KASB Morning Shout May 28, 2021
KASB Market View
The Pakistan Stock Exchange (PSX) saw an all-time high daily trading volume for the second consecutive day on Thursday, with 2.21 billion shares traded in a single session. KSE-100 index ended the day at 46,791 points with a loss of 21.56 points, despite gaining more than 391 points in early trading hours.
KASB Market View
We expect the market to focus on key developments on the upcoming federal budget. The market sentiments are anticipated to remain largely positive as status quo is expected in today’s Monetary Policy. Furthermore, upward momentum would be seen in LUCK and TRG aided by MSCI’s review.
Pakistan reports lowest positivity ratio for COVID in three months
The positivity rate for COVID in Pakistan on Thursday has been reported to be 4.34% making it the lowest since March. The country has recently seen a drop in COVID positivity ratio during the deadly third wave.
Another new record at PSX as 2.2 billion shares change hands
The Pakistan Stock Exchange (PSX) saw an all-time high daily trading volume for the second consecutive day on Thursday, with 2.21 billion shares traded in a single session.
With IMF consent, govt sets higher economic targets
With an apparent understanding with the International Monetary Fund (IMF) for a controlled expansionary stance, the government is setting higher benchmarks for rates of inflation, economic growth and fiscal and primary deficits for the next fiscal year following changes in the economic team and encouraging macroeconomic indicators this year.
Foreign exchange: SBP reserves rise $88m to $15.86b
The foreign exchange reserves held by the central bank rose 0.55% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.
Pakistan’s WAPDA raises $500m in country’s first green bond issuance
Water and Power Development Authority (WAPDA) has successfully raised $500 million from the international markets at 7.5% on Thursday, completing a landmark deal not just for Pakistan’s power sector, but also the country’s first green bond issuance.
Auto financing up 36.4pc on soft interest rates
Auto loans increased 36.4 percent year-on-year in April as low interest rates and signs of economic recovery pushed up the demand for vehicles from consumers. Loans for transport, such as purchase of cars stood at Rs293 billion in April, compared with Rs215 billion in the corresponding period of last year, the latest data from the State Bank of Pakistan (SBP) showed.
Senate passes CPEC Authority Bill 2021
Thursday passed the government’s China-Pakistan Economic Corridor Authority Bill 2021, which seeks to establish CPEC Authority, amidst strong protest by the opposition that staged a walkout against the “unannounced arrival of the bill” in the House.
Outstanding claims of oil cos; PD seeks Rs14.6bn TSG and $64.4m to make payment
The Ministry of Energy (Petroleum Division) has sought Technical Supplementary Grant (TSG) of Rs 14.6 billion and $ 64.4 million to pay outstanding claims of oil companies for payment in current fiscal year 2020-21, well informed sources told Business Recorder.
Islamabad, Moscow sign gas pipeline pact today
Pakistan and Russia are set to formally sign today an amended Inter-Governmental Agreement (IGA) for the Pakistan Stream Gas Pipeline (PSGP) project Pakistan’s Ambassador to Russia, Shafqat Ali Khan, will sign the protocol on the amendments to the agreement on behalf of Pakistan in Moscow on Friday.
Bestway Cement announces greenfield plant in Mianwali
Bestway Cement Limited announced on Thursday that it will set up a greenfield cement plant with a capacity of 7,200 tons in Mianwali, and has reached an agreement with a Chinese firm for the expansion.
Targeted subsidies to be granted in upcoming budget
The government is going to implement a plan to ensure provision of subsidies to targeted sectors on the basis of actual consumption or accrual in the upcoming budget. In this regard a more targeted approach for disbursement will be adopted.