KASB Morning Shout June 02, 2021
KASB Market View
The Pakistan Stock Exchange continued its upward trajectory on Tuesday with the KSE-100 index rising by 294.92 points, or 0.62 per cent, to breach the 48,000 level after four years. Company wise, the scrips of LUCK, HBL, ENGRO, POL, and OGDC gathered the maximum points.
KASB Market View
We expect the market to remain encouraging as annual inflation rate has slightly eased. The index would be largely driven by key developments on the upcoming federal budget FY22. A growth-centric projection will likely pave way for cyclical stocks to outperform including cements, steels, OMCs and automobiles.
Inflation eases slightly to 10.9pc in May
The country’s annual inflation rate slightly eased to 10.87 per cent year-on-year in May, the Pakistan Bureau of Statistics said on Tuesday.
EAC eyes 6-7% economic growth in next 2 years
The Economic Advisory Council (EAC), Tuesday, noted that the objective of all the efforts made by the economic team of the government was to take economic growth to around 6-7% in a couple of years to make Pakistan a regionally competitive economy
FBR issues rules for carry forward capital losses by listed securities
As per the draft amendment, the FBR proposed substitution in sub-rule (3) of Rule 13D of the Income Tax Rules, 2002. According to the proposed amendment: Capital loss arising on disposal of listed securities in tax year 2019 and onwards that has not been set off against the gain of the person from disposal of listed securities chargeable to tax during the tax year shall be carried forward to the following tax year and set off only against the gain of the person from disposal of listed securities chargeable to tax but no such loss shall be carried forward to more than three tax years immediately succeeding the tax year for which the loss was first determined.
Govt likely to reopen Kohat oil depot
The government is likely to re-open Kohat oil depot under the Inland Freight Equalization Margin (IFEM) mechanism and to be declared as Virtual Depot for all OMCs with licences to operate in the area to pass-on the cost benefit to POL consumers, well-informed sources told Business Recorder.
Proposed Abraaj-SEP deal hits major snag?
The planned sale of 66.40 percent shares of M/s Abraaj Group to Chinese company Shanghai Electric Power (SEP) seems to have hit a major snag. “Someone in the federal government dealing with K-Electric (KE) affairs has advised Karachi-based businessmen to launch a campaign so that proposed deal between Abraaj Group and SEP cannot materialize,” an insider told Business Recorder.
IMC gives the Fortuner a fresh look
Indus Motor Company (IMC), launched the much awaited Toyota Fortuner model lineup which has been given a fresh look. Toyota Dealers across the country are now booking orders from customers with an upfront payment of Rs 3 million, for a diesel or gasoline engine available in three new variants i.e. Fortuner Sigma 4 (4X4 1GD Hi Diesel), Fortuner V (4X4 2TR Hi Petrol) and Fortuner G (4X2 2TR Std Petrol). The ex-factory RSP range between Rs 7.99 million and Rs 9.65 million.
Pakistan launches locally made anti-Covid vaccine ‘PakVac’
Pakistan launched on Tuesday its homemade Covid-19 vaccine ‘PakVac’, a week after it announced successfully developing it with the help of China’s CanSino Bio.
Private sector borrows another net sum of Rs45.16 billion in a week
The non-government sector has borrowed another net sum of Rs.45.16 billion during the week ended May 21, 2021, which brings the cumulative net borrowing for ongoing fiscal year FY2021 to Rs.453.18 billion. The net borrowing as of prior week was recorded at Rs.408.01 billion.
FBR registers historic growth again in May, 18 % Growth in 11-months
Federal Board of Revenue (FBR) has released the provisional revenue collection figures for the first eleven months of current fiscal year. According to the provisional information, FBR has collected net revenue of Rs. 4,170 billion during Jul-May period, which has exceeded the target of Rs.3,994 billion by Rs. 176 billion.
Salaried class to get ‘big relief’: Fawad
Federal Minister for Information and Broadcasting Fawad Chaudhry Tuesday said the salaried class would get ‘big relief’ in the upcoming federal budget, while claiming that the purchasing power of the public increased with the same ratio inflation increased.