【Daily】12 July Brief of Pakistan BizNews
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-Daily Market- |
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KSE 100 47,563.45 ▼ 1.03%
While the market staged a rally on Thursday post the influx of liquidity from key institutions, its momentum largely diminished the following day as the KSE-100 index lost nearly 500pts (-1.03%). This has been the story of Pakistan’s market for the past month as the index has been stuck around the 48k mark. We think investors are yet to identify upside triggers that can propel the market to newer highs.
KASB Market View Majority of the market’s focus will be on the upcoming result season, which is likely to reflect the sharp economic recovery and the prevalent commodity super-cycle. Recent trends compel us to recommend the automobile sector post the reduction in vehicle prices in a low interest rate environment. Moreover, the IPPs sector may also garner investors’ attention on expectations of high payouts following the clearance of the sector’s PKR 90bn overdue balance.
National News
Gas sector circular debt crosses Rs532bn The circular debt in the gas sector has grown to more than Rs532 billion as the twin Sui companies fail to make payments to their suppliers on account of poor cash flows. https://www.dawn.com/news/1634241/gas-sector-circular-debt-crosses-rs532bn
Investment by Islamic banking industry rises by 23pc The Islamic Banking Industry (IBI) invested 23 per cent more than the deposit growth during Jan-March 2021 (3QFY21) indicating the presence of large liquidity, the State Bank of Pakistan (SBP) said on Friday. https://www.dawn.com/news/1634239/investment-by-islamic-banking-industry-rises-by-23pc
Hascol appoints foreign experts for restructuring plan Oil company Hascol has hired a team of global professional services provider Alvarez & Marsal Europe LLP to overcome financial issues as it is engaged in tracing back possible false purchase entries in its balance sheet, it was learnt on Friday.
Oil production jumps 24pc in FY21 Pakistan’s oil production swelled by 24 per cent in FY21 while the gas output shrank by 2pc during the year. Despite drop in production from Makhori Deep by 37pc and 14pc in Mardankhel, the total oil production during FY21 soared to 75,575 barrels per day (bpd) from 60,993bpd in FY20 while gas production slightly fell to 3,511mmcfd from 3,589mmcfd in FY20. https://www.dawn.com/news/1634237/oil-production-jumps-24pc-in-fy21 Agreements with Railways to be reviewed: PSO The Pakistan State Oil (PSO) on Friday announced that it will conduct a critical review with regard to its multiple agreements with Pakistan Railways (PR). https://www.dawn.com/news/1634235/agreements-with-railways-to-be-reviewed-pso
NTDC carrying out work on CASA-1000 Project In pursuit of early completion of the project, the National Transmission and Despatch Company Limited (NTDC) has set up its Chief Engineer Camp Office at 500 KV HVDC Converter Station site in Nowshera along with Grounding Electrode for CASA-1000 Power Project near Azakhel Bala, Nowshera.
‘EOIs for Pakistan Steel to be invited soon’ The government will soon invite expression of interest (EOIs) related to sale of core operating assets to the private sector, privatisation minister said on Friday.
‘Work on 4 SEZs fast-tracked’ Working on four special economic zones (SEZs) of nine envisaged under the China-Pakistan Economic Corridor (CPEC) has been fast-tracked, Asim Bajwa, chairman of CPEC Authority said.
2,504 firms registered in June: SECP The Securities and Exchange Commission of Pakistan (SECP) registered 2,504 new companies in June, indicating a growth of 63 per cent as compared to corresponding period last year. https://www.dawn.com/news/1634236/2504-firms-registered-in-june-secp
Sale of POL products: Ogra asked to ensure ‘comprehensive’ monitoring system The Cabinet Committee on Energy (CCoE) has directed Oil and Gas Regulatory Authority (Ogra) to establish a comprehensive monitoring system of sale of petroleum products down to the retail level to ensure accountability, well-informed sources told Business Recorder.
FBR holds tax concession for overseas Pakistanis It has been revealed that the Federal Board of Revenue (FBR) is not giving the facility of duty and tax credit on mobile phones and other imported items to the overseas Pakistanis holding Foreign Exchange Remittance Card. https://tribune.com.pk/story/2309699/fbr-holds-tax-concession-for-overseas-pakistanis
Pakistan mulls options in Reko Diq case Despite the rejection of its plea on corruption charges, Pakistan has various options to deal with the Reko Diq case, wherein the country is facing a massive penalty of $6 billion. https://tribune.com.pk/story/2309792/pakistan-mulls-options-in-reko-diq-case
Systems Limited launches Studio 77 Systems Limited is ready to explore a new approach to design as it reimagines its creative workspace, Studio 77 the company's centre of creative excellence where human-centrism meets cutting-edge technology to bring breakthrough ideas to life. At Studio 77, the team re-thinks design processes, pushes the boundaries of technology, and innovates to create user experiences that align with the behaviours, expectations, and perspectives of the customers. https://www.brecorder.com/news/40106567/systems-limited-launches-studio-77 |
Daily Change: 1-Day Change
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Gold: |
USD 1,807.13 ▼ 0.16% |
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Silver: |
USD 26.16 ▲ 0.14% |
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️Crude Oil |
USD 75.59 ▲ 0.11% |
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USD-PKR: |
Rs 159.15/USD ▲ 0.25% |
