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.
KASB Market View
The Pakistan Stock Exchange (PSX) on Monday reversed its trend after six straight sessions in the negative and the benchmark KSE-100 index once again surpassed the 46,000-point mark. The bourse displayed bullish tendency on the back of encouraging remittances data announced by the State Bank of Pakistan (SBP) as inflows exceeded $2 billion for the eighth consecutive month in January 2021.
National News
January remittances surge 19pc, rising for 8th consecutive month
KARACHI: Remittances surged 19 percent year on year to $2.3 billion in January as the government’s initiatives continued to keep the monthly foreign inflows over the two billion dollars mark, the central bank said on Monday.
PM Imran rejects OGRA’s proposal for hike in POL prices
Prime Minister Imran Khan on Monday rejected the Oil and Gas Regulatory Authority’s (Ogra) recommendation to increase the prices of petroleum products. According to a statement issued by the PM Office, Premier Imran turned down the proposal in order to provide relief to the people.
https://tribune.com.pk/story/2284268/pm-imran-rejects-ogras-proposal-for-hike-in-pol-prices
More exemptions to be withdrawn: FBR chief
ISLAMABAD: The Federal Board of Revenue (FBR) Chairman Javed Ghani Monday said the government would withdraw more exemptions allowed to various sectors of the economy in the coming budget as total exemptions in the taxes had increased to Rs1.14 trillion.
https://epaper.brecorder.com/2021/02/16/1-page/869909-news.html
Vaccine registration for people over 65 years opens
ISLAMABAD: With 37,289 healthcare workers having been inoculated against Covid-19 across the country since the launching of the vaccination drive, the government on Monday opened registration for people aged 65 years and above.
https://www.dawn.com/news/1607576/vaccine-registration-for-people-over-65-years-opens
Banks allowed third party guarantee for house financing
KARACHI: The central bank on Monday allowed banks to accept personal guarantee of third party for low-cost house financing to cover mortgage risks.
https://www.thenews.com.pk/print/790460-banks-allowed-third-party-guarantee-for-house-financing
Treasury Senator opposes Discos’ sell-off criteria
ISLAMABAD: Treasury Senator Nauman Wazir Khattak Monday opposed the government’s criteria for privatization of Distribution Companies, saying that privatization is not the solution to the problem.
https://epaper.brecorder.com/2021/02/16/3-page/869935-news.html
Govt imposes advance tax on vehicles to discourage profiteering
ISLAMABAD: The federal government has imposed advance tax ranging from Rs50,000 to Rs200,000 on vehicles to discourage ‘on money’ culture in Pakistan. In this regard, the president has promulgated the Tax Laws (Amendment) Ordinance 2021, in which the government has not only imposed but also exempted taxes on different categories, including electric vehicles.
Local POL production increases by 5.01% in 1st half of FY21
The overall production of petroleum commodities has witnessed an increase of 5.01 percent during the first half of the financial year 2020-21 as compared to the corresponding period of last year. The Petroleum, Oil, and Lubricants (POL) products that showed growth including kerosene oil production, which increased by 3.83 percent during the period under review, the Pakistan Bureau of Statistics (PBS) reported.
https://mettisglobal.news/local-pol-production-increases-by-5-01-in-1st-half-of-fy21
Relief for construction sector as prices of steel bars drop
ISLAMABAD: In a positive development for the construction industry, the prices of steel rebars have started declining in the local market after hitting a peak of Rs140,500 per tonne during the past few months. The office bearers of Association of Builders and Developers (ABAD) had earlier expressed concerns over the rising prices of steel and cement in the country, with steel manufacturers citing hike in prices of international iron and steel scrap as one of the main reasons behind soaring rates of steel bars in the country.
PIA Receives Over 100 Offers on Tender for Leasing New Aircraft
The Pakistan International Airlines (PIA) has received an overwhelming response on its tender published to acquire eight aircraft. As per details, the national airline intends to expand its fleet by eight narrow-body aircraft by obtaining them on a 6-year lease for which the tenders were advertised.
International News
U.S. oil wells, refineries shut as winter storm hits energy sector
(Reuters) – A deep freeze across the United States is taking a toll on the energy industry in the largest U.S. crude-producing state, halting Texas oil wells and refineries on Monday and forcing restrictions from natural gas and crude pipeline operators.
Futures
-Word of the Day-
Futures are derivative financial contracts that obligate the parties to transact an asset at a predetermined future date and price. The buyer must purchase or the seller must sell the underlying asset at the set price, regardless of the current market price at the expiration date.
Underlying assets include physical commodities or other financial instruments. Futures contracts detail the quantity of the underlying asset and are standardized to facilitate trading on a futures exchange. Futures can be used for hedging or trade speculation.
