The Pakistan Stock Exchange (PSX) continued its recovery on the first trading day of rollover week on Monday with the benchmark KSE-100 index gaining about 180 points as positive macros helped the index surpass the 46,000-point mark.
KASB Market View
We expect the market to focus on key developments on the upcoming federal budget. That is likely to fuel investors’ speculation over the market’s momentum. Focus is set to unveil a growth-centric budget, which may likely drive cyclical stocks including cements, and steels. The energy chain may also sustain its momentum as the payment is likely to be cleared soon.
National News
SBP fully backs 3.94pc growth rate estimate
KARACHI: The State Bank of Pakistan (SBP) on Monday expressed complete satisfaction over the new estimate of 3.94 per cent GDP growth for FY21, noting that the rebound was fueled by a well-calibrated policy response.
https://www.dawn.com/news/1625495/sbp-fully-backs-394pc-growth-rate-estimate
Next budget envisages all-inclusive sustainable economic growth: Tarin
ISLAMABAD: Finance Minister Shaukat Tarin on Monday said the government will announce a growth-oriented and business-friendly budget for 2021-22, provide relief to the common man and encourage self-assessment and incentivize businessmen and traders to pay taxes in line with best international practices.
Pakistan Nears Debt-for-Nature Swap Agreement With Creditors
Pakistan is closing in on a deal with bilateral creditors that would tie debt relief to the achievement of biodiversity goals, government officials said.
Regulations for banks dealing with issuing guarantee revised
KARACHI: The State Bank of Pakistan on Monday revised the maximum limit up to 10 percent of equity of the bank or DFI for issuing guarantee against the back-to-back or counter guarantee by a foreign unrated, or under-rated bank or DFI.
https://www.thenews.com.pk/print/839432-regulations-for-banks-dealing-with-issuing-guarantee-revised
Pakistan develops homemade anti-Covid vaccine ‘PakVac’
In a major achievement in its fight against the novel coronavirus, Pakistan on Monday announced that it has developed a homemade vaccine — PakVac — with the help of China’s Cansino Bio after rigorous quality control checks.
https://tribune.com.pk/live-blog/29
Govt to slash down turnover tax from 1.5pc to 0.5pc
ISLAMABAD: The government is contemplating upon different options to provide relief to the country’s giant multinational companies including slashing down turnover tax from the existing rate of 1.5 per cent to 0.5 per cent in the upcoming budget.
https://www.thenews.com.pk/print/839697-govt-to-slash-down-turnover-tax-from-1-5pc-to-0-5pc
Wapda hires banks for green bonds
DUBAI: Pakistan Water and Power Development Authority has hired banks to arrange investor calls from Monday for issuance of US dollar-denominated green bonds, a document showed. JPMorgan, Deutsche Bank, Standard Chartered and Habib Bank were hired to arrange the planned benchmark issuance of seven-year or 10-year bonds subject to market conditions, the investors note showed.
https://epaper.brecorder.com/2021/05/25/12-page/887309-news.html
Govt to finance high-yielding crop research
ISLAMABAD: The federal government will allocate funds in the upcoming budget 2021-22 to develop high-yielding crops to meet growing domestic demand and reduce dependence on import of basic food items.
https://www.dawn.com/news/1625480/govt-to-finance-high-yielding-crop-research
CCoP launches investigation into possible chicken feed cartel
ISLAMABAD: The anti-monopoly body has launched an investigation into alleged cartel practices impacting chicken feed prices, resulting in high poultry rates in the country, a government statement said.
Ogra asked to cancel 36 OMCs’ provisional license
ISLAMABAD: Ministry of Energy has directed Oil and Gas Regulatory Authority (Ogra) to cancel provisional license of 36 Oil Marketing Companies (OMCs) for failing to meet the prescribed conditions, well-informed sources told Business Recorder.
https://epaper.brecorder.com/2021/05/25/12-page/887313-news.html
Economy seen regaining pace in 2021 after Covid-19 shock
KARACHI: Economy is expected to emerge this year from last year’s slump and grow as much as 3.49 percent annually, propelled by a mix of fiscal and monetary stimulus measures as the coronavirus pandemic ebbs, central bank said on Monday.
https://www.thenews.com.pk/print/839428-economy-seen-regaining-pace-in-2021-after-covid-19-shock
Diversity in exports to achieve higher growth in coming years: SBP Governor Baqir
KARACHI: Pakistan can achieve higher gross domestic growth in the coming fiscal years if it focuses on diversifying exports and increasing investments, central bank’s Governor Dr Reza Baqir said on Monday.
Honda Opens Bookings for “New” 6th Generation City in Pakistan
Over almost three decades of its presence in Pakistan, Honda Atlas has become a mainstay in the local automotive market, while creating strong brand value and a loyal customer base. However, the company has been resorting to questionable tactics that have led to a lot of public criticism.
https://propakistani.pk/2021/05/24/honda-begins-booking-old-model-city/
Hyundai Tucson Recalled in Pakistan Due to Fire Hazard
There’s been a rise in the number of vehicle fire incidents across Pakistan, and the names that come up in such news more often than others, are Kia Sportage and Hyundai Tucson. Hyundai Nishat has identified the problem, issuing a recall of the Tucson SUV to fix the problem.
https://propakistani.pk/2021/05/24/hyundai-tucson-recalled-in-pakistan-due-to-fire-hazard/
Pakistan, US agree to advance ‘practical’ cooperation
ISLAMABAD: Pakistan and the United States have agreed to advance “practical” cooperation on issues of mutual interest, bilateral ties, regional and global issues.
https://epaper.brecorder.com/2021/05/25/1-page/887221-news.html/
