The previous week saw the market register record-high volumes on two consecutive trading sessions. Moreover, the index also managed to break past the 47k level after a period of nearly 4 years. Positive news on the economic front in tandem with declining infection rates of the pandemic likely led the way from the rally. Index-heavyweights led the chart with E&Ps and Commercial banks taking center-stage.
KASB Market View
Expectations of the upcoming federal budget will likely dictate the index’s momentum in the coming trading sessions. A growth-centric projection will likely pave way for cyclical stocks to outperform including cements, steels, OMCs and automobiles. Additionally, strong economic indicators may further push commercial banks on expectation of provision reversals. Moreover, progress on the circular debt front may allow the energy chain’s exuberance to continue, onwards.
SBP leaves interest rate unchanged at 7pc
The State Bank of Pakistan (SBP) on Friday kept the policy interest rate unchanged at 7 per cent for the fifth time during last 10 months seeing the demand-side pressures on inflation continuing to be relatively contained while it noted there is still some spare capacity for the growth of the economy.
In a first, Rs4.143tr revenue collected in 11 months
Pakistan’s top tax machinery on Saturday claimed to have crossed Rs4.143 trillion in 11 months of the current fiscal year against Rs3.536tr collected over the corresponding months of last year indicating a revival of economic activities in the country.
In budget, Biden administration seeks economic support for Pakistan
In its first budget, for fiscal year 2022, the Biden administration also seeks money for providing economic and social support to Pakistan and for training Pakistani military personnel.
CDWP approves 15 projects worth Rs169bn
The Central Development Working Party (CDWP) has cleared 15 projects worth Rs169.2 billion related to transport, communication and construction sectors.
OMCs reluctant to uplift furnace oil
Once again an oil crisis is looming in the country due to low uplift of furnace oil by oil marketing companies (OMCs), which has forced refineries to cut production.
PSDP set at Rs900bn to achieve 4.8pc GDP
The Annual Plan Coordination Committee (APCC) on Friday finalised Rs900 billion worth of Public Sector Development Programme (PSDP) to achieve an economic growth rate of 4.8 per cent in the next fiscal year (2021-22).
Targeted subsidy for electricity consumers: Govt will have to seek IMF waiver on structural benchmark
The government will have to seek a waiver from the IMF on structural benchmark if Islamabad fails to place targeted subsidy for electricity consumers in the budget 2021-22.
Govt to allocate Rs55b for CPEC
The government has proposed an allocation of Rs55 billion for the China-Pakistan Economic Corridor (CPEC) projects in the next budget, which does not match with the needs to finance a portfolio of Rs1.6 trillion.
Govt is focused on incentivising investment: PM
Prime Minister Imran Khan on Friday said his government was focused on incentivizing investment and making the country an attractive destination for investors.
PPL declares exemption of Sui mining lease area
Pakistan Petroleum Limited (PPL) has announced that the Sui mining lease area has been exempted by the Government of Pakistan from the application of Rule 34 of the Pakistan Petroleum (Production) Rules, 1949, to the extent that the Company has been allowed to continue production from the Sui mining lease for a further period of one year with effect from June 01, 2021.
Direct listing of companies at PSX: SECP approves framework
In continuation of its efforts for creating an enabling eco-system to improve capital formation in the country, the Securities and Exchange Commission of Pakistan (SECP), in coordination with Pakistan Stock Exchange (PSX), has approved framework for Direct Listing of companies at PSX.
Jul ’18 to Dec ’20: Public debt rose by Rs12.5trn, Tarin tells Senate
Pakistan’s total public debt increased by Rs 12.5 trillion from July 2018 to December 2020, Finance Minister Shaukat Tarin informed the Senate in a written reply Friday.
Country witnesses record production of wheat: minister
Federal Minister for National Food Security and Research, Fakhar Imam, Saturday said the country has witnessed record production of wheat, rice, maize, onion, and pulses this year.
Balochistan scrutinising proposal on Reko Diq development
The Baluchistan government is scrutinizing a proposal submitted by a local consortium for development of Reko Diq, a copper and gold mine in Baluchistan, an official of Baluchistan government, on condition of anonymity told Business Recorder.
Rs25k, Rs40k bonds can now be redeemed by Sept 30
The federal finance ministry has extended last date for encashment, conversion and redemption of prize bonds of denomination of Rs25,000 and Rs40,000 until Sept 30, 2021.
28pc growth in lending through credit cards
Banks advances via credit cards swelled by 28 per cent to Rs53 billion in April from Rs42bn in the same month a year ago, latest data released by the State Bank of Pakistan (SBP) showed on Saturday.
AKD buys BIPL Securities for Rs663m
Bank Islami Pakistan has sold its 100 per cent shareholding in its subsidiary BIPL Securities to AKD Securities at a price of Rs8.6 per share, according to the information disclosed through a recent bourse filing.