KASB Morning Shout March 25th, 2021

The International Monetary Fund said on Wednesday it approved a $500 million disbursement to Pakistan for budget support after the IMF Executive Board completed delayed reviews of Pakistan’s $6 billion loan program.

The ban on trade with India may be lifted soon as the recent get well messages from Indian Prime Minister Narendra Modi to Prime Minister Imran Khan are said to have melted ice.

The Management and the Board of Directors of Pakistan Stock Exchange (PSX) gone through the proposed tax amendments with concern and strongly recommended a review of the same by the Ministry of Finance, the FBR and relevant authorities.

KASB Market View

We believe market would remain choppy to positive over next few days as talks surround Refinery Policy, IMF’s approval & Power sector payments. While further rise in cases or stringent lockdown measures could dampen the sentiment bearish.

National News

IMF approves $500 million disbursement to Pakistan

The International Monetary Fund said on Wednesday it approved a $500 million disbursement to Pakistan for budget support after the IMF Executive Board completed delayed reviews of Pakistan’s $6 billion loan program.

https://www.reuters.com/article/us-imf-pakistan/imf-approves-500-million-disbursement-to-pakistan-idUSKBN2BG3CF?il=0

Resumption of Indo-Pak trade now in sight

The ban on trade with India may be lifted soon as the recent get well messages from Indian Prime Minister Narendra Modi to Prime Minister Imran Khan are said to have melted ice.

https://epaper.brecorder.com/2021/03/25/1-page/875135-news.html

Tax amendments; PSX board recommends review by MoF, FBR

The Management and the Board of Directors of Pakistan Stock Exchange (PSX) gone through the proposed tax amendments with concern and strongly recommended a review of the same by the Ministry of Finance, the FBR and relevant authorities.

https://epaper.brecorder.com/2021/03/25/5-page/875171-news.html

Govt to Make a Global Announcement on the Launching of EuroBonds

The government has decided to make a global announcement on the launching of the Eurobonds in the international capital market and also address the concerns of the international investors, highly placed officials in the Ministry of Finance told Propakistani.

https://propakistani.pk/2021/03/25/govt-to-make-a-global-announcement-on-the-launching-of-eurobonds/

SNGPL, SSGC reduce 9,938 MMCF gas losses in FY 2019-20

The two state-owned companies, Sui Northern Gas Pipelines Limited (SNGPL) and Sui Southern Gas Company (SSGC), have collectively prevented a volumetric loss of around 9,938 Million Cubic Feet (MMCF) gas against the UFG reduction target of 14,806 MMCF set for the Financial year 2019-20.

https://www.brecorder.com/news/40077122/sngpl-ssgc-reduce-9938-mmcf-gas-losses-in-fy-2019-20

Pakistan reports 30pc growth in Islamic banking assets during FY2019-2020

Pakistan has recorded a 30 per cent growth in Islamic banking assets during the 2020 fiscal year. According to a report released by the State Bank of Pakistan on Wednesday, the overall deposits of the Islamic banking industry have also shown a growth of 27.8pc in 2020.

https://www.dawn.com/news/1614353/pakistan-reports-30pc-growth-in-islamic-banking-assets-during-fy2019-2020

Duty drawback allowed

The Federal Board of Revenue (FBR) has allowed customs duty drawback on the export of revised specification of PVC gloves (knit wrist style). The FBR has issued S.R.O.320 to amend the standard duty drawback notification S.R.O. 212(1)/2009, dated the 5th March, 2009.

https://epaper.brecorder.com/2021/03/25/11-page/875220-news.html

Pakistan loses spot as top trade partner of Afghanistan

Pakistan is no longer the leading country in terms of trade with Afghanistan as bilateral trade has declined drastically over the last several years because of restrictions and hurdles on border crossing points on both sides.

https://profit.pakistantoday.com.pk/2021/03/24/pakistan-loses-spot-as-top-trade-partner-of-afghanistan/

Interest Coverage Ratio

-Word of the Day-

The interest coverage ratio is a debt and profitability ratio used to determine how easily a company can pay interest on its outstanding debt. The interest coverage ratio may be calculated by dividing a company’s earnings before interest and taxes (EBIT) by its interest expense during a given period.

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