Pakistan Stocks extended fall today with selling witnessed across the board as fears of possible coronavirus-related lockdowns in Pakistan’s biggest cities, as hinted by National Command and Operation Centre (NCOC) Chairman Asad Umar, cast doubts over the prospects of an economic recovery.
Refinery stocks opened positive after news reports that the Ministry of Energy (MoE) is likely to submit new refinery policy to the Economic Coordination Committee (ECC) of the Cabinet next week. However, the gains were short-lived and selling pressure dragged refinery stocks down.
KASB Market View
Going forward the direction of the market will be defined by the decision of the National Command and Operation Centre on the extent and nature of the lockdown.
NCC may consider imposing further curbs today
Prime Minister Imran Khan has convened a meeting of the National Coordination Committee on Covid-19 on Friday (today) to review the pandemic situation and devise a future strategy as over 5,800 persons tested positive for the contagious virus and 98 lost their lives over the past 24 hours.
PM directs EAC against imposing more taxes
Prime Minister Imran Khan on Thursday chaired a meeting of the Economic Advisory Council (EAC) and directed them against overburdening the masses with more taxes.
SBP’s reserves down by $63m
The State Bank of Pakistan’s foreign exchange reserves decreased by $ 63 million during last week due to external debt repayment.
Waves Singer acquires Samin Textile
Haroon Ahmed Khan, chief executive officer (CEO) of Waves Singer Pakistan, has bought the bankrupt Samin Textiles to turn it around into a large retail company with a strong e-commerce platform through an initial injection of Rs250 million.
KE, public sector entities: Arbitration agreement sent to ECC
Privatization Commission (PC) has reportedly sent the much-deliberated draft Arbitration Agreement (AA) between Karachi Electric (KE) and public sector entities to the Economic Coordination Committee (ECC) for approval, after Power Division raised questions on the principle of “fairness and equity” supported by Petroleum Division.
Nepra maintains KE’s exclusivity till licence expiry
National Electric Power Regulatory Authority (Nepra) has maintained exclusivity of Karachi-Electric (KE) till expiry of its distribution license on July 2, 2023 with some conditionality.
New national electricity plan 2021 approved
The government on Thursday approved a new national electricity plan 2021 and Indicative generation capacity expansion plan (IGCEP) for the next 10 years after abandoning its earlier plan for the next 27 years.
Govt preparing to impose further burden on power consumers
The government has started preparations to impose a further burden of over Rs 1000 billion on consumers through increase in tariffs of Distribution Companies (Discos) in the name of annual adjustment/indexation of distribution margin for FY 2020-21 along with prior year adjustments.
Duty-free car import: FBR changes definition of word ‘tourists’
The Federal Board of Revenue (FBR) has changed the definition of ‘tourists’ for allowing temporary import of vehicles by tourists without payment of duties and taxes for a period of six months.
Government borrows Rs1.8trn from banks in July-April
The government borrowing from the banking sector rose 1.78 percent in more than nine months of this fiscal year mainly due to the financing of the budget deficit.
WB projects around 34pc fall in cotton output
The World Bank has projected around 34 percent decline in Pakistan’s cotton production and estimated at 8.9 million bales for 2020-21 compared to 13.2 million bales in 2019-20.
China agrees to open Khunjerab border for trade
Following Pakistan’s persistent requests, China has agreed to open Khunjerab border for trade but with stiff conditions in view of the Covid-19 situation.
-Word of the Day-
Blue chip, meaning “a stock issue of high investment quality that usually pertains to a substantial, well-established company,” was first noted in the late 19th century. From this meaning extended senses developed, such that blue chip applies to a consistently successful and profitable venture or enterprise, an outstandingly worthwhile and valuable property or asset, and an athlete rated as excellent or as an excellent prospect