KASB Morning Shout April 13th, 2021

Stock Market remained closed slightly negative today. Covid cases have been north of 5000 for 4 out of past 5 days, with improvement witnessed yesterday. However, government officials – Dr Faisal Sultan & Asad Umar – have voiced their concerns that SOPs are not being followed & the hospitalization levels are increasing day by day to alarming levels of infection rate. Hence, investors are anxious over the infection rate & number of cases in the short term despite strong medium term outlook.

KASB Market View

Key earnings announcement included Panther Tyre’s EPS 1.47 (driven by 54% sales growth & GM of 16% vs last year’s 10%), PTCL (EPS 0.32 driven by margins improvement to 27% vs 24% last year) & Kohat Cement ‘s EPS of 5.27% (160% sales growth & 26% Gross Margins). Similarly, Dandot cement announced increasing authorized capital from Rs 1b to Rs 5b to beef up balance sheet for future operational plans.

Positivity was predominantly witnessed in TRG, GGL & GGGL and other small caps. Whereas, Refinery, Steel, Autos, Netsol/AVN closed negative. Going forward the direction once again is going to oscillate between direction of the Covid cases & earnings announcements. We feel market would remain flattish until covid cases take a direction

National News

IMF, govt discuss situation

ISLAMABAD: The International Monetary Fund (IMF) and Pakistan, on Monday, held discussions on state of economy, reforms agenda and external financing needs. A virtual meeting was held between Kristalina Georgieva, IMF Managing Director, Hammad Azhar Finance Minister and State Bank Governor Dr Reza Baqir.

https://epaper.brecorder.com/2021/04/13/1-page/882046-news.html

SBP confident of 3% growth in FY21

KARACHI: Pakistan’s central bank has remained confident that the country’s economy will grow 3% in the current fiscal year despite facing a third wave of Covid-19. Pakistan has entered the third wave of the pandemic with much improved economic indicators compared to weaker signs when the first wave hit the country almost a year ago, said State Bank of Pakistan (SBP) Governor Reza Baqir.

https://tribune.com.pk/story/2294361/sbp-confident-of-3-growth-in-fy21

July-March remittances up 26pc YoY

KARACHI: Workers’ remittance sent by overseas Pakistanis rose by 26 percent during the first nine months of this fiscal year. According to the State Bank of Pakistan (SBP), cumulatively, Pakistan received home remittance inflows amounting to $21.5 billion during July-March FY21 compared to $17.1 billion during the same period of last fiscal year (FY20), depicting an increase of $4.4 billion.

https://epaper.brecorder.com/2021/04/13/1-page/882045-news.html

‘Terror financing’: FO says UK move to include Pakistan among high-risk countries not fact based

Foreign Office (FO) spokesperson Zahid Hafeez Chaudhri said on Monday that the United Kingdom’s decision to include Pakistan in the list of Money Laundering and Terrorist Financing High-Risk Countries was not based on facts.

https://www.dawn.com/news/1617835/terror-financing-fo-says-uk-move-to-include-pakistan-among-high-risk-countries-not-fact-based

Govt takes steps with a view to ensuring price stability

ISLAMABAD: Minister for Finance, Revenue, Industries, and Production, Hammad Azhar Monday sought the details from all the four provinces regarding wheat procurement targets and the prevailing market prices.

https://epaper.brecorder.com/2021/04/13/1-page/882053-news.html

Rs89.56bn project recommended; CDWP approves Rs3.72bn project

ISLMABAD: The Central Development Working Party (CDWP) has approved a project at the cost of Rs3.72 billion and has recommended another project valued at Rs89.56 billion to the Executive Committee of the National Economic Council (Ecnec) for further consideration.

https://epaper.brecorder.com/2021/04/13/7-page/882095-news.html

PPL receives a pay order for Rs.903.2 mn from NAB against its outstanding receivables from BYCO

(MLN): Pakistan Petroleum Limited (PPL) through Exchange informed that it has received a pay order for Rs.903.218 million from the National Accountability Bureau (NAB) against long outstanding receivables of the Company from Byco Petroleum Pakistan Limited (Byco).

https://mettisglobal.news/ppl-receives-a-pay-order-for-rs-903-2-mn-from-nab-against-its-outstanding-receivables-from-byco

Banks’ deposits grow by 18pc YoY in 1Q 2021

LAHORE: Deposits of Pakistan banks have grown by 18% Year-on-Year (YoY) to Rs17.9trn in 1Q2021 which is the highest growth in March quarter in the last 14 years, said the latest State Bank of Pakistan (SBP) data.

https://epaper.brecorder.com/2021/04/13/3-page/882064-news.html

SBL shares transferred into SNB

KARACHI: Samba Bank Limited (SBL) has received intimation that 852,040,531 ordinary shares constituting approximately 84.51 percent of the issued and paid-up capital of Samba Bank Limited, previously held by its substantial shareholder, i.e., Samba Financial Group (SFG) have been transferred to/vested in Saudi National Bank (SNB) (formerly National Commercial Bank – NCB) by operation of law, i.e., as a consequence of the merger of Samba Financial Group with and into SNB.

https://epaper.brecorder.com/2021/04/13/12-page/882137-news.html

SGFL IPO; AHL offers 10,221,875 shares for sale

KARACHI: Arif Habib Limited has announced that 10,221,875 shares of Service Global Footwear Limited (SGFL) are being offered to general public from 12th and 13th April, 2021 at the strike price of Rs 53.2 per share as determined through the book building process.

https://epaper.brecorder.com/2021/04/13/3-page/882067-news.html

Refinance facility leads to Rs700bln investment in industries: PBC

KARACHI: The temporary economic refinance facility, which lapsed in March, led directly to a Rs400 billion investment in plant and machinery and indirectly to an approximately Rs300 billion investment in land and industrial buildings, Pakistan Business Council (PBC) Chief Executive Ehsan Malik said on Monday.

https://www.thenews.com.pk/print/819210-refinance-facility-leads-to-rs700bln-investment-in-industries-pbc

Govt plans to rationalize duties, taxes on food items

ISLAMABAD: The government is planning to rationalise duties and taxes on essential food items, reduction in sales tax on locally-produced dairy products, and discourage import of raw materials which are locally manufactured or produced such as coal in the next budget (2021-22).

https://epaper.brecorder.com/2021/04/13/12-page/882142-news.html

Covid-19 vaccination; NCOC stops registering health professionals

ISLAMABAD: The National Command and Operation Centre (NCOC) has stopped registering medical professionals for Covid-19 vaccination without any prior information. There was a separate link for the registration of health professionals to give them Covid-19 vaccine jab but now it is not available on the official website.

https://epaper.brecorder.com/2021/04/13/11-page/882130-news.html

Marketable securities; SBP unveils two more categories of PDs

KARACJI: The State Bank of Pakistan (SBP) has decided to introduce two additional categories of dealers, in addition to the full-fledged Primary Dealers, under the Primary Dealers System of marketable government securities.

https://epaper.brecorder.com/2021/04/13/1-page/882044-news.html

Countrywide gridlocks as TLP chief arrested

KARACHI/LAHORE/RAWALPINDI/ISLAMABAD: Tehreek-i-Labbaik Pakistan (TLP) Monday staged demonstrations in different parts of the country to protest the arrest of its chief Saad Hussain Rizvi choking the smooth flow of traffic and inconveniencing the public.

https://www.thenews.com.pk/print/819362-countrywide-gridlocks-as-tlp-chief-arrested

PPP formally quits PDM

KARACHI: Pakistan People’s Party (PPP) on Monday has decided to resign from steering committee of opposition’s Pakistan Democratic Movement (PDM). Addressing a press conference, Pakistan People’s Party (PPP) Chairman Bilawal Bhutto-Zardari said PPP Central Executive Committee (CEC) has rejected the so-called show-cause notice by Pakistan Democratic Movement (PDM) and directed all PPP office-bearers in PDM to submit their resignations with immediate effect.

https://epaper.brecorder.com/2021/04/13/1-page/882043-news.html

Monetary Policy

-Word of the Day-

Monetary policy, the demand side of economic policy, refers to the actions undertaken by a nation’s central bank to control money supply and achieve macroeconomic goals that promote sustainable economic growth.
That’s it for now. See you tomorrow!

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