After touching 52 weeks low during the intra-day, the stock market saw a movement of almost 2,063 points in a single day.
The market entered the green zone for some time hitting a intraday high of 99 points but couldn’t sustain it.
At the the end of the day, KSE-100 index was declined by 0.9% or-286 points and was closed at 30,130, above the psychological level of 30,000 points.
Source: Capital Stake Samiullah Tariq, Head of Research at Arif Habib Ltd said that the market had over reacted to the coronavirus. He said the impact on the market is temporary.
He further added that during last four consecutive sessions, KSE-100 declined by 5,931 (-16.4%) points which is the highest four-day decline in the history. However, it the highest four-day decline in percentage term since 12-Oct-1998 (-19.1%).
A.A.H Soomro, managing director at Khadim Ali Shah Bukhari Securities said,
”We saw some bottom fishing today as oil prices bounced back and banks started trading at valuations last seen i..
Category: Press Releases
Foreign Exchange Reserves Drop by $110 Million
Foreign exchange reserves of the country have recorded a steep decline of $110 million as of March 13.
According to the State Bank of Pakistan (SBP), the reserve level of foreign exchange decreased to stand at $18.7 billion.
The payment against loan repayment to various foreign agencies, Hajj expense and other related payments to foreign entities caused the depletion of reserves in nearly two weeks in March.
Reserves held by the central bank stand at $12.6 billion whereas commercial banks maintain reserves of over $6 billion.
The situation of foreign exchange reserves will continue to be volatile in the coming days as the country is likely to receive foreign assistance on various accounts including the funds to combat coronavirus across the country.
Besides, the divestment trends in the government debt securities are likely to continue with an outflow of over $1.2 billion reported merely in the month of March, which is quite alarming.
On the other hand, the equity market witnesse..
Govt of Pakistan Launches Official Coronavirus Website
The government of Pakistan has launched an official website for coronavirus to provide authentic information and numbers on Coronavirus in Pakistan.
The much necessary step comes in the wake of rampant rumors and misinformation on social platforms about coronavirus cases, deaths, and precautionary measures across Pakistan.
Since the confirmation of the first case of coronavirus in Pakistan, we have witnessed people panicking over unauthentic information ranging from a countrywide lockdown to army spraying the length and breadth of the country via helicopters to disinfect the country.
The launch of a web portal answering all questions and providing accurate numbers will surely sooth everyone’s nerves, not to mention give an easy way to sift fact from fiction.
Named ‘Novel Coronavirus Interactive Dashboard’ the website has a clean and usable interface.
At the very top, the website displays the dedicated national Coronavirus helpline number, 1166.
The home page consists of a live tr..
Rain & Thunderstorms Expected This Weekend Across Pakistan: PMD
Pakistan Meteorological Department has forecast more rain in the coming days as another westerly wave is likely to enter in Pakistan on Friday, which will intensify on Sunday.
Under the influence of this westerly wave, rains are expected in the country in the coming days. Here’s the forecast:
Friday/Saturday – Isolated Rain Isolated rain thunderstorms with gusty winds (a few hailstorms) are expected in north Balochistan (Quetta, Zhob, Qilla Abdullah, Qila Saifullah, Pishin, Musa khail), Khyber Pakhtunkhawa (Chitral, Dir, Swat, Kohistan, Mardan, Peshawar, Charsadda, Nowshera, Waziristan, Mohmand, and Bajur), Islamabad and upper Punjab (Rawalpindi, Jhelum, Chakwal, Attock, Mianwali, and Khushab) on Friday/Saturday. Sunday to Tuesday – Widespread Rain Widespread rain thunderstorms with gusty winds (a few hailstorms) is expected in Balochistan on Sunday and Monday. Islamabad, Khyber Pakhtunkhawa and Punjab on Monday and Tuesday. Widespread rain thunderstorm is expected in Kashmir and Gil..
Govt Finalizing A Plan That Can Save Rs. 43 Billion & Reduce Petrol Prices
One of the major items on Pakistan’s import bill are petroleum products and the government is working on a strategy to save $273 million (Rs. 43 billion) annually.
They hope to decrease the prices of petrol or start a new mega project in the power sector with these and as per details, officials in the petroleum division have forwarded this plan to the PM.
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The cost of petrol products is derived from the quality and the supplier premium, to increase savings, the latter can be amended. As per officials, around $3 per barrel can be saved this way and ships with larger storage capacity can be used instead of the current smaller storage ships.
Another way to reduce the price by $1-$2 is by importing oil on a long-term govt. to govt. agreement and this way up to $136.5 million can be saved per annum. This is based on information that PSO annually brings in 45.5 million barrels and with the addition of govt. contracts, ..
Google Will No Longer Allow 3rd Party Apps on Your Android Phone
Google has been using its Advanced Protection Program to secure devices for quite some time.
It enhances a phone’s security by limiting the number of apps that can access personal data, makes two-factor authentication mandatory for all Google linked accounts, and limits the number of third-party apps that can be sideloaded onto the device.
However, the latest changes to this protection system might become a headache for a lot of Android users as program participants will no longer be able to sideload apps into their phones anymore.
According to Google’s latest blog post:
As an added protection, we’re now blocking the majority of these non-Play apps from being installed on any devices with a Google Account enrolled in Advanced Protection. You can still install non-Play apps through app stores that were pre-installed by the device manufacturer and through Android Debug Bridge
Once this change goes into effect, Android users will only be able to sideload apps using the Android Debug ..
Balochistan Goes Into Lockdown to Control Coronavirus Outbreak
The government of Balochistan has banned all transportation from and to Balochistan from today. The ban will also include the closure of inter-provincial and intra-city travel services.
The development has come a day after the province observed a spike in coronavirus cases. The provincial government has made a formal announcement in this regard.
Under the announcement, all buses, coaches, coasters, and public transportation of all sorts have been taken off the roads for at least two weeks. The decision is subject to renewal based on the health situation in the country.
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Moreover, all schools, shopping malls, marriage halls, and tuition centers have also been closed across the province until April 5.
The closure of the Taftan border entered the 25th day today with all trade activities halted. However, 1,600 pilgrims who were stranded in Iran were allowed to enter the country. These pilgrims from Punjab, Khyber Pakhtunkhwa..
25 Million People Could be Unemployed Due to Coronavirus: ILO
The economic and labor crisis created by the COVID-19 pandemic could increase global unemployment by almost 25 million, according to a new assessment by the International Labour Organization (ILO).
The coronavirus pandemic could trigger a global economic crisis destroying up to 25 million jobs around the world if governments do not act fast to shield workers from the impact.
ILO, which is based in Geneva, stated:
However, if we see an internationally coordinated policy response, as happened in the global financial crisis of 2008-9, then the impact on global unemployment could be significantly lower.
The organization called for urgent, large-scale and coordinated measures across three key areas: protecting workers in the workplace, stimulating the economy and employment, and supporting jobs and incomes.
These measures include extending social protection, supporting employment retention (i.e. short-time work, paid leave, other subsidies), and financial and tax relief, including for ..
Swvl Continues Service in Pakistan with Additional Precautions
Bus-hailing service Swvl has announced that it will continue the services in Pakistan while ensuring additional precautionary measures to keep the rides safe for both the crew and commuters.
A press statement from the ride-hailing service says it has collaborated with the government’s transportation officials to spread the awareness among Swvl riders about coronavirus prevention.
Some of the precautionary measures the company has adopted include providing captains with disinfectants, crew training to keep bus seats clean before and after each ride, and more.
Swvl says that it has also activated an open windows policy to ensure the required fresh air ventilation, and lowered the seating capacity to make sure its riders can get the required personal space.
Swvl has also urged riders to restrict their commute to necessary purposes only besides cleaning their hands frequently and keeping the required personal space during commutes.
The service said that it would keep assessing the sit..
Pakistan’s Large Scale Manufacturing Declines 3.37% in Jul-Jan FY 2019-20
Pakistan’s Large Scale Manufacturing Industries’ (LSMI) output during the first seven months of the current financial year witnessed a 3.37% reduction.
According to the Pakistan Bureau of Statistics (PBS) the LSMI output during the period from July-January, 2019-20 decreased by 3.37% in Jul-January 2019 as compared to Jul-Jan 2018.
Meanwhile, the data revealed that LSMI’s output on a year on year basis also decreased by 5.96% during the month of January 2020.
However, on a month-on-month (MoM) basis, LSMI witnessed an increase of 7.09 percent in January 2020 as compared to December 2019.
During the seven months, growth of 11 items related to OCAC industries witnessed a decline of 10.59% from 112.72 points to 100.78 points, the Ministry of Industries’ related 36 items registered a negative growth of 3.12%, from 132.54 points to 128.41 points, and 65 items related to Provincial Bureau of Statistics (BOS) showed a negative growth of 2.36%, from 178.19 points to 173.99 points.
Accordi..
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