The market remained relatively stable the past week, hovering around the 45k mark and gaining 119pts. While we expect the growth in earnings in the upcoming result season to support the market’s upward trajectory, the rising number of COVID-19 cases in the 3rd wave may potential act as a dampener towards the index’s momentum.
KASB Market View
With the upcoming result of key index players to show strong growth, we expect the market to depict resilience despite rising COVID-19 cases. The ongoing protests may also sway investors away from the market till the situation settles down. For the longer term, we continue highlighting our preference for cyclical stocks including Automobiles and Cements.
Pakistan’s GDP growth must be increased by 6 to 7 per cent: Shaukat Tareen
The Federal Finance Minister Shaukat Tareen has said that based on his 49 years of experience in the economic sector, he knows what should be done to boost the country’s economy. “The country’s GDP growth must be increased by at least 6 to 7 per cent,” Shaukat Tareen maintained.
World Bank sets tough loan terms
The World Bank has set tough conditions for $1.5 billion lending such as increase in electricity rates, introduction of new power and tax policies, putting the government in a tight spot that is already seeking a review of the International Monetary Fund (IMF) deal.
Country records year’s highest single-day deaths
Country has reported 149 deaths from coronavirus, making it the country’s highest death toll in a single day since June 29 last year while the positivity rate of infections was recorded at 8.52 per cent, according to National Command and Operation Centre.
Pakistan to receive first batch of China’s CoronaVac vaccine next week
Another 2 million doses of Chinese coronavirus vaccine are expected to arrive in Pakistan by next week.
Byco begins work to produce Euro-5, 6 fuel
Byco refinery has commenced work on establishing an upgraded plant to convert furnace oil into Euro-5/6 petrol and diesel.In January this year, Byco Petroleum Pakistan Limited conducted the groundbreaking of the project titled “Upgrade-1”.
New draft PPA between CPPA-G, KE prepared
Power Division is said to have prepared a new draft Power Purchase Agreement (PPA) between Central Power Purchasing Agency Guaranteed (CPPA-G) and Karachi Electric (KE) aimed at regularizing supply of power to the latter, official sources told Business Recorder.
Sugar, wheat push food import bill up by 54pc
Pakistan’s food import bill widened by 54.45 per cent to $6.12 billion year-on-year during the nine months of the current fiscal year (9MFY21) mainly due to sugar and wheat imports to bridge the shortfall in domestic production of agriculture produce.
Export of textiles jumps 30pc in March
Pakistan’s exports of textile and clothing rebounded in March mainly due to value-added sectors and posted a growth of 30.4 per cent from a year ago, showed data released by the Pakistan Bureau of Statistics (PBS) on Friday.
Weekly inflation increases marginally
Weekly inflation for the combined group in the period ended on April 15 slightly increased by 0.54 per cent on the back of an uptick in prices of essential food items, data released by the Pakistan Bureau of Statistics (PBS) showed on Friday.
-Word of the Day-
Blue chip, meaning “a stock issue of high investment quality that usually pertains to a substantial, well-established company,” was first noted in the late 19th century. From this meaning extended senses developed, such that blue chip applies to a consistently successful and profitable venture or enterprise, an outstandingly worthwhile and valuable property or asset, and an athlete rated as excellent or as an excellent prospect.