The stock market extended its fall on Wednesday in the absence of positive cues, though the pace of decline slowed down from the previous day. In the morning, the benchmark KSE-100 index opened in the green, however, as an uneasy calm prevailed in the market, the index succumbed to selling pressure from exploration and production, bank and cement sectors. A lack of positive triggers kept investors cautious throughout the trading session.
KASB Market View
Going forward we believe the direction of cases & successful implementation of SOPs will guide the market sentiment. Otherwise, positivity would be short lived as earnings season conclude this week. We expect flattish trend for the week to continue as investors reassess their portfolios in response to earnings season.
Tarin defers decision on IPP payments, LNG subsidy
In his maiden meeting of the Economic Coordination Committee (ECC) of the cabinet, Finance Minister Shaukat Tarin deferred taking a decision on two crucial agenda items — payments to independent power producers (IPPs) and how to go ahead with subsidy on LNG supplies to export industries.
ADB projects 2pc growth, 8.7pc inflation
The Asian Development Bank (ADB), while projecting slower growth for agriculture sector of Pakistan, has forecast GDP growth rate at two percent and inflation at 8.7 percent for the fiscal year 2021.
Govt introduces Rs1.24tn stimulus package for SMEs to shield against insolvency
Federal Minister for Finance and Revenue Shaukat Tarin has said that the government has introduced the largest-ever economic stimulus package of Rs1.24 trillion for Small & Medium Enterprises (SME) to shield them against insolvency during the COVID-19 pandemic.
Over 200 Covid-19 deaths in a day
Pakistan Wednesday recorded 201 coronavirus deaths, which is the highest single day coronavirus toll, the National Command and Operation Centre (NCOC) said. The highest number of corona fatalities previously in Pakistan was recorded on April 24, 2021, when 157 people have died of the deadly virus.
Nepra approves Rs0.68 cut in Discos’ tariffs for March
The National Electric Power Regulatory Authority (Nepra) Wednesday approved a reduction of up to Rs 0.68 per unit in tariffs of Distribution Companies (Discos) for March 2021, under monthly fuel price adjustment formula.
Energy Relief Package Boosts Industrial Power Consumption by 15%
The industrial consumption of power during March 2021 had increased by 15 percent year-over-year as compared to that in March 2019.
Matiari-Lahore Transmission Line Project; PMLTC-PPIB- NTDC agreement amended
Chinese company M/s PMLTC, Private Power & Infrastructure Board (PPIB) and National Transmission and Dispatch Company (NTDC) on Wednesday signed an amendment to the Implementation Agreement (IA) for ±660 kV HVDC Matiari – Lahore Transmission Line Project.
Pakistan is Getting Huawei and DFSK’s Premium Hybrid SUV
Prince DFSK revealed on its official Facebook page yesterday that another new SUV is being co-developed by DFSK and Huawei, and it could be “hitting the roads of Pakistan Soon”.
PM asks for formula to retire circular debt
Prime Minister Imran Khan on Tuesday asked the finance and power ministries to sit together and devise a formula to retire the mammoth Rs900 billion circular debt in the power sector without putting any additional burden on electricity consumers.
-Word of the Day-
Monetary policy, the demand side of economic policy, refers to the actions undertaken by a nation’s central bank to control money supply and achieve macroeconomic goals that promote sustainable economic growth.