An agreement was signed between Pakistan Stock Exchange (PSX) and 1LINK to launch the new payment and registration system by PSX. This new payment and registration system will support in digitally transforming the Initial Public Offering (IPO) process through an E-IPO system.

Overseas Pakistanis deposited USD 212 million into Roshan Digital Account during March 2021 taking the total deposited amount over USD 800 million. According to the State Bank of Pakistan (SBP) inflows have been accelerating every month since the RDA launch in September 2020.

The Foreign exchange reserve held by the State Bank of Pakistan increased by US $378 million to US $13,673.0 million during the week ending on March 26, 2021, State Bank of Pakistan (SBP) reported Thursday.

KASB Market View

Going forward, we expect rising Covid-19 cases across the country to dent investor spirits amid fears of nationwide lockdown. Many European nations are also moving to either toughen the lockdown restrictions or impose a nationwide lockdown in wake of soaring infections.

National News

PSX Signs Agreement with 1LINK 1BILL to Launch E-IPO System

An agreement was signed between Pakistan Stock Exchange (PSX) and 1LINK to launch the new payment and registration system by PSX. This new payment and registration system will support in digitally transforming the Initial Public Offering (IPO) process through an E-IPO system.

https://mettisglobal.news/psx-signs-agreement-with-1link-1bill-to-launch-e-ipo-system

Overseas Pakistanis deposit USD 212 million in RDA during March

Overseas Pakistanis deposited USD 212 million into Roshan Digital Account during March 2021 taking the total deposited amount over USD 800 million. According to the State Bank of Pakistan (SBP) inflows have been accelerating every month since the RDA launch in September 2020.

https://mettisglobal.news/overseas-pakistanis-deposit-usd-212-million-in-rda-during-march

SBP reserves up by $378mn to $13.673bn

The Foreign exchange reserve held by the State Bank of Pakistan increased by US $378 million to US $13,673.0 million during the week ending on March 26, 2021, State Bank of Pakistan (SBP) reported Thursday.

https://www.brecorder.com/news/40080218/sbp-reserves-up-by-378mn-to-13673bn

Pakistan’s Yearly inflation at 9.05 Percent in March

Pakistan’s Yearly Inflation Rate (New Base 2015-16) in March 2021 was 9.05 percent compared to 8.70 percent in February 2021 and 10.24 percent in March 2020.

https://mettisglobal.news/pakistans-yearly-inflation-at-9-05-percent-in-march

1HFY21: Govt adds over Rs1trn to domestic debt

The incumbent government has added Rs1.057 trillion to the domestic debt during the first six months of the current fiscal year (July-December 2020) to finance the fiscal deficit, according to the Finance Ministry.

https://www.brecorder.com/news/40080381/1hfy21-govt-adds-over-rs1trn-to-domestic-debt

Sindh will impose inter-city transport ban if Centre doesn’t, says Murad

Amid a rapid rise in coronavirus cases — fuelled by the more contagious and potentially deadlier UK variant — Sindh Chief Minister Murad Ali Shah has said the provincial government will impose a ban on inter-city transport movement “if the federal government did not consider the request”.

https://tribune.com.pk/story/2292716/sindh-will-impose-inter-city-transport-ban-if-centre-doesnt-says-murad

Banks, DFIs can invest in TFCs, Sukuk issued by REITS: SBP

The State Bank of Pakistan (SBP) has allowed banks and DFIs for investment in TFCs, Sukuk and shares issued by Real Estate Investment Trusts (REITs) management companies to achieve the 5 percent mandatory targets for housing and construction finance.

https://epaper.brecorder.com/2021/04/02/1-page/880305-news.html

SHC allows commercial sale of imported vaccine

The Sindh High Court (SHC) issued a four-page interim written order on Thursday regarding release and sale of coronavirus vaccine on spot consignments basis, ordering that a batch of Covid-19 vaccine imported by a private company be immediately made available to the public.

https://tribune.com.pk/story/2292734/shc-allows-commercial-sale-of-imported-vaccine

SEARLE concludes exclusive licensing & Supply agreement with Livzon Mapharm for Covid-19 vaccine “V-01

The Searle Company Limited has successfully concluded an exclusive licensing & Supply agreement with Livzon Mapharm Inc. for the “recombinant novel Coronavirus vaccine (V-01)”.

https://mettisglobal.news/searle-concludes-exclusive-licensing-supply-agreement-with-livzon-mapharm-for-covid-19-vaccine-v-01

Cabinet defers trade with India

The federal cabinet has turned down the decision of the Economic Coordination Committee (ECC) of the Cabinet to open import of sugar and cotton from India, and noted that no trade and economic activity can be possible as long as it does not review the 5th August 2019 decision through which New Delhi revoked the special status of Occupied Jammu & Kashmir.

https://epaper.brecorder.com/2021/04/02/1-page/880299-news.html

Jul-Mar exports up 7pc YoY

The country’s exports posted a growth of 7 percent in the first three quarters (July-March of 2020-21) in comparison with a year before, ie, $18.669 from $17.451 billion. 

 https://epaper.brecorder.com/2021/04/02/1-page/880300-news.html

FY22 budget to envisage no new tax

The withdrawal of sales tax exemptions, rationalisation of customs tariffs, regulatory duties and additional customs duties, effective enforcement/administrative measures and reduction in the number of withholding taxes would be some of the policy measures for the next fiscal budget.

https://epaper.brecorder.com/2021/04/02/16-page/880395-news.html

Loophole

-Word of the Day-

A loophole allows a person or business to avoid the scope of a law or restriction without directly violating the law.