The Pakistan Stock Exchange (PSX) stabilizes and expands nearly 11 points only 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
Oil prices likely to significantly increase
ISLAMABAD: The prices of all petroleum products may touch Rs11.5 per liter owing to higher international prices, sources said on Wednesday.
https://tribune.com.pk/story/2310555/oil-prices-likely-to-significantly-increase
ECC to okay 5-year trade framework
ISLAMABAD: The Economic Coordination Committee (ECC) is likely to approve the Strategic Trade Policy Framework (STPF) 2020-25.
https://tribune.com.pk/story/2310350/ecc-to-okay-5-year-trade-framework
Oil prices drop after Saudi Arabia, UAE reach output compromise
LONDON: Oil prices dropped on Wednesday after Reuters reported that Saudi Arabia and the United Arab Emirates had reached a compromise over a global supply deal that will allow the UAE to boost its output.
https://tribune.com.pk/story/2310522/oil-prices-drop-after-saudi-arabia-uae-reach-output-compromise
Rupee recovers 38 paisas against dollar
ISLAMABAD: The Pakistani rupee recovered 38 paisas against the US dollar in inter-bank trading on Wednesday, ending at Rs159.12 compared to the previous day’s closing of Rs 159.50.
https://www.brecorder.com/news/40107168/rupee-recovers-38-paisas-against-dollar
Thar Coal Block 6: Sindh blames Centre for ‘blocking’ UK-based company’s investment
KARACHI: Sindh Minister for Energy Imtiaz Shaikh on Wednesday blamed Federal government for not allowing a UK-based company – Oracle to make investment in Thar Coal Block 6.
Federal capital: Smart lockdowns in some more high-risk areas
ISLAMABAD: As the Covid-19 positivity rate in the capital city is going up, the district administration has imposed smart lockdowns in some more high-risk areas.
https://www.brecorder.com/news/40107330/federal-capital-smart-lockdowns-in-some-more-high-risk-areas
‘LESCO is highest loss making company’
LAHORE: The Lahore Electric Supply Company is the highest loss making company out of the five distribution companies (DISCOs) operating in the province of Punjab, including Gujranwala Electric Power Company (GEPCO), Faisalabad Electric Supply Company (FESCO), Islamabad Electric Supply Company (IESCO) and Multan Electric Power Company (MEPCO).
https://www.brecorder.com/news/40107325/lesco-is-highest-loss-making-company
Auction Result: SBP Sells T-Bills and PIBs worth Rs.802.76 Billion
July 14, 2021 (MLN): The State Bank of Pakistan(SBP) conducted an auction on Wednesday in which it sold Market Treasury Bills (MTBs) worth Rs.693.12 billion for 3 and 6 months.
https://mettisglobal.news/auction-result-sbp-sells-t-bills-and-pibs-worth-rs-802-76-billion/
MCML plans to localise its vehicles up to 60pc
KARACHI: Achieving the milestone of producing 10 thousand vehicles in just 2 years after setting up its technologically advanced plant in Pakistan, the Master Changan Motors Limited (MCML) intends to localize their vehicles up to at least 60 percent in the next two years.
https://epaper.brecorder.com/2021/07/15/5-page/893508-news.html
SBP’s foreign exchange reserves soar to $18.2 billion, highest since January 2017
The State Bank of Pakistan (SBP) on Wednesday said that it has received $1 billion inflows against issuance of the Eurobond, pushing its foreign exchange reserves to the highest level since January 2017.
