Pakistan Stock Market ended lower today amid lack of triggers & fear of possible lockdown due to deteriorating Covid 19 situation in the country. The benchmark KSE-100 index plunged from the moment trading began and kept trading in the red throughout the day. Rising uncertainty ahead of the long holiday season sparked panic selling by investors, which pushed the index lower.

KASB Market View

Going forward, there may be some near-term tension ahead of the long Eid holidays but we recommend investors to look past that. We feel any correction in the stock market in this week will be an opportunity to invest at lower levels.

National News

Budget 2021-22: Relief on the way, says Imran

ISLAMABAD: Prime Minister Imran Khan Tuesday said maximum relief would be given to people in the upcoming budget 2021-22. He said special emphasis would be made on development projects keeping in view the public needs.

https://www.thenews.com.pk/print/830499-budget-2021-22-slug-relief-on-the-way-imran

Tarin interacts with provinces ahead of budget

ISLAMABAD: Minister for Finance and Revenue Shaukat Tarin has asked the provinces to rationalize expenditure and harmonize taxation policies for a growth-oriented budget. Shaukat Tarin also urged the provincial administrations to adhere to strict financial discipline and workout modalities to rationalize expenditure and divert savings towards socio-economic development in the provinces.

https://epaper.brecorder.com/2021/05/05/1-page/885080-news.html

Formation of panel ordered to address IPPs’ issues

ISLAMABAD: A few hours after Information Minister Fawad Chaudhry’s announcement that the federal cabinet has decided to pay 40 per cent dues of Independent Power Projects (IPPs), the Prime Minister Office clarified on Tuesday evening that the cabinet only approved the formation of a committee to address the long-standing issue.

https://www.dawn.com/news/1622098/formation-of-panel-ordered-to-address-ipps-issues

Oxygen gas, cylinders; Ministry seeks waiver of taxes, duties for another 6 months

ISLAMABAD: The Ministry of Industries and Production (MoI&P) has sought extension in waiver of taxes and duties on oxygen gas, oxygen gas cylinder, cryogenic oxygen tanks and oxygen concentrators/generators/manufacturing plants of all specifications and capacities for another six months.

https://epaper.brecorder.com/2021/05/05/1-page/885081-news.html

ECC to meet today; KE likely to be eyeball to eyeball with PD

ISLAMABAD: The top management of K-Electric (KE) is likely to come eyeball to eyeball with the top brass of Power Division at a meeting of the Economic Coordination Committee (ECC) of the Cabinet Wednesday (today) due to their disagreement on the new draft Power Purchase Agreement Agency (PPAA), well-informed sources told Business Recorder.

https://epaper.brecorder.com/2021/05/05/1-page/885075-news.html

ECC may approve arrangement for additional power for K-Electric

ISLAMABAD: The Economic Coordination Committee (ECC) that is to meet today (Wednesday) with Finance Minister Shuakat Tarin will consider the summary of Power Division seeking approval for arrangement of additional power from NTDC (National Transmission Dispatch Company) to K-Electric.

https://www.thenews.com.pk/print/830752-ecc-may-approve-arrangement-for-additional-power-for-k-electric

Power consumers; 3-phase subsidy mechanism on the cards

ISLAMABAD: The government is likely to introduce a three-phase subsidy mechanism for electricity consumers from June 1, 2021 aimed at protecting the vulnerable and re-target the burden on consumers using 301-701 units monthly.

https://epaper.brecorder.com/2021/05/05/1-page/885074-news.html

Govt sharpens focus on agri sector

SLAMABAD: Prime Minister Imran Khan on Tuesday said that agriculture development is on the priority agenda of the present government. The prime minister was chairing a National Coordination Committee (NCC) on Agriculture.

https://www.brecorder.com/news/40090390/govt-sharpens-focus-on-agri-sector

ADB disbursed $1.78b to Pakistan in 2020

Asian Development Bank disbursed US$1.78 billion to Pakistan in term of loan and grant during the year 2020, comprising $1.1 billion in program lending and $680.7 million from project lending. According to a member fact sheet issued by the ADB on the occasion of its 54th annual meetings on Tuesday, the ADB provided significant and rapid support to Pakistan’s coronavirus disease (COVID-19) pandemic response.

https://pakobserver.net/adb-disbursed-1-78b-to-pakistan-in-2020/

AGP asks FBR to revise duty drawback rates

ISLAMABAD: The Auditor General of Pakistan (AGP) has recommended to the Federal Board of Revenue (FBR) to revisit duty drawback rates to rationalize them in view of the decreasing customs duty rates on imports.

https://epaper.brecorder.com/2021/05/05/1-page/885082-news.html

Budget proposals; PSX for encouraging NRPs to bring new investment

ISLAMABAD: To attract foreign investment in the capital market, the Federal Board of Revenue (FBR) has received budget proposals of Pakistan Stock Exchange Limited for 2021-22 to encourage non-residents for bringing new investment in Pakistan.

https://epaper.brecorder.com/2021/05/05/18-page/885069-news.html

2021 Hyundai Sonata is coming to Pakistan

Despite a growing demand for SUVs and shrinking demand for sedans, Hyundai-Nishat is ready to launch another sedan, Hyundai Sonata, in Pakistan.

https://www.brecorder.com/news/40090116/2021-hyundai-sonata-is-coming-to-pakistan

PD awards 20 oil, gas blocks through competitive bidding process

ISLAMABAD: The Petroleum Division awarded 20 oil and gas blocks through competitive bidding process, in accordance with the Petroleum Exploration and Production Policy 2012 (Policy), which is approved by the Council of Common Interest. The Director General (Petroleum Concessions) DGPC also invited the exploration companies through a comprehensive advertisement published in leading national newspapers, international newspapers as well as on the division’s website.

https://epaper.brecorder.com/2021/05/05/7-page/885009-news.html

Listed banks’ profit up 31pc

KARACHI: The profit of listed banks in Pakistan has increased by 31 percent or Rs15.2 billion on year-on-year basis during the first quarter of 2021 to reach Rs64.4 billion. The profit is up by 32 percent on quarter-on-quarter basis during this period.

https://epaper.brecorder.com/2021/05/05/12-page/885098-news.html

Petroleum, lubricant sales clock in at 1.67m tons

KARACHI: Total petroleum and lubricant sales clocked in at 1.67 million tons in April 2021, depicting a gigantic growth of 57 percent on year-on-year basis and 13 percent on month-on-month basis.

https://epaper.brecorder.com/2021/05/05/8-page/885019-news.html

KE’s system; $650m BQPS-III project to add 900MW of generation capacity: governor

KARACHI: Sindh governor Imran Ismail on Tuesday visited K-Electric’s Bin Qasim Power Station-III (BQPS-III) project to review the progress on the latest addition to Karachi’s power network.

https://epaper.brecorder.com/2021/05/05/8-page/885023-news.html

Cement exports surge by 252pc in April

LAHORE: Cement sector posted robust growth of 40.41 percent in April 2021 when total cement dispatches were registered at 4.943 million tons against 3.52 million tons dispatched during the same month of last fiscal year.

https://epaper.brecorder.com/2021/05/05/11-page/885029-news.html

Steel mill oxygen plant to be revived for Rs1 billion

KARACHI: Sindh Chief Minister Syed Murad Ali Shah has said that keeping in view the coronavirus situation, his government would intervene to make oxygen plants operational at steel mills against a cost of Rs1 billion.

https://www.brecorder.com/news/40090189/steel-mill-oxygen-plant-to-be-revived-for-rs1-billion

Six industries to set up units at Hattar SEZ

PESHAWAR: The Hattar Special Economic Committee in its 6th meeting has approved the six industries for setting up their units in Hattar Special Economic Zone (SEZ).

https://epaper.brecorder.com/2021/05/05/7-page/885011-news.html

PPP urges govt to lay IMF terms in parliament

ISLAMABAD: The Pakistan Peoples Party (PPP) has urged the Pakistan Tehreek-e-Insaf (PTI) government to lay the conditions of the International Monetary Fund (IMF) before the Parliament for discussion.

https://epaper.brecorder.com/2021/05/05/3-page/884986-news.html

Gross Domestic Product (GDP)

-Word of the Day-

Gross domestic product (GDP) is the monetary value of all finished goods and services made within a country during a specific period.