【Daily】15 June Brief of Pak BizNews
KSE 100 48,726.08 ▲ 0.87%
KASB Tech Index 433.05 ▲ 0.33%
Bullish activity dominated trading at the Pakistan Stock Exchange (PSX) on Monday as widespread uncertainty, which enveloped the market before budget announcement, vanished gradually and a clear economic picture emerged. The movement of benchmark KSE-100 index displayed a much stable upward march, which reflected the confidence gained by investors after Finance Minister Shaukat Tarin unveiled the federal budget on Friday.
KASB Market View
The Budget unveiled came in line with industry expectations of a pro-growth stance, proposing several measures to support industrial growth. With a reduction in capital gains tax, we expect the market to rally considerably during the next week. Sectors likely to rally include cyclical stocks including cements and automobiles. Moreover, the refinery sector may also find support after its tax incentives was officially proposed.
CPEC economic growth; Rs10bn allocated for special initiatives
LAHORE: The Punjab government is committed to expanding economic cooperation with China under CPEC and allocated funds amounting to Rs 10 billion for special initiatives for CPEC Economic Growth in ADP 2021-22. From the inception of CPEC, Punjab province has seen a rise in Chinese corporation and companies working in various businesses and projects in public and as well as in the private sector.
Petrol price likely to be hiked by Rs4.20 per litre
The Oil and Gas Regulatory Authority (Ogra) has recommended a hike in the price of petrol by Rs4.20 per litre to the federal government in line with fluctuation in global oil prices. The new price, if approved, will come into effect from Wednesday (Jun 16). However, the price of high-speed diesel (HSD) may go down by Rs3.50 per litre.
ST on two petroleum products reduced
ISLAMABAD: The Federal Board of Revenue (FBR) has reduced sales tax on two petroleum products, effective from June 1, 2021, to keep prices of the petroleum products unchanged during June. The FBR has amended SRO 57(I)/2016 (sales tax on petroleum products) through a notification SRO 750(1)/2021, issued on Monday.
Oil refineries term four clauses of budget ‘counterproductive’
ISLAMABAD: The country’s oil refineries have termed four clauses of the federal budget 2021-22 as counterproductive, including imposition of 2.5 percent customs duty on crude oil.
Rs18 billion USF budget for FY 2021-22 approved
The Universal Service Fund (USF) Board has approved four projects worth approximately Rs2.14 billion to provide high speed internet to approximately 2.2 million people in the under-served and un-served areas of Punjab and Khyber Pakhtunkhwa (KP) provinces.
Citi Pharma IPO's book building from today
KARACHI: Citi Pharma IPO's book building phase will be held on June 15 and 16, 2021 where high net worth individuals and institutional investors will subscribe to 75 percent of the issue size (54.5 million shares). The book building will start at the floor price of Rs 28 per share, including premium of Rs 18 per share. Based on the interest from investors during the book building process, the strike price can rise by 40 per cent (Rs 39.20 a share), thus helping the company collect Rs 2.8 billion.
Leather garments exports increase by 7.41pc
Leather Garments exports during first ten months of FY 2020-21 grew by 7.41 per cent as compared to the exports of the corresponding period of last year. During the period from July-April 20-21, Leather Garments worth US$ 238,924 thousand exported as compared to worth US$ 222,445 thousand of same period of last year.
Budget upsets textile exporters for not including zero rated regime
KARACHI: The value-added textile exporters on Monday expressed dissatisfaction at Federal Budget 2021-22 for not giving enough relief as it did not incorporate proposals for restoring zero rating of GST, reducing withholding tax rate to 0.5 percent and suspending EDF surcharge.
SBP proposes framework to facilitate exporters
The State Bank of Pakistan (SBP) has proposed a framework for facilitating Pakistani exporters to sell their products through international digital marketplaces.
In a press release issued on Monday, the central bank said it had proposed changes in its regulatory instructions for exporting goods from Pakistan with the agenda of modernising foreign exchange regulations.
SBP says Islamic banking lacks uniform practices
KARACHI: The State Bank of Pakistan (SBP) on Monday issued new instructions to enhance the stability and soundness of Islamic banking institutions (IBIs) that it said are lacking uniform practices.
Sindh allows businesses to operate six days a week as Covid cases drop
The Sindh government on Monday allowed the resumption of business activities in the province for six days a week, following the National Command and Operation Centre’s (NCOC) decision in this regard.
BUDGET 2021-22: Punjab doles out massive uplift funds for PTI legislators
LAHORE: The Usman Buzdar government on Monday rolled out its Rs2,232.7 billion fiscally expansionary, growth budget for the next financial year that doles out massive funds for the Pakistan Tehreek-i-Insaf legislators for execution of development projects in their constituencies under the district development package, proposes launching of a universal health insurance scheme and implementation of infrastructure projects across Punjab.
NPMC directed for proactive strategy to reduce price disparity
ISLAMABAD: Finance Minister Shaukat Tarin on Monday directed the National Price Monitoring Committee (NPMC) to adopt a comprehensive and pro-active strategy to minimise the gap of prices between grower and retailers.
Charges of concealment of income: IR officers empowered to arrest any person
The Inland Revenue officers have been empowered to arrest any person on the charges of concealment of income. Through the Finance Bill 2021, the FBR has proposed Section 203A (Power to arrest and prosecute) in the Income Tax Ordinance, 2001. Tax experts told Business Recorder that the FBR could not arrest or prosecute the taxpayers, who had availed the tax amnesty schemes in the past.
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