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Key Pakistan Market Stats and Economic Indicators

Market Data and Economic Indicators

Weekly Performance
 Apr 09, 2021Apr 02, 2021
PKR InterBank152.9432153.5521
KSE100 Index45,186.4844,300.95
Avg Daily Volume410,078,495377,406,041
Gold (Karachi) Rs/10 gm89,24990,878
KIBOR 6M7.847.88
10Y PIB10.3010.38
EUR1.191.1761
GBP1.37051.383
CHF0.92470.9425
JPY109.65110.69
GOLD1744.071730.38
NY Light Crude59.3261.45
Open Market Rates
 Apr 09, 2021Apr 02, 2021
USD153.50154.20
EUR182.81181.50
GBP210.55213.43
JPY1.40081.3940
AED41.8242.01
SAR40.9741.15
SBP Data
T-Bill Auction Cutoff YieldApr 07, 2021Mar 24, 2021
3M7.46987.5398
6M7.79987.8000
12MBids RejectedBids Rejected
PIB Auction Cutoff YieldMar 03, 2021Feb 03, 2021
3Y9.41008.9934
5Y9.90009.5890
10Y10.289010.0500
15YNo Bids ReceivedNo Bids Received
20YNo Bids Received10.5800
Interest Rate CorridorJun 26, 2020May 18, 2020
SBP Policy Rate7.008.00
SBP Reverse Repo Rate8.009.00
SBP Repo Rate6.007.00
Weekly Indicators
 Apr 02, 2021Mar 26, 2021
SBP FX Reserves *13,527.2013,673.00
Bank FX Reseves *7,152.207,163.40
Total FX Reserves *20,679.4020,836.40
 Apr 08, 2021Apr 01, 2021
SPI (Combined Group) **148.00147.12
Change - WoW (pct)0.60-0.43
Change - YOY (pct)18.4317.21
Monthly Indicators
 MarchFebruary
Consumer Price Index (Base 2015-16)143.61143.09
Change - MOM (pct)0.361.80
Change - YOY (pct)9.058.70
WholeSale Price Index (Base 2015-16)162.73156.90
Change - MOM (pct)3.722.20
Change - YOY (pct)14.669.58
Sensitive Price Indicator (Base 2015-16)147.39143.57
Change - MOM (pct)2.662.49
Change - YOY (pct)14.2710.06
 MarchFebruary
Exports *2,361.002,068.00
Imports *5,632.004,623.00
Trade Balance *-3,271.00-2,555.00
 FebruaryJanuary
Home Remittances *2,265.952,273.57
 FebruaryJanuary
Total Foreign Investment *156.90240.55
 FebruaryJanuary
Current Account Balance *-50.00-210.00
FY21881.00931.00
FY20-2,741.00-2,544.00
 JanuaryDecember
Large Scale Manufacturing Index175.15166.24
Change - MOM (pct)5.3613.45
Change - YOY (pct)9.1310.75
Quarterly Indicators
 Dec 31, 2020Sep 30, 2020
Pakistan's External Debt *115,755.84113,798.10
Annual Indicators
 FY20FY19
GDP Growth Rate-0.381.91
Agriculture2.670.58
Manufacturing-0.275.43
Commodity Sector-0.05-0.90
Services Sector-0.593.75
Trade Balance * (July - June)-23,183.00-31,805.00
Worker Remittances * (July - June)23,120.9721,739.40
Foreign Investment * (July - June)2,038.21-54.80
Annual Inflation Rate % (July - June)10.746.80
* Amount in USD Million

 

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Weekly News Roundup

April 11, 2021 (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.

  • The State Bank of Pakistan (SBP)’s governor Dr. Reza Baqir in an interview with CNN on April 9, 2021, said that SBP is studying an option to launch its own digital currency in Pakistan.
  • On the upside, Pakistan witnessed one of the smallest increases in public debt in the world after Covid due to the prudent and well-targeted fiscal response to COVID that includes re-allocation of spending to the most vulnerable through the landmark Ehsaas program.
  • Jaffer Business Systems (JBS) acquired a significant share of ENA (Energy N Automation), a Green Tech, Power, and IoT startup by investing 300 million rupees. 
  • The State Bank of Pakistan (SBP) conducted an Open Market Operation on Friday in which it injected Rs.1,650.10 Billion into the market for 7 Days.
  • On Thursday, Finance Ministry said Pakistan entered the international capital market after a gap of over three years by successfully raising USD 2.5 billion through a multi-tranche transaction of 5-, 10- and 30-year Eurobonds.
  • Prime Minister Imran Khan reaffirmed Pakistan's resolve to expeditiously conclude the requisite legal process for the Pakistan Stream (North-South) Gas Pipeline project and commence the work as early as possible.
  • The State Bank of Pakistan (SBP) conducted an auction on Wednesday in which it sold Market Treasury Bills (MTBs) worth Rs.869.20 billion for 3 and 6 months.
  • Given Pakistan’s observable characteristics in terms of economic size, level of development, remoteness, and factor endowments, it is estimated that Pakistan’s potential annual exports are at US$ 88.1 billion, about 4 times the actual current level, World Bank said in its recent report “Pakistan Development Update”
  • The Federal Government started registering E- Vehicles (EVs) without any Fees in Islamabad Capital territory.
  • On the electricity front, the National Electric Power Regulatory Authority (NEPRA) on Wednesday notified an increase of Rs 0.6416 per unit in power tariff on account of variations in the fuel charges for the month of February 2021.
  • The government of Pakistan acquired an additional debt of Rs.14.74 billion during the week ended March 26, 2021, which brings its total net borrowing for the ongoing fiscal year 2021 to Rs.669.83 billion. As of the prior week, the government had borrowed a net sum of Rs.655.09 billion.
  • State Bank of Pakistan (SBP) unveiled its third five-year Strategic Plan for the Islamic Banking Industry.
  • Adviser to PM for Commerce and Investment Ministry of Commerce, Abdul Razak Dawood said that Commerce Ministry is finalizing the Preferential Trade Agreement (PTA) with Uzbekistan in consultation with all the stakeholders.

Announcements:

  • On the equity front, the management of Chashma Sugar Mills Limited approved to incorporate a new subsidiary company in the name of “Ultimate Whole Foods (Private) Limited” to set up mills for milling wheat, gram, other grains, cereals, bran, other allied products and value-added products and by-products such as biscuits, flakes, pasta, confectionery and other related by-products from flours of all kinds and description.
  • Service Global Footwear Limited (SGFL) the largest footwear exporter of Pakistan since the last decade, closed its book-building successfully. The company witnessed historic book building as the IPO was over-subscribed by 5.8x with a strike price clocked in at Rs 53.2 per share, i.e. 40% higher than the floor price of Rs 38 per share.
  • In order to have more visibility in the market, Treet Corporation Limited (TREET)  decided to sell up to 20 million Modaraba Certificates of its subsidiary; First Treet Manufacturing Modaraba (FTMM), to the general public through PSX.
  • The Board of Directors of Engro Corporation Limited (ENGRO), in its meeting held on April 8th, 2021, approved an amount of up to USD 31.4 million or the equivalent in PKR, towards conducting engineering, design, and technical studies including a Front End Engineering Design (FEED) study in relation to the PDH-PP Project.
  • Avanceon Limited (AVN) had been contracted to deploy a state-of-the-art fuel retail automation solution for one of the largest oil marketing companies in Pakistan. The fuel retail automation solution will be deployed on multiple sites and integrated with the customer’s central remote monitoring system.
  •  Silk Bank, in an announcement to Exchange, said that Fauji Foundation will not be proceeding with the due diligence process of Silkbank Limited, in pursuance of its application to acquire the majority stake in the bank.
  • Citi Pharma Limited (CPL)  applied for a listing on the Pakistan Stock Exchange (PSX).
  • Archroma Pakistan Limited (ARPL) informed via notification to Exchange that the company appointed Mr M. Veqar Arif as Chairman of the Board.
  • BIPL Securities received a letter of Public Announcement of Intention (PAI) from AKD Securities Limited to acquire up to 11.4% ordinary shares of the company.
  • The Board of Directors of JS Global Capital Limited proposed to purchase/buy back up to a maximum of 3,991,525 issued ordinary shares (13.06% of the total outstanding shares) of the company, having a face value of Rs10 each at a purchase price of Rs80 per share.
  • Maple Leaf Cement Factory Limited (MLCF), in an announcement to Exchange, said the existing clinker capacity of brownfield clinker production line-3 located at Iskanderabad, which commenced its production on May 21, 2019, has been enhanced by 500 tons per day of clinker from 7,300 tons to 7,800 tons per day of clinker due to a debottlenecking and Balancing, Modernization and Replacement program.

Financial Results:

  • Pak Elektron Limited (PAEL) unveiled its financial results for the year ended December 31, 2020.  As per results, the company has posted net profits of Rs 223 million, depicting a significant increase of 26% YoY when compared to net profits of Rs 177 million in the same period last year.
  • Pakistan International Airline Company Limited (PIA) announced that its net losses for CY20 have shrunk by 34% YoY to Rs 35.3 billion as compared to the losses of Rs 52.6 billion that the company incurred in the previous year.

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Weekly Market Roundup

April 11, 2021 (MLN): The benchmark KSE-100 index recuperated 885 points during the departed week or up by 2% WoW as the index closed at 45,186 points.

Stronger growth forecasts by IMF (FY22: 4.0%), acted as a catalyst to change investor sentiments followed by US$2.5bn inflows from Eurobond. The rising value of PKR and expectations of strong corporate profitability in the upcoming result season also supported the index. Moreover, news regarding the extension of the Debt Servicing Suspension Initiative (DSSI) till Dec’21 further fueled investors’ sentiments.

Cement emerged as the top gainer during the week as it added 280 points to the index on the expectation of stronger results amid higher retention prices during 3QFY21. This was followed by Technology & Communication (+256pts), Textile Composite (+77pts), engineering (+58pts) and Power Generation & Distribution Companies (+52pts). Scrip-wise positive contributors were TRG (+251pts), LUCK (+124pts), DGKC (+45pts), HUBC (+34pts) and NRL (+33pts).

Meanwhile, the KSE All Share Market Cap increased by Rs.92.17 billion or 1.18% over the week, being recorded at Rs. 7.92 trillion as compared to a Market Cap of Rs.7.83 trillion recorded last week.

Figures released by NCCPL showed that foreigners remained net sellers during the week as they sold net US$9.5 million worth of stocks during the week with foreign corporates doing the bulk of selling amounting to US$13.56 million.

On the domestic front, major buying was reported by Banks/ DFIs (US$3.15 million and Companies (US$2.5 million). Other significant transactions included US$2.4 million and US$1.1 million worth of stocks bought by Mutual Funds and Brokers respectively.

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Weekly Economic Roundup

April 11, 2021 (MLN): The latest weekly roundup is here to update few financial and economic releases, providing a guide to monitor trends in the upcoming week.

  • The Weekly Sensitive Price Indicator (SPI) for the Combined Group increased by 0.6% during the week ended Apr 08, 2021 while the SPI increased by 18.43% compared to the corresponding period from last year.
  • Sazgar Engineering Works Limited (SAZEW) sold a total of 1,209 units of three-wheelers against the production of 1,193 units during the month of March 2021.
  • The State Bank of Pakistan (SBP) received the proceeds of the government’s US$2.5 billion Euro Bond issuance in its account.
  • Pakistan's Forex Reserves decreased by USD 157.00 Million or 0.75% and the total liquid foreign reserves held by the country stood at USD 20,679.40 Million on Apr 02, 2021.
  • International Monetary Fund (IMF) has projected Pakistan’s GDP growth at 1.5 percent in 2021 with a forecast of an 8.7 percent average rate of inflation in FY21 that contradicts sharply as it is higher than the government’s estimate of 6.5 percent.
  • Central Directorate of National Savings (CDNS) received an increased investment of Rs41 billion by April 7 of this Fiscal year 2020-21 from the registered Premium Prize Bond of Rs 40,000 and Rs 25000 newly introduced by the institution.
  • The National Electric Power Regulatory Authority (NEPRA) on Wednesday notified an increase of Rs 0.6416 per unit in power tariff on account of variations in the fuel charges for the month of February 2021.
  • The federal government released Rs 98,328.079 million for National Highway Authority (NHA) road infrastructure schemes under the Public Sector Development Programme (PSDP) 2020-2021 till April 2.
  • The Central Government’s total debt inflated by Rs3.195 trillion or 10% YoY to Rs36. 6 trillion by end-February 2021 as opposed to Rs33.4 trillion recorded in February 2020.
  • The government of Pakistan acquired an additional debt of Rs.14.74 billion during the week ended March 26, 2021, which brings its total net borrowing for the ongoing fiscal year 2021 to Rs.669.83 billion. As of the prior week, the government had borrowed a net sum of Rs.655.09 billion.
  • The non-government sector borrowed another net sum of Rs.63.31 billion during the week ended March 26, 2021, which brings the cumulative net borrowing for ongoing fiscal year FY2021 to Rs.425.22 billion. The net borrowing as of the prior week was recorded at Rs.361.91 billion.
  • The government released Rs1,686.644 million during the first nine months of the current fiscal year to execute petroleum sector projects under the Public Sector Development Programme (PSDP 2020-21).

 

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