TRG (+3%) continued the momentum upwards as investors rejoice with detail financial statements showing growth in underlying companies. Similarly, expected volume & margins growth kept Mughal Steel (7%) & Aisha Steel (7%) upwards. Oil Market Companies data came out that showed PSO (+3%) clearly grabbing the market share. Among the negatives, Agha Steel (-3%) stood out after lower than expected profitability in December results.
KASB Market View
KSE 100 closed +0.9% at 46,019 with Rs 23b worth of securities traded. The grass was greener today. The statement from coalition partners that we would support PTI in the Senate election was reassuring. And thus, the Index saw greener pastures today. Tomorrow, we shall expect net positivity to prevail as valuations are too good and yet to mature. Senate elections result would have calm political sentiments.
National News
IMF grants over Rs200b spending waiver to fight Covid
The International Monetary Fund (IMF) has granted over Rs200 billion spending waiver to create fiscal space for mitigation of the coronavirus contagion – an amount which is less than half of the remaining unspent funds committed under the Prime Minister’s Covid-19 Relief Fund 2020.
https://tribune.com.pk/story/2287159/imf-grants-over-rs200b-spending-waiver-to-fight-covid
High-stakes polling for 37 Senate seats to be held today
A total of 78 candidates are vying for the seats from Sindh, Khyber Pakhtunkhwa, Balochistan and Islamabad. All Senate candidates from Punjab were elected unopposed last month after disqualification or withdrawal of papers by other contestants.
https://www.dawn.com/news/1609919/high-stakes-polling-for-37-senate-seats-to-be-held-today
Sugar, wheat cotton behind import bill hike
ISLAMABAD: Prime Minister’s Adviser on Commerce and Investment, Abdul Razak Dawood has said that the main reason for increase in import bill is import of sugar and wheat.
https://epaper.brecorder.com/2021/03/03/1-page/871938-news.html
China to gift 0.5m more Covid vaccine doses to Pakistan
Foreign Minister Shah Mahmood Qureshi on Tuesday announced that China would send 500,000 more doses of coronavirus vaccine for Pakistan’s frontline workers and senior citizens.
https://tribune.com.pk/story/2287155/china-to-gift-05m-more-covid-vaccine-doses-to-pakistan
Pakistan to get 10m doses of vaccine under Covax
GENEVA: Pakistan, Nigeria and Indonesia will be among the biggest recipients of free Covid-19 vaccines before June — more than 10 million doses each — the Covax scheme announced on Tuesday.
https://www.dawn.com/news/1610392/pakistan-to-get-10m-doses-of-vaccine-under-covax
PSX, NIFT sign agreement to launch E-IPO system
KARACHI: Pakistan Stock Exchange (PSX) and National Institutional Facilitation Technologies (NIFT) signed an agreement to collaborate in the development of a new payment and registration system by PSX.
https://epaper.brecorder.com/2021/03/03/5-page/871973-news.html
Over Rs1trn borrowed for budgetary support
KARACHI: The federal government has borrowed over Rs 1 trillion for budgetary support from scheduled banks during current fiscal year (FY21) to finance the fiscal deficit.
https://epaper.brecorder.com/2021/03/03/1-page/871952-news.html
Feb POL sales up 26pc YoY
KARACHI: Total petroleum and lubricant sales clocked-in at 1.40 million tons in February 2021, depicting a double-digit growth of 26 percent on year-on-year basis. However, sales declined by 8.0 percent on month-on-month basis due to fewer working days in February compared to January.
https://epaper.brecorder.com/2021/03/03/5-page/871975-news.html
Ogra split on flare gas consumption mechanism
ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) is divided over the specifications, standards and process for commercial consumption of flare gas in the transport sector (through CNG stations).
https://www.dawn.com/news/1610390/ogra-split-on-flare-gas-consumption-mechanism
Cement sector posts nominal growth; export declines
LAHORE: The cement sector posted nominal growth in February 2021 as compared to February 2020 while export side continued declining trend as seen during last three months.
https://epaper.brecorder.com/2021/03/03/6-page/871987-news.html
Pakistan gets offers in 50,000 tonnes white sugar tender
HAMBURG: The lowest price offered in Pakistan’s international tender to buy 50,000 tonnes of sugar which closed on Tuesday is believed to be $540.10 tonne c&f, European traders said in initial assessments.
https://epaper.brecorder.com/2021/03/03/1-page/871939-news.html
Circuit Breaker
-Word of the Day-
A circuit breaker is an emergency-use regulatory measure to temporarily halt trading on an exchange. Circuit breakers are in place to try to curb in panic-selling. They can also be triggered on the way up with manic-buying.
