The previous week saw the KSE-100 lose 1,097pts, and fall back to the 45k area. The market depicting continuous pressure throughout the week led by consistent selling by key institutions. The construction sector, however, arrested the overall decline supported by recovering cement prices.
Pakistan has made progress on all the 27 benchmarks laid down in Financial Action Task Force (FATF) Action Plan and sent its compliance report to FATF near end January.
The Oil and Gas Regulatory Authority (Ogra) has recommended the government to increase the price of petrol by up to Rs16 per litre from February 16.
KASB Market View
With international oil prices climbing to recent highs, we believe the oil & gas sector will likely support the index’s momentum. Moreover, investors will likely keep an eyes on the upcoming FATF meeting, which has the potential to white-list Pakistan given the recent progress the country has made in passing anti-money laundering bills. We continue highlighting our preference for cyclical stocks including cements, steels and automobiles.
National News
FATF Action Plan: Progress made on all 27 benchmarks
Pakistan has made progress on all the 27 benchmarks laid down in Financial Action Task Force (FATF) Action Plan and sent its compliance report to FATF near end January.\
https://www.brecorder.com/news/40064001/fatf-action-plan-progress-made-on-all-27-benchmarks
OGRA recommends Rs16 per litre hike in POL prices
The Oil and Gas Regulatory Authority (Ogra) has recommended the government to increase the price of petrol by up to Rs16 per litre from February 16.
https://tribune.com.pk/story/2284078/ogra-recommends-rs16-per-litre-hike-in-pol-prices
PSO seeks ministry’s help for settlement of Rs197.7bn dues
The state-owned oil company – Pakistan State Oil (PSO) – has sought help from the Ministry of Petroleum for early settlement of Rs197.7 billion outstanding dues with the power sector to avoid financial default and to continue the supply of fuel for power generation.
https://www.brecorder.com/news/40063778
Almost Rs2 hike in tariffs of Discos, KE approved by govt
The Federal Government on Friday approved an increase of Rs 1.95 per unit in tariffs of power Distribution Companies (Discos) and KE across the board.
https://epaper.brecorder.com/2021/02/13/1-page/869583-news.html
Roshan Digital Accounts attract $480m: SBP
State Bank of Pakistan Governor Dr Reza Baqir said on Friday that so far the country has received over $480 million in Roshan Digital Accounts (RDAs) from overseas Pakistanis.
https://www.dawn.com/news/1607090/roshan-digital-accounts-attract-480m-sbp
LSM grows 11.4% in December
A majority of large-scale manufacturing (LSM) industries continued to scale up production in December, led by automobile, petroleum product, food and beverages, fertiliser and pharmaceutical sectors.
https://tribune.com.pk/story/2283800/lsm-grows-114-in-december
Construction sector borrows Rs88bln in Jul-Dec
Construction sector borrowed Rs88 billion from banking institutions during the first half of the current fiscal year of 2020/21, showing 44 percent growth over the preceding same period, as the tax incentives and lower interest rate encouraged participation in real estate, analysts said on Saturday.
https://www.thenews.com.pk/print/789581-construction-sector-borrows-rs88bln-in-jul-dec
Among the first: Pakistan to market Covid shots privately by ‘next week’
A Pakistani lab will soon receive Russia’s Sputnik V Covid-19 vaccine for commercial sale, a company official said on Sunday, making Pakistan one of the first countries to market shots privately as it scrambles to secure supplies.
SPI records 0.81pc increase WoW
The Sensitive Price Indicator (SPI) for the week ended February 11, 2021 recorded an increase of 0.81 percent over last week due to rise in prices of food items inducing chicken (5.37 percent), bananas (5 percent), eggs (4.86 percent), sugar (3.74 percent), wheat flour (2.52 percent), cooking oil (1.84 percent), and among non-food items, electricity for Q1 (3.72 percent), says the Pakistan Bureau of Statistics (PBS).
https://epaper.brecorder.com/2021/02/13/1-page/869573-news.html
Inter-provincial smuggling likely after Sindh wheat price decision
THE increase of Rs600 in per 40kg support price of wheat by the Sindh government looks attractive to farmers on the face of it. However, this increase of almost 43 per cent will not benefit consumers in terms of flour prices as they will continue to pay Rs64 to Rs70 per kilogram of flour.
https://www.dawn.com/news/1607089?ref=whatsapp
International News
Oil rises on fears of heightened tensions in Middle East
Oil prices rose to their highest in more than a year on Monday, after a Saudi-led coalition fighting in Yemen said it intercepted an explosive-laden drone fired by the Iran-aligned Houthi group, raising fears of fresh Middle East tensions.
