Bears dominated trading at the Pakistan Stock Exchange yesterday as investor optimism, witnessed a day ago, evaporated and resultantly, the KSE-100 index shed 390 points. Major selling activity was witnessed in the exploration and production sector (Oil and Gas Development Company -4.8% and Pakistan Petroleum -4.3%) and the cement sector (DG Khan Cement -2% and Lucky Cement -0.9%).
KASB Market View
Going forward we believe the direction of cases & successful implementation of SOPs will guide the market sentiment. We recommend cyclical stocks primarily cements and steel; any substantial dip would be a buying opportunity.
Economy to maintain recovery pace
ISLAMABAD: The Ministry of Finance on Tuesday claimed that the economy would maintain its recovery pace despite the third wave of Covid-19 and it tamed inflationary expectations by forecasting 8-9.5% inflation reading for April.
SBP revises current account deficit
ISLAMABAD: The State Bank of Pakistan (SBP) has revised upward last fiscal year’s current account deficit to $4.4 billion – an abnormally high variation of 50% against the provisional figures, due to earlier underreporting of imports and loans for a public sector enterprise.
Pakistan has conducive environment for setting up new oil refinery: Hammad
ISLAMABAD: Minister for Energy Hammad Azhar on Tuesday said Pakistan had conducive environment for setting up a new oil refinery. The minister expressed these views in a meeting with Saudi Ambassador Nawaf bin Saeed Al-Maliki who called on him here.
ECC likely to approve payment of Rs89.86 billion to 20 IPPs
ISLAMABAD: The Economic Coordination Committee (ECC) that meets today (Wednesday) is most likely to approve a summary of the Power Division seeking approval of Rs89.86 billion for the payment of 40 percent dues as the first installment to 20 IPPs.
Fitch forecasts Pakistan’s growth rate at 2.3% in FY21
Global rating agency Fitch on Friday has projected that Pakistan’s GDP growth will rebound to 2.3% during the current fiscal year, following a contraction of 0.4% in FY20 amid high-frequency data point to strong momentum for manufacturing and consumption, but a fresh wave of coronavirus cases poses risks.
Macroeconomic stability; Fiscal consolidation, policy reforms key to sustaining improvements: ADB
ISLAMABAD: The Covid-19 pandemic continues to pose a major health care and economic challenge to Pakistan and continued efforts toward fiscal consolidation and policy reforms will be key to sustaining improvements in macroeconomic stability, especially in broadening the tax base and improving the business environment, says the Asian Development Bank (ADB).
Minister extends govt’s support to K-Electric
ISLAMABAD: Federal Minister for Finance and Revenue, Shaukat Tarin Tuesday stated that the government was ready to extend all possible support to the K-Electric for overcoming constraints and making it dynamic and sustainable in the long-run.
SBP to Launch Roshan Apni Car and Roshan Samaaji Khidmat Under RDA Initiative
The State Bank of Pakistan (SBP) is launching two new initiatives under Roshan Digital Account (RDA) scheme, Roshan Apni Car and Roshan Samaaji Khidmat.
Jul-Feb period: Fiscal deficit stands at 3.5pc: MoF
ISLAMABAD: The Finance Ministry Tuesday said that despite higher mark-up payments and Covid-related expenditures, the fiscal deficit as percentage of the GDP stood at 3.5 percent (Rs1,603 billion) during July-February 2021 compared to 3.7 percent (Rs1,613 billion) for the same period a year before.
Tarin briefed on FATF action plan progress
ISLAMABAD: Lubna Farooq Malik, Director General, Financial Monitoring Unit (FMU), on Tuesday, briefed the Minister for Finance and Revenue, Shaukat Tarin, about the significant progress made on the Financial Action Task Force (FATF) action plan.
Minister explains circular debt strategy; Govt mulling buying IPPs to shut them
ISLAMABAD: The federal cabinet was informed on Tuesday that circular debt would increase to Rs1.5 trillion by 2023 owing to capacity payment charges as consequent to an addition of 40 to 50 percent surplus electricity by the previous government.
IPPs urge Govt. to make payment
ISLAMABAD: Independent Power Producers (IPPs) have urged the federal government to make payment of the first instalment of 40 percent immediately and any failure in this regard will result in default of the power purchaser under the agreement.
‘Rs1.2trn package disbursed to industries’
ISLAMABAD: The Deputy Chairman Planning Commission, Dr Mohammad Jahanzeb Khan, said that despite facing a tax revenue loss upwards of Rs900 billion, Pakistan disbursed Rs1.2 trillion in stimulus package for industries, and Rs350 billion as relief to informal work sector and poor families.
Govt increasing oxygen production capacity to meet demand: Faisal Sultan
Special Assistant to Prime Minister on Health Dr Faisal Sultan on Tuesday said the government was increasing the country’s oxygen production capacity in order to support the country’s healthcare amid increasing Covid-19 cases.
Govt announces new Covid-19 restrictions for Eid holidays
KARACHI: The federal government on Tuesday announced a new set of restrictions, including a blanket ban on tourism and inter-provincial transport, in an attempt to contain a further rise in already mounting coronavirus cases during the upcoming Eidul Fitr holidays.
Imran assures disgruntled lawmakers of unbiased inquiry into sugar scandal
ISLAMABAD: Prime Minister Imran Khan on Tuesday met with a group of 33 disgruntled PTI lawmakers – who have rallied around ruling party’s beleaguered former secretary general Jahangir Tareen—and assured them of an unbiased inquiry into the sugar scandal.
FBR agrees to pay Rs. 8,928 million duty drawbacks to exporters
ISLAMABAD: The Federal Board of Revenue (FBR) on Tuesday agreed to pay Rs. 8,928 million duty drawback claims of exporters during January to April 2021. Following the vision of Prime Minister Imran Khan, FBR’s Pakistan Customs wing has resolved the long-standing stipulation of exporters by paying Rs. 8,928 million duty drawback claims during January to April 2021, Spokesman of FBR said this on his official twitter account.
Plan to split PIA into two firms
KARACHI: The federal cabinet on Tuesday discussed a plan to split the national flag carrier Pakistan International Airlines into two companies and returned the matter to the Economic Coordination Committee (ECC) for some changes.
-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.