The Pakistan Stock Exchange experienced a somber session on Thursday as the KSE-100 index traded in a narrow range and shed 33 points by the end of the day. Investors resorted to profit-booking as the last market rally, which ended on Tuesday, had lifted prices to attractive levels. Moreover, a lack of triggers that could provide direction to the market caused the bourse to oscillate between positive and negative territories throughout the day.
KASB Market View
Expectations of the upcoming federal budget will likely dictate the index’s momentum in the coming trading sessions. A growth-centric projection will likely pave way for cyclical stocks to outperform including cements, steels, OMCs and automobiles. Additionally, strong economic indicators may further push commercial banks on expectation of provision reversals. Moreover, progress on the circular debt front may allow the energy chain’s exuberance to continue, onwards.
National News
Pakistan, China committed to CPEC with 41 projects in pipeline: FO Spokesperson
ISLAMABAD: Pakistan and China have so far completed 19 projects under the umbrella of China Pakistan Economic Corridor (CPEC), while 28 are under-construction and 41 more in the pipeline
Foreign remittance reaches $29.1bn, exhibiting 34pc increase: Shahbaz Gill
ISLAMABAD: Special Assistant to the Prime Minister on Political Communication Dr Shahbaz Gill on Thursday appreciated the foreign expatriates who sent foreign remittances to the country which have now reached $29.1 billion from $21.7 billion last year, exhibiting 34 per cent increase.
Foreign exchange: SBP reserves rise $272m to $16.1b
KARACHI: The foreign exchange reserves held by the central bank rose 1.7% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.
https://tribune.com.pk/story/2303279/foreign-exchange-sbp-reserves-rise-272m-to-161b
EU to provide €9m to support parliamentary development
ISLAMABAD: The European Union (EU) has signed a project worth €9m to support parliamentary development in Pakistan, the Delegation of the European Union to Pakistan said on Thursday.
https://tribune.com.pk/story/2303260/eu-to-provide-9m-to-support-parliamentary-development
FY22, FY23: Economic team unveils game plan
ISLAMABAD: The government on Thursday said the revenue collection would be increased by 20 percent every year to take the total tax collection to Rs7 trillion over the next two years. Moreover, it would take all the needed steps to increase the development spending by 38 percent to put the country on suitable and inclusive growth.
https://www.brecorder.com/news/40097787/fy22-fy23-economic-team-unveils-gameplan
Higher LNG prices: SBP for pooling mechanism to pass on impact to consumers
KARACHI: The State Bank of Pakistan (SBP) has asked the government for an appropriate price pooling mechanism to pass on the impact of higher LNG prices to consumers; otherwise, it risks the formation of a circular debt situation akin to the one prevailing in the electricity sector.
Six companies place lowest offers for Pakistan LNG buy tender
SINGAPORE: Six companies have placed the lowest offers for a buy tender by Pakistan LNG for nine liquefied natural gas (LNG) cargoes to be delivered in July and August, according to a document posted on the company website.
800cc or less cars are getting cheaper after next budget
Lately, there has been a large influx of new automakers in the Pakistani automotive market. Although it has been a positive development for the industry, people are still yearning for more affordable cars in the market.
https://propakistani.pk/2021/06/03/800cc-or-less-cars-are-getting-cheaper-after-next-budget/
Electric cars to be launched in Pakistan by end-2021: Amin
ISLAMABAD: Special Assistant to the Prime Minister on Climate Change Malik Amin Aslam Thursday said the most-awaited electric cars would be launched in Pakistan by end-2021 under Electric Vehicle (EV) policy.
https://www.brecorder.com/news/40097562/electric-cars-to-be-launched-in-pakistan-by-end-2021-amin
Export of six items: FBR increases duty drawback rates
ISLAMABAD: The Federal Board of Revenue (FBR) has increased duty drawback rates on the export of deep freezers, water dispenser, washing machines, refrigerators, transformers, and trunks/suitcases/vanity cases from June 1, 2021.
https://www.brecorder.com/news/40097704/export-of-six-items-fbr-increases-duty-drawback-rates
Economy picking up; three areas need vigilance: SBP
KARACHI: The State Bank of Pakistan (SBP) Thursday said Pakistan’s macroeconomic outlook for the current fiscal year has further improved supported by growing industrial activity, promising output of major Kharif crops and a pick-up in the services sector during the second quarter of this fiscal year (FY21).
FBR to stop issuing notices to taxpayers from July 1: Tarin
Federal Minister for Finance and Revenue Shaukat Tarin has announced that with effect from July 1, 2021, no notices will be issued by the Federal Board of Revenue (FBR) as the taxpayers will be able to carry out self-assessment whereas only 4 to 5 percent of the cases will be sent for audit which will not be done by FBR but by third party.
https://pakobserver.net/fbr-to-stop-issuing-notices-to-taxpayers-from-july-1-tarin/
Sindh makes COVID-19 vaccination mandatory
KARACHI: In order to ensure the well-being of citizens against the coronavirus, Sindh Chief Minister Murad Ali Shah on Thursday announced to make COVID-19 vaccination mandatory for every citizen
Punjab to offer incentives to agri sector
LAHORE: The government of Punjab has decided to double the development budget allocation for agriculture and introduce projects to improve the quality of seeds and agricultural services to boost production, said Punjab Finance Minister Hashim Jawan Bakht.
https://tribune.com.pk/story/2303302/punjab-to-offer-incentives-to-agri-sector
