The stock market remained on an uptrend on Wednesday and marked the end of fiscal year 2020-21 with a modest advance of over 200 points to above 47,350. The approval of federal budget 2021-22 by parliament on Tuesday lent support to the uptrend. Overall, market players were optimistic as they anticipated that the positive momentum would continue in the new financial year.
KASB Market View
We think that economic numbers would dictate the direction of market now. These figures may raise questions over the government achieving its high growth target without instigating external account imbalances. Encouragingly, FBR has surpassed the revenue collection target for FY21 that bodes well for economy.
Auction Result: SBP Sells MTBs & PIBs worth Rs.943.39 Billion
The State Bank fo Pakistan (SBP) conducted an auction on Wednesday in which it sold Market Treasury Bills (MTBs) worth Rs.821.45 billion for 3 and 6 months. Auction target was Rs.450.00 billion against a maturing amount of Rs.275.00 billion.
FBR surpasses FY2020-21 tax collection target
The Federal Board of Revenue (FBR) has surpassed the revenue collection target of Rs 4691 billion for the whole fiscal year of 2020-21 by amassing Rs 4725 billion during July-June current fiscal.
Prices of petroleum products raised
Federal government has raised the ex-depot prices of petroleum products up to 4.7 percent with effect from July 1. The new petrol price is Rs 112.69 per litre from Rs 110.69 per litre. The price of HSD is also increased by Rs 1.44 per litre. The rates of SKO is increased from Rs 81.89 per litre to Rs 85.75 per litre and LDO’s from Rs 79.68 per litre to Rs 83.40 per litre. Sources said that Oil & Gas Regulatory Authority (Ogra), in its summary to the Petroleum Division, had sought increases in prices of petrol by Rs6 and HSD by Rs 3 per litre.
SSGC to resume normal supply as KPD starts providing 100mmcfd of gas
With the completion of the annual turnaround of the upstream Kunnar-Pasakhi Deep (KPD) gas field, SSGC will now be in a position to resume its normal supply to its customers. Now back online, KPD is currently providing 100 mmcfd to SSGC and would gradually ramp up its volume till 7th of July when it would start supplying the full quantum of the normal 177 mmcfd gas.
Industrialists to observe one gas holiday a week
Industrialists of Karachi have decided under a joint strategy with the SSGC to deal with the gas crisis that the all seven industrial zones will not use gas in their factories one-day a week as a gas holiday, while industries will get gas with full pressure for 6 days so that the shortage of gas can be overcome and industrial production activities can continue unabated.
IPPs of Power Policy 2002; NAB allows Power Division to process payments
National Accountability Bureau (NAB) has reportedly allowed Power Division to process payments of Independent Power Producers (IPPs) of Power Policy 2002 as per the revised contracts, well-informed sources told Business Recorder.
CCoE to take stock of power situation today
The country is facing outages of 6-18 hours due to shortfall of about 7500 MW in electricity generation and demand as neither the required RLNG is available nor are there sufficient water releases from Tarbela.
NHP arrears: Wapda refuses to raise loan
Water and Power Development Authority (Wapda) has reportedly refused to raise a loan of Rs 25 billion to pay arrears of Net Hydel Profit (NHP) to provinces, saying that any such decision would aggravate its liquidity crisis further, sources close to Secretary Ministry of Water Resources told Business Recorder.
IMC launches Toyota Hilux Revo 2021; Overseas Pakistanis can purchase under ‘Roshan Apni Car’ scheme
Indus Motor Company (IMC) on Wednesday announced the launch of Toyota Hilux Revo 2021, which can be purchased under the government’s “Roshan Apni Car” scheme by overseas Pakistanis through the “Toyota Smart Purchase” online portal.
Release of Rs8bn under DLTL to start from tomorrow: Dawood
Adviser to the PM on Commerce, Textiles and Investment, Abdul Razak Dawood has said that Rs8 billion under Drawback of Local Taxes and Levies (DLTL) schemes will be transferred starting from tomorrow (July 2).