News and Highlights of the Week: May 19 – May 23, 2020

News and Highlights of the Week brings many developments from the finance sector of Pakistan. So, without delay, let’s get to the news and highlights.

19^th May 2020:

The State Bank of Pakistan (SBP) reported that the banks’ total investment – mostly in the government debt securities (T-bills/PIBs) has surged to an all-time high of Rs 9.79 trillion.

Read More: https://bit.ly/2Zg8qcX

20^th May 2020:

Believing that every small gesture matters, PSX generously contributed masks and other protective equipment to AKUH to battle against COVID-19.

20^th May 2020:

PSX thanks Prime Minister, Mr. Imran Khan on his comments about “landmark financial innovation”, whereby the government raised Rs200 billion through Sukuk issue via competitive book building at PSX.

21^st May 2020:

PSX mentioned on their social media channels that in a couple of days, the government will provide the raised financing to energy firms – like Pakistan State Oil (PSO), Sui Southern Gas Company (SSGC), Sui Northern Gas Pipelines (SNGPL) and independent power producers which are facing a shortage of working capital due to a massive circular debt, which has piled up to Rs2 trillion over the years.

21^st May 2020:

PSX announces the conclusion of the first ever debt issuance through book building in PSX’s history for PHL Energy Sukuk. The book building process of Sukuk II of Power Holding Limited (PHL), a public sector entity fully owned by the Ministry of Energy, was successfully carried out by PSX.

21^st May 2020:

Through their latest social media post, AKUH thanks PSX for its collaboration and generous contribution of medical equipment to help meet the challenge of the coronavirus pandemic.

22^st May 2020:

PSX wishes everyone Jumma Tul Wida Mubarak through their social media channels:

“We are blessed to observe this day in our lives. Let us make the most of it by praying for our families, our countrymen, and the world to heal from all diseases.”

23^rd May 2020:

PSX wishes all investors, brokers and followers on social media Eid-Ul-Fitr:

“As we bid farewell to Ramadan, we pray that Allah makes us steadfast on the path of righteousness for the entire year. PSX wishes you and your loved ones a Happy Eid-ul-Fitr.”

This wraps up our news and highlights of the week. We’ll be back with another edition next week.