The Pakistan Stock Exchange (PSX) extended its losses and retreated nearly 100 points on Wednesday in the absence of major positive triggers that could provide direction to the market. Investor sentiment was dampened by uncertainty in global equity markets and resurging coronavirus cases in the country. Moreover, investors avoided taking fresh positions ahead of financial result announcements due to begin next week.
KASB Market View
We see the market reacting to economic indicators going ahead. The kick off for the result season can bring in select surprises. That said, close watch on economic indicators remains as the current focus for the market as of now. Autos are likely to gain limelight after reduced car prices and release of auto policy.
National News
Covid-19 handling: Pakistan ranked among best-performing states
ISLAMABAD: Pakistan has been ranked among best-performing countries for handling Covid-19, according to the Prime Minister’s Office.
Taxes and profit repatriation: Multinational information cos raise major issues with govt
ISLAMABAD: Multinational information technology companies, on Wednesday, raised major issues with the government they are facing in the country including taxes and profit repatriation.
CCoE meeting today
ISLAMABAD: The Cabinet Committee on Energy (CCoE) which is scheduled to meet on Thursday (today) will discuss report of the inter-ministerial committee on establishment of new LNG terminals.
https://www.brecorder.com/news/40105849/ccoe-meeting-today
Pakistan’s power production hits record high at 24,284MW
Energy Minister Hammad Azhar has said that Pakistan recorded the highest generation of electricity in the country’s history at 24,284MW on Wednesday despite the fact that Tarbela dam is producing just 25 per cent output compared to its capacity.
https://tribune.com.pk/story/2309291/pakistans-power-production-hits-record-high-at-24284mw
Vehicle prices decreasing in country: Khusro Bakhtiar
Minister for Industries and Production Khusro Bakhtiar on Wednesday said prices of different vehicles were decreasing in Pakistan as a result of the tax relief announced by the government for the auto sector.
https://tribune.com.pk/story/2309277/vehicle-prices-decreasing-in-country-khusro-bakhtiar
Price of DAP Fertilizer increased by Rs200 per bag
Islamabad: Engro Fertilizer on Wednesday increased the price of DAP in Pakistan by Rs 200 per bag due to a hike in global prices.
https://newztodays.com/price-of-dap/
China allows seven more units to export rice
ISLAMABAD: After completing required international food safety and security standards, China has allowed seven more Pakistani rice units to export rice.
https://epaper.brecorder.com/2021/07/08/4-page/892621-news.html
PSM revival plan: PC BoD all set to give approval
ISLAMABAD: Privatization Commission’s (PC’s) Board of Directors (BoD) is all set to give final nod to the long-awaited revival plan of Pakistan Steel Mills (PSM) on Friday (tomorrow), sources close to Minister for Industries and Production (MoI&P) told Business Recorder.
https://epaper.brecorder.com/2021/07/08/1-page/892594-news.html
Oil falls in volatile trade as investors seek OPEC clarity
Oil prices fell more than $1 a barrel on Wednesday in another seesaw trading session, as investors feared what this week’s collapse in OPEC+ talks meant for worldwide production.
