January 14, 2022 (MLN): The State Bank of Pakistan (SBP) conducted an Open Market Operation today, in which it injected Rs479.5 billion into the market for 7 days at 9.95 percent.
Summary of OMO Result | |||||||
|
| Amount (Rs in Millions) | Rate (%) | Bids | |||
Tenor | Type | Offered | Accepted | High – Low | Accepted | Offered | Accepted |
7-Days | Reverse Repo (Injection) | 558,500.00 | 479,500.00 | 9.98 – 9.92 | 9.95 | 23 | 19 |
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January 16, 2022 (MLN): The highlights of the important economic and business events that took place during the last week are in order so as to become acquainted with the recent developments in Pakistan’s economic and public policy.
Announcements:
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January 16, 2022 (MLN): This week, the benchmark KSE100 index closed up by 417 points on a cumulative basis or 0.91% WoW to settle at 45,763 points.
The market kicked off the week on a positive note amid growing optimism on mini-budget approval and stability in USD-PKR parity, a report by Spectrum Securities said.
On the economic front, although, forex reserves dipped by $117mn to $23.9bn, however, PKR appreciated by 60paisa WoW against USD and settled at PKR 176.07/$.
However, in later sessions, profit-taking was witnessed on the back of increasing international oil prices and Pakistan requesting IMF to shift board meeting for approval towards tail end of Jan’22.
In terms of index contribution, the top 5 sectors throughout the week were commercial banks (282pts), miscellaneous (54pts), chemical (50pts), power generation & distribution companies (47pts), and oil & gas exploration companies (36pts).
Commercial banks added the most points in the index as advances witnessed a growth of 19% YoY (highest in 3-years) given the overall economic recovery and new financing schemes by SBP. Moreover, investors also factored in prospects of improvement in profitability on the back of increasing interest rates.
On the flip side, cement, technology, tobacco, fertilizer and investment banks/companies took away 181 points from the KSE100 Index. The cement sector witnessed the highest-selling pressure during the week as it alone eroded 66 points from the index on the back of a rebound in international coal prices during the week.
Scrip-wise, HBL, MCB, PSEL, HUBC, and GOLG were the best-performing stocks during the week as they added 298 points to the index, whereas SYS, LUCK, ENGRO, PAKT, and TRG took away 165 points from the index.
Flow wise, foreigners were the net buyers during the week, purchasing stocks worth $0.53mn compared to $24.2mn last week. Major buying was witnessed in technology ($0.5mn) and power generation ($0.4mn).
On the local side, the majority of the selling was reported by mutual funds, corporations and insurance companies amounting to $9.95mn, $2.45mn, and $0.15mn respectively. However, banks and individuals stood on the other side with net buying of $6.8mn and $2.9mn respectively.
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January 16, 2022 (MLN): Government has set the target of disbursing loans worth Rs50 billion under the Kamyab Jawan Program (KJP) this year to promote entrepreneurship amongst youth and create job opportunities in the country, as reported by Radio Pakistan.
This was stated by Minister of State for Information and Broadcasting Farrukh Habib and Special Assistant on Youth Affairs Usman Dar at a news conference in Islamabad on Saturday.
Farrukh Habib pointed out that loans of Rs30bn were disbursed under Kamyab Jawan Program over the last two years under which twenty-two thousand new businesses were opened. This, he said, provided fifty thousand direct jobs to the youth and indirectly led to the creation of thousands of other jobs.
The Minister of State for Information and Broadcasting said startups are especially being promoted under Kamyab Jawan Program. He said a proposal will be floated in the cabinet for approval under which no guarantee will be sought from those acquiring loans up to Rs2 million.
Farrukh Habib said under an Rs10bn Skill for All Program, hi-tech certification is being provided to the youth in areas such as artificial intelligence, cloud computing, graphic designing, and so on.
He stated under this program, scholarships have been awarded to one hundred thousand youth whilst another sixty-one thousand will be provided on the 31st of this month.
“The government is targeting to enhance its IT exports to three billion dollars during the current fiscal year and this skill development program will help strengthen our IT exports,” he added.
In his remarks, Usman Dar said 2022 has been declared as the year of youth and different activities will be arranged during this year to promote the soft image of Pakistan. He said, “We are also considering launching a sports scholarship program for the youth.”
Usman Dar highlighted that the loans under KJP are being provided in the most transparent manner.
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January 16, 2022 (MLN): The weekly economic roundup summarizes the country's key economic and financial data for the week from various sectors to keep an eye on next week's trends.
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January 15, 2021 (MLN): The government on Saturday has increased petrol and diesel prices by Rs3 per litre, according to a statement issued by the Finance Division.
As per the statement, the price of petrol has been increased by Rs3.01 per litre to Rs147.83 and that of high-speed diesel (HSD) by Rs3 per litre to Rs144.62.
The price of kerosene oil was also increased by Rs3 per liter to Rs116.48 per liter.
In addition, light diesel oil will cost Rs3.33 more and will thus be valued at Rs114.54per litre.
The Oil and Gas Regulatory Authority (OGRA) had recommended a Rs5.52 per litre increase in the price of petrol and Rs6.19 per litre in HSD prices.
The new prices will be effective from January 16, 2022.
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