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Economy

SECP Reviews Stock Market Situation with SROs

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The Securities and Exchange Commission of Pakistan’s (SECP) team lead by the Chairman SECP and Commissioner(SM) held a detailed meeting with the CEOs of Pakistan Stock Exchange, National Clearing Company and Central Depository Company (SelfRegulatory Organizations – SROs) this morning, to review and discuss the stock market situation, risk management and business continuity.The index-based market halts were triggered for the third time during this week.

This cooling-off the period gave an opportunity for investors to align their trading strategy and collection of margins by the Clearing Company. The participants of the meeting affirmed that the risk management system was functioning efficiently and margins were being collected timely. The Market operations were running smoothly as a whole.

The SROs further apprised that their business continuity plans and disaster recovery setup were in place based on SECP’s earlier instructions. The Chairman SECP emphasized on conducting drills to ensure remote operations of trading, clearing, settlement and custody services while allowing remote access of market participants to such systems in case onsite operations or physical access was impacted.

He also suggested the adoption of further preventive measures against the spread of coronavirus. The SECP advised SROs to remain vigilant, continue to provide uninterrupted access to market participants and ensure effective risk management while maintaining active engagement with their boards of directors and committees for close coordination.

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Development

No nation aspires success sans sacrifices: PM Imran Khan

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Prime Minister Imran Khan has said that without spirit of sacrifice, a nation could not aspire to achieve development as the very human essence had a global significance.

In a message on Eid-ul-Azha 1442 Hijra, the prime minister conveyed his felicitations
to the whole Pakistani nation and the Muslim world.

The prime minister said sacrificing an animal on this holy festival manifested that a person has to sacrifice human desires for the achievement of the highest ideals.

Such a passion generated a quality in humans that would not let them side-track from the right path, he observed.

The prime minister opined that it was the passion which helped the Pakistani nation to save itself from the global coronavirus pandemic with wisdom, national strategy and patience.

The prime minister noted that celebration of Eid-ul-Azha reminded them of the unprecedented and supreme sacrifices of Hazrat Ibrahim (AS) and Hazrat Ismail (AS). Allah Almighty liked their act of sacrifice so much that it was declared an obligation for the rest of the Ummah to perform till the Day of Judgement.

The prime minister further said that economic situation with which the country was confronted, had been changing now.

The country’s economy was put on the right track and as a result of government’s steps, the economic indicators were showing positive trajectory, he added.

The prime minister said through different schemes launched by his government, the people were being provided with relief.

The day was not far, he resolved, when Pakistan would be standing equally in the ranks of developed countries and the whole nation would feel pride among the comity of nations.

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Economy

President Dr Arif Alvi Stresses the need of Adopting Standards in Service Delivery

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President Dr Arif Alvi has stressed the need to adopt international standards of facility and building management by Government organizations for better service delivery, increased efficiency and ensuring cost-effectiveness. He expressed the hope that that documentation of all facility management tasks of Aiwan-e-Sadr, in line with ISO-41001 standards, would enhance efficiency and prolong the lifespan of physical assets of the Presidency.

The President made these remarks while chairing a meeting on “Adopting ISO Standardized Practices”, at Aiwan-e-Sadr, today. The meeting was attended by senior officials of Aiwan-e-Sadr. Addressing the meeting, the President affirmed the resolve to make Aiwan-e-Sadr a role model for other Government organizations in adopting sustainable and environmentally friendly practices.

He added that Pakistan was being affected by climate change and the country needed to adopt renewable energy technologies, and sustainable water and land management techniques to overcome the harmful effects of climate change.

Expressing satisfaction over the adoption of ISO-50001 Energy Management System (EMS) at Aiwan-e-Sadr, the President said that EMS would not only save Rs 32 million annually but would also reduce energy consumption by 31.2%.

He stated that the recently inaugurated 01 MW Green Presidency Solarization Project would meet all the energy requirements of Aiwan-e-Sadr, besides contributing surplus energy to the National Grid. He said that Pakistan’s Presidency was one of the few in the world which was fully operating on Green Energy technology. 

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Economy

PM says Tarin’s appointment aimed at boosting growth, containing inflation

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Prime Minister Imran Khan on Monday said cartels and monopoly as witnessed in the case of sugar mills resulted in inflation. The appointment of Shaukat Tarin as finance minister aimed at controlling inflation and increasing the growth rate. The prime minister made these remarks in a live telephonic call session with the general public. This was the third such interactive session titled ‘Aap ka Wazir-e-Azam, Aap ke Sath’, where the prime minister took questions from people through live phone calls and responded to questions.

On petroleum prices, he said the government had kept the price of commodity lower as compared to India, Indonesia, Sri Lanka, China, United States, Turkey, Malaysia, Bangladesh and Bhutan so as to avoid burden on consumers.

Worldwide, he said, the prices of commodities went up during the pandemic, including gas by 60 percent, food 29 percent, metal 41 percent, crude oil 84 percent, cotton 44 percent, palm oil 54.8 percent, soya bean oil 36.6 percent and sugar 14.5 percent. According to a Bloomberg report on food inflation and agricultural sub-index, Pakistan still kept the prices low, he added.

Prime Minister Imran Khan said with solid steps, the government had achieved remarkable economic growth in diverse sectors.

Through reforms the economic losses of public corporations had been reduced from Rs 286 billion to Rs 143 billion, the current account deficit remained in surplus for the last 10 months and the foreign exchange reserves increased to $15.6 billion.

“During the pandemic situation when the whole world is facing financial crunch, our government has saved the economy,” he said.

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He acknowledged that the financial assistance from Saudi Arabia and China also helped Pakistan gain the economic stability.

Imran Khan said now the rupee had strengthened against dollar at Rs 152, exports increased by 13.5 percent, the Euro bond helped gain $2.5 billion and the revenue of Federal Board of Revenue (FBR) rose by 11 percent.

The textile and cement industries, he said, witnessed a boom, while the local car manufacturing was recorded at 18 percent. The Pakistan Stock Exchange showed a bullish trend by 66 percent increase as per Bloomberg and the information technology exports increased by 44 percent.

Imran Khan said incentives in the housing sector had encouraged economic activity and the banks were offering loans for the construction of houses. He acknowledged the role of courts in the passage of foreclosure law of banks, which, he said, had greatly helped in materialization of the low-cost housing project.

Responding to a caller who complained about delay in a housing project for government employees in Bhara Kahu (Islamabad), he advised his staff to note the matter for further pursuance.

To overcome issues of water shortage and sanitation, he said the government was making master plans of cities and had also allowed vertical construction to maximum accommodate the population. Imran Khan said lack of planning and civic infrastructure had led to improper expansion of metropolitan cities. Dams were being constructed to overcome water scarcity, he said, adding a special arrangement for water supply to Islamabad was in progress.

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