【Daily】29 July Brief of Pakistan BizNews
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KSE 100 47,318.03 ▼ 0.77% KASB Tech Index 453.73 ▼ 0.73%
Pakistan’s market has been stuck in a limbo around the 48k mark because of absence of any notable upside triggers and growing concerns about COVID-19. Investor concerns largely emanate from rising COVID-19 infection rates and external account pressures, reflecting in the weakening of the Pak Rupee. The upcoming result season, however, may affect the market’s direction as the financial results would largely reflect the recent economic upswing
KASB Market View The upcoming monetary policy is likely to be a non-event with the market already incorporating in a ‘no-change’ stance. Investors are expected to closely track the recent currency volatility and the economic data points to formulate their investment strategy. We continue recommending building positions in cyclical stocks including cements, and automobiles.
National News Fixing of Rs25,000 as minimum wage challenged in SHC The fixation of Rs25,000 as the minimum wage by the Sindh government has been challenged in the Sindh High Court (SHC), which issued notices to the provincial government as well as to the labour and human resource departments of Sindh. https://www.brecorder.com/news/40109780/fixing-of-rs25000-as-minimum-wage-challenged-in-shc
Covid-19 case tally crosses 4,000-mark for first time in over 2 months Pakistan’s daily Covid-19 case tally, Wednesday, crossed 4,000 mark for the first time in over two months as the country reported 4,119 cases in the past 24 hours and 44 deaths taking the cases tally to 1,015,827 and death tally to 23,133 since the outbreak of coronavirus. https://epaper.brecorder.com/2021/07/29/2-page/894942-news.html
Overall Consumer Confidence Index up by 8.5pc in July: SBP The State Bank of Pakistan-led Consumer Confidence Survey July 2021 has revealed that the overall Consumer Confidence Index (CCI) has increased by 8.5 percent in July 2021 and overall inflation expectations declined by 1.7 percent in the current wave compared to the previous survey conducted in May 2021. https://epaper.brecorder.com/2021/07/29/3-page/894959-news.html
Locally-manufactured mobile phones’ sale to retailers The Pakistan Mobile Phone Manufacturers Association (PMPMA) has approached Finance Minister Shaukat Tarin for removal of a tax anomaly on the sale of locally-manufactured mobile phones to retailers. https://epaper.brecorder.com/2021/07/29/3-page/894960-news.html
Profit, dividend: Foreign investors repatriate $1.622bn in FY21 KARACHI: Foreign investors repatriated $1.622 billion on account of profit and dividend during the last fiscal year (FY21). https://www.brecorder.com/news/40109822/profit-dividend-foreign-investors-repatriate-1622bn-in-fy21
Govt plans to give Rs1.6tr loans under new programme ISLAMABAD: The government has decided to launch an ambitious Kamyab Pakistan Programme (KPP) to uplift 4.5 million underprivileged households to disburse Rs1.6 trillion subsidised loans. https://www.thenews.com.pk/print/870212-govt-plans-to-give-rs1-6tr-loans-under-new-programme
ECC allows import of 600,000 metric tons of sugar ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet on Wednesday decided to merge a summary tabled by the Ministry of Industries and Production for allowing import of 100,000 metric tons of sugar after knowing that the federal cabinet had approved the import of 600,000 metric tons of sugar in order to build up strategic reserves. https://www.thenews.com.pk/print/869948-ecc-allows-import-of-600-000-metric-tons-of-sugar
Digital Pakistan Policy may be launched by end of August ISLAMABAD: The Digital Pakistan Policy (DPP) 2021 is expected to be launched by end August 2021, envisaging providing the necessary elements to tab the digital global market, economic growth and citizen empowerment. This was stated by Member Information Technology (IT) of the Ministry Information Technology and Telecommunication Syed Junaid Imam, while addressing at a two-day consultative meeting on DPP 2021. https://www.brecorder.com/news/40109791/digital-pakistan-policy-may-be-launched-by-end-of-august
Spot rates stable on cotton market Cotton Analyst Naseem Usman told Business Recorder the rate of cotton in Sindh is in between Rs 12900 Rs 13100 per maund. The rate of cotton in Punjab is in between Rs 13500 to Rs 13600 per maund. https://epaper.brecorder.com/2021/07/29/16-page/895033-news.html
Legislators from Karak and South of KP ISLAMABAD: The National Assembly’s Standing Committee on Energy (Petroleum Division) has constituted a sub-committee under the convenership of Shahid Khattak to address the issues related to gas development schemes of legislators from Karak and South of KPK. https://epaper.brecorder.com/2021/07/29/3-page/894955-news.html
Record jump in DAP price nullifies impact of govt’s subsidy on fertiliser LAHORE: The price of di-ammonium phosphate (DAP) fertiliser has jumped to a record high of Rs6,000 per bag, fully nullifying the impact of Rs1,000 subsidy announced by the government within a few months, industry officials said on Wednesday.
Commodities and Currency: 1-Day Change
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