【Daily】13 Aug. Brief of Pak BizNews
KSE 100 47,270.8 ▼ 0.23%
KMI 30 76,385.68 ▼ 0.33%
KASB Tech Index 473.9 ▲ 0.29%
· Market participants overlooked the strong financial results announced by companies and trading remained lacklustre throughout the session.
· Meezan Bank (3.7%) announced its half-year earnings of Rs9 per share with an interim cash dividend of Rs1.5 per share and bonus issue of 15%.
· TRG Pakistan was the volume leader with 19.2 million shares, gaining Rs3.69 to close at Rs163.92.
KASB Market View
· Result season is in full swing. Any positives may likely to get translated to gains in those stocks.
· As witnessed, 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.
Global liquidity booster: Pakistan to get $2.77bn
Pakistan will get an additional US$2.77 billion from the International Monetary Fund (IMF) on August 23 in the State Bank of Pakistan (SBP) account to boost liquidity for minimising the economic impact of the coronavirus.
SBP’s forex reserves down $223m
The State Bank of Pakistan (SBP) has made external debt repayments and payments for the import of Covid-19 vaccine totaling $ 245 million during last week. According to the SBP, after accounting for these payments and other official inflows, cumulatively, the SBP’s foreign exchange reserves decreased by $223 million to $17.623 billion during the week ended Aug 6, 2021 compared to $17.846 billion on July 30, 2021.
FPCCI wants interest rate below 5pc
Mian Nasser Hyatt Maggo, President FPCCI, leading a delegation called on Dr Reza Baqir, Governor State Bank of Pakistan (SBP) and discussed threadbare the issues faced by the business, industry and trade community of Pakistan at the hands of commercial banks and detrimental effects of higher policy interest rate.
102 die of Covid-19 in a single day
Pakistan Thursday reported highest number of Covid-19 deaths of the fourth coronavirus wave as 102 deaths were recorded in the country over the past 24 hours, which is also the highest toll in the past three months.
Pakistan's power generation soars to record high, 26,467MW: Hammad Azhar
Minister for Energy Hammad Azhar has recently revealed on Wednesday that Pakistan has recorded the highest generation and transmission of electricity in the country’s history at 24,467 MW.
Power projects: Chinese cos refuse to review RoR
The Chinese government has reportedly rejected Pakistan’s request for review of Rate of Return (RoR) on power sector projects established under the China Pakistan Economic Corridor (CPEC), well-informed sources told Business Recorder.
10 dams to be constructed in 10 years, says PM
Prime Minister Imran Khan Thursday said the government has decided to construct 10 dams within next 10 years with a view to averting the looming water scarcity in the country as well as protect the future generations.
Honda is working with General Motors for upcoming SUVs
Honda and its luxury division, Acura, have reportedly partnered with General Motors (GM) to develop electric SUVs (e-SUVs). Honda has named its electric SUV the ‘Prologue’ while Acura has not named its SUV for now. Both will debut their e-SUVs in 2024, and the Prologue is likely to be a forerunner of a series of electric vehicles (EVs).
TCP tenders to buy 200,000 tonnes of sugar
Pakistan’s state agency the Trading Corporation of Pakistan (TCP) has issued a new international tender to purchase 200,000 tonnes of white sugar, European traders said on Thursday.
Capital gains tax rates for PSX, MUFAP, PMEX investors issued by NCCPL
The notice reads that for investors at the Pakistan Stock Exchange (PSX), which have acquired a security before July 1, 2013, no CGT will be charged. However, where security is acquired on or after July 1, 2013, investors appearing in ATL will have to pay 12.50% CGT, whereas investors not appearing in ATL will have to pay 25.00% CGT.
Commodities and Currency: 1-Day Change