Gold edges higher by Rs500 in domestic bullion - Mettis Global News

Gold edges higher by Rs500 in domestic bullion – Mettis Global News

However, these concerns seemed to lose intensity towards month-end after Saudi Arabia agreed to provide USD4.2 billion financial support to Pakistan in the form of a cash deposit and oil on deferred payments, reviving investors’ interest not only in domestic equities but also in the forex market as PKR recovered by 2.3% against the USD since the announcement of Saudi package.  

Another development responsible for providing optimism in domestic equities was dwindling in Current Account Deficit (CAD) by 24.4% MoM in September. This coupled with strong earnings for heavy-weight sectors that supported index levels.  Going by the report of Spectrum Securities, ease off in coal prices following Russia’s intentions to increase natural gas supply to Europe and China pushing miners to increase output was also the key trigger for the month.

Sector-wise, Commercial Banks, Cement, Oil & Gas Exploration Companies, Fertilizer and  Chemical emerged as the best-performing sectors during the month, as they contributed around 916, 303, 256, 187 and 135 points respectively to the benchmark index. To be specific, the scrips of HBL (+325), UBL (+298), MARI (+140), LUCK (+137), and MCB (+132) turned out to be the most attractive ones.

During the month, 67 companies traded in green while 33 landed in the red zone. The All-Share Market Cap increased to USD46.33 billion, i.e. 1.32% higher than the previous month. However, in terms of PKR, the All-Share Market Cap surged to Rs7.95 trillion i.e., 1.91% higher as compared to the last month.

Figures released by NCCPL showed that foreign investors sold net USD30.86mn worth of stocks during the month with foreign corporates doing the bulk of selling at USD56mn. On the local front, Insurance Companies purchased USD20.70mn worth of stocks, followed by USD10.04mn and USD5.73mn worth of stocks bought by Other Organizations and Individual Investors respectively. On the other hand, Companies sold securities worth USD18.79mn.

So far, from the fiscal year to date, the 100-index has lost 2.47% but may be primed to post a strong rally going forward if IMF and authorities reach a consensus regarding the revival of USD6.2bn program.

It is possible that remedial steps include the removal of GST exemptions. The program resumption might lead to improved confidence in the macroeconomic outlook, which can complement strong corporate profitability, said Raza Jafri Head of Equities at Intermarket Securities said.

On the monetary front, Nov’21 MPS would be a key event for the market as another hike in the policy rate, in view of Arif Habib Limited appears likely, which may translate to some pressure on leveraged companies, while banks could stay under the limelight.

November 1, 2021 (MLN): Managing Director Sui Northern Gas Pipelines Ltd (SNGPL) Syed Ali Javaid Hamdani has assured members of All Pakistan Textile Mills Association (APTMA) of uninterrupted gas supply during winter and solving all gas related issues of the export oriented sectors on priority basis.

He lauded the role of the textile industry in creating jobs, attracting new investment and uplifting exports of the country.

He was addressing the members of the Association during his visit to the APTMA House, Lahore on Monday. He was accompanied by the top SNGPL management. 

Central Chairman of the Association Mr. Abdul Rahim Nasir, along with Senior Vice Chairman Mr. Kamran Arshad, Secretary-General Mr. Raza Baqir, and other office-bearers of the Association, welcomed him on the occasion.

MD SNGPL emphasized the need for frequent interactions and holding of regular meetings between SNGPL and APTMA for addressing all issues on priority.  

He has further assured APTMA members of developing a mechanism to settle their complaints related to the return of PDCs of GIDC arrears in accordance with the judgments of the Lahore High Court. 

He said that despite the acute scarcity of gas in the country the management of the SNGPL was making efforts for uninterrupted gas supply to the APTMA member mills during the coming winter to keep them operational and to avoid any loss to the economy in general and exports in particular.

Earlier, Chairman APTMA Mr. Abdul Rahim Nasir urged the visiting MD to provide a continuous RLNG supply of 185 MCFD in winter months to keep them operating to ensure timely export supplies to foreign buyers.

Rahim also demanded the withdrawal of SNGPL notices to textile exports requiring for enhancement of security/guarantee at the normal RLNG rates instead of the $6.5/MMBTU tariff applicable to the export sector.

According to him, expeditious processing of load / new connection applications is an urgent need of the hour to enable the industry to continue with the production of exportable consignments without interruption. 

Rahim also expressed concerns over delay in the reconciliation of GIDC arrears in light of Lahore High Court judgments regarding the application of industrial rate and not captive rate for calculation of GIDC liability and withholding of liabilities for the period prior to 2015. He requested for return of post-dated cheques submitted to SNGPL in light of the verdict by the Lahore High Court in GIDC arrears.

He regretted that the field staff of the utility agency was continuously threatening disconnection of gas despite court orders and demanded stopping them from visiting member mills without associating APTMA

His proposed convening of monthly meetings between SNGPL and APTMA focal persons to resolve the day-to-day issues of the industry.  He also urged for delegation of powers to regional offices for trivial matters like date extension of bills, low gas pressure, etc. 

Senior Vice Chairman, Mr. Kamran Arshad speaking on the occasion thanked senior management of SNGPL for sparing time to visit APTMA to personally have an insight into gas-related problems of the industry. He hoped that with the incessant supply of gas at regionally competitive tariff, the textile sector would be able to achieve the lofty textile export target of $ 21 Billion for the current year’s investment of $ 5 Billion and the creation of additional five lacs jobs.

Press Release

This content was originally published here.

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