The Pakistan Stock Exchange (PSX) on Wednesday succumbed to selling pressure after closing positive for five consecutive sessions and lost 300 points in topsy-turvy trading. The benchmark KSE-100 index traded between hope and despair, which eventually let loose the bears, who pulled the bourse into the red.
KASB Market View
Easing COVID19 restrictions announced by NCOC is expected to bring some respite to investors on economic jitters. All eyes are now focused on developments around the budget. We continue to prefer cyclicals such as cements and autos.
National News
NCOC allows staggered reopening of educational institutes, outdoor dining from May 24
The National Command and Operation Centre (NCOC) on Wednesday announced the lifting of a number of restrictions imposed to control the spread of the coronavirus in the country, including the staggered reopening of educational institutions in districts where the positivity rate is less than five per cent and resumption of outdoor dining.
Tarin’s approach to Budget FY22
ISLAMABAD: Finance Minister, Shaukat Tarin has said that “well thought out” tax reforms would be included in the coming budget which would be progressive and curtail interaction between the taxpayer and the authorities.
https://epaper.brecorder.com/2021/05/20/1-page/886609-news.html
GDP growth seen at 3pc in FY2021
ISLAMABAD: Pakistan’s gross domestic product (GDP) growth is expected to touch a 3 percent mark in the outgoing fiscal year of 2020/21, official sources said on Wednesday.
https://www.thenews.com.pk/print/837014-gdp-growth-seen-at-3pc-in-fy2021
EETL’s expansion plan hits snag
LAHORE: Engro Elengy Terminal Private Limited (EETL) could not expand its re-gasified liquified natural gas (RLNG) capacity due to red-tapism, while the approvals are awaiting clearance from National Accountability Bureau (NAB), The News learnt on Wednesday.
https://www.thenews.com.pk/print/837015-eetl-s-expansion-plan-hits-snag
Country has huge power generating potential: PM
PESHAWAR: Prime Minister Imran Khan Wednesday said that Pakistan is rich in water resources and have potential to generate 50,000MW hydel power. Talking to media persons after visiting the site of under construction Mohmand Dam here, the Prime Minister said Pakistan has capacity to generate 50,000MW electricity. Mohmand Dam having the capacity of 800MW would be completed by 2025.
https://epaper.brecorder.com/2021/05/20/1-page/886603-news.html
Disgruntled PTI leaders vow to stand by PM
ISLAMABAD: The senior leaders of ruling Pakistan Tehreek-e-Insaf (PTI) on Wednesday vowed to stand by Prime Minister Imran Khan after reports surfaced that a pro-Jahngir Tareen has been formed within the ruling party.
https://epaper.brecorder.com/2021/05/20/2-page/886616-news.html
Karachi ‘power surplus city’; Will KE achieve its objective by next year?
KARACHI: The question whether K-Electric’s vision to turn Karachi into a ‘power surplus’ city by next year will translate into a reality has no clear answer as the power company is still depending heavily on external power sources, including the import from NTDC system. As per NEPRA’s state of industry report 2020, the total electricity generated by K-Electric (KE) through its own power plants stood at 10,358 GWh during FY 2019-20 as compared to 10,727 GWh generated during the preceding year, depicting a decrease of 369 GWh.
https://epaper.brecorder.com/2021/05/20/12-page/886698-news.html
Tractor production increases 65.24pc in ten months
ISLAMABAD: The production of farm tractors in the country witnessed an increase of 65.24 percent to 41,327 units during first ten month of financial year 2020-21, against the production of 25,009 units in same period of last year.
https://www.brecorder.com/news/40093481/tractor-production-increases-6524pc-in-ten-months
Auto policy to focus on growth
ISLAMABAD: Makhdum Khusro Bakhtyar, Federal Minister for Industries & Production on Wednesday said the new auto policy would focus on growth of industry together with affordability, quality, availability, and indigenization.
https://www.thenews.com.pk/print/837027-auto-policy-to-focus-on-growth
Budget proposals; FIC for cut in GST and WHT on fertilizers’ import
KARACHI: Fertilizer Importers Council (FIC) has proposed reduction of GST and Withholding Tax on the import of fertilizers from current 2 percent to one percent to support the domestic agriculture sector.
https://epaper.brecorder.com/2021/05/20/5-page/886639-news.html
Pakistan, Thailand for early conclusion of FTA
ISLAMABAD: Pakistan and Thailand have agreed to work together for early conclusion of a mutually-beneficial bilateral free trade agreement (FTA), as the two sides reviewed the entire gamut of bilateral relations in areas such as defence, security, economic, trade, and investment.
https://epaper.brecorder.com/2021/05/20/7-page/886655-news.html
ECC, CCoP meetings put off
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet and the Cabinet Committee on Privatization (CCoP) meetings scheduled to be held on Wednesday have been postponed due to the some important engagement of Finance Minister Shaukat Tarin.
https://epaper.brecorder.com/2021/05/20/1-page/886610-news.html
Tareen supporters back Imran, oppose Buzdar: Punjab govt doing hostile acts: JKT
ISLAMABAD/LAHORE: Interior Minister Shaikh Rashid Ahmed on Wednesday claimed that the estranged Pakistan Tehreek-e-Insaf (PTI) leader Jahangir Khan Tareen along with his group will vote for Imran Khan in passage of budget.
