【Daily】14 July Brief of Pakistan BizNews
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KSE 100 47,480.49 ▲ 0.07% KASB Tech Index 457.08 ▲ 0.82%
Volatility struck the Pakistan Stock Exchange on Tuesday and the KSE-100 index experienced a roller coaster ride as investors remained concerned about rising Covid-19 cases. Resultantly, the market gained just 33 points in a range-bound session.
KASB Market View We see the market reacting to economic indicators going ahead. The kick off for the result season can bring in select surprises. 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. We have a liking for the automobile sector post the reduction in vehicle prices in a low interest rate environment.
National News Remittances soar to all-time high in FY21 KARACHI: The amount sent home by overseas Pakistanis in fiscal year 2020-21 registered the fastest growth in past 18 years and rose to an all-time high of $29.4 billion while playing a leading role in boosting country's foreign currency reserves and improving its capacity to make international payments for imports and foreign debt repayments. https://tribune.com.pk/story/2310273/remittances-soar-to-all-time-high-in-fy21
July-May 2020-21: Output of LSMI increases by 14.57pc ISLAMABAD: The overall output of Large Scale Manufacturing Industries (LSMI) increased by 14.57 percent for July-May 2020-21 compared to July-May 2019-20, as most of the major manufacturing sectors posted growth, the data released by the Pakistan Bureau of Statistics (PBS) showed Tuesday. https://www.brecorder.com/news/40107102/july-may-2020-21-output-of-lsmi-increases-by-1457pc
Rs100bn to be spent on power distribution system replacement ISLAMABAD: Federal Minister for Energy Hammad Azhar informed the Senate on Tuesday that federal government would spend around 100 billion rupees in this financial year to replace ‘obsolete and redundant’ power distribution system across the country with modern one while government would soon sign a power purchase agreement with K-Electric to address power crisis in Karachi. https://epaper.brecorder.com/2021/07/14/1-page/893333-news.html
LCVs, cars in CBU condition: Cabinet defers decision on cut in ACD, RD ISLAMABAD: The Federal Cabinet has deferred the decision on reduction of Additional Customs Duty (ACD) on light commercial vehicles and cars in CBU condition and removal/reduction of Regulatory Duty on import of vehicles in CBU condition and hybrid vehicles, sources in the Commerce Ministry told Business Recorder. https://www.brecorder.com/news/40107107/lcvs-cars-in-cbu-condition-cabinet-defers-decision-on-cut-in-acd-rd
NTDC secures Rs6,400m financing facility LAHORE: The National Transmission and Despatch Company Ltd (NTDC) has secured Rs 6400 million financing facility from a consortium of Banks (Habib Bank Limited, National Bank of Pakistan & Bank Islami Pakistan Limited) https://epaper.brecorder.com/2021/07/14/1-page/893331-news.html
Khan’s Construction Bet Sees Cement Firms Boosting Investment Pakistani cement companies are investing to expand capacity a year after Prime Minister Imran Khan chose the construction sector to stimulate the economy. Lucky Cement Ltd., Bestway Cement Ltd., and D.G. Khan Cement Co. are among more than half-a-dozen firms to announce plans in recent months. https://www.bloomberg.com/news/articles/2021-07-13/khan-s-construction-bet-sees-cement-firms-boosting-investment?srnd=premium-asia
Commercial Banks’ deposits reach Rs19.79tn in June The total Deposits held by Commercial Banks have reached a record level of Rs19.79 trillion in June’21, showing a growth of 22% YoY from Rs16.2 trillion in the same of FY20. https://mettisglobal.news/commercial-banks-deposits-reach-rs19-79tn-in-june/
Imported plants, machineries; Sales to be subjected to zero pc duty after 5 years ISLAMABAD: The manufacturers-cum-exporters would pay zero percent duty on the sales of imported plant/machinery, equipment and capital goods, used in manufacturing of export goods, after a five-year period. https://epaper.brecorder.com/2021/07/14/12-page/893427-news.html Commodities and Currency: 1-Day Change
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