The first trading session of fiscal year 2021-22 ended on a bullish note as investors remained optimistic about improvement in economic indicators. A slowdown in monthly inflation, which returned to single digit at 9.7% in June 2021, painted a bright picture of the economy and sparked across-the-board buying. Average inflation for full fiscal year 2020-21 came in at 8.9%, which was well in line with the State Bank of Pakistan’s projection of 7-9%.
KASB Market View
We think that encouraging economic numbers of exports and CPI would dictate the direction of market now. We might see some spark in IPPs falling under the 2002 policy as NAB gave a go ahead to process pending payments.
Exports grow by 18% to reach historic high: Razak
Adviser to Prime Minister on Commerce and Investment Abdul Razak Dawood has said that export of goods have grown by 18 % to $ 25.3 billion during FY 2020-21 which is the highest ever in the history of Pakistan. The exports on June 2021 were also the highest in any month in our past, at $2.7 billion. The exports of Services for the year also projected to be $ 5.9 billion.
Time limitation not applicable to foreign assets, income
The time limitation for calling of income tax return shall not be applicable to a person who has foreign income or foreign assets. According to income tax circular number 5 of 2021 issued by the FBR, here on Thursday, the law provides for time limitation of five years for calling of return however, where taxpayer is a non-filer this limitation is 10 years.
June CPI inflation increases 9.70pc YoY
The Consumer Price Index (CPI)-based inflation increased by 9.7 percent on year-on-year basis in June 2021 as compared to an increase of 10.9 percent in the previous month and 8.6 percent in June 2020, says the Pakistan Bureau of Statistics (PBS).
Foreign exchange: SBP reserves rise $13m to $16.1b
The foreign exchange reserves held by the central bank rose 0.08% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.
MS sales hit all-time high: OMCs’ sales up 18pc YoY
The sales of oil marketing companies in Pakistan have increased by 18 percent on year-on-year basis in FY21 to 19.4 million tons, a sharp recovery from last year (down 12 percent) which was impacted due to COVID-19 linked lockdowns.
Prices of LPG cylinders: Ogra announces massive increase
The Oil and Gas Regulatory Authority (OGRA) has announced massive increase in the prices of both domestic and commercial LPG cylinders with effect from July 1. In a late night notification, the oil and gas regulator notified an increase in the prices of domestic and commercial cylinders by Rs244 and Rs863 respectively. There is also an increase of Rs16101 per ton LPG.
Honda Announces Official Launch Date for New City
July 2021 is going to be an exciting month for car lovers in Pakistan owing to the upcoming launches of some much-anticipated vehicles. One of the cars that will be officially debuted this month is the ‘new’ Honda City.
FBR introduces fixed tax scheme for manufacturing SMEs
The Federal Board of Revenue (FBR) Thursday announced a special tax regime for manufacturing sector’s small and medium enterprises (SME) from July 1. The FBR released the details of fixed tax scheme for the manufacturing SMEs.
SECP okays Shariah compliant developmental REIT scheme
The Securities and Exchange Commission of Pakistan (SECP) has accorded approval for registration of the first Shariah Compliant Developmental Real Estate Investment Trust (REIT) Scheme in Pakistan under the revamped REIT regulatory framework.