Bears maintained their hold over the Pakistan Stock Exchange on Monday, in line with the market performance last week, and the benchmark KSE-100 index received another round of battering, falling more than 100 points

KASB Market View

Majority of the market’s focus will be on the upcoming result season, which is likely to reflect the sharp economic recovery and the prevalent commodity super-cycle. Recent trends compel us to recommend the automobile sector post the reduction in vehicle prices in a low interest rate environment.

National News

Industrial Cooperation; China, Pakistan may sign framework agreement in JCC moot

China and Pakistan are expected to sign a framework agreement for Industrial Cooperation (IC) during the 10th Joint Cooperation Committee (JCC) meeting on China-Pakistan Economic Corridor (CPECT), scheduled to be held via video-link this month.

https://epaper.brecorder.com/2021/07/13/4-page/893223-news.html

Dollar climb to Rs159.36 as rupee sheds 19 paisa

Pakistan rupee depreciated against the US dollar in the interbank on Monday and shed 19 paisas (-0.12 percent). According to the State Bank of Pakistan, the US dollar opened atRs159.17 and closed at Rs159.36.

https://pakobserver.net/dollar-climb-to-rs159-36-as-rupee-sheds-19-paisa/

Govt releases 100% petroleum sector funds allocated under PSDP 2020-21

The government has provided 100 percent funds, amounting to Rs1,339.589 million, allocated under the Public Sector Development Program (PSDP 2020-21) to execute petroleum sector projects.

https://mettisglobal.news/govt-releases-100-petroleum-sector-funds-allocated-under-psdp-2020-21/

NEPRA notifies 26 paisa reduction in power tariff for May

The National Electric Power Regulatory Authority (NEPRA) on Monday notified 26 paisa reduction in power tariff for May under the monthly fuel cost adjustment (FCA) mechanism.

https://pakobserver.net/nepra-notifies-26-paisa-reduction-in-power-tariff-for-may/

IPPs established under 2002 policy; Power Division backed out of IAs?

Power Division is said to have “backed out” of Implementation Agreements (IAs) with the Independent Power Producers (IPPs) established under the Power Policy 2002, and proposed negotiation of Master Agreements in the light of National Accountability Bureau’s (NAB’s) recent letter, sources close to Minister for Planning, Development and Special Initiatives told Business Recorder. 

https://epaper.brecorder.com/2021/07/13/1-page/893192-news.html

Gandhara Nissan Ltd. invites applications from potential 3S Dealers across Pakistan

Chery Pakistan recently shared a digital media post seeking applications for potential 3S dealers nationwide, indicating that Chery and its local partner — Ghandhara Nissan Ltd., — seem to be gearing up to enter Pakistan’s automotive market sooner than anticipated.

https://propakistani.pk/2021/07/12/gandhara-nissan-ltd-invites-applications-from-potential-3s-dealers-across-pakistan/

FBR Stops Charging Additional Customs Duty on Car Imports

The Federal Board of Revenue (FBR) has abolished additional customs duty (ADC) on the import of cars, jeeps, and light commercial vehicles in CKD condition up to 1000cc and on the import of vehicles in CBU condition up to 850cc from July 1, 2021.

https://propakistani.pk/2021/07/12/fbr-stops-charging-additional-customs-duty-on-car-imports/

Global edible oil trends; Tarin for reflection of price decline in domestic prices

Federal Minister for Finance and Revenue Shaukat Tarin, on Monday, ordered initiation of administrative measures to keep the prices of essential items, including vegetables, in check on the occasion of upcoming Eidul Azha and asked Ministry of Industries to procure another 100,000 ton of sugar in due course.

https://epaper.brecorder.com/2021/07/13/1-page/893199-news.html

Image Pakistan to raise Paid-up Capital to Rs995.38mn through Right Issue

The Board of Directors of Image Pakistan Limited resolved to increase the ordinary Paid-up Capital of the company from Rs568.79mn to Rs995.386mn by issue of further 42,659,401 ordinary shares of the company.

https://mettisglobal.news/image-pakistan-to-raise-paid-up-capital-to-rs995-38mn-through-right-issue/

Dawood assures PHMEA of continuing DLTL for textile sector

Advisor to the Prime Minister on Trade, Textiles and Investment Abdul Razak Dawood, while addressing a meeting at the office of Pakistan Hosiery Manufacturers and Exporters Association (PHMEA), said that DLTL for textile sector would be continue in future to further increase the export of value-added textiles.

https://epaper.brecorder.com/2021/07/13/18-page/893314-news.html/