KSE-100 Index closed slightly negative today as Banking & Oil Exploration sectors remained negative. Volatility was witnessed in high beta sectors, such as Technology & Refinery. However, positivity prevailed in Construction related sectors; Cements, Steel & Glass. Prime Minister had hinted yesterday that he would speak to IMF chief for another package for Pakistan given the sharp rise in third wave. Similarly, IMF revised Pakistan’s growth upwards to 4% for next year kept the momentum upwards.
KASB Market View
Book building of Servis Global Footwear started today with 100% already subscribed. Book building will continue tomorrow as well and strong response is expected as investors chase export-themed story with a JV with Chinese. We expect interest to continue to Construction related sector along with Engro Corporation tomorrow as expectations of cash deployment runs high among investors waiting for Engro to announce new projects.
IMF projection: gross debt will swell to 87.7pc of GDP
The International Monetary Fund (IMF) has projected an increase in the government gross debt for Pakistan from 87.2 percent of Gross Domestic Product (GDP) in 2020 to 87.7 percent in 2021.
Lavrov says Russia ready to ‘further deepen’ ties
Russia Wednesday reaffirmed its commitment to promote bilateral cooperation with Pakistan in diverse fields including economy, trade, energy, and defence, besides confirming to provide the country with special military equipment for strengthening its counterterrorism capability.
LNG provisional prices increased for April
The Oil and Gas Regulatory Authority (Ogra), on Wednesday, increased the LNG provisional prices for consumers of both gas utility companies for the month of April. The regulator increased the prices of LNG for gas consumers of the Sui Northern Gas Company Limited (SNGPL) by $0.1733 per mmbtu and the Sui Southern Gas Company Limited (SSGCL) by $0.1634 per mmbtu as compared with prices of LNG for March.
Petrol and diesel; OMCs directed to build up stocks
The Oil and Gas Regulatory Authority (OGRA), on Wednesday, directed the Oil Marketing Companies (OMCs) to build up their stocks of petrol and diesel as per law ahead of harvesting season in the country.
NEPRA approves 64 paisa per unit increase for Feb
National Electric Power Regulatory Authority (NEPRA) on Wednesday approved Rs 0.6416/kWh increase in power tariff for February having Rs 4.4 billion impact under monthly Fuel Cost Adjustment (FCA) mechanism.
PD has put payment to IPPs on ice
Power Division is said to have put payment of first installment of Rs 403 billion amount agreed with the Independent Power Producers (IPPs) on ice by shifting responsibility of delay in execution of pacts on National Accountability Bureau (NAB) and Federal Board of Revenue (FBR), well-informed sources told Business Recorder.
Government starts registering EVs free of cost in Islamabad
The Federal Government has started registering E- Vehicles (EVs) without any Fees in Islamabad Capital territory. As per the ECC decision, all the provinces have to follow the rules, said Pakistan Electric Vehicles Manufacturers Association (PEVMA) on Wednesday.
ECC passes on PIA restructuring plan to cabinet
A meeting of the Economic Coordination Committee (ECC) of the Cabinet has decided that the restructuring plan of the Pakistan International Airlines Corporation Limited (PIACL) would be taken to the federal cabinet for a detailed discussion and approval.
Citi Pharma Limited applies for listing on PSX
Citi Pharma Limited (CPL) has applied for a listing on the Pakistan Stock Exchange (PSX). As per the notice issued by PSX, the Company shall be issuing 72,692,000 Ordinary Shares (35% of the total post-IPO paid-up capital of Citi Pharma Limited) of the face value of PKR 10/-each.
WB puts Pakistan growth rate at 1.3pc
The resurgence of recent infection rates and slow vaccination coupled with high inflation rate and consolidation policies could impact Pakistan’s nascent and fragile economic recovery and worsen poverty situation, according to a World Bank report.
Banks defer, restructure Rs910.7bln worth of loans
Banks and development finance institutions (DFIs) have deferred and restructured loans worth Rs910.7 billion in a year to help borrowers cope with economic distress amid the Covid-19 pandemic, according to the latest figures posted by the central bank on its website.
-Word of the Day-
A loophole allows a person or business to avoid the scope of a law or restriction without directly violating the law.