KASB Morning Shout: 9th February 2021

Good Morning

Pakistan’s exports declined by 9.89 percent, standing at $2.132 billion in January 2021 against $2.366 billion in December 2020, says the Pakistan Bureau of Statistics (PBS).

The Economic Coordination Committee (ECC) of the Cabinet has cleared Implementation Committee report agreed with the Independent Power Producers (IPPs) for payment of Rs403 billion.

The removal of 45 percent dividend distribution cap on Mari Petroleum Company Limited (MPCL) under Gas Pricing Agreement will land in the Federal Cabinet for discussion today.

KASB Market View

Bears once again dominated the stock market on Monday as selling pressure across the board continued to weigh on investor sentiment. Brief intervals in the green came on the back of an agreement between the independent power producers (IPPs) and the government on electricity tariff. Resultantly, stocks of power firms, refineries and oil and gas marketing companies traded in the green.

National News

Jan exports decline 9.89pc, imports slide 5.43pc MoM

ISLAMABAD: Pakistan’s exports declined by 9.89 percent, standing at $2.132 billion in January 2021 against $2.366 billion in December 2020, says the Pakistan Bureau of Statistics (PBS).

https://epaper.brecorder.com/2021/02/09/1-page/869055-news.html

Cabinet bodies approve payment of Rs403bn to 46 IPPs

ISLAMABAD: Two different committees of the federal cabinet on Monday approved payment of Rs403 billion in two instalments to 46 independent power producers (IPPs) as part of renegotiated agreements.

https://www.dawn.com/news/1606274/cabinet-bodies-approve-payment-of-rs403bn-to-46-ipps

Govt plans to borrow Rs4.9trn in 3 months

KARACHI: In order to finance the fiscal deficit, the federal government has planned to borrow Rs 4.9 trillion from banking sector during the next three months (Feb-April) of 2021.

https://epaper.brecorder.com/2021/02/09/1-page/869059-news.html

MPCL matter likely to land in Cabinet meeting today

ISLAMABAD: The removal of 45 percent dividend distribution cap on Mari Petroleum Company Limited (MPCL) under Gas Pricing Agreement will land in the Federal Cabinet on Tuesday (today) for final decision as the Economic Coordination Committee (ECC) of the Cabinet has rejected the viewpoints of SAPM on Petroleum Nadeem Babar and Secretary Finance Kamran Ali Afzal

https://epaper.brecorder.com/2021/02/09/12-page/869151-news.html

ECC clears report agreed with IPPs on Rs403bn payment

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has cleared Implementation Committee report agreed with the Independent Power Producers (IPPs) for payment of Rs403 billion and directed to present the report to the federal cabinet meeting for final approval Tuesday

https://epaper.brecorder.com/2021/02/09/1-page/869049-news.html

Payment mechanism, pact with IPPs

ISLAMABAD: The Cabinet Committee on Energy (CCoE) has approved a summary submitted by the Power Division on payment mechanism and agreement with Independent Power Producers (IPPs) with recommendations to send it to the ECC and the Cabinet for final approval.

https://epaper.brecorder.com/2021/02/09/1-page/869050-news.html

Senate panel asks NBP to furnish details of non-performing loans

ISLAMABAD: The Senate’s Standing Committee of Finance and Revenue on Monday directed the National Bank of Pakistan to submit details of non-performing loans.

https://profit.pakistantoday.com.pk/2021/02/08/senate-panel-asks-nbp-to-furnish-details-of-non-performing-loans/

Commercial Banks’ deposits soar by 16% YoY in Jan’21

(MLN): The total deposits held by Commercial Banks have shown a robust growth of 16% YoY to Rs 17.1 trillion in January 2021.

https://mettisglobal.news/commercial-banks-deposits-soar-by-16-yoy-in-jan21

Govt planning to launch country’s first-ever IPG

ISLAMABAD: The government is planning to launch Pakistan’s first-ever “International Payment Gateway (IPG)” to advance the nation’s digital infrastructure in order to provide ease of doing business to the digital users globally.

https://epaper.brecorder.com/2021/02/09/1-page/869060-news.html

IT exports surge by 40pc in H1 FY 2020-21

ISLAMABAD: The country’s IT sector exports have registered a 40 percent increase during the first half of the current fiscal year (July-December), said the performance report of Pakistan Software Export Board (PSEB).

https://www.brecorder.com/news/40061416/it-exports-surge-by-40pc-in-h1-fy-2020-21

Govt mulling reducing taxes on imported food items

ISLAMABAD: Prime Minister Imran Khan on Monday said the government was giving priority to the uplift of common man by providing them financial relief.

https://epaper.brecorder.com/2021/02/09/1-page/869056-news.html

Brent oil hits $60 as supply cuts, stimulus hopes boost prices

LONDON: Oil prices rose on Monday to their highest in just over a year, with Brent nudging past $60 a barrel, boosted by supply cuts among key producers and hopes for further US economic stimulus measures that can boost demand.

https://tribune.com.pk/story/2283147/brent-oil-hits-60-as-supply-cuts-stimulus-hopes-boost-prices

China’s CanSino Covid vaccine efficacy in Pakistan almost 75%: PM’s aide

Special Assistant to the Prime Minister (SAPM) on Health Dr Faisal Sultan on Monday said that CanSino Biologics Inc’s coronavirus shot has an efficacy rate of 65.7% at preventing symptomatic cases based on multi-country analysis, making it the latest vaccine candidate to show protection against Covid-19

https://tribune.com.pk/story/2283154/chinas-cansino-covid-vaccine-efficacy-in-pakistan-almost-75-pms-aide

Commodities and Currency: 1-Day Change

  • ???? Gold: USD 1,841.8 ▲ 0.41%
  • ???? Silver: USD 27.64 ▲ 0.25%
  • ????️Crude Oil: USD 61.09 ▲ 0.64%
  • ???? USD-PKR: Rs 160.12/USD ▲ 0.55%
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