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The liquid foreign currency reserves held by the country rose $95 million to $19,047.3 million on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. National Electric Power Regulatory Authority (Nepra) on Thursday approved increase in electricity tariffs of Discos for five months and reduction for three months under monthly fuel price adjustment mechanism to be passed on to consumers in August and September 2020. The government on Thursday signed two financing agreements valuing $750 million with the World Bank (WB) and the Asian Infrastructure Development Bank (AIIB) for the Resilient Institutions for Sustainable Economy (RISE) programme.

Market View: The KSE100 Index lost 226.40 points during Thursday’s trading session. We expect the market to remain range bound during today’s trading session.

Commodities:

Brent oil (USD/bbl): 43.47 (+0.37% D/D)

Crude oil (USD/bbl): 41.19 (+0.29% D/D)

Gold (USD/oz): 1,888.40 (-0.08% D/D)

National News

SBP reserves up $67m to $12.1bn

KARACHI: The liquid foreign currency reserves held by the country rose $95 million to $19,047.3 million on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.

Increase in power tariffs approved by Nepra

ISLAMABAD: National Electric Power Regulatory Authority (Nepra) on Thursday approved increase in electricity tariffs of Discos for five months and reduction for three months under monthly fuel price adjustment mechanism to be passed on to consumers in August and September 2020.

https://www.brecorder.com/news/40007498/increase-in-power-tariffs-approved-by-nepra

Pakistan inks $750m financing pacts with WB, AIIB

ISLAMABAD: The government on Thursday signed two financing agreements valuing $750 million with the World Bank (WB) and the Asian Infrastructure Development Bank (AIIB) for the Resilient Institutions for Sustainable Economy (RISE) programme.

OGRA removes bottlenecks in wellhead gas price notification

ISLAMABAD: In an apparent bid to promote indigenous gas production, the Oil and Gas Regulatory Authority (OGRA) has removed certain bottlenecks in the issuance of wellhead gas price notification of local gas fields.

Pakistan, China hold consultations on wide range of issues

ISLAMABAD: Pakistan and China on Thursday held consultations on a wide range of issues including bilateral ties, regional security situation, deepening co-operation in the wake of Covid-19, the CPEC, and further solidifying bilateral economic cooperation.

https://www.brecorder.com/news/40007379/pakistan-china-hold-consultations-on-wide-range-of-issues

SBP conducts four-year review of complaints against banks, DFIs, MFBs

KARACHI: The State Bank of Pakistan (SBP) has conducted a four-year (2016-2019) review of complaints against banks/MFBs/DFIs.

90 projects of CPEC completed so far: Alvi

KARACHI: President Dr Arif Alvi on Thursday said that about 90 projects of the China Pakistan Economic Corridor (CPEC) have so far been completed whereas 28 projects are in implementation phase and 41 are in the pipeline.

https://www.brecorder.com/news/40007497/90-projects-of-cpec-completed-so-far-alvi

PSMA urges govt to import up to 300,000 tons of sugar

ISLAMABAD: The all Pakistan Sugar Mills Association (PSMA) has proposed to the government to import up to 300,000 tons of sugar as strategic reserves for August to October.

https://www.brecorder.com/news/40007480/psma-urges-govt-to-import-up-to-300000-tons-of-sugar

Food ministry, CCP to take action against collusion, cartelisation in wheat industry

ISLAMABAD: Ministry of National Food Security and Research (NFSR) in collaboration with Competition Commission of Pakistan (CCP) has decided to chalk out an action plan to tackle collusive market practices and cartelisation within the wheat industry.

Finance Commission to be formed in Punjab, says Asad Umar

ISLAMABAD: Minister for Planning, Development and Special Initiatives Asad Umar on Thursday said that a Provincial Finance Commission would be formed in Punjab in light of instructions from Prime Minister (PM) Imran Khan.

Mortgage system: PM for making subsidy provision process for banks easy

ISLAMABD: Prime Minister Imran Khan has directed the Finance Division and the State Bank of Pakistan (SBP) that the process to make the provision of subsidy to the commercial banks easy for promoting mortgage system in the country for the construction of low-cost houses for ordinary and low-income group people.

https://www.brecorder.com/news/40007495/mortgage-system-pm-for-making-subsidy-provision-process-for-banks-easy

FBR allows clearing stuck cargoes against bank guarantee

KARACHI The Federal Board of Revenue on Tuesday allowed customs clearance against bank guarantees to goods stuck up after changes in application of income tax rates applied through Finance Act 2020.

https://pakobserver.net/fbr-allows-clearing-stuck-cargoes-against-bank-guarantee/

International News

Gold hits all-time high

KARACHI: Gold on Thursday was traded for the historic high price of Rs117300 per tola, up by Rs2300 on the local market, traders said. The precious metal was available for Rs100566 per 10 grams, up by Rs1972 locally and was quoted for $1882 an ounce, up by $26 internationally.

https://www.brecorder.com/news/40007494/gold-hits-all-time-high

Oil rises on weaker dollar, but virus woes and U.S.-China tensions weigh

Oil edged up on Friday as the dollar fell to an almost two-year low, although demand concerns stemming from rising coronavirus cases and U.S.-China tensions kept a lid on prices.

https://www.cnbc.com/2020/07/24/oil-rises-on-weaker-dollar-but-virus-woes-and-us-china-tensions-weigh.html


KASB Research