Good Morning

The Minister for Planning, Development and Special Initiatives, Asad Umar, on Monday briefed that as many as 549 lockdowns were imposed across the country. Pakistan’s outstanding debts as of May 31, 2020 stand at Rs.22.71 trillion whereas total debt at the end of prior month was Rs.21.89 trillion, meaning that around Rs.820.97 billion were additionally borrowed during this month alone. There will be no deletion of constituents in the MSCI 2020 Annual Market Classification Review to be released on Tuesday, analyst said. Announcement will be made available shortly after 10:30 pm Central European Summer Time (CEST), i.e. 1:30 am Pakistan Standard Time (PST) on June 24, 2020.

Market View: The KSE-100 Index closed yesterday’s trading session at 33,737.9 points, up by 298.9 points. We expect the market to remain range bound in the upcoming session due to lack of any significant trigger

Commodities:
Brent oil (USD/bbl): 42.95 (-0.30% D/D)
WTI Crude oil (USD/bbl): 40.46 (0.00% D/D)
Gold (USD/oz): 1764.90 (-0.12% D/D)

National News

549 lockdowns imposed across country: Umar

ISLAMABAD: The Minister for Planning, Development and Special Initiatives, Asad Umar, on Monday briefed that as many as 549 lockdowns were imposed across the country. While the aim of targeted lockdowns was to isolate maximum Covid-infected cases instead of merely restricting huge number of population, he said.

https://www.brecorder.com/news/40000278/549-lockdowns-imposed-across-country-umar

Pakistan’s outstanding debts reach Rs 22.71 trillion in May’20

June 22, 2020 (MLN): Pakistan’s outstanding debts as of May 31, 2020 stand at Rs.22.71 trillion whereas total debt at the end of prior month was Rs.21.89 trillion, meaning that around Rs.820.97 billion were additionally borrowed during this month alone.

https://mettisglobal.news/pakistans-outstanding-debts-reach-rs-22-71-trillion-in-may20

FBR launches audit of 72 sugar mills to bear out evasion findings

KARACHI: The Federal Board of Revenue (FBR) has initiated audit of 72 sugar mills on the recommendations of a sugar inquiry commission, sources said on Monday.

https://www.thenews.com.pk/print/676338-fbr-launches-audit-of-72-sugar-mills-to-bear-out-evasion-findings

PSX urges rationalization of CGT structure

KARACHI: Pakistan Stock Exchange (PSX) has urged the government to rationalize the Capital Gains Tax (CGT) structure in line with international practice and reduce the rate, which is currently one of the highest in the region.

https://epaper.brecorder.com/2020/06/23/20-page/841741-news.html

MSCI to scrutinize Pakistan’s status

KARACHI: There will be no deletion of constituents in the MSCI 2020 Annual Market Classification Review to be released on Tuesday, analyst said. Announcement will be made available shortly after 10:30 pm Central European Summer Time (CEST), i.e. 1:30 am Pakistan Standard Time (PST) on June 24, 2020.

https://epaper.brecorder.com/2020/06/23/1-page/841606-news.html

June-2020 GRM plunges into negative territory

KARACHI: Gross Refining Margin (GRM) averaged negative $4.21/bbl during June-2020, reflecting a massive year-on-year decline of $13.12/bbl.

https://epaper.brecorder.com/2020/06/23/20-page/841739-news.html

Urea rates likely to increase by Rs200/bag

KARACHI: In a recent development, gas companies Sui Northern Gas Pipeline Limited (SNGPL) and Sui Southern Gas Company (SSGC) have filed their petition for determination of gas prices for the year 2020-21, which could cause an increase in urea prices by Rs200 per bag, The News has learnt.

https://www.thenews.com.pk/print/676343-urea-rates-likely-to-increase-by-rs200-bag

‘ENI divesting its upstream business in Pakistan’

KARACHI: ENI is reportedly divesting its upstream business in Pakistan, which is currently being conducted through three entities, ENI Pakistan Limited, ENI AEP limited and ENI Pakistan M limited. The listed exploration and production companies (E&Ps) may opt to buy these assets.

https://www.brecorder.com/news/40000283/eni-divesting-its-upstream-business-in-pakistan

FPCCI seeks amendments in budget before finance bill’s approval

LAHORE: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has called for amendments in the federal budget before the approval of finance bill in the national assembly.

https://www.brecorder.com/news/40000225/fpcci-seeks-amendments-in-budget-before-finance-bills-approval

Government urged to extend tenure of trade bodies

KARACHI: Business Community has asked the Prime Minister and Ministry of Commerce for the extension in the current tenure of all trade bodies due to Covid-19 impacts on the economy.

https://www.brecorder.com/news/40000241/government-urged-to-extend-tenure-of-trade-bodies

Renewable energy projects reel under red-tapism

KARACHI: Several alternative energy projects have failed to achieve financial close in the stipulated time due to procedural bottlenecks that stand against a government’s plan to increase renewable power share in the thermal-focused energy market, industry officials said on Monday.

https://www.thenews.com.pk/print/676340-renewable-energy-projects-reel-under-red-tapism

Remdesivir exempted from duty, advance tax

ISLAMABAD: The government has exempted customs duty, additional customs duty and advance tax on the import of finished drug Remdesivir 100mg injection and injectable solution 100mg (vial) from June 22, 2020.

https://www.brecorder.com/news/40000271/remdesivir-exempted-from-duty-advance-tax

Private sector allowed to import wheat

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has given the go-ahead to the private sector to import wheat to control prices of wheat and flour in the market, and to ensure availability of wheat and wheat flour at a reasonable price across the country throughout the year.

https://www.brecorder.com/news/40000275/private-sector-allowed-to-import-wheat
International News 

Oil jumps more than 1%, settles above $40 for first time since March
Oil rose more than 1% on Monday on tighter supplies from major producers and as coronavirus lockdowns continued to ease, but gains were capped by worries that a worldwide rise in new infections might stall a fuel demand recovery.

https://www.cnbc.com/2020/06/22/oil-markets-crude-supply-coronavirus-in-focus.html

 Gold jumps, hits highest in more than a month on uptick in pandemic

Gold prices climbed 1% on Monday to hit the highest in more than a month, as investors took refuge in the safe-haven metal after an uptick in coronavirus cases roiled hopes for a quick economic recovery.

https://www.cnbc.com/2020/06/22/gold-markets-coronavirus-in-focus.html
Asia Pacific stocks turn positive as Peter Navarro says U.S.-China trade deal is still in place
Stocks in Asia Pacific turned positive in Tuesday morning trade during a turbulent session as White House advisor Peter Navarro clarified that the U.S.-China trade deal is not over.
https://www.cnbc.com/2020/06/23/asia-markets-coronavirus-wall-street-currencies-in-focus.html