KASB Market View
Positive news flows will likely keep the market stable with controlled coronavirus cases below the 2k mark. Moreover, the continuation of the USD 2.0bn financial support by allied countries, namely UAE and Saudi Arabia will continue supporting Pakistan’s external accounts. We continue highlighting our preference towards cyclical stocks, including cements, steels and automobiles.
Saudi Arabia, UAE retain $2b financial support
Saudi Arabia and the United Arab Emirates (UAE) have not withdrawn their $2 billion loans that matured last month, indicating a thaw in relations between Pakistan and the two key Gulf nations.
Trade gap widens 21pc in January
Pakistan’s trade deficit widened by 20.84 per cent to $2.597 billion in January from $2.149bn over the same month last year mainly on account of surging duty-free imports, official data showed on Friday.
Govt to end discounted tariff for fertilizer firms
The government is set to end concessionary gas tariff for Fatima and Engro Fertilizer plants by mid of current year. Currently, a concessionary gas tariff of $0.70 per mmbtu is being availed by Fatima Fertilizer Ltd and Engro Fertilizer Ltd. The concessionary period for Fatima Fertilizer is set to expire in July 2021 after completing 10 years from its commercial operation date (COD) whereas Engro Fertilizer’s concessionary period is coming to an end by June 2021.
Customs seals 1,800 fuel pumps, seizes petrol, diesel
Around 1,800 petrol pumps were sealed out of 2600 petrol pumps which were identified as illegal by the Custom officials in a move against oil smugglers across the country. According to the documents available with The News, petrol worth Rs419,905,013 has been seized from these illegal petrol pumps while diesel worth Rs534,718,502 was also seized by the Custom officials.
Renegotiated govt-IPPs pacts: ECC, CCoE all set to accord final approval tomorrow
The Economic Coordination Committee (ECC) and Cabinet Committee on Energy (CCoE) are all set to accord final approval to renegotiated pacts with 44 Independent Power Producers (IPPs) on Monday (tomorrow), official sources told Business Recorder.
Power consumers may face Rs1.95 per unit hike
Consumers are likely to face a hike of Rs1.95 per unit in electricity tariff as the regulator reserved its judgment on Thursday. The increase, aimed at applying a uniform electricity tariff, will burden the power consumers with Rs200 billion.
RLNG prices increased
The Oil and Gas Regulatory Authority (Ogra) notified the new RLNG prices at $9.6191 per million metric British thermal unit (mmbtu) for the SNGPL’s consumers and $9.3570 per mmbtu for consumers of the SSGCL.
Pakistan to receive 17.2m doses of vaccine in H12021: IMF
The UN’s Covax Facility, aimed at covering priority groups – around 20 percent of the population, has confirmed that Pakistan will receive 17.2 million doses of the Oxford-AstraZeneca vaccine in the first half of 2021, including six to seven million doses by March 2021.
Govt mulling slapping additional taxes on cars from next week
The government is considering promulgation of tax amendment ordinance next week, it was learnt on Friday. Sources said that the Federal Board of Revenue (FBR) had suggested withdrawing three percent additional sales tax on the import of electric vehicles while giving one percent tax exemption to the locally manufactured electric cars.
Resolution of dispute over receivables, payables: K-Electric surrenders principle of reciprocity, int’l arbitration
In a goodwill gesture, the top management of K-Electric has withdrawn its main conditions of Principle of Reciprocity and arbitration through the London Court from its draft terms of reference (ToRs) to resolve once for all the decade old disputes over receivables and payables between the KE and the government entities. The shareholders of K-Electric from Kuwait, Dubai and Saudi Arabia have also given the nod to the top management to remove the clause of Principle of Reciprocity and agree to the local arbitration mainly on the demand of the government paving the way to resolve the historic dispute over receivables and payables, a senior official at Ministry of Energy confirmed to The News.
PSM privatization process to end by September, SC told
The privatization process of Pakistan Steel Mills (PSM) would be completed by September, Secretary Industries and Production informed the Supreme Court (SC) on Thursday.
Rs476.6bn released for ongoing, new uplift projects
The federal government has released Rs476.6 billion (73.32 percent) including Rs67 billion foreign aid for various ongoing and new development projects under the Public-Sector Development Program (PSDP) 2020-21 against the total budgeted allocation of Rs650 billion.
SBP reserves rise $33m to $13b
The foreign exchange reserves held by the central bank rose 0.25% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.
Commodities and Currency: 1-Day Change
|🥇 Gold:||USD 1,811.3 ▼ 0.14%|
|🥈 Silver:||USD 26.97 ▼ 0.01%|
|️Crude Oil||USD 59.84 ▲ 0.84%|
|🔀 USD-PKR:||Rs 159.95/USD ▼ 0.04%|