【Daily】10 Aug. Brief of Pak BizNews
KSE 100 47,123.62 ▼ 0.77%
KMI 30 76,063.50 ▼ 1.01%
KASB Tech Index 472.33 ▼ 2.51%
· Pakistan’s market witnessing range-bound trading because of a lack of notable upside triggers.
· Result season has largely been overshadowed by COVID infection rates and external account imbalances despite expectations of stellar earnings growth.
· US Dollar reaches PKR 164.38 as Pakistan Rupee continues to depreciate by 1.28%.
KASB Market View
· Oil prices has declined continuously below USD 65/bbl on demand worries amid a strengthening dollar. Falling oil bodes well for Pakistan’s industrial sector.
· Defensive and high-yielding stocks including textile stocks, are likely to garner investors’ attention during uncertain times. The IPPs results may also come under limelight on expectations of cash payouts post the IPPs payment.
Punjab imposes smart lockdown in selective districts
Punjab government on Monday imposed smart lockdown in selective districts to control the fourth outbreak of coronavirus.
Ayub reviews extension of Tarbela hydropower project
Omar Ayub Khan, Federal Minister for Economic Affairs chaired a high-level meeting to review the progress of Tarbela Hydropower Project (T5), said a press release.
July trade deficit widens by whopping 85.53pc YoY
Pakistan’s trade deficit widened by 85.53 percent to $3.104 billion in July 2021 as compared to $1.673 in the corresponding month of 2020, says the Pakistan Bureau of Statistics (PBS).
Power subsidy rationalization plan unveiled
The government Monday unveiled a three-phased power subsidy rationalisation plan aimed at trimming down the number of beneficiaries of non Time of Use (ToU) domestic consumers across the country, including KE, and increase tariff of consumers using over 200 units in a month through new slabs.
To avert gas crisis in winter season: Govt seeks to utilise additional capacity of both LNG terminals
The government has intensified its endeavors to utilise the spare capacity of 330mmcfd available in both FSRUs berthed at LNG terminals of Engro and Pakistan Gas Port Consortium Limited (PGPL) to reduce the intensity of gas crisis in the forthcoming winter season.
Agri credit disbursement reaches Rs1.366trn despite Covid-19 challenges
Despite the ongoing challenges posed by Covid-19 pandemic and climate change, credit disbursement by the financial institutions to agriculture sector increased by 12 percent to Rs1.366 trillion in FY21 over Rs1.215 trillion disbursements in FY20. https://www.brecorder.com/news/40112329/agri-credit-disbursement-reaches-rs1366trn-despite-covid-19-challenges
Lucky Cement reports consolidated earnings of Rs28.2bn for FY2021
On a consolidated basis, Lucky Cement Limited reported a profit after tax of Rs 28.23 billion of which Rs 5.37 billion is attributable to non-controlling interest for the year ended June 30, 2021. This translates into earnings per share (EPS) of Rs 70.69/ share as compared to Rs 18.96/ share reported last year.
Oil slides 4% on China virus curbs and climate warning
Oil prices fell by 4% on Monday, extending last week’s steep losses on the back of a rising US dollar and concerns that new coronavirus-related restrictions in Asia, especially China, could slow the global recovery in fuel demand.
Daily Change: 1-Day Change
🥇 Gold: USD 1,730.85 ▼ 1.83%
🥈 Silver: USD 23.41 ▼ 3.77%
🛢️Crude Oil USD 66.81 ▼ 2.15%
🔀 USD-PKR: Rs 164.37/USD ▲ 1.27%