Buoyed by the approval of Finance Bill in parliament, the Pakistan Stock Exchange staged a rebound on Tuesday as the KSE-100 index rose 135 points. Investor spirit turned positive post-approval of the federal budget and they assumed fresh positions. Market participants remained optimistic about the new fiscal year beginning July 1.
KASB Market View
We see the market reeling from Pakistan’s status quo in Grey list so far. We think the market now wants to look at economic numbers before picking up from where it left off. These figures may raise questions over the government achieving its high growth target without instigating external account imbalances.
WB approves $800m for power sector, human capital
ISLAMABAD: The government of Pakistan and the World Bank, on Tuesday, signed two programme loan agreements worth $800 million. The programmes include, the Pakistan Programme for Affordable and Clean Energy (PACE) and Second Securing Human Investments to Foster Transformation (SHIFT II).
Pakistan govt entities are losing a remarkably high amount of money: World Bank
The total liabilities of loss-making state-owned enterprises (SOEs) in Pakistan have ranged from 12 percent to 18 percent of GDP in recent years—a remarkably high percentage says the World Bank.
Over Rs100bn taxes withdrawn
ISLAMABAD: The government has withdrawn taxes of over and above Rs100 billion following withdrawal of the proposed Federal Excise Duty (FED) on mobile phone calls/SMS and internet data usage and restoration of reduced rates of sales tax on dairy, poultry, and relief to other sectors.
Minimum turnover tax; SMEs excluded from purview
ISLAMABAD: The government has excluded small and medium enterprises (SMEs) from the purview of minimum turnover tax through amendments in the Finance Bill 2021.
NA approves Rs8.487tr budget for next fiscal year with majority vote
The National Assembly on Tuesday passed the budget with a majority vote, giving effect to new revenue measures in an ambitious bid to achieve a tax target of Rs5.8 trillion and at the same time providing some relief to big businesses and wealthy individuals.
Ogra seeks hike in POL products’ prices
ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) has recommended a hike in the ex-depot prices of petrol and high-speed diesel (HSD) with effect from July 1.
Gas crisis to be over soon; Ship arrives to start LNG regasification for SSGC network: Gauhar
KARACHI: The gas crisis emerged after the closure of the existing floating storage and regasification unit (FSRU) at Engro LNG Terminal for maintenance purposes will be resolved soon as Special Assistant to the Prime Minister on Power and Petroleum, Tabish Gauhar says that a ship has arrived which will start LNG regasification to inject the same into SSGC network in the next three to four days.
SNGPL, SSGC plan to give 524,000 connections in FY 2021-22
The two-state companies, Sui Northern Gas Pipelines Limited (SNGPL) and Sui Southern Gas Company (SSGC) have planned to give as many as 524,000 new connections during the next fiscal year in their respective operational areas across the country.
Mitsubishi to build country’s 4th LNG terminal at Port Qasim: Zaidi
Federal Minister for Maritime Affairs Ali Zaidi has shared a plan for the instalment of a fourth liquefied natural gas (LNG) terminal in the country at Karachi’s Port Qasim.
Nepra approves Rs3.6bn refund
ISLAMABAD: National Electric Power Regulatory Authority (Nepra) on Tuesday approved in principle a refund of Rs 3.6 billion to the consumers under monthly Fuel Cost Adjustment (FCA) mechanism, overcharged by Discos in May 2021, amid reports of massive loadshedding across the country due to fuel supply issues and gas shedding.
Govt likely to slash ACD, FED on auto-related imports
KARACHI: The government is likely to slash Additional Customs Duty (ACD) by 5 percent and Federal Excise Duty (FED) to 2.5% on auto-related imports in the upcoming auto policy 2021-26.
Proposal regarding MPL
ISLAMABAD: Finance Minister, Shaukat Tarin and Advisor to Prime Minister on Institutional Reforms and Austerity, Dr. Ishrat Hussain are said to have differences regarding divestment of GoP’s shares in Mari Petroleum Limited (MPL), sources close to Secretary Petroleum told Business Recorder.
Bestway Cement, Reon Energy energize 14.3MW captive solar power project
KARACHI: Bestway Cement and Reon Energy Limited energized 14.3 MW captive Solar Power Project at Farooqia, Khyber Pakhtunkhwa.
Ghee, oil prices to rise from July 1
Board of Directors of Fauji Fertilizer Bin Qasim Limited (FFBL), has authorized the company to sell and transfer the company’s entire shareholding in Foundation Wind Energy-I Limited (FWEL-I), and Foundation Wind Energy – Il Limited (FWEL-II) to Fauji Fertilizer Company Limited (FFC).
MoITT in process for NGMS Spectrum auction to meet rising broadband demand
Federal Secretary Ministry of IT and Telecommunication Dr. Muhammad Sohail Rajput has said that to meet the increasing demand for broadband services, the Ministry of Information Technology and Telecom(MoITT) is in the process for release/auction NGMS Spectrum in 1800 MHz and 2100 MHz to enhance the capacity of mobile broadband services in the country
Oil Edges Up With OPEC+ Delaying Talks to Resolve Differences
Oil closed higher with OPEC+ ministers divided ahead of a key meeting later this week on production policy