Market watch: Despite political uncertainty, stocks rise
Benchmark KSE-100 index gains 196.51 points to settle at 46,160.78
PHOTO: AFP
KARACHI:
The stock market extended its gains for the second consecutive day on Wednesday as the benchmark KSE-100 index rose nearly 200 points and crossed the 46,000-point mark.
Investors seemed to be ignoring the political uncertainty ahead of the crucial Senate vote and cautiously took fresh positions. The bull-run came on the back of strong investor sentiment, which fuelled buying interest post-corporate earnings season.
Improved cement sales data, with sales growing 1.98% to 4.577 million tons in February 2021 as compared to 4.489 million tons in February 2020, and surging crude oil prices in the international market lent support to the stock market.
ISLAMABAD: Due to ongoing construction work on Islamabad Expressway, there will be a shutdown of gas in some areas of twin cities of Rawalpindi Friday and Saturday.
According to Sui Northern Gas Pipelines (SNGPL), the supply of gas will remain suspended from 8am onwards in areas, which receive gas from the main line.
SNGPL officials said the supply of gas will be suspended due to construction work on Islamabad Expressway.
The Capital Development Authority (CDA) has been executing two construction projects on Expressway - PWD Underpass and Korang Bridge.
CDA has been requesting SNGPL and Iesco to shift utility lines that fall in the way of the project sites.
LNG supply chain in jeopardy as PLL defaults on payments
National
February 11, 2021
ISLAMABAD: In a shocking development, the 100 percent state-owned company, Pakistan LNG Limited (PLL), has defaulted with the United Bank Limited (UBL) on LNG payments, putting the LNG supply chain in jeopardy.
This appalling situation, which has emerged because of non-payment of dues of Rs61.2 billion by Sui Northern, has exposed PLL to an imminent default on future LNG supply. This irritating development was identified in Pakistan LNG Limited’s (PLL) letter of February 4, 2021 to Special Secretary of Petroleum Division Nadeem Irshad Kiyani. It mentions that receivables of PLL from Sui Northern Gas Pipelines Limited have increased to a whopping Rs61.2 billion. And because of non-payment by Sui Northern, its economic miseries have increased to a new high because of which it defaulted with UBL on LNG payments on February 3, 2021.
Pakistan Defaults on LNG Payments: Press
State-run Pakistan LNG has defaulted with the United Bank on LNG payments, according to a report published in Karachi newspaper
The News on February 11.
According to the report, the default occurred owing to non-payment of dues of Pakistani rupees 61.2bn ($380mn) by state-run gas distributor Sui Northern Gas Pipelines. The issue came to light when Pakistan LNG wrote a letter on February 4 to the special secretary of petroleum division Nadeem Irshad Kiyani. The letter also says that if the default is not cleared, United Bank will not establish letter of credits for upcoming LNG cargoes,