Market Outlook – 15th July 2021

Asad warns of ‘rapid build up’ of Covid-19 patients, positivity ratio highest in Karachi

The head of the National Command and Operation Centre (NCOC) and federal minister Asad Umar on Thursday warned of a ‘rapid build-up’ of Covid-19 patients in hospitals and urged the masses to follow the SOPs and get vaccinated as soon as possible.
https://tribune.com.pk/story/2310675/asad-warns-of-rapid-build-up-of-covid-19-patients-positivity-ratio-highest-in-karachi

 

Govt to renegotiate deals with 12 independent power producers on NAB advice

Reversing earlier decisions and agreements, the government on Thursday decided to ‘re-negotiate’ once again power purchase agreements (PPA) with about a dozen independent power producers (IPPs) set up under Policy for Power Generation 2002 to recover ‘excess payments’ they had secured from the government.

https://www.dawn.com/news/1635354/govt-to-renegotiate-deals-with-12-ipps-on-nab-advice

 

Petrol price hiked by Rs5.40/litre

The government has increased petrol price by Rs5.40 per litre and High-Speed Diesel (HSD) by Rs2.54 per litre, whereas, the prices of kerosene oil and light diesel have been increased by Rs1.39 per litre and Rs1.27 per litre, respectively.

https://epaper.brecorder.com/2021/07/16/1-page/893610-news.html

 

Foreign exchange: SBP reserves fall $26m to $17.2b

The foreign exchange reserves held by the central bank fell 0.14% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.

https://tribune.com.pk/story/2310711/foreign-exchange-sbp-reserves-fall-26m-to-172b

 

Court issues notices to SECP, PSX over rules

The Sindh High Court (SHC) on Thursday issued notices to the Pakistan Stock Exchange (PSX) and the Securities and Exchange Commission of Pakistan (SECP) on a petition regarding framing of regulations.

https://www.dawn.com/news/1635350/court-issues-notices-to-secp-psx-over-rules

 

Oil prices sink again, as investors look out for more supply

Oil prices fell by more than $1 a barrel on Thursday on expectations of more crude hitting the market after a compromise deal between leading OPEC producers and a surprisingly poor weekly reading on U.S. fuel demand.

https://www.reuters.com/world/middle-east/oil-prices-extend-losses-investors-brace-more-supplies-2021-07-15/