Category: News & Announcement

Energy shares on Friday weighed heavy on the capital market as it tumbled tracking international stocks and oil rout after a recent spike in global coronavirus cases reignited scares the world economy was likely at the risk of a depression, dealers said. Pakistan Stock Exchange’s (PSX) benchmark KSE-100 shares index lost 2.95 percent or 1162.44 points to close at 38,219.67 points, while KSE-30 followed sank 3.85 percent or 696.71 points to end at 17,385.40 points. Brokerage Topline Securities in a note said, “Reemergence of coronavirus fears triggered yet another global…

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ISLAMABAD: The federal government on Thursday decided to scrap an ongoing process for offloading its stake in Oil and Gas Development Company (OGDC) in the stock market and instead would offer one-tenth of its shares to an international firm having sector expertise. The decision was taken during a meeting held at the Ministry of Privatisation, chaired by Privatisation Minister Mohammad Mian Soomro. The meeting reviewed the options whether to offload 7% stake in the stock market or sell 10% shares to a strategic investor. “The option of strategic sale of up…

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Calls for new pricing deals from buyers as US LNG production shut-ins are on the cards

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LAHORE: The Lahore High Court (LHC) on Friday banned the use of polythene bags across the city. During the proceedings, LHC ordered the authorities concerned to implement the court orders and completely prohibit the use of polythene bags within two weeks. LHC’s Justice Shahid Karim ordered the relevant authorities to appraise the court about banning the use of plastic bottles by the next hearing. “In the next phase, we would issue a verdict on banning polythene bags in other cities of Punjab,” the judge said. The court adjourned the hearing until…

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Brent also falls by about US$ 4 to US$ 46 per barrel.Oil Crashes on Reports that OPEC and Russia failed to Rollover existing supply cuts. Good development for Pakistan macros, as massive decline in Oil prices may lead to decline in energy imports, thereby helping reduce trade deficit; pass-on should lead to decline in inflation, as well as reduced energy costs to businesses/industrial sector, besides potential to improve indirect taxes for the govt and decrese in subsidies from the govt.

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