIJING: China lifted some restrictions on foreign investment in the financial sector on Saturday as the world’s second largest economy fights slowing growth at home and a damaging trade war with the US. China will remove shareholding limits on foreign ownership of securities, insurance and fund management firms in 2020, a year earlier than originally planned, the Financial Stability and Development Committee said in a statement posted by the central bank on Saturday. Foreign investors will also be encouraged to set up wealth management firms, currency brokerages and pension management companies, the statement said. Beijing has long promised to further open up its economy to foreign business participation and investment but has generally dragged its feet in implementing the moves – a major point of contention with Washington and Brussels.
Related news categories: business economic-indicators misc

Energy tariffs for export sectors to be issued soon
LAHORE: Finance Secretary Naveed Kamran Baloch has assured the All Pakistan Textile Mills Association (Aptma) that a notification about gas and electricity tariffs for five major export sectors will be finalised and issued on Monday, said an Aptma official. Speaking to The Express Tribune, he said a meeting had been scheduled for Monday, July 22, where representatives of the Ministry of Petroleum and Power would be invited to address the challenges being faced by the industry, especially those that emerged after the presentation of federal budget 2019-20. According to minutes of a meeting held among Aptma, finance secretary, petroleum secretary and power secretary on July 18, a summary was being prepared for Sui Northern Gas Pipelines Limited regarding halting the subsidy from March 2019 onwards. It would be forwarded to the Economic Coordination Committee (ECC) for consideration and approval.
Related news categories: business misc

Mobile operators invited to test 5G
KARACHI: Pakistan Telecommunication Authority (PTA) has invited mobile phone operators and other organisations to test the world’s most advanced internet facility – 5G. PTA has issued a public notice under the title “Test and Development of Fifth Generation (5G) Wireless Networks in Pakistan”. “Pakistan Telecommunication Authority invites applications from its licensees, research and development (R&D) organisations, academic institutions, equipment and/or device manufacturers, vendors, etc for the trial of fifth generation wireless networks in Pakistan,” read the notice. Pakistan is witnessing a massive growth in mobile data traffic as the country has 71 million broadband subscribers, including 69 million 3G/4G subscribers.
Related news categories: business economic-indicators misc tech-comm helpline: +92-42-3631-4186 (10:30am to 5:30pm)