In the backdrop of rising coronavirus cases coupled with growing tensions over the law and order situation in the country, the KSE-100 index fell below the 45,000-point mark. In the morning, the market kicked off trading with a dip and continued to spiral downwards throughout the day. Although mid-session buying helped the benchmark index recoup some of the losses, it still finished deep in the red.
KASB Market View
The Pakistan Stock Exchange began the week on a negative note on Monday, with the benchmark KSE-100 index diving nearly 700 points during the session as the market reacted to repercussions of a strike call. Gathering clouds on the political and security fronts spooked investors and they began offloading stocks following the decision taken by traders across the country to keep markets shut after call for a nationwide strike.
IMF reiterates hike in taxes, tariff
Unmoved by increasing calls to review its “harsh” conditions, the International Monetary Fund (IMF) on Monday urged Pakistan to implement tax and energy reforms aimed at bringing down a very high public debt and making power sector financially viable.
Govt to amend OGRA Ordinance
The government has decided to establish an appellate tribunal by amending the Oil and Gas Regulatory Authority (Ogra) Ordinance 2002 in order to give provinces representation in dealing with disputes in the oil and gas sector.
Govt to present resolution on French ambassador’s expulsion in NA today: Rashid
Interior Minister Sheikh Rashid Ahmed on Tuesday announced that the government will present a resolution on the expulsion of the French ambassador in the National Assembly later today.
70% tweets on TLP issue came from fake accounts, reveals PM
Prime Minister Imran Khan has revealed that “external forces” tried to exploit violent Tehreek-e-Labbaik Pakistan (TLP) protests by spreading fake news on social media platforms.
Cabinet to meet today: Independent Power Producers’ (IPPs’) issue is likely to land
Independent Power Producers’ (IPPs’) issue is likely to land in the Federal Cabinet on Tuesday (today). On April 7, 2021, Power Division placed the issue of pending due payments to IPPs before the Economic Coordination Committee (ECC) of the Cabinet.
Tarin asks for real-time inflation data of 19 more cities
The newly appointed Finance Minister Shaukat Tarin on Monday directed the Pakistan Bureau of Statistics (PBS) to add 19 new cities to the Decision Support System for Inflation (DSSI) to record and monitor prices of essential commodities in 39 major cities across the country.
US invites Pakistan to climate summit after initial snub
ISLAMABAD: The United States has invited Pakistan to ‘Virtual Leaders Summit on Climate’ which has been convened by President Joe Biden on April 22-23. However, the invitation has been extended to Special Assistant to Prime Minister (SAPM) on Climate Change Malik Amin Aslam by US climate envoy John Kerry.
Cap on dividend distribution removed: MPCL
Mari Petroleum Company Limited (MPCL) has announced that an amendment agreement to Mari Wellhead Gas Pricing Agreement 2015 has been signed/executed between the government of Pakistan and MPCL on April 17, 2021, giving effect to the ECC decision regarding removal of cap on dividend distribution by MPCL.
Primerica Announces Agreement to Acquire e-TeleQuote
Under the terms of the share purchase agreement, Primerica will acquire 80% of e-TeleQuote at a $600 million enterprise value and a $450 million implied equity value based on an estimated $150 million in net debt at closing.
Specifically, Primerica will acquire 70.25% of e-TeleQuote from The Resource Group International, Limited, representing its entire ownership stake, and 9.75% of e-TeleQuote from e-TeleQuote management. Following the closing, the remaining stake will be held by e-TeleQuote’s management.
Jul-Mar FDI plunges 35pc YoY
Foreign Direct Investment (FDI) in Pakistan continues to post a negative growth and fell by 35 percent during the first nine months of this fiscal year (FY21).
Rs500bn released for uplift projects under PSDP
The federal government has released Rs500.942 billion out of a total allocation of Rs650 billion for various ongoing and new social sector uplift projects under the Public Sector Development Programme (PSDP) 2020-21.
SECP to start concept of ‘direct listing’ of cos
The Securities and Exchange Commission of Pakistan (SECP) will introduce concept of ‘direct listing’ of companies, whereby shares of a company will be listed on the Pakistan Stock Exchange (PSX) without going through the process of public offering and without mandatory appointment of intermediaries.
Removing transformers on non-payment
A sub-committee of the Public Accounts Committee (PAC), on Monday, directed conducting an inquiry against the staff of the DISCOs involved in removing transformers on non-payment of dues, and also make it mandatory for the lower staff to declare their assets annually.
UK adds India to Covid travel ‘red list’ as PM Johnson cancels trip
Britain on Monday imposed its strictest travel curbs on India after an explosion of coronavirus cases there, hours after Prime Minister Boris Johnson called off a trip to New Delhi.
-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.