Important Business News 16th March, 2020

S.# Description Pg # Source
1. Unlawful financing SECP bench cautions stock brokers
The Appellate Bench of the Securities and Exchange Commission of Pakistan (SECP) has cautioned that the stock market brokers cannot violate laws for using their own resources to facilitate some of their long term clients through unlawful financing for developing a strong client relationship.
1 Business Recorder
2. Recovers amid see-saw session The rupee recovered some lost ground against the dollar, during the week, ended on March 14, 2020. 1 Business Recorder
3. Equities in grip of panic Pakistan Stock Exchange remained in the grip of panic selling and the PSX had to trigger Market Halt option three times during the outgoing week ended on March 13, 2020. 1 Business Recorder
4. Futures spread up by 693bps The futures spread increased by 693bps to 14.98 percent on the last day of the outgoing week. 1 Business Recorder
5. KE buying power at Rs10/unit & selling at Rs13.50, ECC told Chief Financial Officer (CFO), Karachi Electric (KE) Aamir Ghaziani has informed the Economic Coordination Committee (ECC) of the Cabinet that the KE is purchasing 650 MW electricity from national grid at Rs 9 or Rs 10 per unit and selling it to consumers at Rs 13.50 per unit, well informed sources told Business Recorder. 3 Business Recorder
6. KP govt announces Rs500m to fight against coronavirus Khyber Pakhtunkhwa government, here on Sunday announced the release of Rs500 million on the emergency basis for purchase of essential and inevitable equipment and other allied items to fight against coronavirus across the province. 3 Business Recorder
7. Prices of essential kitchen items continue to soar Prices of important kitchen items, including live chicken/meat, vegetable, pulses, sugar, flour, fruits and other have increased manifold in retail market, according to a survey carried out by Business Recorder here on Sunday. 3 Business Recorder
9. Risk management system SECP chief urges PSEL to conduct drills
 Aamir Khan Chairman Securities and Exchange Commission of Pakistan (SECP) has urged Pakistan Stock Exchange Limited (PSEL) for conducting drills to ensure remote operations of trading, clearing, settlement and custody services for effective functioning of the risk management system.
13 Business Recorder
10. WEEKLY COTTON REVIEW Trading volume remains low
The local textile and cotton industry which is moving in positive direction is badly affected by Corona virus. There were many challenges in the way of increasing the production of cotton.
13     Business Recorder
12. Import of Paraxylene from India Cabinet refuses to grant one-time exemption to company
 The federal cabinet has refused to grant one-time exemption to M/s Lotte Chemicals Pakistan Ltd to import Paraxylene from India, after serious differences were witnessed between Commerce Ministry and Prime Minister’s Advisor on Commerce, Industries and Production and Investment, Abdul Razak Dawood over the proposal, well informed sources told Business Recorder.
16   Business Recorder  
  Gas companies told to cut tariff, lower revenue targets In a major policy shift, the government has formally directed the board of directors and managing directors of the two gas utilities to give up major revenue streams to provide relief to consumers through lower tariff. 1       Dawn
  Of loose milk and tight margins WHILE buying a majority > stake in Engro Foods at the end of 2016, the Dutch investor expected to surf on the front edge of a wave that was to knock the traditional milkman off his central perch in the retail milk market. 1     Dawn Business & Finance
  ·         Power Companies seek up to Rs. 2 per unit Increase in electricity rates for three months under monthly fuel price adjustments. The government raises Rs. 323.39 bn Through the acution of treasury bills, reports the State Bank of Pakistan. The central government debt during the first seven months of the current fiscal year increases by Rs. 1.21 tr Mainly on account of a double-digit increase in the funds raised through the Pakistan Investment Bonds Auctions. Remittances clock in at $ 15.127 bn During the first eight months of this fiscal year, rising by 5.37 pc, compared to $ 14.35bn in the corresponding period of 2018-19, reports SBP. The government approves Rs 20 bn Special relief package for export industries and agrees to a Rs. 1,400 per 40kg  support price for wheat procurement involving a total financing of about Rs 289bn The government indicated a cut of about Rs 100 (15percent) in the federal development programme this year and a major increase in emoluments of the federal bureaucracy and readjustments in fiscal transfers to the provinces in the coming budget. The central government debt increased by 3.81% To Rs 32.997 trillion in the first seven months of 2019-20 1          

Dawn Business & Finance
  The PSX carnage, explained THE catastrophe turned into a > calamity at the Pakistan stock market last week when investors scrambled to dump shares and seek the safety of havens: gold and dollar. 1     Dawn Business & Finance
  The rupee`s fall and challenges all around DURING eight months of this fiscal year, between July 2019 and February 2020, Pakistan`s home remittances grew just 5.4 per cent and exports even less 3.65pc. Now, the scope for boosting these growth rates is limited. 2     Dawn Business & Finance
  Increasing milk yield of Kundi buffaloes THE share of livestock in agricultural GDP has increased from around 52 per cent to 60.5pc, according to the Economic Survey of Pakistan 2018-19.   2     Dawn Business & Finance
  Poor governance results in economic woes THE rapid spread of the coronavirus disease is forcing economic shutdowns across the world to limit its spread, pushing economies into recession over supply shocks, and inducing extreme volatility in the global financial and energy markets. 3     Dawn Business & Finance
  Do price bands bring efficiency to stock trading? ON Dec 13, 2019, the Pakistan Stock Exchange (PSX) announced the security-wise enhancement in price movement limits from existing five per cent to 7.5pc. 3     Dawn Business & Finance
  Cleaning product makers race to labs to bolster coronavirus claims AS global makers of household cleaners race to pitch their products as coronavirus killers, one major company, Reckitt Benckiser, may have a leg up on the competition. 4     Dawn Business & Finance
20. Currency exchange rates   Countries  
U.S. U.K EURO CHINA SAUDIA ARABIA Symbol   $ £ ¥ ﷼, SR Rates   158.75 199.02 177.83 22.68 42.24
7 Business Recorder

Leave a Reply