The Pakistan Stock Exchange on Tuesday endured a range bound session despite a host of positive triggers, but cherry-picking pushed the KSE-100 index up by 186 points. A surge in workers’ remittances to an all-time high of $2.8 billion in April 2021 failed to encourage market participants to take fresh positions.
KASB Market View
The addition of TRG and LUCK to the MSCI small-cap and standard index, respectively, is expected to increase the market’s sentiments particularly in the 2 mentioned stocks. We are likely to witness renewed interest in energy stocks on the approval of the circular debt transaction. A close observation on COVID-19 cases is expected to set the direction of the broader market. We continue recommend building positions in cyclical stocks including cements and automobiles.
KSA to revive deferred oil facility: Fawad
ISLAMABAD: Saudi Arabia has agreed in principle for resumption of oil facility on deferred payments to the tune of around $3 billion per annum basis for an extended period. The exact modalities will be finalized soon. During the recent visit of Prime Minister Imran Khan to Saudi Arabia, Pakistan had made a fresh request for resumption of the Saudi Oil Facility (SOF) on deferred payments for an extended period.
FY22 budget to be aimed at boosting agri output: govt
ISLAMABAD: The government said on Tuesday that the agriculture ministry is bringing a new proposal in the upcoming budget to spend Rs110 billion in the next three years in the farm sector that would bring about a revolution in the agriculture sector.
Govt mulls setting up food authority to check inflation
ISLAMABAD: In the wake of rising food inflation in the country, the government is contemplating different options including the establishment of the Pakistan Food Authority (PFA) replicating the models of USA, UK, Australia, and India.
Tarin seeks time to present budget
The continual rolling of heads at the Ministry of Finance has started to affect its operation as newly appointed Minister for Finance Shaukat Tarin has sought more time from the National Assembly speaker for presenting the annual budget for fiscal year 2021-22. According to sources, the speaker’s chamber had contacted Tarin and consulted with him with regard to summoning the budget session. Tarin, however, told the office that he has just taken charge of the ministry and will need some more time to prepare the annual budget.
CCoP to take up 2-point agenda today
ISLAMABAD: The government has decided in principle to appoint experts from the private sector to oversee the management of power distribution companies (Discos) in a bid to increase their efficiency. However, the Cabinet Committee on Privatization (CCoP) will take a final decision in this regard in its meeting scheduled for today [Wednesday] at 12 noon.
Privatisation committee reconsiders govt divestment from OGDCL, PPL
ISLAMABAD: The Cabinet Committee on Privatization (CCOP) is facing a challenge on Wednesday to decide on a long-pending divestment from PPL and OGDCL, as investor appetite has been redirected to attractive valuation amid downbeat exploration and production sector.
Tareen, loyalists form group in NA, Punjab assembly
LAHORE: Jehangir Khan Tareen, once a close friend to Prime Minister Imran Khan, on Tuesday formalised the split in the ruling Pakistan Tehreek-i-Insaf, when he announced parliamentary leaders of “his group” — both in the National and the Punjab assemblies.
Wyeth Pakistan announces share buyback
KARACHI: Wyeth Pakistan Ltd, a listed company on the pharmaceutical sector, informed the Pakistan Stock Exchange on Tuesday that the parent company, Wyeth LLC, USA resolved to consider purchase of shares from all minority security holders in order to increase its ownership and de-list the company.
Remittances rise to an all-time high of $2.8bn in April
Remittances by overseas Pakistani continued to surge, rising to an all-time high of $2.8 billion in April, 56 per cent higher than a year ago, the State Bank of Pakistan (SBP) said on Tuesday.
ECC expected to approve Ehsaas-II launch
ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet is expected to approve on Wednesday launch of the second phase of Ehsaas emergency cash program and exemption from minimum turnover tax under special economic zones 2012.
ECC to take up 9 proposals of ministries, divisions today
ISLAMABAD: A meeting of Economic Coordination Committee (ECC) of the Cabinet being held Wednesday (May 19) will take up as many as nine proposals of various ministries and divisions, including the request for approval of gas allocation to third parties from well-NF HOR-1.
FBR Given Tax Collection Target of Rs. 357 Billion for May 2021
The Minister for Finance, Shaukat Tarin, has assigned a revenue collection target of Rs. 357 billion for May 2021 to the Federal Board of Revenue (FBR). Highly-placed officials told Propakistani that the tax-collecting machinery has collected a revenue of around Rs. 100 billion so far. The tax authorities are confident of meeting the assigned revenue collection target of Rs. 357 billion for May 2021.
Census-2017 puts country’s population at 207.68m
ISLAMABAD: The Pakistan Bureau of Statistics (PBS) Tuesday released final results of sixth Population and Housing Census-2017, showing that Pakistan’s population is 207.68 million (with -0.043 percent difference with provisional results) and population growth rate of 2.40 percent from 1998 to 2017 with 106.3 million males and 101.3 million females.
CCoP to examine PC’s proposal on Discos
ISLAMABAD: The Cabinet Committee on Privatization (CCoP), which is scheduled to meet on Wednesday (today), will consider a proposal of Privatization Commission (PC) to give five Discos on a ten-year Concession Agreement (CAs) and five Discos on the basis of Management Contracts.
ECC all set to consider KE-public sector entities AA
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet is all set to consider draft Arbitration Agreement (AA) between Karachi Electric (KE) and other public sector entities, as things are moving expeditiously after the visit of Prime Minister to Saudi Arabia.
New rate of profit on National Saving Schemes
ISLAMABAD: The government has announced new rate of profit on National Saving Schemes with effect from May 10, 2021. According to notifications of Finance Ministry, profit rate on Shuhada Welfare Account and pensioners benefit accounts has been announced at 11.04% per annum.