LETTER NEWS - ifmp.org.pk · Mr. Muhammad Ali Khan . 02 Introduction to the Institute ... after an outbreak of pneumonia without an obvious cause. The virus has now spread to over

BUSINESS AND ECONOMIC NEWSFLASH

URDU GLOSSARY

MARKETS IN REVIEW

QUOTES AND JOKES

TERMS OF THE MONTH

NEWSLETTER

March 2020

Your Gateway to Careers in Financial Markets

Institute of Financial Markets of Pakistan

Address: Building 9-A, 2nd Floor,

P.E.C.H.S Block No. 6, Shahrah-e-Faisal Karachi.

Tel: +92 (21) 34540843-44

MESSAGE FROM THE CEO

INTRODUCTION TO THE INSTITUTE

IFMP ACTIVITIES

TRAINING CALENDAR

ARTICLE

TERMS OF THE MONTH

BUSINESS AND ECONOMIC NEWSFLASH

URDU GLOSSARY

FEEDBACKS

MARKETS IN REVIEW

ARTICLE ON

EVERYTHING YOU SHOULD KNOW ABOUT THE

CORONAVIRUS OUTBREAK

00 CONTENT

Message from the CEO

Introduction to the Institute

IFMP Activities

Article

Urdu Glossary

Feedbacks

Business and Economic Newsflash

Page: 3

Page: 4

Page: 7

Page: 12

Page: 15

Page: 16

www.ifmp.org.pk 92 (21) 34540843-44 [email protected]

Terms of the Month Page: 11

Page: 5

Markets in Review Page: 17

Training Calendar Page: 6

01

Message from the Chief Executive Officer

◊ March 2020 IFMP Newsletter Page 3 ◊

he last few years have seen a rapid growth in size, quality and

sophistication of financial markets, because of changes in the

policy and regulatory environment, the entrepreneurial initiatives

of individuals and institutions, and the availability of trained man-

power. The continuing growth of financial markets is further adding

to the demand for well-trained professionals.

Institute of Financial Markets of Pakistan is dedicated to the profes-

sional development of financial markets and research on financial markets as well as the

well being of financial markets by educating the professionals about the norms and ethics

being practiced in the markets. IFMP has had a pioneering role in meeting the demand for

educated manpower. It is Pakistan's first specialized institution devoted to the education

and updating of knowledge of manpower for financial markets. It will provide high-

quality educational standards for all types of financial market participants; investors,

brokers, mutual funds, investment banks and policy makers.

The Institute's main activities are (1) Licensing the professionals working in the financial

markets by certifications. The institute’s key responsibility is to educate the professionals

working in different financial markets of Pakistan through examining their knowledge in

their relevant field of work; (2) Studying the latest developments in the financial markets

in order to discover whether there is such a thing as an ideal market economy; and (3)

Contributing to the development of financial markets in Pakistan. By means of these three

activities the Institute seeks to communicate its ideas to the audience both at home and

overseas. The Institute's research is intended, first and foremost, to be neutral, profes-

sional and practical. Rooted in practice, it aims to contribute to the healthy development

of Pakistani financial markets as well as to related policies by conducting neutral and pro-

fessional studies of how these markets and the financial system are regulated and orga-

nized and how they perform.

The economy is changing all the time. The Institute hopes that, by responding to these

changes positively, it can contribute to the dynamic development of the country's finan-

cial markets as well as of the economy itself.

Mr. Muhammad Ali Khan

T

02

Introduction to the Institute


The Institute of Financial Markets of Pakistan (IFMP), Pakistan’s first

securities market institute, has been established as a permanent platform to de-velop quality human capital, meet the emerging professional knowledge needs of

financial markets and create standards among market professionals. The Insti-tute has been envisioned to conduct various licensing examinations leading to

certifications for different segments of the financial markets. IFMP develops a pool of trained and certified professionals, skilled not only to deal in convention-

al instruments but also to trade in new and complex financial market products.

◊ FEE STRUCTURE ◊

Candidate Registration Fee Rs.10,000

Examination Registration Fee Rs.7,000

Membership Fee (Annual) Rs.5,000

Study Guide (Hard Copy) Rs.800

◊ EXAMINATION SCHEDULE ◊

Sun, May 31, 2020

Sun, July 26, 2020

Sun, September 27, 2020

PROGRAMMES

LICENSING CERTIFICATIONS INSURANCE CERTIFICATIONS SPECIALIZED CERTIFICA-

Fundamentals of Capital Markets Certification

Pakistan’s Market Regulations Certification

Stock Brokers Certification

Mutual Funds Distributors Certification

Commodity Brokers Certification

Financial Analysts Certification

Mutual Funds Basic Certification

Securities and Futures Advisors’ Certification

Programme (Basic and Core Modules)

General Takaful Agents

Certification

Family Takaful Agents

Certification

Life Insurance Agents

Certification

Non-Life Insurance Agents

Certification

Bancassurance Certification

Bancatakaful Certification

Financial Derivative Traders Certification

Compliance Officers Certification

Clearing and Settlement Operations Certification

Risk Management Certification

Capital Budgeting and Corporate Finance

Certification

Investment Banking and Analysis Certification

Islamic Finance Certification

Fixed Income Certification

AML/CFT Certification


IFMP Activities 03

IFMP organized “Time & Stress Management Workshop” for its Man-

agement staff. This workshop was conducted by Senior Trainer & OD

Consultant, Asim Ali at IFMP Training Center, on 6th March 2020


Training Calendar 04

For the year 2019-2020

Institute of Financial Markets of Pakistan (IFMP) offers training programs for individuals which

help them to understand the financial markets and it’s upcoming trends in a better and easier

way. For the training to be of good quality, IFMP ensures that the trainer has sound knowledge

on the topic he/she is going to cover, moreover the data that the trainer provides is cross-

checked and agreed upon before presenting to the customers in order to provide them with the

best services.

Date Program Fees/person Duration

(days) Location

Postponed Data & Analytics for Non-Tech Finance

Professionals Rs9,500 1 Karachi

Postponed Effective Report Writing Skills for Inter-

nal Auditors Rs9,500 1 Karachi

Postponed Mutual Fund Basic Training Rs5,000 1 Karachi

Postponed Fundamentals of Capital Markets Train-

ing Rs5,000 1 Karachi

05-05-20 Non-Life Insurance Agent's Fundamen-

tals Training and Examination Rs5,000 1 Karachi

04-06-20 Commodity Brokers' Certification Train-

ing Rs5,000 1 Karachi

05


A novel strain of coronavirus — SARS-CoV-2 — was first detected in December 2019 in Wuhan, a

city in China’s Hubei province with a population of 11 million, after an outbreak of pneumonia

without an obvious cause. The virus has now spread to over 200 countries and territories across

the globe, and was characterised as a pandemic by the World Health Organization (WHO) on 11

March 2020.

As of 31 March 2020, there were more than 800,000 laboratory-confirmed cases of coronavirus

disease 2019 (COVID-19) infection, with more than 40,000 reported deaths. The number of cases

and deaths outside of China overtook those within the country on 16 March 2020. In Pakistan total

number of cases were more than 2,000 with more than 25 deaths.

What are coronaviruses?

SARS-CoV-2 belongs to a family of single-stranded RNA viruses known as coronaviridae, a com-

mon type of virus which affects mammals, birds and reptiles.

In humans, it commonly causes mild infections, similar to the common cold, and accounts for 10–

30% of upper respiratory tract infections in adults. More serious infections are rare, although

coronaviruses can cause enteric and neurological disease. The incubation period of a coronavirus

varies but is generally up to two weeks.

Previous coronavirus outbreaks include Middle East respiratory syndrome (MERS), first reported

in Saudi Arabia in September 2012, and severe acute respiratory syndrome (SARS), identified in

southern China in 2003. MERS infected around 2,500 people and led to more than 850

deaths while SARS infected more than 8,000 people and resulted in nearly 800 deaths. The case

fatality rates for these conditions were 35% and 10%, respectively.

SARS-CoV-2 is a new strain of coronavirus that has not been previously identified in humans. Alt-

hough the incubation period of this strain is currently unknown, the United States Centers for Dis-

ease Control and Prevention indicate that symptoms may appear in as few as 2 days or as long as

14 days after exposure. Chinese researchers have indicated that SARS-CoV-2 may be infectious

during its incubation period.

Where has the new coronavirus come from?

It is currently unclear where the virus has come from. Originally, the virus was understood to have

originated in a food market in Wuhan and subsequently spread from animal to human. Some re-

Everything you should know about the coro-

navirus outbreak

search has claimed that the cross-species transmission may be between snake and human; howev-

er, this claim has been contested.

Mammals such as camels and bats have been implicated in previous coronavirus outbreaks, but it

is not yet clear the exact animal origin, if any, of SARS-CoV-2.

How contagious is COVID-19?

Increasing numbers of confirmed diagnoses, including in healthcare professionals, has indicated

that person-to-person spread of SARS-CoV-2 is occurring. The preliminary reproduction number

(i.e. the average number of cases a single case generates over the course of its infectious period) is

currently estimated to be between 1.4 to 2.5, meaning that each infected individual could infect be-

tween 1.4 and 2.5 people.

Similarly to other common respiratory tract infections, MERS and SARS are spread by respiratory

droplets produced by an infected person when they sneeze or cough. Measures to guard against

the infection work under the current assumption that SARS-CoV-2 is spread in the same manner.

How is COVID-19 diagnosed?

As this coronavirus affects the respiratory tract, common presenting symptoms include fever and

dry cough, with some patients presenting with respiratory symptoms (e.g. sore throat, nasal con-

gestion, malaise, headache and myalgia) or even struggling for breath.

In severe cases, the coronavirus can cause pneumonia, severe acute respiratory syndrome, kidney

failure and death.

The case definition for COVID-19 was amended on 13 March 2020 and is now based on symptoms

regardless of travel history or contact with confirmed cases. Diagnosis is suspected in patients re-

quiring admission to hospital with signs and symptoms of pneumonia, acute respiratory distress

syndrome or influenza, and in those with a new, continuous cough or fever who are well enough to

stay in the community.

Who qualifies as a suspected COVID-19 case?

Patients who meet the following criteria (inpatient definition):

Those requiring admission to hospital AND

Those who have either clinical or radiological evidence of pneumonia OR

05


Article

05


Article

Acute respiratory distress syndrome OR

Influenza like illness (fever ≥37.8°C and at least one of the following respiratory symptoms,

which must be of acute onset: persistent cough [with or without sputum], hoarseness, nasal

discharge or congestion, shortness of breath, sore throat, wheezing, sneezing).

Patients who meet the following criteria and are well enough to remain in the community:

New continuous cough AND/OR

High temperature

Individuals with a cough or fever who live alone should now stay at home for 7 days from the on-

set of symptoms. Households should all self-isolate for 14 days if one member shows symptoms.

Clinicians should be alert to the possibility of atypical presentations in patients who are immuno-

compromised. Alternative clinical diagnoses and epidemiological risk factors should be consid-

ered.

How can cross-infection be prevented?

There is no specific treatment for COVID-19. Although vaccines can be developed to treat viruses,

owing to the novel nature of this infection, no vaccine has currently been developed and the pro-

cess to develop one may take 12 to 18 months. As an example, many antiviral agents have been

identified to inhibit SARS in vitro, but there are currently no approved antiviral agents or vaccines

available to tackle any potential SARS or SARS-like outbreaks, such as MERS or SARS-CoV-2.

There has been a lot of talk in the news and on social media about how certain medications can ex-

acerbate the symptoms of COVID-19, what is the current advice around these medications?

What should I do if a patient thinks they have COVID-19?

Those with a new, continuous cough or a high temperature who live alone should self-isolate for

seven days from the onset of symptoms. Households should all self-isolate for 14 days if one mem-

ber shows symptoms. There is no need for people with minor symptoms to go to hospital or to be

tested for COVID-19.

However, given the outbreak has coincided with the cold and flu season, it is likely that patients

may present in the pharmacy with queries about the virus, or with concerns about their cold or flu

symptoms.

05


Article

Hospitals were told by the Government that, in the unlikely event that a suspected case does pre-

sent, they must prepare a “designated isolation space”.

If the hospital does not have a suitable room to isolate a suspected patient, an area that would

keep a patient at least two metres away from staff and other patients in the hospital should be pre-

pared so that it can be cordoned off.

Patients who present with a new, continuous cough or a high temperature should be told to return

home immediately and self-isolate. If, in the clinical judgement of the pharmacist, the person is too

unwell to return home, they and any accompanying family should be invited into the designated

isolation space where emergency services should be contacted.

Source: www.pharmaceutical-journal.com, www.worldometers.info/coronavirus/

06

Terms of the Month


Get Yourself Registered!!

Last Date for Registration for 31st May, 2020

Examination

8th May, 2020

Financial Year

In relation to any body corporate, means the period in

respect of which any profit and loss account or the

income and expenditure account, as the case may be,

of the body corporate, laid before it in general meet-

ing, is made up, whether that period is a year or not.

-Companies Ordinance, 1984

Public Sector Company

A company, whether public or private, which is direct-

ly or indirectly controlled, beneficially owned or not

less than fifty one percent of the voting securities or

voting power of which are held by the Government or

any instrumentality or agency of the Government or a

statutory body, or in respect of which the Government

or any instrumentality or agency of the Government

or a statutory body, has otherwise power to elect,

nominate or appoint majority of its directors, and in-

cludes a public sector association not for profit, li-

censed under section 42 of the Ordinance.

-Public Sector Companies (Corporate Governance)

Rules, 2013

Registered Firm

Firm registered under the Partnership Act, 1932 (IX

of 1932), all the partners of which are advocates.

-The Companies Appointment of Legal Advisors Act,

1974

Shariah Advisor

An individual, a Limited Liability Partnership (LLP) or

a company who/that meets the fit and proper stand-

ards specified by the Commission.

-Public Offering Regulations, 2017

Limited Liability Partnership

A partnership registered

under the Limited Liability

Partnership Act, 2017.

-Sukuk (Privately

Placed)

Regulations,

2017

07



March 2020 Inflation at 10.24%

Pakistan Bureau of Statistics (PBS) released March 2020 National CPI which came in at

0.04/10.24% on MoM/YoY. This takes 9MFY20 average inflation to 11.54% YoY.

National CPI came in at 0.04/10.24% on MoM/YoY in March 2020 as compared to -1.04/12.42%

in MoM/YoY in February 2020.

Urban CPI changed by 0.13/9.31% on MoM/YoY and Rural CPI changed by -0.10/11.67% on

MoM/YoY during March 2020.

In MoM comparison, the major support is witnessed in transportation index (5.91% weight) that

came down by 4.41% MoM. However, clothing and footwear (8.60% weight) restricted the impact

that increased by 1.57% MoM.

In food index, non-perishable food items (29.60% weight) declined by 0.51% MoM while perisha-

ble food items (4.99% weight) surged by 3.23% MoM that resulted overall food index uptick to

0.02% MoM. In perishable items, the increase was witnessed in onion, potatoes, fresh fruits and

chicken.

In transportation index, motor fuel declined by 6.17% MoM due to lower oil prices while transport

services also fell by 5.45% MoM.

Average N-CPI during 9MFY20 came in at 11.54% YoY.

Urban Core-Inflation (non-food, non-energy) clocked in at 0.3/7.4% on MoM/YoY basis. Whereas

Rural Core-Inflation clocked in at 0.6/9.4% on MoM/YoY basis.

Going forward due to outbreak of Corona Virus (COVID-19) demand to slow down resulting in low

inflation numbers.

Estimated Average Inflation of FY19-20 to come around 11%.

07



Pakistan will be among hardest-hit economies by coronavirus, UN report

Developing countries, including Pakistan, will be hit hardest by the economic shockwaves caused

by the novel coronavirus crisis that has shaken the world and will need a support package of up

to $2.5 trillion to cope with the damage, a United Nations report has predicted.

According to a report by the UN Conference on Trade and Development (UNCTAD), which was

released on Monday, Pakistan, Argentina and the Sub-Saharan African countries would face a

"frightening combination" crises including mounting debts, a potential deflationary spiral as well

as a disastrous impact on the health sector.

Their economies will take “enormous hit” from high capital outflows, lost export earnings due to

falling commodity prices and currency depreciations, with an overall impact likely worse than

the 2008 crisis, the report said.

“It's going to be really bad,” said Richard Kozul-Wright, director of globalisation and develop-

ment strategies at UNCTAD who oversaw the report.

“The international institutions have to take these sorts of proposals very, very seriously as it's

the only way that we can see to prevent the damage already taking place and which will get

worse,” he added.

In what he said was likely a conservative estimate, Kozul-Wright said the coronavirus would

cause a $2-$3 trillion financing deficit over this year and next.

In an early sign of the impact, portfolio outflows from main emerging economies were $59 billion

a month between February and March compared to $26.7 billion in the immediate aftermath of

the 2008 crisis, the report said.

Developing countries will need a $2.5 trillion support package this year to face the economic cri-

sis, the report said. Needed measures will include a $1 trillion liquidity injection and a $1 trillion

debt relief package and another $500 million will be needed for emergency health services and

related programmes, on top of capital controls.

The figures in the report titled “The Covid-19 Shock to Developing Countries” echoed an earlier

estimate by the International Monetary Fund.

UNCTAD considers around 170 countries to be developing but the financing gap figure stripped

out China and South Korea.

07



“If G20 leaders are to stick to their commitment of 'a global response in the spirit of solidarity',

there must be commensurate action for the six billion people living outside the core G20 econo-

mies,” Kozul-Wright said.

Leaders of the Group of 20 major economies had pledged on Thursday to inject more than $5 tril-

lion into the global economy to limit job and income losses from the coronavirus and “do whatev-

er it takes to overcome the pandemic”.

SBP cuts policy rate by 225 bps to 11.00pc, announces measures to deal with COVID-19. “The out-

look for inflation has improved in light of the recent deceleration in domestic food prices, signifi-

cant decline in consumer price expectations, sharp fall in global oil prices, and slowdown in exter-

nal and domestic demand due to the coronavirus pandemic,” the statement said.

Meanwhile, the National Institute of Health (NIH) arranged a meeting with Chinese health experts

for sharing their experiences regarding the management and control of Covid-19.

According to a statement, healthcare providers including epidemiologists, doctors, and emergen-

cy management teams from hospitals of twin cities also participated in the meeting while health

professionals from GB, AJK, and DHQ Rawalpindi participated in the conference via a video link.

Chinese health team comprising epidemiologists, ICU specialists, IPC specialists, medical special-

ists, and outbreak control specialists.

Prof Mo Minghul, head of medical team Xinjiong Uygur autonomous region, demonstrated the

general perspective of Covid-19 and its management. He indicated how the Chinese community

involved in epidemic surveillance and containment of virus.

Another team member Dr Li Feugsen described salient features of the diagnostic and clinical man-

agement of the patients under ICU. He shared many clinical examples of Covid-19 patients with

the doctors and health staff of Pakistan. He also shared his expertise and the Chinese perspective

of management of Covid patients with critical conditions.

During the inaugural session, NIH Executive Director Maj Gen Aamer Ikram said it was very im-

portant for Pakistan to take advantage of the experiences of China in controlling the pandemic. He

said the NIH would continue to provide similar research and technical platforms for all provinces

and regions of Pakistan in public health prevention fields.

***************

08

Urdu Glossary


Appendix تتمہ‘ضمیمہ

Chief Financial Officer حساب دار ا عیل

Due Diligence مربوط جائزہ

Grace Period رعایتی مدت

Imprudent Lending غیر محتاط قرض کاری

Justifiable قابل جواز

Ledger-Keeper بیہ نویس

Mandate تفویض کردہ اختیار

Nominal Share Capital رسمائے کاعرفی حصہ

Policyholder بیمہ دار

Raw Material خام مال

Salvageable Assets قابل بازیاتی اثائ

Term Finance Certificate مدتی مالیاتی رسٹیفیکیٹ

Unpaid Premium غیر اداشدہ قسط

10

Quotes and Jokes

◊ December 2018 IFMP Newsletter Page 16 ◊

08

Quotes and Jokes


09

Feedbacks


“Mr. Asim Ali is a seasonal professional, known for his capabilities which he transferred to

his participants, Very polite and knowledgeable personality. Would love to attend further

workshops addressed by him”

Armaghan Elahi — Programme Officer, IFMP

Attended IFMP — Time & Stress Management Workshop Training

‘The trainer is knowledgeable and to the point. Enhanced the subject with useful examples

in order to make us understand the importance of Time Management” .

Salman Rafi — Assistant Manager Finance, IFMP


Trainer is very good in his knowledge about the Stress Management. He did it in a much fo-

cused way with relevant theories”

Sahar – Assistant Manager Business Development, IFMP


Feedback on IFMP training

“The trainer has a good command on the topic, makes good use of the presenting material,

gave good examples”

Muskan – Information Officer, IFMP


10 Markets in Review


◊ Monthly Review ◊

Crude Oil

(WTI)$

Beginning 44.18

Ending 20.46

Change -23.72

KIBOR

(6 Months)

Bid % Offer %

Beginning 13.21 13.46

Ending 12.30 13.55

Change -0.91

Pakistan

Stock

Exchange

100 Index

Beginning 37,983.62

Ending 29,321.63

Change -8,661.99

Gold

10 Grams

Beginning Rs. 80,376

Ending Rs. 85,034

Change Rs. 4,662

Silver

10 Grams

Beginning Rs. 900.20

Ending Rs. 761.00

Change - Rs. 139.20

Foreign Exchange Rates

Interbank Market (buying)

GBP (£) EURO (€) USD ($)

Beginning Rs. 198.52 Rs. 169.49 Rs. 154.15

Ending Rs. 206.14 Rs. 182.05 Rs. 166.50

Change Rs. 7.62 Rs. 12.56 Rs. 12.35

Contact Us

www.ifmp.org.pk 92 (21) 34540843-44 [email protected]

Documents

LETTER NEWS - ifmp.org.pk · Mr. Muhammad Ali Khan . 02 Introduction to the Institute ... after an outbreak of pneumonia without an obvious cause. The virus has now spread to over