KASB Morning Shout April 27th, 2021
KASB Market View
Pakistan Stock Market had a great rally today. Several factors contribute to the bullishness; decline in infection rate over the weekend, imposing stricter lockdown measures by calling the Army for implementation & rumored extra funds with Asset Managers brought across the board rally. Therefore, the index witnessed positivity in heavy sectors; Banks, Oil Exploration, Cements & Technology as well.
KASB Market View
Strong results were posted by Packages Ltd, International Industries, DG Khan Cement, National Refinery, Attock Petroleum among the blue-chips. While Dynea Pakistan announced debottlenecking of their plant. Atlas Battery, Rupali Polyster, Hitech Ltd & Panther tyre posted good results as well. However, earnings of PIBTL were lesser than street expectations.
Going forward we believe the direction of cases & successful implementation of SOPs will guide the market sentiment. Otherwise, positivity would be short lived as earnings season conclude this week. We expect flattish to positive trend for the week to continue as investors reassess their portfolios in response to earnings season.
Covid-19 cases tally crosses 800,000 with 4,825 new cases: NCOC
ISLAMABAD: Pakistan’s coronavirus cases tally, on Monday, crossed the 800,000 mark with the emergence of 4,825 new cases, while Covid-19 death tally crossed 17,000 mark as the country reported 70 more deaths.
Sindh bans inter-city transport, closes education institutions
KARACHI: The Sindh government, keeping in view the fresh spike in Covid-19 cases, has taken some pragmatic policy decisions to ban inter-provincial transport, close educational institutions, slash government offices staff by 80 percent and purchase two oxygen plants, one of them would be airlifted from China.
Planning Division seeks end to gas subsidy
ISLAMABAD: The Planning Division has asked the government to abolish subsidy on supply of gas to the export-oriented sector, which is already availing subsidy on provision of gas and electricity.
Only three weeks of wheat stocks left
ISLAMABAD: Federal Finance Minister Shaukat Tarin on Monday underscored the need to build six million metric tons of strategic wheat reserves, as the total public sector stocks depleted to less than three weeks of consumption level.
Auto player opposes further government incentives
KARACHI: The five-year Automotive Industry Development Policy (AIDP) 2016-21 of Pakistan is the most successful scheme ever introduced for any industry or expansion of any segment of the industry in recent times, remarked Lucky Motor Corporation CEO Asif Rizvi.
Transactions of various PSEs: PC Board’s meeting to review progress
ISLAMABAD: A Privatization Commission Board’s meeting is likely to be held in the current week to review the latest progress on transactions of various public-sector entities (PSEs). Sources said that meeting was yet to be scheduled for the current week amid spread of Covid-19 third wave.
Govt pledges to bring GST, PIT reforms in next budget
ISLAMABAD: Tax revenues, net of refunds, grew 12 percent on year to year while the government has pledged to the International Monetary Fund (IMF) to bring general sales tax (GST) and personal income tax (PIT) reforms in budget 2021-22 including decrease in size of income tax slabs from 11 to 5, reduction in tax credits/allowances by 50 percent, special tax procedures for very small taxpayers and abolition of all sales tax exemptions except on essential items.
Qatar Petroleum to sell up to $10bn in bonds
Qatar Petroleum plans to issue bonds worth as much as $10 billion this quarter to finance a giant gas project, Bloomberg reported. The company has called on banks to arrange what will be its first dollar bond sale, as the company seeks to sell between $7 and $10 billion of paper, the news agency reported citing sources familiar with the matter.
BOI takes steps to facilitate investment
ISLAMABAD: The Board of Investment (BOI) is taking many initiatives to promote ease of doing investment in Pakistan, said BOI Chairman Atif R Bokhari.
-Word of the Day-
Monetary policy, the demand side of economic policy, refers to the actions undertaken by a nation’s central bank to control money supply and achieve macroeconomic goals that promote sustainable economic growth