【Daily】5 Aug Brief of Pakistan BizNews
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KSE 100 47,789.88 ▲ 0.07% KASB Tech Index 484.78 ▼ 2.12% · The stock market on Wednesday snapped a stuck in a limbo and rose nearly 31.56 points on the back of absence of any notable upside triggers. · Cotton seed prices fixed at PKR 5,000 per 40KG · Pakistan continue to record more than 4,500 new corvid positive cases in a single day · World Oil prices start to experience decline over delta variant concerns
KASB Market View · We think COVID-19 infection rates (8.46%) and the economic concerns will overshadow the result season. · Defensive and high-yielding stocks are likely to garner investors’ attention during uncertain times. Stocks within IPPs and Fertilizers may gather momentum. · The weakening of the Pak Rupee is likely to improve the outlook for Textiles.
National News 934 fresh corona cases, 21 deaths reported: Punjab govt using administrative machinery for SOPs implementation LAHORE: While there is no let up in the spread of coronavirus, the Punjab government is using administrative machinery for strict implementation of virus restrictions in the districts of Lahore, Rawalpindi, Multan and Faisalabad as the ban of indoor dining and weddings as well as closure of shrines and cinema houses has been ensured.
PYMA urges Sindh CM to fix minimum wage at Rs20,000 KARACHI: Pakistan Yarn Merchants Association (PYMA), while expressing serious concerns over the Sindh government’s move to set a minimum wage of Rs25,000 against the minimum wage of Rs20,000 announced in the federal budget, and demanded Sindh Chief Minister Syed Murad Ali Shah to fix the minimum wage in Sindh at Rs20,000 on an equal basis like the federation and other provinces, so that the cost of businesses and industries does not increase. https://www.brecorder.com/news/40111291/pyma-urges-sindh-cm-to-fix-minimum-wage-at-rs20000
Cotton intervention price fixed at Rs5,000/40kg ISLAMABAD: Federal Minister for National Food and Security Syed Fakhar Imam, on Wednesday, said that the government has approved cotton intervention price. https://www.brecorder.com/news/40111326/cotton-intervention-price-fixed-at-rs500040kg
Circular debt: WB, govt think deeply about steps ISLAMABAD: A World Bank delegation led by Vice President for South Asia, Hartwig Schfer, held a meeting with the top brass of Ministry of Energy on Wednesday and discussed energy sector reforms, including proposed measures to contain growth in circular debt. https://www.brecorder.com/news/40111340/circular-debt-wb-govt-think-deeply-about-steps
Oil prices fall as Delta variant spread weighs LONDON: Oil prices fell on Wednesday as the spread of the coronavirus Delta variant in top consuming countries outweighed Mideast geopolitical tensions and a fall in US inventories. https://tribune.com.pk/story/2313865/oil-prices-fall-as-delta-variant-spread-weighs
4,722 fresh cases reported: Nationwide corona positivity ratio jumps to 8.46pc ISLAMABAD: The nationwide coronavirus positivity ratio has continued spiking as Pakistan on Wednesday, reported another 4,722 fresh cases after 57,398 tests were conducted countrywide with a positivity ratio of 8.46 percent. https://www.brecorder.com/news/40111318/4722-fresh-cases-reported-nationwide-corona-positivity-ratio-jumps-to-846pc
Corona positivity rate rises to 58pc in Gwadar GWADAR: Balochistan government on Wednesday declared Gwadar, the worst district affected due to Covid-19 outbreak as the positivity rate has soared to 58 percent in the area. Province’s Health department said that the pandemic positivity rate has reached an alarming situation as 58 percent of the tests are coming positive for the Covid-19 in Gwadar. https://epaper.brecorder.com/2021/08/05/11-page/895931-news.html
In letter to Hammad Azhar, SAPM Tabish Gauhar calls for 'structural reforms' in energy sector Special Assistant to the Prime Minister on Energy and Petroleum Tabish Gauhar, in a letter addressed to Energy Minister Hammad Azhar, has urged that strategies be chalked out and "holistic and structural reforms" made to address energy sector challenges.
Commodities and Currency: 1-Day Change
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