Pakistan Stock Market ended lower today amid lack of triggers & fear of possible lockdown due to deteriorating Covid 19 situation in the country. The benchmark KSE-100 index plunged from the moment trading began and kept trading in the red throughout the day. Rising uncertainty ahead of the long holiday season sparked panic selling by investors, which pushed the index lower.
KASB Market View
Going forward, there may be some near-term tension ahead of the long Eid holidays but we recommend investors to look past that. We feel any correction in the stock market in this week will be an opportunity to invest at lower levels.
National News
Govt to rework IMF deal: Tarin
ISLAMABAD: Minister for Finance and Revenue Shaukat Tarin said the IMF agreement imposed very harsh conditions under the $6 billion Extended Fund Facility (EFF) program.
https://www.thenews.com.pk/print/829965-govt-to-rework-imf-deal-says-tarin
Lucky Cement, TRG expect upgrades in MSCI indices
KARACHI: Lucky Cement is likely to get promoted to the MSCI Standard Index and TRG Pakistan stands ready to be included in the MSCI Emerging Market Small Cap Index, analysts said.
https://www.thenews.com.pk/print/830070-lucky-cement-trg-expect-upgrades-in-msci-indices
Cotton stocks dip
KARACHI: Cotton arrivals in the ginneries have been recorded at 5.64 million bales by May 1, the lowest arrivals in three decades, traders said on Monday.
https://www.thenews.com.pk/print/830079-cotton-stocks-dip
Pharma sector seeks exemption
LAHORE: The pharmaceutical industry and distributors should be exempted from 50 percent staff condition and extended Eid holidays so that the supply chain can be maintained.
https://www.thenews.com.pk/print/830078-pharma-sector-seeks-exemption
IMF says govt required to increase spending
ISLAMABAD: Pakistan would require to increase annual spending on education by about 5.7 percent of GDP, six percent on healthcare, invest around $24.5 billion on electricity access and $76 billion on road network to meet the Sustainable Development Goals (SDGs) target by 2030, says the International Monetary Fund (IMF). The IMF in a working paper, “Pakistan: Spending Needs for Reaching the Sustainable Development Goals (SDGs)”, stated that to achieve the SDGs in critical sectors would require additional annual spending of 16.1 percent of GDP in 2030 from public and private sectors combined.
https://epaper.brecorder.com/2021/05/04/1-page/884935-news.html
ADB launches Asia Pacific Tax Hub
ISLAMABAD: The Asian Development Bank (ADB) has launched an Asia Pacific Tax Hub to create an open and inclusive platform to promote strategic policy dialogue, improve knowledge sharing, and strengthen coordination on tax policy and administration among ADB, its members, and development partners.
https://www.brecorder.com/news/40090029/adb-launches-asia-pacific-tax-hub
Tarin hints at ‘renegotiating’ IMF agreement
Federal Finance Minister Shaukat Tarin has termed the International Monetary Fund’s (IMF) demand for increase in electricity tariff “unjustified”, hinting at “renegotiations” with the global lender on loan conditions.
https://tribune.com.pk/story/2298050/tarin-hints-at-renegotiating-imf-agreement
Future of 11 power plants; Consultation process expedited
ISLAMABAD: Power Division has reportedly expedited consultation process on early termination/ buyout of 11 oil-fired power plants of 3319MW, well-informed sources told Business Recorder.
https://epaper.brecorder.com/2021/05/04/1-page/884937-news.html
US bill to clear way for duty-free export zones along Pak-Afghan border
LAHORE: The Pak-US Business Council has said that a bipartisan bill, moved in the US Senate on Friday, for establishment of duty-free export zones along the Pak-Afghan border, would provide economic benefits to both countries and boost US efforts to promote peace in the region.
APBF suggests setting up of five mega textile parks
LAHORE: Pakistan Businesses Forum (PBF) has suggested the government to announce setting up of five mega textiles parks in the budget 2021-22, to make the industry globally competitive.
https://epaper.brecorder.com/2021/05/04/18-page/884925-news.html
Interior ministry notifies Eid holidays from May 10 to 15
The notification for the Eid holidays was issued based on the recommendations of the National Command and Operation Centre (NCOC) and with the approval of Prime Minister Imran Khan, according to a spokesperson for the ministry.
https://www.dawn.com/news/1621820/interior-ministry-notifies-eid-holidays-from-may-10-to-15
Govt unveils 49-point electoral reforms
The federal government on Monday unveiled a series of amendments to the Constitution, laws and the Election Act 2017 as part of its electoral reform agenda in order to ensure free, fair and transparent elections in the future and end the controversy and allegations of rigging forever.
https://tribune.com.pk/story/2298025/govt-unveils-49-point-electoral-reforms
Gross Domestic Product (GDP)
-Word of the Day-
Gross domestic product (GDP) is the monetary value of all finished goods and services made within a country during a specific period.
