【Daily】17 Aug. Brief of Pak BizNews
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KSE 100 46,912.79 ▼ 0.54% KASB Tech 467.14▼ 0.11%
KASB Market View · Regional instability has intensified as Kabul falls over to and the Afghan president has left the country. Potential fallout for Pakistan may keep investors wary as they wait for the situation to unfold. · KSE-100 closes below 47,000 for the first time in nearly 3 months. Evolving geopolitical situation keeps investors at bay amid low volumes · Investors are expected to fall back to defensive plays during the uncertain climate and may likely look towards high-yielding, defensive stocks in the energy and fertilizer space.
International News
Biden defends decision President Joe Biden defended the US pullout from Afghanistan Monday, saying he stood by the policy and that it was time to leave after 20 years of conflict. https://www.brecorder.com/news/40113980/biden-defends-decision
National News
Highest toll during fourth wave: 3,669 fresh Covid-19 cases, 72 new deaths countrywide: NCOC Pakistan has recorded 3,669 more Covid-19 infections and 72 coronavirus deaths in the past 24 hours taking the national case tally to 1.102 million and death toll to 24,478 since the outbreak of the coronavirus.
Ex-mill value of white crystalline sugar fixed at Rs72.22/kg The Federal Board of Revenue (FBR) has fixed Rs72.22 per kg as the ex-mill value of white crystalline sugar for the purpose of assessment of sales tax. https://www.brecorder.com/news/40113976/ex-mill-value-of-white-crystalline-sugar-fixed-at-rs7222kg
Steel Corp: Divestment of stakes to be approved The federal government will approve divestment of 51-74% equity stakes of Steel Corp. (Pvt) Ltd, a subsidiary of Pakistan Steel Mills (PSM), on Tuesday (today), sources close to Minister for Privatisation told Business Recorder. https://www.brecorder.com/news/40113978/steel-corp-divestment-of-stakes-to-be-approved
The LSM surprise he LSM growth for FY21 at 14.85 percent has surprised many observers, as June 2021 LSM growth clocked in at 18.41 percent year-on-year. Recall that Pakistan had lifted the lockdown by June 2020 and activities had gradually started to pick up, with one or two exceptions. The base impact was not as pronounced as it was for April and May. https://www.brecorder.com/news/40113800/the-lsm-surprise
PRL – striving forward Not only because of a rebound in profitability, Pakistan Refinery Limited (PSX: PRL) has growth prospects ahead as it is actively seeking to upgrade. To avail the incentive offered by the budget and under the new refinery policy, upgradation has become inevitable for the existing refineries. PRL has two options to choose from: in addition to contemplating setting up a new refinery, PRL is also looking into acquiring a pre-owned refinery, which is likely to be a cheaper option with less time to develop than setting up a new refinery. https://www.brecorder.com/news/40113799/prl-striving-forward
Petrol, LDO & SKO: PL waiver: collections to suffer Rs100bn shortfall Collections under Petroleum Levy (PL) will suffer a shortfall of Rs 100 billion in the first two months of the current fiscal year with the government’s decision to abolish PL on petrol, light diesel oil (LDO) and Kerosene Oil (SKO) from July 1, 2021.
Export-oriented sectors: ECC approves continuation of gas, power subsidy The Economic Coordination Committee (ECC) of the Cabinet Monday approved the continuation of electricity and gas subsidy for export-oriented sectors to reduce cost of manufacturing and support the momentum of growth in exports during the fiscal year 2021-22.
Ban on use of cylinders in public transport The CNG association has approached the Oil and Gas Regulatory Authority (Ogra) for review of its (Ogra’s) decision of banning CNG cylinders in public transport owing to LPG blast in public transport in Punjab. https://epaper.brecorder.com/2021/08/17/11-page/897364-news.html
SCB to finance Gul Ahmed imports Standard Chartered Bank (Pakistan) Limited in continuation of its global initiative for supporting sustainable-financing and promoting earth-friendly industrial practices has provided a sustainable-trade financing facility to Gul Ahmed Textile Mills Limited, a statement said on Monday. https://www.thenews.com.pk/print/879181-scb-to-finance-gul-ahmed-imports
Govt plans to top up commodity reserves up to 20pc to offset high local prices The government will build the strategic reserves by importing 10-20 percent of the total consumption of the staple food items and supply into the market to bridge the supply and demand gap, a minister said on Monday.
Wyeth sets repurchase price at Rs1,284.18 per share Wyeth Pakistan Limited on Monday disclosed the minimum purchase share for the buyback transactions with the minority shareholders at Rs1,284.18 per share. https://www.dawn.com/news/1641120/wyeth-sets-repurchase-price-at-rs128418-per-share
Govt allows $400m venture in Abu Dhabi The government on Monday allowed a consortium of the country’s leading petroleum exploration and development (E&P) companies in the public sector to go for a $400 million exploration attempt in Abu Dhabi, United Arab Emirates. https://www.dawn.com/news/1641124/govt-allows-400m-venture-in-abu-dhabi
Daily Change: 1-Day Change
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