Last week witnessed the market continue its bearish spell led by sell-offs by key institutions. Investors were likely concerned by the prevalent political noise by the opposition, and macroeconomic uncertainties including a rising inflationary trajectory. Consequently, the market lost 2,049pts the past week and settled at 43,788pts. The last trading session, however, witnessed the market recoup a considerable portion of its lost grounds as stock valuations remained exciting in the low interest rate scenario.
KASB Market View
We believe Friday’s trend in which the market recovered 1,008pts to continue on account of the senate chairmanship elections emerging in favor of the ruling coalition, possible dimming down the political noise. Attractive stock valuations will continue enticing investors to build fresh positions and support the index’s momentum. We continue highlighting our preference for cyclical stocks including cements and automobiles.
Pakistan confident UAE will rollover $1b loan
The finance ministry has said that it is “confident” that the United Arab Emirates (UAE) will rollover the $1 billion loan that matured on Friday, quelling reports that Dubai had withdrawn the financial support.
RDAs exceed 0.1m mark in 6 months: SBP
The newly-launched Roshan Digital Account, a banking solution for Non-Resident Pakistanis (NRPs), has crossed 100,000 during six months. The Roshan Digital Account was launched in September 2020 by Prime Minister Imran Khan. The Roshan Digital Account is a new initiative of the State Bank of Pakistan (SBP), in partnership with major banks in Pakistan to facilitate the NRPs for banking services in Pakistan.
OGRA recommends increase in price of petrol: sources
According to a report on Geo News, OGRA has forwarded a summary to the Petroleum Division in which it has recommended an increase in the price of petrol by Rs5.50 per liter and a hike in the price of diesel by Rs6 per liter.\
Asad Umar hints at imposing another lockdown
Federal Minister for Planning and Development and National Command and Operation Centre (NCOC) head Asad Umar said on Saturday that government may have to opt for another lockdown in parts of the country if there is a continued increase in coronavirus cases.
Rs51bn requests in a week as TERF deadline looms
The Temporary Economic Refinance Facility (TERF), which ends this month, posted growth of 12 per cent on a week-to-week basis to Rs481 billion on Feb 25 from Rs430bn on Feb 18, indicating higher activity in the economy.
PM for maintaining gas tariff for next few months
Prime Minister Imran Khan on Friday directed to maintain the gas tariff for next few months in an order to provide relief to the consumers.
Several exemptions under CPEC proposed to withdraw: expert
International tax expert Dr Ikramul Haq has said that the proposed Income Tax Amendment Bill 2021 submitted to the National Assembly has proposed to withdraw some existing and many futuristic exemptions under the China-Pakistan Economic Corridor (CPEC).
New power subsidy plan on the cards
The federal government is reportedly formulating a two-phase subsidy retargeting plan, meant to introduce new tariff slabs for domestic consumers and expand definition of lifeline consumers from 50 units per month to 100 units per month, well informed sources in Finance Ministry told Business Recorder.
EVs manufacturing in Raiwind soon
With the grant of entry of China’s largest automobile manufacturer by the Board of Investment (BoI), the manufacturing of electric vehicles will start in the country’s first private Special Economic Zone (SEZ) in Raiwind.
PM retains tax exemptions for SEZs
Special Assistant to Prime Minister on Revenues Dr. Waqar Masood said on Friday that the government has retained the Special Economic Zones (SEZs) from the proposed withdrawal of income tax exemptions in order to protect investments, especially in the context of China Pakistan Economic Corridor (CPEC).
-Word of the Day-
Blue chip, meaning “a stock issue of high investment quality that usually pertains to a substantial, well-established company,” was first noted in the late 19th century. From this meaning extended senses developed, such that blue chip applies to a consistently successful and profitable venture or enterprise, an outstandingly worthwhile and valuable property or asset, and an athlete rated as excellent or as an excellent prospect.