Pakistan’s stock market rebounded sharp today as investors bought the recent sharp dip in the share prices especially after the national infection rate declines & so do the number of daily infections. Policy makers have been guarded in saying that the infection rate is slightly decreasing after government proactively shut down areas in Punjab. Similarly, a positive momentum could be witnessed as World Bank has hinted that G-20 should extend debt-relief to December 2021. That should be a comforting news for currency & the market.
KASB Market View
Interest was seen across the board- Technology, Cements, Autos, Refinery, Glass, Cement, Power, & Cable. We should expect interest to continue at a milder pace if infection rate doesn’t increase. Russia’s foreign minister visit puts a strong geo political message also. That’s a sign of not-so-isolated. Tomorrow, Service Global Footwear IPO’s book building starts. We expect tremendous response for it already.
Pakistan: IMF projects 1.5pc growth for 2021
ISLAMABAD: The International Monetary Fund (IMF) has projected Pakistan’s GDP growth rate at 1.5 percent for 2021, against negative 0.4 percent in 2020. It projected rise in unemployment from 4.5 percent in 2020 to five percent in 2021. The IMF in its latest report, “World Economic Outlook (WEO), managing divergent recoveries” has projected GDP growth rate at 1.5 percent in 2021 against -0.4 percent in 2020, and projected at 4 percent for 2022.
‘IMF plan to dampen economy’
ISLAMABAD: Economic activity in Pakistan will remain dampened in the short term due to the revival of International Monetary Fund (IMF) loan programme while unemployment and poverty have already gone up – with over 30% of rural population slipping into poverty, reveals a new World Bank report.
Fuel stocks drop to lowest levels
ISLAMABAD: Though the Federal Investigation Agency (FIA) is probing the oil crisis of last year, shortage of petrol and jet fuel may once again be looming in the country as stocks have plummeted to the lowest levels. The country has average storage capacity for 73 days. However, oil marketing companies were maintaining stocks for an average of 15 days as on April 6. Jet fuel is widely used by airlines.
Lavrov arrives in Islamabad on two-day visit – first by Russian FM in 9 years
Russian Foreign Minister Sergei Lavrov arrived in Islamabad on a two-day official visit to Pakistan on Tuesday.
Foreign Minister Shah Mahmood Qureshi received his Russian counterpart and his delegation at the Islamabad airport.
Govt to consult IMF to disburse second relief package for vulnerable segments under Ehsaas: PM Imran
Prime Minister Imran Khan on Tuesday said his government would consult the International Monetary Fund (IMF) in order to disburse a second package of incentives as the third wave of the coronavirus takes its toll on the vulnerable population segments.
PM says it’s time for ‘new’ IMF package
ISLAMABAD: Prime Minister Imran Khan has said his government will speak to the International Monetary Fund (IMF) because, according to him, there are “economic disruptions ahead” due to a “very scary” third wave of Covid-19. The prime minister said: “It is time for a new [IMF] package”. The prime minister said this while giving his remarks about the UNDP’s Pakistan National Human Development Report.
Covid-19 scourge: World Bank projects rising public debt, increasing poverty
ISLAMABAD: While presenting a dismal picture about Pakistan’s economy, the World Bank has projected rising public debt, increasing poverty, and low GDP growth in the range of 1.3 percent for the current fiscal year.
‘High production cost pushes sugar price up’
LAHORE: Exorbitantly high cost of sugarcane crushing in Pakistan leads to increase in sugar price at the retail level in Pakistan compared to neighbouring India, documents showed on Tuesday.
Fund boosts outlook for global economy
WASHINGTON: Accelerated vaccinations and a flood of government spending, especially in the United States, have boosted the outlook for the global economy, but more must be done to prevent permanent scars, the IMF said on Tuesday.
Fake/flying invoices; Steel sector submits plan to FBR
ISLAMABAD: The documented steel sector (large steel producers) has offered the Federal Board of Revenue (FBR) to take their input for effectively dealing with the problem of fake invoice with structural changes in sales tax law to make it impossible for any taxpayer to use flying invoices.
CC to examine PIA restructuring plan today
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet is likely to consider and approve the Pakistan International Airline Corporation Limited restructuring plan today. The ECC meeting to be presided over by Minister for Finance and Revenue Hammad Azhar will take up eight agenda items.
ECC delays decision on duty exemption proposal
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has reportedly delayed its decision on a proposal of Ministry of Industries and Production proposal pertaining to exemption in customs duty and additional customs duty to importers of palm oil and palm olein, well-informed sources told Business Recorder.
-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.