Tuesday, March 12 2019

Market watch: KSE-100 inches down amid massive foreign selling
KARACHI: The stock market had another dull session on Monday as many investors stayed away in the absence of major triggers and the benchmark index finished its fifth successive session in the negative territory. Despite a bullish open, the KSE-100 index failed to sustain the momentum and fell into the red zone. Investors cheered news of expected inflow of $4.1 billion, which would boost foreign currency reserves of Pakistan. However, weak domestic cues and a lack of triggers sparked selling pressure. Sentiments were further dented as India announced that it had blocked Pakistan’s waters from its three eastern rivers. At the end of trading, the benchmark KSE 100-share Index recorded a decrease of 26.12 points, or 0.07%, to settle at 38,924.11.
Related news categories: business economic-indicators ise kse lse misc psx stock-exchanges

Car sales fall 13% in February 2019
KARACHI: Auto assemblers faced a setback as sales of locally produced vehicles fell 13% in February 2019 amid an overall slowdown in economy. According to data released by the Pakistan Automotive Manufacturers Association (Pama), total car sales declined to 19,712 units in February 2019, compared to 22,654 in the same month of previous year. Meanwhile, month-on-month sales were down 13% from 23,562 in January 2019. Topline Securities, in its report, attributed the decline to the lower number of working days in the month. Previously, the restriction on purchase of new automobiles by non-filers of tax returns significantly dented sales of the companies. However, in the Finance Supplementary (Second Amendment) Bill 2019, which was endorsed by the National Assembly last week, the government completely withdrew the restriction. It allowed non-filers to buy new vehicles of any engine capacity.
Related news categories: auto-assembler business misc

Oil gains as Saudi Arabia stands by OPEC cuts, US drilling drops
LONDON: Oil prices rose on Monday, lifted by comments from Saudi Energy Minister Khalid al-Falih that an end to OPEC-led supply cuts was unlikely before June and a report showing a fall in US drilling activity. US West Texas Intermediate (WTI) crude oil futures were at $56.42 per barrel at 1200 GMT, up $0.35, or 0.62%, from their last close. Brent crude futures were at $66.17 per barrel, up $0.43, or 0.65%. Falih told Reuters on Sunday it would be too early to change a production curb pact agreed by the Organisation of the Petroleum Exporting Countries (OPEC) and allies including Russia before the group’s meeting in June.
Related news categories: business misc oilgas-marketing

Punjab aims to achieve 7% economic growth by 2023
LAHORE: After seven months in power, the provincial government of Punjab has revealed its growth strategy for 2018-23, reflecting the Pakistan Tehreek-e-Insaf’s (PTI) long-term plan. The five-year plan is aimed at developing a people-centric growth strategy and addressing fundamental and structural imbalances in Punjab. Economic managers of the province want to move towards sustainable and regionally equitable economic growth. The strategy simultaneously points out the fragile national macroeconomic situation, mounting fiscal and external deficits, rapid currency depreciation along with rising capital costs as the biggest challenges while implementing the policy.
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Govt to form new zones for oil, gas exploration
ISLAMABAD: Prime Minister Imran Khan on Monday gave in principle approval to unveil a comprehensive package which includes offering better prices to oil and gas exploration companies drilling in risky areas of Balochistan and Khyber Pakhtunkhwa (K-P). Under the new plan, there would be a shift from regulatory framework to information based system to end bureaucratic hurdles for exploration companies doing business in Pakistan. The government would offer better ‘wellhead price’ to the oil and gas exploration companies in two new zones comprising a high-risk area of Balochistan and the K-P areas bordering with Afghanistan – in order to boost oil and gas production. The government has also decided to set up a special force to ensure the security of foreign companies.
Related news categories: business economic-indicators misc oilgas-exploration oilgas-marketing