Stocks struggled to find a floor on the first day of futures rollover week on Monday as sell-off continued owing to weak cues coupled with internal and external headwinds. Bears dominated market proceedings and the benchmark KSE-100 index endured another round of stock selling, dipping over 180 points in intra-day trading.
KASB Market View
The upcoming monetary policy is likely to be a non-event with the market already incorporating in a ‘no-change’ stance. Investors are expected to closely track the recent currency volatility and the economic data points to formulate their investment strategy. We continue recommending building positions in cyclical stocks including cements, and automobiles.
National News
MPS today: Key policy rate may stay unchanged
The Governor State Bank of Pakistan (SBP), Dr. Reza Baqir will unveil Monetary Policy Statement (MPS) on Tuesday (July 27) for the next two months.
https://www.brecorder.com/news/40109295/mps-today-key-policy-rate-may-stay-unchanged
Refined sugar import: MoF asked to arrange Rs18bn
Finance Minister Shaukat Tarin has directed Ministry of Finance to arrange funds of Rs 18 billion for import of refined sugar of 0.2 million tons, well-informed sources told Business Recorder.
https://www.brecorder.com/news/40109306/refined-sugar-import-mof-asked-to-arrange-rs18bn
Door-to-door vaccination campaign initiated
The Lahore district administration on Monday commenced the door-to-door Covid-19 vaccination campaign in the provincial capital. It constituted 528 mobile teams to vaccinate 40 percent of the city’s population by August 14.
https://www.brecorder.com/news/40109269/door-to-door-vaccination-campaign-initiated
Pakistan PM Khan’s ruling party wins Kashmir regional election
The ruling party of Pakistan’s Prime Minister Imran Khan has won a majority of seats in Pakistan-administered Kashmir’s regional assembly, the head of the election commission announced on Monday.
Govt fails to fully utilise rupee component of PSDP
The government has failed to fully utilize the rupee component of its Public Sector Development Program (PSDP), and its consumption of the funds stood at Rs551.4 billion against an allocated amount of Rs577 billion during fiscal year 2020-21.
https://www.thenews.com.pk/print/869050-govt-fails-to-fully-utilise-rupee-component-of-psdp
‘Get serious’: Pakistan’s Covid-19 cases, positivity rate soar to highest levels since May
Pakistan has reported 3,752 coronavirus cases during the last 24 hours, taking the national positivity rate to a whopping 7.51 per cent as the country battles a fourth wave of the pandemic.
https://www.dawn.com/news/1637022
Saudi foreign minister to visit Pakistan tomorrow
Saudi Foreign Minister Prince Faisal bin Farhan Al Saud will visit Pakistan tomorrow (Tuesday) on the invitation of Foreign Minister Shah Mahmood Qureshi to discuss bilateral ties and regional and international issues, the Foreign Office said on Monday.
https://tribune.com.pk/story/2312187/saudi-foreign-minister-to-visit-pakistan-tomorrow
Consumer loans jump 32.6pc to Rs708bln in June
State Bank of Pakistan’s (SBP) number presented that consumer loans such as home, car and personal loans, and credit cards rose to Rs708 billion in June from Rs534 billion a year ago. The consumer financing saw a 3.5 percent month-on-month increase in May where it stood at Rs684 billion
https://www.thenews.com.pk/print/869049-consumer-loans-jump-32-6pc-to-rs708bln-in-june
Nishat Chunian IPPs: Implementation Committee likely to meet this week
In the light of a decision of a meeting of the Cabinet Committee of Energy (CCoE) of July 15, 2021, the Implementation Committee is likely to meet during this week to decide how to secure Nishat Chunian IPP excess payment after receipt of a letter from National Accountability Bureau (NAB) as requested by Power Division or renegotiate again with the IPPs of the 2002 Power Policy to revisit the contracts despite approval of Federal Cabinet in February 21.
Cellular subscribers surge by 0.77m: PTA
The number of cellular subscribers in Pakistan increased by 0.77 million to 184.25 million by end June 2021 compared to 183.48 million by end May, revealed the Pakistan Telecommunication Authority (PTA) data.
https://www.brecorder.com/news/40109268/cellular-subscribers-surge-by-077m-pta
WorldCall says it will launch a ride-hailing service like Uber/Careem
World Call Telecom Limited, a Pakistani telecommunication and multimedia service provider, is planning to launch a ride-hailing service along the lines of Uber and Careem early next year, revealed the company’s annual report 2020 sent to the Pakistan Stock Exchange (PSX) last week.
SECP unveils oily affairs
ISLAMABAD: Securities and Exchange Commission of Pakistan’s (SECPs) internal correspondence has reportedly unveiled unsavory affairs of M/s Hascol Petroleum and M/s Vitol Dubai Limited.
https://epaper.brecorder.com/2021/07/26/1-page/894528-news.html
