Selling pressure continued to dominate trading at the Pakistan Stock Exchange yesterday as the benchmark KSE-100 index extended losses from the previous session and recorded a decline of over 150 points. A lack of positive triggers and inconclusive IMF tranche talks, forced investors to take a cautious stance and they resorted to profit-taking.
KASB Market View
Rising oil prices may sustain the recent exuberance witnessed in the E&Ps sector, particularly OGDC, its side-effect of increasing Pakistan’s import bill may cause apprehension amongst investors over its impact on the external accounts. All focus will be on the upcoming FATF Plenary meeting, which is scheduled on Jun 21-25. Additionally, we believe the federal government’s focus on growth will likely provide support to cyclical industry including cements, steels and automobiles.
Economic growth volatile over past half a century: ADB report
The government of Pakistan is taking on a wide range of structural reforms – covering consolidating fiscal conditions, strengthening corporate governance of State-Owned Enterprises (SOEs), and improving the investment climate, which are expected to address the chronic balance of payments problems and build more sustained and stable growth, says the Asian Development Bank (ADB).
Auction Result: SBP Sells T-Bills worth Rs.1,139.77 Billion
The State Bank of Pakistan(SBP) conducted an auction on Wednesday in which it sold Market Treasury Bills (MTBs) worth Rs.1,139.77 billion for 3, 6 and 12 months. Auction target was Rs.1,100.00 billion against a maturing amount of Rs.1,230.00 billion. Cut off yield for 3, 6 and 12 months were 7.3259, 7.5894 and 7.67 percent.
Increased spending on health, education; Govt to seek fiscal space from IMF
Finance Minister Shaukat Tarin said, on Wed-nesday, that it would be impossible for Pakistan to come out from the International Monetary Fund (IMF) programme. He stated this during the meeting of the Senate Standing Committee on Finance presided over by Senator Talha Mahmood to discuss the Finance Bill 2021.
Rupee continues to fall with big losses against all major currencies
The Pakistani Rupee (PKR) has been posting significant back-to-back losses against the US Dollar (USD) this week. It crossed the Rs. 156 exchange rate on Monday, deepened the losses on Tuesday, and closed at nearly Rs. 157 today.
Rs900bn PSDP allocation; 70pc funds to be spent on ongoing projects
The Ministry of Planning, Development and Special Initiatives Wednesday informed that 70 percent of Rs900 billion allocated under the Public Sector Development Programme (PSDP) 2021-22 would be spent on ongoing projects as throw forward of development projects crossed Rs6 trillion.
Payment to IPPs established under 2002 policy: ECC defers its decision
The Economic Coordination Committee (ECC) is said to have deferred its decision regarding payment to Independent Power Producers (IPPs) established under Power Policy 2002, well-informed sources in Finance Ministry told Business Recorder.
Azhar to sort out matters relating to KE
The federal government has reportedly given the lead role to Minister for Energy, Hammad Azhar in resolution of issues relating to issuance of National Security Certificate (NSC) and other outstanding issues of payables and receivables of Karachi Electric (KE), well-informed sources told Business Recorder.
Citi Pharma Raises Rs. 2.32 Billion in 2021’s Single Largest IPO
The book-building process of Citi Pharma’s Initial Public Offer (IPO) has concluded with an oversubscription of 2 times, according to Topline Securities, advisor and book-runner of the issue.
ECC approves $17.3 million for PIA to pay-off Roosevelt Hotel’s liabilities
The ECC approved $17.3 million for PIA-IL for the payment of recurring and one-off liabilities in respect of the Roosevelt Hotel New York, USA, as verified by the Auditor and recommended by the PIA-IL Board.
Japan concerned at ‘abrupt’ changes in investment procedures
Japan is reportedly unhappy with the government for what it says abrupt changes in procedures for investment, “failure to fulfil” agreed commitments and discriminatory treatment against its companies.