The KSE-100 index spiked over 500 points within the first hour of trading and rose at a steady pace on Wednesday’s session. However, investor sentiment weakened towards midday as Covid-19 cases recorded a jump after easing for a few days and as a result some of market gains were erased.
KASB Market View
Encouraging cement sales for Apr’21 coupled with approval of payment worth PKR 90bn to 35 IPPs would keep both Cement and Power sectors in the limelight. Additionally, long holidays can instill some near term tension for today’s session.
Payment to 35 IPPs approved by ECC
The Economic Coordination Committee (ECC) of the Cabinet has approved payment of Rs89.86 billon as first installment of 40 percent to 35 Independent Power Producers (IPPs) as per an agreement reached with them. The ECC meeting presided over by Finance Minister Shaukat Tarin was presented a summary by the Power Division regarding release of first installment of payment to the IPPs.
PM directs embassies to give special treatment to Pakistani diaspora
Prime Minister Imran Khan on Wednesday directed Pakistani embassies around the globe to give special treatment to the Pakistani diaspora and resolve their problems on a priority basis.
Govt seeks easing of conditions; Tarin urges IMF to give ‘us some space’
Finance Minister Shaukat Tarin said on Wednesday that Pakistan will not leave the International Monetary Fund (IMF) program rather will try to convince them that there is no space for increase in power tariff and taxes as people are now tired.
Auction Result: SBP Sells T-Bills worth Rs.617.86 Billion
The State Bank fo Pakistan(SBP) conducted an auction on Wednesday in which it sold Market Treasury Bills (MTBs) worth Rs.617.86 billion for 3, 6 and 12 months. Auction target was Rs.500.00 billion against a maturing amount of Rs.315.00 billion. Cut off yield for 3, 6 and 12 months were 7.3497, 7.5501 and 7.69 percent.
Jul-Apr trade deficit widens by 21.60pc YoY
The country’s trade deficit widened by 21.60 percent to $23.825 billion in July-April 2020-21 compared to $19.593 billion in July-April 2019-20, says the Pakistan Bureau of Statistics (PBS).
External debt servicing to stay above $10bn next fiscal
The country’s external debt servicing will remain over $10 billion a year for the next two years, as the government weighs its debt-related foreign inflows position to meet the mounting foreign obligations that keeps it dependent on global lenders.
Govt hints at taking over KE
The Federal Government on Wednesday hinted at taking over K-Electric (KE) as disputes are not inching towards any resolution due to rigid stance of the two protagonists, well informed sources told Business Recorder.
Govt yet to comply with some commitments
The government has yet to fully comply with some of the commitments made to the International Monetary Fund (IMF) on power sector reforms, tariff increase and amendments in the Nepra Act prior to the sixth review due in June 2021.
-Word of the Day-
A loophole allows a person or business to avoid the scope of a law or restriction without directly violating the law.