Bulls dominated trading at the Pakistan Stock Exchange (PSX) during the first trading session on Monday after the week-long Eid holidays amid renewed optimism. Market players took cue from a host of positive developments during the week. Investor sentiment, which kept on fluctuating on the last trading day (May 6) before the long break, settled down due to clarity on the economic front.
KASB Market View
The addition of TRG and LUCK to the MSCI small-cap and standard index, respectively, is expected to increase the market’s sentiments particularly in the 2 mentioned stocks. We are likely to witness renewed interest in energy stocks on the approval of the circular debt transaction. A close observation on COVID-19 cases is expected to set the direction of the broader market. We continue recommend building positions in cyclical stocks including cements and automobiles.
State of economy; ‘All is well’, PM told
ISLAMABAD: The economic team has reportedly briefed Prime Minister Imran Khan about the overall economic situation in the country, and stated that despite the corona pandemic, economic indicators are positive with exports and remittances showing a steady increase. A meeting of the party leaders and government spokespersons presided over by the prime minister was reportedly briefed, on Monday, on the economic situation with the apparent target to defend the government policies against opposition criticism.
Govt to unveil Rs110bn farm package in budget
ISLAMABAD: With the next general elections in mind, the PTI government will introduce an agriculture reform package worth Rs110 billion in the upcoming budget, besides increasing lending by almost 80 per cent to Rs2.7 trillion to substantially enhance crops’ output and farmers’ income within three years.
Cabinet likely to discuss energy issues today
SLAMABAD: The Federal Cabinet, which is scheduled to meet on Tuesday (today), is likely to approve payment of Rs 90 billion (40 percent of total payment agreed) to 35 Independent Power Producers (IPPs). The Economic Coordination Committee (ECC) of the Cabinet, in its meeting held on May 5, 2021 approved the summary of the Power Division. The decision of the ECC will be ratified on Tuesday (today).
Latest petrol price: Rates to remain unchanged in May
The price of petroleum products will remain the same in Pakistan for May, State Minister for Information and Broadcasting Farrukh Habib announced Monday. “The petroleum products price will remain the same till May 31,” the state minister said, adding Prime Minister Imran Khan had decided not to burden the people despite increasing rates in the international market.
Foreign exchange: SBP reserves rise $177m to $15.8b
The foreign exchange reserves held by the central bank rose 1.13% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Monday. On May 7, the foreign currency reserves held by the SBP were recorded at $15,774.5 million, up $177 million compared with $15,597.9 million in the previous week.
Ecnec reconstituted; Tarin replaces Hafeez as chairman
ISLAMABAD: The government has reconstituted the Executive Committee of the National Economic Council (Ecnec) and Finance Minister Shaukat Tarin has replaced former finance minister Dr Hafeez Shaikh as chairman of the council. A notification said that the prime minister has been pleased to re-constitute the Ecnec.
Active coronavirus cases down by 25pc
ISLAMABAD: While number of active cases of Covid-19 decreased by 25 per cent, the National Command and Operation Centre (NCOC) on Monday decided to continue ban on tourism till further orders. According to data, there were 68,223 active cases as of May 17, which was around 25pc fewer as the number had surpassed the 90,000 mark by the end of last month.
Oil extends gains on optimism over U.S., European reopenings
TOKYO (Reuters) – Oil prices climbed on Tuesday, extending gains from the previous day, as optimism over the reopenings of the U.S. and European economies outweighed fears of slower fuel demand in Asia due to surging COVID-19 cases and a new wave of restrictions.
Brent crude oil futures were up 20 cents, or 0.3%, at $69.66 a barrel by 0231 GMT, while West Texas Intermediate (WTI) was up 19 cents, or 0.3%, at $66.46 a barrel.
Hyundai Nishat Will Not Launch a Small Car in Pakistan
The Pakistani industry market has had a major paradigm shift over the last couple of years with several new products and players. Consequently, the SUV segment has flourished the most with more than half a dozen new SUVs introduced last year.
Businesses to remain shut on Saturdays, Sundays
KARACHI: After a span of nine days, public transport and business activities have been resumed with strict adherence to COVID-19 standard operating procedures (SOPs) in Sindh, Aaj News reported.
Climate change to have serious effects on agri sector: ADB
ISLAMABAD: Climate change will have serious direct and indirect effects on the agriculture sector of Pakistan, said the Asian Development Bank (ADB) in its report titled, “Climate Risk Country Profile Pakistan”, released here on Monday.