The Pakistan Stock Exchange (PSX) expands further by 136.79 points on Thursday in the absence of major negative 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. In addition, 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
Independent power producers: CCoE approves PD’s summary
The Cabinet Committee on Energy (CCoE) has approved a summary on Examination, Validation of Process of Independent Power Producers (IPPs) Agreement submitted by the Power Division. The committee met with Federal Minister for Planning, Development and Special Initiatives, Asad Umar, in the chair here Thursday.
https://www.brecorder.com/news/40107587/independent-power-producers-ccoe-approves-pds-summary
Power sector: Chinese investors irked by non-payment of returns?
Chinese companies are reportedly not interested in making further investment in Pakistan, citing inappropriate treatment, especially in payment to companies that invested in the power sector, well-informed sources told Business Recorder.
Govt to renegotiate deals with 12 IPPs on NAB advice
Reversing earlier decisions and agreements, the government on Thursday decided to ‘re-negotiate’ once again power purchase agreements (PPA) with about a dozen independent power producers (IPPs) set up under Policy for Power Generation 2002 to recover ‘excess payments’ they had secured from the government.
https://www.dawn.com/news/1635354/govt-to-renegotiate-deals-with-12-ipps-on-nab-advice
Ghee/edible oil market: Tarin asks CCP to act against cartelisation
Finance Minister Shaukat Tarin has directed the Competition Commission of Pakistan (CCP) to take immediate action to break cartelization in ghee/edible oil market to prevent undue profiteering.
Country sees alarming rise in Covid-19 cases
Chairman of the National Command and Operation Center (NCOC) Asad Umar Thursday said the Covid-19 cases in the country and the number of patients being admitted in hospitals were increasing rapidly.
https://www.brecorder.com/news/40107565/country-sees-alarming-rise-in-covid-19-cases
Housing, construction finance up 75pc in FY21: SBP
The State Bank of Pakistan on Thursday said that housing and construction finance in FY21 saw a remarkable increase of Rs111 billion or 75 per cent to reach Rs259bn compared to FY20.
https://www.dawn.com/newspaper
Banks approve Rs39bln under subsidised housing finance
Banks have approved Rs39 billion under the government’s markup subsidy scheme for housing finance as of June 30 and the amount of loans applied for more than doubled in the last quarter of FY21 to Rs111 billion, the central bank’s governor said.
https://www.thenews.com.pk/print/864684-banks-approve-rs39bln-under-subsidised-housing-finance
TPL Trakker partners with BAFL
TPL Trakker has partnered with Bank Alfalah to provide the bank’s customers with exclusive discounts on vehicle tracking products using their cards as part of this arrangement, a statement said.
https://www.thenews.com.pk/print/864697-tpl-trakker-partners-with-bafl
HBL wins ‘Best Bank in Pakistan 2021’ award by Euromoney
Euromoney awards HBL the accolade of Pakistan’s Best Bank 2021. Earlier this year, the Bank also won Asiamoney award for Best Domestic Bank in Pakistan 2021. These two awards are the most prestigious awards in the banking industry, globally.
https://www.brecorder.com/news/40107585/hbl-wins-best-bank-in-pakistan-2021-award-by-euromoney
Byco, Excellence Delivered set up joint venture
Byco Petroleum Pakistan Limited, Pakistan’s largest oil refining company, has signed an MoU for the first-ever implementation of SAP Ariba DSN (Digital Supplier Network) and Sourcing Suite in Pakistan.
https://www.dawn.com/news/1635348/byco-excellence-delivered-set-up-joint-venture
PIA Sukuk-I raises Rs5.7 billion
The Pakistan International Airlines (PIA) raised Rs5.7 billion on Thursday with the conclusion of the book-building process for PIA Sukuk-I at the cut-off price of one-month Karachi interbank offered rate (Kibor) plus 100 basis points.
https://www.dawn.com/news/1635290/pia-sukuk-i-raises-rs57-billion
Petrol price hiked by Rs5.40/litre
ISLAMABAD: The government has increased petrol price by Rs5.40 per litre and High-Speed Diesel (HSD) by Rs2.54 per litre, whereas, the prices of kerosene oil and light diesel have been increased by Rs1.39 per litre and Rs1.27 per litre, respectively.
https://www.brecorder.com/news/40107586/petrol-price-hiked-by-rs540litre
Covid vaccine certificate not mandatory for Pakistani travellers: UAE
The United Arab Emirates (UAE) has clarified that Covid-19 vaccination certificate is not mandatory for passengers travelling from Pakistan to the Gulf country.
Foreign exchange: SBP reserves fall $26m to $17.2b
KARACHI: The foreign exchange reserves held by the central bank fell 0.14% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.
https://tribune.com.pk/story/2310711/foreign-exchange-sbp-reserves-fall-26m-to-172b
APPSCA rejects schools’ closure
KARACHI: All Pakistan Private Schools and Colleges Association’s (APPSCA) General Secretary, Sindh, Zubair Ahmed said schools’ closure is a painful process and a loss that can never be remedied.
https://www.brecorder.com/news/40107561/appsca-rejects-schools-closure
Covid-19: Business community concerned over closing down of businesses
KARACHI: Chairman Businessmen Group (BMG) & Former President KCCI Zubair Motiwala and President Karachi Chamber of Commerce & Industry (KCCI) M Shariq Vohra expressed deep concerns over the decision to once again closing down of dining facility at all restaurants and many other businesses.
https://www.brecorder.com/news/40107558
Pakistan business confidence falls
LAHORE: Pakistan has lowered down by 14.4 points on Institute of Management Account (IMA) Global Economic Confidence Survey (GECS) in the Q2 of 2021, while the world has reported a buoyant return to economic stability.
https://www.thenews.com.pk/print/864696-pakistan-business-confidence-falls
Pakistan, Russia cut deal on pipeline project
ISLAMABAD: Islamabad and Moscow have struck a deal for the construction of the “PakStream Gas Pipeline” after “lengthy deliberations”.
https://tribune.com.pk/story/2310730/pakistan-russia-cut-deal-on-pipeline-project
