The Pakistan Stock Exchange on Thursday experienced a turbulent session as the KSE-100 index traded on both sides of the fence and ended with a loss for the second consecutive day. Although the easing of Covid-related restrictions warranted higher economic activity, the rise in political noise in the country kept investor interest suppressed as an internal rift in the ruling party caused jitters.

KASB Market View

Easing COVID19 restrictions announced by NCOC is expected to bring some respite to investors on economic jitters. All eyes are now focused on developments around the budget. We continue to prefer cyclicals such as cements and autos.

National News

ECC meeting to take up 12-point agenda today

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet meeting today (Friday) would be taking up 12 points agenda including the Finance Division’s proposal to refinance and credit guarantee scheme for collateral free lending to Small and Medium Enterprises (SMEs).

https://epaper.brecorder.com/2021/05/21/3-page/886774-news.html

MPC meetings: State Bank introduces advance calendar

KARACHI: For the first time in the history, the State Bank of Pakistan (SBP) has introduced advance calendar of Monetary Policy Committee (MPC) meetings to enhance predictability and transparency. In taking this step, the SBP is following international best practices to manage expectations of economic agents, many central banks across the globe release the schedule of Monetary Policy Committee meetings in advance. This practice is consistent with the objective of reducing uncertainty around monetary policy decision making.

https://epaper.brecorder.com/2021/05/21/1-page/886750-news.html

ECs’ SLR requirement reduced

KARACHI: In order to facilitate Exchange Companies in managing their liquidity and enhance business profitability, the State Bank of Pakistan (SBP) has revised Statutory Liquidity Reserve (SLR) requirement of Exchange Companies downward.

https://epaper.brecorder.com/2021/05/21/1-page/886751-news.html

FBR decides to club all export promotion schemes

ISLAMABAD: In a new development to facilitate exporters, the Federal Board of Revenue (FBR) has decided to club all export promotion schemes including manufacturing bonds scheme, Duties and Tax Remission for Export (DTRE) scheme and Temporary Importation Scheme into a unified scheme from next fiscal year.

https://epaper.brecorder.com/2021/05/21/1-page/886745-news.html

MPC meeting on 28th: Policy rate may be kept unchanged

KARACHI: The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) is most likely to keep the policy rate unchanged at 7 percent for next two month.

https://epaper.brecorder.com/2021/05/21/7-page/886801-news.html

SMEs likely to get Rs60bn collateral-free lending

ISLAMABAD: State Bank of Pakistan (SBP) is likely to provide refinancing of Rs 60 billion to Small and Medium Enterprises (SMEs) in three years under refinance and credit guarantee scheme for collateral-free lending, sources in Finance Ministry told Business Recorder.

https://epaper.brecorder.com/2021/05/21/1-page/886749-news.html

Baqir tells PM how RDAs soared

ISLAMABAD: The State Bank of Pakistan (SBP) Governor, Raza Baqir Thursday called on Prime Minister Imran Khan and informed him subsequent to his visit to Saudi Arabia, a visible increase was seen in the use of Roshan Digital Accounts by Pakistanis residing there.

https://www.brecorder.com/news/40094114/baqir-tells-pm-how-rdas-soared

CDWP okays three uplift projects worth Rs55.5bn

ISLAMABAD: The Central Development Working Party (CDWP) on Thursday cleared three development projects worth Rs55.5 billion, including a Rs31.2bn information technology scheme for Karachi.

https://www.dawn.com/news/1624808/cdwp-okays-three-uplift-projects-worth-rs555bn

NCOC waives age limit for vaccination of travellers

ISLAMABAD: While the country reported over 4,200 cases of coronavirus on Thursday after a gap of 13 days, the National Command and Operation Centre (NCOC) waived the age limit for vaccination of those who intend to travel abroad.

https://www.dawn.com/news/1624789/ncoc-waives-age-limit-for-vaccination-of-travellers

Govt asked to allow private sector to import LNG

ISLAMABAD: The CNG industry has asked the government to allow liquefied natural gas (LNG) import by the private sector as 100mmcfd LNG import will lead to reduction in annual oil import bill by Rs80 billion.

https://www.dawn.com/news/1624804/govt-asked-to-allow-private-sector-to-import-lng

Countrywide Covid-19 positivity rate spikes again

ISLAMABAD: Covid-19 positivity rate has once again crossed eight percent level as the country over the past 24 hours conducted 51,130 tests, detected 4,207 cases with a positivity rate of 8.22 percent.

https://www.brecorder.com/news/40094018/countrywide-covid-19-positivity-rate-spikes-again

Israel agrees to ceasefire after 11-day destruction

A statement from Israeli Prime Minister Benjamin Netanyahu’s office said the security cabinet had “unanimously accepted the recommendations to accept an Egyptian initiative for an unconditional… ceasefire.”

https://www.brecorder.com/news/40093929/israel-agrees-to-ceasefire-after-11-day-destruction

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KASB Morning Shout May 21st, 2021

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