【Daily】24 Aug. Brief of Pakistan BizNews
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KSE 100 48,112.21 ▲ 1.08% KASB Tech Index 480.45 ▲ 1.24%
KASB Market View · Pakistan's market continued its bullish trend for the entirety of today's session, closing back above the 48k level by gaining 512pts. · The market was largely supported by the E&Ps and Banking sector, both of which contributed 315pts towards the day's rally. MEBL (+7.4%) once again emerged as the top performer in view of the company's fast rising deposit base and expectations of a favorable interest rate cycle. · Diminishing geo-political noise caused investors to revert their focus back towards attractive valuations offered by the market. We expect this trend to continue with particular interest towards cyclical stocks including cements, steels and automobiles.
National News IMF’s historic funding takes effect, $2.7bn for Pakistan WASHINGTON: The International Monetary Fund’s (IMF) largest-ever allocation of $650 billion in Special Drawing Rights (SDR) became effective on Monday and can bring about $2.7 billion of additional funding for Pakistan as well. https://www.dawn.com/news/1642285/imfs-historic-funding-takes-effect-27bn-for-pakistan
Oil, ghee manufacturers agree to reduce prices ISLAMABAD: The Pakistan Vanaspati Manufacturers Association (PVMA) has agreed in principle to take measures in the next couple of days to bring down prices of edible oil/ghee. https://www.dawn.com/news/1642299/oil-ghee-manufacturers-agree-to-reduce-prices
State-owned enterprises being reformed to pay dividends, says Tarin KARACHI: Finance Minister Shaukat Tarin has agreed to review the proposals and recommendations of the Pakistan Stock Exchange and expressed his willingness to expedite tax refunds, reinstate tax rebate for companies upon listing, support SMEs growth through listing and funding capital market development. https://www.dawn.com/news/1642301/state-owned-enterprises-being-reformed-to-pay-dividends-says-tarin
Clearance of capacity expansion plan delayed ISLAMABAD: The Cabinet Committee on Energy (CCoE) did not clear the long-term Indicative Generation Capacity Expansion Plan (IGCEP) 2021-2030 on Monday after provinces, particularly Sindh and Khyber Pakhtunkhwa, raised concerns that Power Division had not considered their priority projects before moving the case to the Council of Common Interests (CCI). https://www.dawn.com/news/1642303/clearance-of-capacity-expansion-plan-delayed
IMF approves record $650bln to aid virus fight WASHINGTON: The International Monetary Fund’s (IMF) largest-ever distribution of monetary reserves will provide additional liquidity for the global economy, supplementing member countries’ foreign exchange reserves and reducing their reliance on more expensive domestic or external debt, IMF Managing Director Kristalina Georgieva said in a statement. https://www.thenews.com.pk/print/882227-imf-approves-record-650bln-to-aid-virus-fight
IMF, Pakistan likely to resume talks on 6th review next month, analyst KARACHI: The International Monetary Fund (IMF) is expected to start staff-level discussions with Pakistan on the sixth review of its $6 billion loan programme next month to reach a consensus on energy prices and revenue measures, and pave the way for approximate $1 billion in fund if approved, a brokerage report said on Monday. https://www.thenews.com.pk/print/882234-imf-pakistan-likely-to-resume-talks-on-6th-review-next-month-analyst
Commodities, construction materials: PM orders unhindered supply ISLAMABAD: Prime Minister Imran Khan Monday directed all concerned authorities to take every possible step for ensuring uninterrupted supply as per the demand for raw materials used in construction as well as basic commodities like ghee and to ensure stability in the prices of these commodities. https://www.brecorder.com/news/40115237/commodities-construction-materials-pm-orders-unhindered-supply
Proposals made by PSX will be examined: Tarin KARACHI: In a welcome development for Pakistan Stock Exchange (PSX), the Federal Minister for Finance & Revenue, Shaukat Tarin visited the Stock Exchange on Friday (Aug 20). He was accompanied by Dr. Waqar Masood Khan – Special Assistant to the Prime Minister and Asim Ahmad – Chairman, FBR. https://epaper.brecorder.com/2021/08/24/5-page/898011-news.html
Pakistan up 59 points in Business Confidence Index: PM Prime Minister Imran Khan shared on Monday a survey of the Overseas Investors Chambers of Commerce and Industry (OICCI) showing a "dramatic rise" in the confidence of foreign investors regarding the business environment in Pakistan. https://tribune.com.pk/story/2316844/pakistan-up-59-points-in-business-confidence-index-pm
Nepra opposes sell-off of Discos ISLAMABAD: National Electric Power Regulatory Authority (Nepra) on Monday opposed privatisation of power Distribution Companies (Discos), suggesting that the companies should be run on the mode of Public Private Partnership (PPP). https://www.brecorder.com/news/40115224/nepra-opposes-sell-off-of-discos
Oil jumps 5% after 7 days of losses, boosted by weaker dollar Oil prices rose more than 5% on Monday, as a weaker dollar and strong global equities markets boosted crude futures after seven sessions of declines. Brent crude climbed $3.57, or 5.5%, to end the session at $68.75 a barrel after touching its lowest since May 21 at $64.60 during the session. https://www.reuters.com/business/energy/oil-prices-rebound-7-day-losing-streak-investors-snap-up-bargains-2021-08-23/ |
