Selling pressure persisted at the Pakistan Stock Exchange for another session on Thursday as the benchmark KSE-100 index fell 196 points and closed below the 45,000-point mark. Index-heavy automobile, cement, financial, fertiliser and oil sectors were the major laggards where a modest sell-off was observed.
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.
Foreign exchange: SBP reserves rise $384m to $16.4b
The foreign exchange reserves held by the central bank rose 2.39% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. On April 23, the foreign currency reserves held by the SBP were recorded at $16,427.8 million, up $384 million compared with $16,043.9 million in the previous week.
PTI govt withdraws Rs7,500 prize bonds
The Ministry of Finance has decided to discontinue Rs7,500 denomination national prize bonds from circulation with immediate effect. “Prize bonds of Rs7,500 denomination shall not be sold with immediate effect and will not be redeemed after December 31, 2021,” according to a notification issued by the Ministry of Finance.
Pakistan to get over 15m doses of Covid vaccine in next two months
Special Assistant to Prime Minister on Health Dr Faisal Sultan on Thursday said that Pakistan has purchased 13 million doses of Covid-19 vaccine from three Chinese companies and expects to receive them in the next two months.
Pakistan’s weight may remain around 0.02pc in MSCI EM
Pakistan’s weight is likely to remain around 0.02 percent in MSCI EM in the MSCI May 2021 Semi Annual Index Review, experts said. MSCI will be releasing the results of the MSCI May 2021 Semi-Annual Index Review on May 11, 2021.
Performance in SDG sectors; Pakistan lags behind its emerging market peers: IMF
Pakistan’s performance in critical Sustainable Development Goals (SDGs) sectors including education, water and sanitation lags that of its emerging market peers and achieving its SDGs by 2030 would require nine percent of the GDP in additional financing each year, says the International Monetary Fund (IMF).
Balance of payment (BoP) stability; Tapping expatriates only way in absence of export boost: PM
Prime Minister Imran Khan Thursday said that the overseas Pakistanis, especially workers are an asset of the country, and keeping the economy of the country moving must be the priority of the Pakistani embassies.
PKR’s Real Effective Exchange Rate Index increases by 3.37 percent in March
Pak Rupee’s Real Effective Exchange Rate Index (REER) increased by 3.37 percent in March 2021 to a provisional value of 100.50 from the revised value of 97.22 in February 2021. According to data published by the State Bank of Pakistan (SBP), the REER index has increased by 3.45 percent compared to March 2020.
17% Sales Tax Waived Off for Buyers of Cars Auctioned by Govt
The buyers of old and used vehicles from the sale/auction of government departments /autonomous bodies would not be legally required to pay 17 percent sales tax where sales tax has already been paid at the time of local or import stage.
Proton X70 CBUs to Arrive in Pakistan Next Month
In a piece of rather promising news, especially for the Proton customers, the Proton X70 is set to hit the shores of Pakistan soon. The news has been announced by Hanif Memon, who added that more than 200 CBUs of the vehicle are enroute to Pakistan from Malaysia and will arrive next month.
Ignoring int’l consultants, recommendations for sale of NGMS spectrum at high prices approved
The Spectrum Advisory Committee (SAC) on Thursday, neglecting the international consultants, approved the recommendations for the sale of Next Generation Mobile Service (NGMS) to telecommunication companies (telcos).
-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.