Stock Market remained flattish yesterday, depicting a typical Ramzan day. Noise over TLP’s protest might increase as govt has banned the party under terrorism charges & is showing no signs of weaker writ of state. Top level huddle is expected today to devise plan of action after this as law & order situation could be exploited by miscreants, giving opposition chance to put further pressure on the government. Given a smaller working today tomorrow, investors remained on the sides.
KASB Market View
Adding to the dampness, cases also increased from 4,700 to 5,400! in a day. Trajectory over the weekend would decide the course next week – coinciding with peak earnings week. Government has decided to renegotiate IMF program to provide more support to the economy by a) reducing tax target b) increasing PSDP c) increasing Fiscal Deficit & d) targeting primary deficit. These measures would translate into pro-growth budget & should be received positivity by the market participants.
National News
Additional SDRs to give ‘meaningful’ support: Moody’s
The International Monetary Fund’s additional Special Drawing Rights (SDRs) allocation would provide some meaningful support to Pakistan, says Moody’s Investors Services.
https://epaper.brecorder.com/2021/04/16/1-page/882464-news.html
More Than 50% Foreign Funded Projects May Lapse Funds
The National Coordination Committee on Foreign-Funded Projects (NCC-FFP) was informed on Thursday that out of 27 foreign-funded projects amounting to $3.1 billion 14 are problematic, unsatisfactory and may lapse foreign funds.
https://propakistani.pk/2021/04/15/more-than-50-foreign-funded-projects-may-lapse-funds/
Eurobond inflows push up forex reserves to $23bn
Pakistan’s total liquid foreign exchange reserves crossed $23 billion mark with the arrival of inflows of Eurobond, the State Bank of Pakistan (SBP) reported Thursday. Recently, after a gap of over three years, Pakistan entered the international capital market and sold Eurobonds amounting to $2.5 billion to build up the foreign exchange reserves.
https://epaper.brecorder.com/2021/04/16/1-page/882465-news.html
POL products’ prices slashed
The federal government has announced, on Thursday, a reduction in ex-depot prices of petroleum products for second half of April owing to reduction in the price of oil globally.
https://www.brecorder.com/news/40085027/pol-products-prices-slashed
Local POL production increases 7.94% in 8 months of FY21
The overall production of petroleum commodities has witnessed an increase of 7.94 percent during the eight months of the financial year 2020-21 as compared to the corresponding period of last year.
https://mettisglobal.news/local-pol-production-increases-7-94-in-8-months-of-fy21
Private sector: Govt plan for handing over Discos finalized
The federal government has finalised its plan to hand over 10 power Distribution Companies (Discos) to the private sector with a view to reducing financial burden on the national exchequer, well-informed sources told Business Recorder.
https://www.brecorder.com/news/40085024/private-sector-govt-plan-for-handing-over-discos-finalised
Industrial consumers: CCoE approves proposal on ToU tariff scheme extension
Cabinet Committee on Energy (CCoE) Thursday approved the proposal for the extension of Time of Use (ToU) tariff scheme for industrial consumers from May 1, 2021 to June 30, 2022.
Karrot Hydropower Project to be completed by April 2022
Pakistani Ambassador to China Moin ul Haque has expressed the confidence that Karrot Hydropower Project would be completed by China Three Gorges Corporation (CTGC) by April 2022, Gwadar Pro reported on Thursday.
https://pakobserver.net/karrot-hydropower-project-to-be-completed-by-april-2022/
LHC Sends Notice to Govt on Exorbitant Car Prices
The Lahore High Court (LHC) has reportedly sprung into action after receiving a written petition against exorbitant car prices and has issued notices to the federal government and other relevant departments seeking a response on the matter.
https://propakistani.pk/2021/04/15/lhc-sends-notice-to-govt-on-exorbitant-car-prices/
PM Imran to announce mega development package of Rs446b for Sindh
Federal Minister for Information and Broadcasting Fawad Chaudhry has said that Prime Minister Imran Khan will announce a mega development package of Rs446 billion for Sindh in Sukkur tomorrow (Friday).
FBR assures documented steel sector of maximum relief
The Federal Board of Revenue (FBR) has assured the documented steel sector of fixation of minimum value of steel products, strict enforcement measures in tribal areas, and software link with the distribution companies for updation of electricity consumption in sales tax returns.
https://epaper.brecorder.com/2021/04/16/6-page/882507-news.html
Personal income tax; FBR trying to reduce number of slabs to 5
The Federal Board of Revenue (FBR) is working on different options to bring down the number of personal income tax slabs from 11 to five in line with the best international practices during the upcoming budget 2021-22.
https://epaper.brecorder.com/2021/04/16/1-page/882471-news.html
Two-pronged approach to be adopted to deal with tax system
The federal cabinet has been informed that a two-pronged approach will be adopted to deal with the narrow tax base and huge tax gap in various sectors of the economy to broaden the tax base and increase revenue collection.
https://epaper.brecorder.com/2021/04/16/7-page/882519-news.html
CNIC/NTN requirement; Distributors, wholesalers face problem
Distributors and whole-sellers are facing problems in implementation of CNIC/NTN requirement by the Federal Board of Revenue (FBR) as the size of transactions of 75% to 80% of unregistered distributors and whole-sellers are less than Rs 100,000.
https://epaper.brecorder.com/2021/04/16/3-page/882483-news.html
Blue-Chip
-Word of the Day-
Blue chip, meaning “a stock issue of high investment quality that usually pertains to a substantial, well-established company,” was first noted in the late 19th century. From this meaning extended senses developed, such that blue chip applies to a consistently successful and profitable venture or enterprise, an outstandingly worthwhile and valuable property or asset, and an athlete rated as excellent or as an excellent prospect.
