Due to the COVID-19 global outbreak, industry digitization has entered a new phase of explosive development —a sign of the market’s strong resilience and its great potential for growth. Digitization can drive innovation in both government management models and business models of vertical industries, as well as boost production and service efficiency.

First official meeting held in London on Zoom of UK Pakistan Business Council, Executive Board members and Advisory Board has been Elected Mr. Khursheed Barlas as a First Chairman UK Business Council Pak Chapter  and  Ambassador Mr. Javed Malik Electedas first Chairman Council UK chapter. 

Market traded in the positive zone today, which was primarily caused by slight improvement in international crude prices (as compared to yesterday). E&P, OMCs largely remained positive, whereas Cement and Banking sector scrips also rebounded from recent lows. Cement Sector stocks saw an attrition of 10% in the past couple of sessions, from recent peaks, and highlighted an opportunity to the investors for rebound, especially today being the last trading day of the roll-over week.

In an exchange filing today, SEARL PA has announced that it has successfully entered licensing and marketing agreement with Beximco Pharmaceuticals Bangladesh for Remdesivir – a US FDA approved wide-spectrum antiviral drug used to treat advanced stage Covid-19 patients. This partnership will provide an immediate supply of the finished product at an affordable price and without much delay in due process.

FPCCI’s Businessmen Panel SVP, President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Friday said the corona crisis has underlined the need for a just economic system which can result in a proper society and lift people out of poverty.

In a major development for harnessing scarce water resources in Southern Punjab, the Pakistan Water and Power Development Authority (WAPDA) awarded the consultancy contract worth Rs. 156.226 million to a joint venture headed by NESPAK for feasibility study, detailed engineering design, preparation of tender documents and PC-I of Murunj Dam Project.

Market opened on a negative today and maintained the negative trajectory, realizing a loss of 238pts during the session and closing -141pts, says a report of AHL. International crude prices slipped overnight to trade near US$31.5/bbl, which was approx. 4% down from the level KSE100 saw on last Thursday, before the market closed for long weekend (due to Eid).

The highly acclaimed film and television actor Bilal Abbas Khan, currently garnering fame for his unconventional role in ‘PyarKeSadqay,’ and famous for his roles in Cheekh, Laal, and O Rangreza, has been appointed as the brand ambassador of QMobile, the leading smartphone selling brand in Pakistan.

The total liquid foreign reserves held by the country stood at US$ 18,597.9 million on 21-May-2020. The break-up of the foreign reserves position is as under:-

1. Foreign reserves held by the State Bank of Pakistan: US$ 12,073.9 million
   
2. Net foreign reserves held by commercial banks : US$ 6,524.0

In response to suggestions given by Chairman BMG Siraj Kassam Teli for reopening all local industries and restaurants, Chief Minister Sindh Syed Murad Ali Shah called a meeting on Thursday and assured to review all the suggestions and accordingly take steps so that local industries, businesses, restaurants and saloons etc.

As per NFDC data, Urea offtake during April 2020 clocked in at 242k tons, down 17% mom and 20% yoy. On a cumulative basis, total Urea offtake fell 23% yoy to 1.27mn tons in 4MCY20. During the period, Urea offtake of FFBL and EFERT were down by 36% and 41% yoy respectively; in case of FFC, they were up 34% yoy.

FPCCI’s Businessmen Panel SVP, President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Wednesday said prolonged lockdown has changed the habits and preferences of consumers. The business community should carefully analyze the situation and adapt to the new realities to save their businesses from bankruptcy, he said.

Chairman Businessmen Group (BMG) and Former President Karachi Chamber of Commerce & Industry Siraj Kassam Teli, while urging the government to completely wind-up the lockdown so that all types of businesses and industries could restart their operations with full swing, also advised the government to deploy troops from the army whose presence and patrolling at various commercial markets would ensure strict adherence to the Standard Operating Procedures (SOPs) devised to contain further spread of coronavirus pandemic.

On Eid-ul-Fitr, United Business Group patron SM Munir is being met at his residence by businessman Abdul Haseeb Khan, Farhan-ur-Rehman and PTI leader Sameer Mir Sheikh.