【Daily】6 July Brief of Pakistan BizNews
KSE 100 47,429.12 ▼ 0.54%
KASB Tech Index 444.08 ▼ 0.87%
The Pakistan Stock Exchange (PSX) began the week on a bearish note with the benchmark KSE-100 index shedding over 250 points as the market reacted to repercussions of economic and political uncertainty.
KASB Market View
We see the market grasping to realities of economic indicators going ahead. The kick off for the result season can bring in select surprises. That said, close watch on economic indicators remains as the current focus for the market as of now.
KSA, UAE five others commit cooperation
ISLAMABAD: Seven regional countries including Saudi Arabia, Kuwait, Oman, United Arab Emirates, Egypt, Kenya and Qatar on Monday expressed their commitment for cooperation on the development of Gwadar.
OICCI survey; Foreign investors pay over Rs1.4trn tax in 2020
KARACHI: The Overseas Investors Chamber of Commerce and Industry (OICCI), the chamber of over 200 leading foreign investors in Pakistan belonging to 35 countries, has released the consolidated financial contribution of its members for the year 2020 based on feedback from 170 members, 50 of whom are subsidiaries of Fortune 500 companies.
More incentives unveiled for marketing of remittances
KARACHI: In order to further encourage inflows of home remittances through formal channels, the federal government has announced some more incentives for marketing of home remittances for this fiscal year. Pakistan has received record high inflows of workers’ remittances during the first eleven months of the last fiscal year (FY21) driven by proactive policy measures by the federal government and the State Bank of Pakistan (SBP) SBP to incentivize the use of formal channels
Debt stocks reach historic high of Rs38trn
KARACHI: The country’s total debt (domestic and external) stocks reached historical level of Rs 37.99 trillion at the end of May 2021, mainly due to high fiscal imbalance.
Development projects, recurrent budget; Strategy for release of funds notified by MoF
ISLAMABAD: The Ministry of Finance (MoF), on Monday, notified the strategy for release of funds for development projects and recurrent budget for the financial year 2021-22. According to the Ministry of Finance’s notification, the Ministry of Planning, Development and Special Initiatives will release funds at the level of 20 percent for quarter 1, 30 percent each for quarter 2 and quarter 3, and 20 percent for quarter 4.
Covid-19 continues to pose economic challenge: ADB
ISLAMABAD: Continued efforts by the government of Pakistan toward fiscal consolidation and policy reforms will be key to sustaining improvements in macroeconomic stability, especially in broadening the tax base and improving the business environment, says the Asian Development Bank (ADB).
NCOC warns of strict lockdown
ISLAMABAD: The National Command and Operation Centre (NCOC), on Monday, threatened to impose strict lockdown, if people did not take precautions against the virus. The NCOC expressed grave concern over the rising cases due to violations of coronavirus-related standard operating procedures (SOPs) across the country.
‘100 percent’ RLNG supply restored: energy minister
ISLAMABAD: Minister for Energy, Hammad Azhar Monday said that forced loadshedding of electricity has been eliminated from Friday last (July 2, 2021). In a tweet, he said supply of gas to all the sectors along with pressure is also being restored from Monday whereas supply of RLNG has been restored 100 per cent.
SNGPL earns Rs5,998m PAT, declares 40pc cash dividend
LAHORE: SNGPL has earned profit after tax of Rs.5,998 million and EPS of Rs 9.46 as compared to profit after tax of Rs 7,076 million and EPS of Rs. 11.16 during the corresponding period of last year. Based on the declared profit, the Company has proposed a final cash dividend of 40 percent for FY 2019-20.
Ijarah Sukuks; Meezan Bank board approves Shariah structure
KARACHI: Meezan Bank’s Shariah Board has approved Shariah structure for issuance of new Government of Pakistan (GoP) Ijarah Sukuks, in its 51st Shariah Board meeting held at Dar-ul-Uloom, Korangi here.
Abolition of 12 WHTs to dent revenue by Rs15bln annually
ISLAMABAD: In a bid to provide relief to people, the government has abolished 12 Withholding Taxes (WHTs) through Finance Act 2021-22; however, this move is likely to cause Rs15 billion revenue loss annually, The News has learnt.
IT ministry to execute 17 new projects of Rs 7,050m
The Ministry of Information Technology and Telecom would execute 17 new schemes amounting to Rs 7,050 million during the current fiscal year. For new schemes, the government has allocated Rs 400 million in the Public Sector Development Programme (PSDP 2021-22) for establishment of IT park in Karachi, Rs. 365.528 million for hybrid power solution Solarization for remote sites in AJK, Rs. 365.528 million for hybrid power solution Solarization for remote sites in Gilgit Baltistan, Rs 160 million for national centers of Research innovation
MTR may be revised downward to Rs0.30/ minute from Oct 1: PTA
ISLAMABAD: The Pakistan Telecommunication Authority (PTA) has observed that Mobile Termination Rates (MTR) is higher in the country than the international benchmarking and may revise downward to Rs0.30 per minute from October 1, 2021 against the current Rs0.70 per minute, it has been learnt.
Milk price may go up by Rs20/litre in Karachi
KARACHI: The Karachi Dairy and Cattle Farmers Association have announced to increase milk prices by Rs20 per litre in the current month of July. President Dairy and Cattle Farmers Association, Shakir Umar Gujjar said the inflation has compelled them to jack up the milk prices.
TCP buys 100,000 tonnes of white sugar in tender
HAMBURG: Pakistan’s state trading agency TCP has purchased 100,000 tonnes of white sugar in a tender for the same volume which closed last week, European traders said on Monday.
Pak-Afghan trade; Deteriorating Afghan situation may have serious repercussions
ISLAMABAD: The increasingly deteriorating security situation in Afghanistan in wake of US forces withdrawal and the Taliban taking over district after district are expected to have serious repercussions on Pakistan-Afghanistan trade.
Oil Climbs Above $76 After OPEC+ Talks End Without Supply Deal
Brent oil was steady near $77 a barrel after OPEC+ ended days of talks without a deal to bring back more halted output next month, depriving the market of vital barrels as the global economic recovery gathers pace.
Commodities and Currency: 1-Day Change