【Daily】11 Aug. Brief of Pak BizNews
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KSE 100 47,135.48 ▲ 0.03% KASB Tech Index 459.39 ▲ 0.45%
· The bearish spell continued in the session as the market swung below the psychological level of 47k and retraced back up. · Regional tension continues to rise and dictate investor sentiments as Taliban shuts down Afghanistan’s Chaman Border. · LUCK (+1.0%) emerged as top performer.
KASB Market View · Result season is in full swing. Any positives may likely to get translated to gains in those stocks. · We have seen Oil prices rebound to USD 70/bbl that may keep E&P sector in limelight. · Defensive and high-yielding stocks are likely to garner investors’ attention during uncertain times. The IPPs results may also come under limelight on expectations of cash payouts post the IPPs payment.
National News Govt’s subsidy rationalisation plan to burden 8mln lifeline consumers KARACHI: Businessmen Group Chairman Zubair Motiwala on Tuesday rejected NEPRA’s subsidy rationalisation plan and the introduction of new category/slab of protected consumers based on average consumption of less than 200kWh, terming it a burden on 8 million consumers.
Remittances fall 2.1pc to $2.71 billion in July KARACHI: Remittances from Pakistani workers abroad slightly declined by 2.1 percent in July 2021 to $2.71 billion from nearly $2.80 billion in the same month a year earlier, the central bank reported on Tuesday https://www.thenews.com.pk/print/876353-remittances-fall-2-1pc-to-2-71-billion-in-july
Privatization programme; SLIC delisting to be approved today ISLAMABAD: The Privatisation Commission (PC) Board, which is scheduled to meet on Wednesday (today), will approve delisting of State Life Insurance Corporation (SLIC) from the ongoing privatisation programme-approved list of entities, sources close to Advisor to Prime Minister on Commerce and Investment told Business Recorder. https://epaper.brecorder.com/2021/08/11/12-page/896657-news.html
Services trade deficit contracts 43.45pc The services trade deficit during July-June (2020-21) was recorded at $1875.22 million against the deficit of $3315.97 million in July-June (2019-20), showing decline of 43.45 percent, according to the latest data of Pakistan Bureau of Statistics (PBS). https://pakobserver.net/services-trade-deficit-contracts-43-45pc/
RLNG-based power plant: KE, PLL sign GSA ISLAMABAD: Karachi Electric (KE) and CEO Pakistan LNG Limited (PLL) Tuesday signed a Gas Supply Agreement (GSA) for the provision of 150 MMCFD RLNG for power utility's 900 MW RLNG-based power plant at Port Qasim. https://www.brecorder.com/news/40112635/rlng-based-power-plant-ke-pll-sign-gsa
Delay in LNG spot cargoes tenders costs kitty Rs10.6bn ISLAMABAD: Delay in floating tenders for import of the LNG spot cargoes and awarded contracts at higher rates by Pakistan LNG Ltd (PLL) resulted in losses of Rs10.6 billion in the financial year 2020-21. https://epaper.brecorder.com/2021/08/11/1-page/896570-news.html
RLNG-fired plants; Govt decides to go for debt re-capitalization, refinancing ISLAMABAD: The government has reportedly decided to go for debt re-capitalization and refinancing of Rs 103.765 billion of two RLNG-fired plants from local banks and DFIs before their equity sale, sources close to Finance Minister told Business Recorder. https://epaper.brecorder.com/2021/08/11/1-page/896569-news.html
‘Govt has extended subsidy of Rs30 bn to consumers through USC’ ISLAMABAD: A verbal clash between the government and the opposition members in the National Assembly (NA) was averted on Tuesday after a PML-N parliamentarian called the incumbent regime as ‘thieve’ while mentioning alleged corruption in COVID-19 fund
Daily Change: 1-Day Change
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