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Site update: January 19 2021, at 16:45 PKST
Stock update: January 19 2021.

Recent Financial News in the 'misc' category

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Monday, January 18 2021

Market watch: Bearish trend continues at PSX
KARACHI: The stock market continued its downward march for a second day on Friday owing to weak cues coupled with global economic headwinds. Weakening oil prices in the international market fuelled the bearish momentum at the Pakistan Stock Exchange (PSX). Oil prices fell as concerns about Chinese cities in lockdown due to virus outbreaks tempered a rally. Stocks remained under pressure throughout the day due to a sombre investment climate as investors preferred to remain on the sidelines ahead of earnings season and monetary policy announcement in the second half of January. The benchmark KSE-100 index opened up but then it went south and maintained the trend despite brief spikes. The downward trend got steeper in second session of the day and the bourse failed to sustain the 46,000-point mark crossed in the first session.
Related news categories: business economic-indicators misc psx stock-exchanges

Turkey announces $18.5b investment plan
ANKARA: Turkey has announced a 2021 public investment programme worth 138.5 billion lira ($18.53 billion), with communication and transportation projects receiving the largest allocation of the investment funds. The programme, published in the Official Gazette, set aside nearly $6 billion for public investments in the transportation and communication sectors in 2021, and another $2.6 billion for education projects. Other investment areas include manufacturing, health, agriculture, tourism and energy. Read Clock ticking on $1b UAE cash facility Under the programme, Turkey’s Transport and Infrastructure Ministry will receive some $2 billion, while the State Hydraulics Works (DSI) will receive $1.8 billion and the Highways Directorate $1.75 billion. President Tayyip Erdogan, who has been in power for nearly 20 years with five consecutive election victories, had until 2018 enjoyed steady annual growth of around 5% fuelled by cheap foreign credit and “mega projects” ranging from bridges and tunnels to highways, hospitals and other construction.
Related news categories: business misc

How to sustain export expansion?
ISLAMABAD: The first half of current fiscal year has seen a 4.98% year-on-year growth in exports. Month-wise data shows that exports in October, November and December grew 4.2%, 8.3% and 18% year-on-year respectively. Taking into account the Covid-induced upheavals, this is a creditable performance. The major challenge, however, is to sustain the increase in exports. In the recent past on quite a few occasions, exports went up for one or two quarters and years before stagnating. Rather than being an isolated variable, exports are a function of the entire economy. Sustained export growth presupposes a stable macroeconomic environment, particularly low inflation and exchange rate stability. Although a moderate price increase is a necessary inducement for businesses to invest, high and persistent increase in prices drives up the cost of production and tends to make domestic products less competitive in foreign markets.
Related news categories: business economic-indicators misc

LNG crisis likely to worsen in country
ISLAMABAD: The liquefied natural gas (LNG) suppliers have refused to give supplies to Pakistan for the month of February in the wake of recent massive hike in the prices of gas. According to details, Pakistan LNG Ltd (PLL) had advertised a tender on November 28, 2020 for the procurement of two spot LNG cargoes to be delivered in February 2021. On December 28, 2020 the bids were opened and the results were announced, and in accordance with the Public Procurement Regulatory Authority (PPRA) rules, the award intimation was made 10 days later on January 7, 2021. The spot cargo scheduled for mid-February was awarded to SOCAR Trading UK Ltd while the second spot cargo planned for the last week of February 2021 was awarded to the lowest bidder as per PPRA rules, who conveyed its inability to deliver as per its bid. The PLL approached the second and third lowest bidders within the bid validity period all of whom regretted to deliver the cargo at the prices they had offered in their bids.
Related news categories: business economic-indicators misc oilgas-exploration oilgas-marketing

The galloping gap
The monster of circular debt keeps growing in the power sector. Bad governance is the overwhelming source of the circular debt build-up that is officially projected to cross the Rs2.8 trillion mark by June 30. This is almost half of the country’s about Rs5.5tr total tax revenue this year. This means an addition of Rs500 billion during the current fiscal year at an average rate of almost Rs42bn per month, according to a report submitted by the Power Division to the Cabinet Committee on Energy (CCOE) last week. The report is based on actual verified data of the circular debt as of Nov 30, 2020 and projected over the remaining period of 2020-21. It contains the breakdown of the circular debt in terms of operational/non-operational, comparison of last and current year’s build-up, and paid/unpaid and budgeted/unbudgeted subsidy payments.
Related news categories: business economic-indicators misc power-gen-dist helpline: +92-42-3631-4186 (10:30am to 5:30pm)