KARACHI: The Securities and Exchange Commission of Pakistan (SECP) Saturday announced increasing the limit applicable on foreign persons or institutions for acquiring or holding of Pakistan Stock Exchange (PSX) shares.
As per announcement, the limit of the shareholding of PSX shares by foreign persons or institutions has been increased to 20% of the total issued share capital of PSX.
Earlier, the limit of shareholding was 10% for foreign persons which has now been increased to 20%. The SECP has advised PSX and Central Depository Company (CDC) to take required measures for the implementation of the announcement.
Japan desires stronger economic ties; keen to strengthen Pakistan’s export base
ISLAMABAD: Ambassador of Japan to Pakistan Kuninori Matsuda said he desired a stronger economic relationship between the two countries and was keen to help build Pakistan’s export base to help it meet challenges.
“I wish to upgrade our economic relations with greater involvement of the public and private sector for the mutual benefit of both the countries,” Ambassador Matsuda said at a reception hosted in honour of 10 Pakistani students, who were awarded the coveted MEXT scholarships by the Government of Japan to help them pursue higher education in their respected fields.
He said he came to Pakistan with three goals; the first of which was strengthening the economic ties. He said he wanted to further improve the quantum of trade between the two countries by involving public and private sectors for sustained economic ties.
In that regard, he said Japan was willing to work with Pakistan to boost its export competitiveness and diversification, besides strengthening its manufacturing base.
The ambassador, however, pointed to the several challenges in that respect and said there was a need to work together to make Pakistan’s export sectors strong, particularly its agriculture, textiles and auto industry.
He said Pakistan owing to its large population and location at the crossroads of Central Asia and the Middle East was a very lucrative market for foreign investors and he desired to bring in more Japanese investors to the country.
“We need to improve the domestic market and industries, and to make Pakistan a big export base,” Ambassador Kuninori Matsuda said.
The ambassador, who has recently arrived in Pakistan, said Japan would also like to see a more robust political dialogue between the government to government level and the academia of the two countries.
He said Pakistan was an important country of the region, and he was looking forward to the visit of Foreign Minister Shah Mahmood Qureshi to Japan in the near future.
Qureshi was scheduled to pay a four-day visit to Japan from February 24, however, it was postponed owing to the ongoing tension with India. A new date was being worked out with mutual consultations, the Foreign Office said.
US stocks suffer worst day since early January
NEW YORK: Worries about economic growth prospects hit global stock markets on Friday, causing sharp price drops on both sides of the Atlantic.
In bloodletting on Wall Street, US stocks suffered their worst day since early January.
The closely watched “yield curve” flashed a warning sign that a recession could be looming while monthly US, French and German manufacturing indices all fell — rattling investors who were already uneasy after this week’s surprisingly weak outlook from the Federal Reserve.
“A series of worse-than-expected economic releases from Europe have sounded the alarm bell not just for the bloc, but also the global economy, by providing further evidence of a worldwide slowdown in economic activity,” said XTB analyst David Cheetham.
The so-called yield curve, which tracks the spread between short- and longer-term rates on US Treasury bonds, briefly inverted on Friday, with yields on three month bonds falling below those for 10-year notes — the first time this had happened since before the global financial crisis in 2007.
The yield curve is closely watched since it has inverted prior to recessions in recent decades.
But Justin Lederer, interest rates strategist at Cantor Fitzgerald, told AFP the flip was not caused for so much alarm.
“The yield curve inversion reveals more what is going on in the global landscape, the fact that global growth is slowing down,” he said.
“I don’t think it is an immediate signal that a recession is approaching.”
Also weighing on the benchmark Dow Jones Industrial Average were poor showings for Boeing and Nike, which fell 2.8 percent and 6.6 percent.
An Indonesian air carrier on Friday became the first to announce it was canceling a multi-billion-dollar order of 737 MAX aircraft in the wake of recent fatal crashes in which nearly 350 people perished.
In foreign exchange, sterling rose again after Brussels gave Britain a Brexit deadline extension.
Signs of a weak first quarter for the eurozone also mounted on Friday as a closely-watched survey pointed to March output being dragged further down by manufacturing weakness, especially in Germany, Europe’s largest economy.
The German data were “shockingly bad”, said Angel Talavera, an economist with Oxford Economics, and “a timely reminder that the European industrial sector continues to be dominated by worries and potential negative shocks, including the outcome of the Brexit negotiations, trade concerns and problems in the auto industry.”
The pound, however, pushed higher one day after European Union leaders agreed at a crucial summit to delay Brexit following a request from Prime Minister Theresa May.
If the premier fails next week to push her divorce agreement through a fractious parliament that has already rejected the deal twice, Brexit will take place on April 12, unless London agrees to take part in European elections.
If May manages to get the deal passed, the exit date will be pushed back until May 22.
Britain had been due to crash out of the bloc next Friday.
“Sterling remains very volatile as EU leaders have moved to stop a chaotic no-deal Brexit from happening next week by handing Theresa May an extra fortnight,” said Oanda analyst Craig Popplewell.
The world’s main oil contracts also fell sharply, as a softer economy would likely lead to less demand for fossil fuel.
Key figures around 2130 GMT:
New York – DOW: DOWN 1.8 percent at 25,502.32 (close)
New York – S&P: DOWN 1.9 percent at 2,800.71(close)
New York – Nasdaq: DOWN 2.5 percent 7,642.67 (close)
London – FTSE 100: DOWN 2.0 percent at 7,207.59 points (close)
Frankfurt – DAX 30: DOWN 1.6 percent at 11,364.17 (close)
Paris – CAC 40: DOWN 2.0 percent at 5,269.92 (close)
EURO STOXX 50: DOWN 1.8 percent at 3,305.73 (close)
Pound/dollar: UP at $1.3210 from $1.3107 at 2100 GMT on Thursday
Euro/pound: DOWN at 85.59 pence from 86.77 pence
Euro/dollar: DOWN at $1.1306 from $1.1374
Dollar/yen: DOWN at 109.93 yen from 110.82 yen
Tokyo – Nikkei 225: UP 0.1 percent at 21,627.34 (close)
Hong Kong – Hang Seng: UP 0.1 percent at 29,113.36 (close)
Shanghai – Composite: UP 0.1 percent at 3,104.15 (close)
Oil – Brent Crude: DOWN 94 cents at $66.32 per barrel
Oil – West Texas Intermediate: DOWN 83 cents at $58.42
US CG J. Wagner inaugurates facility for exporters
KARACHI: Consul General JoAnne Wagner inaugurated here today a state-of-the-art cold storage facility for vegetable exporters.
This facility was established through support by the Pak-US partnerships for Agricultural Market Development (AMD), funded by USAID. The AMD project is working to strengthen the high-value and off-season vegetable sector in Pakistan by partnering with private sector investors. This support has helped upgrade seven centralized grading, packing and cold storage hubs in Sindh and Punjab. Such centralized hubs are necessary for overcoming the constraints facing the vegetable sector in Pakistan, including lack of post-harvest handling facilities for grading, sorting, and packaging.
“These facilities will help producers increase shelf life, reduce losses from spoilage and improve the overall quality of their produce,” Consul General Joanne Wagner said. Conspicuous among others there were Michael Hryshchyshyn (USAID Director for Sindh and Balochistan), Waheed Ahmed (Patron-in-Chief and Chairman, Pakistan Fruits & Vegetable Association – PFVA), and Dr. Falak Naz (DG, Dept. of Plant Protection, Government of Pakistan. Pak-US partnerships for AMD works to improve the ability of Pakistan’s commercial agriculture and livestock sectors to compete better in and national markets in four target product lines: meat, high-value, and off-season vegetables, mangoes, and citrus.
This partnership acts as a catalyst for development and investment in the target product lines, helps improve the quality and increase the quantity of exportable agricultural produce, and promotes cooperation among farmers, processors, exporters, and buyers of Pakistani agricultural products in international markets. This is resulting in increased income and generating employment opportunities for the citizens of Pakistan.