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Key Pakistan Market Stats and Economic Indicators

Market Data and Economic Indicators

Weekly Performance
 Jun 18, 2021Jun 11, 2021
PKR InterBank156.8926155.7430
KSE100 Index48,238.6748,304.72
Avg Daily Volume1,049,398,0931,079,056,832
Gold (Karachi) Rs/10 gm91,99294,736
KIBOR 6M7.697.70
10Y PIB9.959.90
EUR1.18581.2105
GBP1.37731.4085
CHF0.92290.8981
JPY110.22109.646
GOLD1763.311876.48
NY Light Crude71.6470.91
Open Market Rates
 Jun 18, 2021Jun 11, 2021
USD157.70156.30
EUR187.24189.35
GBP218.42220.87
JPY1.43171.4264
AED42.9742.59
SAR42.1341.75
SBP Data
T-Bill Auction Cutoff YieldJun 16, 2021Jun 02, 2021
3M7.32597.3492
6M7.58947.5943
12M7.67007.6700
PIB Auction Cutoff YieldJun 09, 2021May 06, 2021
3Y8.69008.7000
5Y9.20009.2000
10Y9.83909.8390
15YNo Bids Received10.4000
20YNo Bids Received10.5600
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
 Jun 11, 2021Jun 04, 2021
SBP FX Reserves *16,417.3016,414.90
Bank FX Reseves *7,169.207,163.00
Total FX Reserves *23,586.5023,577.90
 Jun 17, 2021Jun 10, 2021
SPI (Combined Group)147.92147.51
Change - WoW (pct)0.28-0.59
Change - YOY (pct)14.5215.38
Monthly Indicators
 MayApril
Consumer Price Index (Base 2015-16)145.24145.09
Change - MOM (pct)0.101.03
Change - YOY (pct)10.8611.10
WholeSale Price Index (Base 2015-16)162.64162.15
Change - MOM (pct)0.30-0.36
Change - YOY (pct)19.3916.55
Sensitive Price Indicator (Base 2015-16)149.36148.02
Change - MOM (pct)0.910.43
Change - YOY (pct)16.9117.82
 MayApril
Exports *1,654.002,219.00
Imports *5,299.005,260.00
Trade Balance *-3,645.00-3,041.00
 MayApril
Home Remittances *2,490.622,778.24
 MayApril
Total Foreign Investment *188.282,610.01
 AprilMarch
Current Account Balance *-200.00-33.00
FY21773.00973.00
FY20-4,657.00-4,147.00
 AprilMarch
Large Scale Manufacturing Index144.92155.81
Change - MOM (pct)-6.99-7.53
Change - YOY (pct)68.0622.55
Quarterly Indicators
 Mar 31, 2021Dec 31, 2020
Pakistan's External Debt *116,308.89117,115.12
Annual Indicators
 FY21FY20
GDP Growth Rate3.94-0.47
Agriculture2.773.31
Manufacturing8.71-7.39
Commodity Sector3.17-0.33
Services Sector4.43-0.55
Trade Balance * (July - May)-27,488.00-21,054.00
Worker Remittances * (July - May)26,736.6820,659.04
Foreign Investment * (July - May)3,924.631,894.88
Annual Inflation Rate % * (July - May)8.8310.94
* Amount in USD Million

 

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Weekly Market Roundup

June 20, 2021 (MLN): The benchmark KSE-100 index ended the week nearly flat at the 48,238 level, losing 66 points or 0.14% WoW.

The index started the week on a cheerful note as investors welcomed the FY22 budget. However, the index turned red later in a week as investors resorted to profit-taking due to ongoing IMF discussions, upcoming FATF review, and rupee instability which kept the market under pressure.

Sector-wise negative contributions came from, Commercial Bank (-176 pts), Fertilizer (-81 pts), Food & Personal Care Products (-52 pts), Automobile Assembler (-34 pts), and Miscellaneous (31 pts). Meanwhile, the sectors that contributed positively include Oil & Gas Exploration Companies (156 pts), Cement (74 pts), Power Generation & Distribution (38 pts), Engineering (30 pts), and Tobacco (25 pts).

Scrip-wise major losers were HBL (-87 pts), UNITY (-56 pts), TRG (-47 pts), UBL (-40 pts), and EFERT (-34 pts). While positive contributors included OGDC (99 pts), POL (64 pts), HUBC (46 pts), LUCK (36 pts) and SYS (28 pts).

Meanwhile, the KSE All Share Market Cap increased by Rs36.3billion or 0.43% over the week, being recorded at Rs8.394trillion as compared to a Market Cap of Rs8.358trillion recorded last week.

Figures released by NCCPL showed that foreigners emerged as net sellers this week, as they sold a net $6.76mn worth of stocks against a net sale of $7.467mn last week. The bulk of selling amounting to $4.717mn was done by Foreign Corporates.

On the domestic front, investors remained net buyers with major buying were reported by Individual investors ($21.43mn),  and Mutual Funds ($10.85mn).

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Weekly Economic Roundup

June 20, 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 0.28% during the week ended Jun 17, 2021 while the SPI increased by 14.52% compared to the corresponding period from last year.
  • Electricity generation in May rose by 8.3% year-on-year to 13,010 GWh, the latest data released by the National Electric Power Regulatory Authority (Nepra) showed on Saturday.
  • Pakistan's trade deficit for 11months (July-May) FY21 was USD27.463 billion compared to a deficit of USD21.054 billion from the corresponding period from FY20, depicting a growth of 30% YoY.
  • The World Bank’s Board of Executive Directors approved $442 million on Friday in financing to support Pakistan in improving access to water and sanitation services for the most vulnerable rural communities in Punjab province.
  • Power tariff for the consumers of Ex-Wapda Distribution Companies (Discos) may come down by about 12 paisa per unit on account of monthly fuel charges adjustment for the month of May 2021.
  • Foreign direct investment in Pakistan stood at $198.3 million during May 2021, showing an increase of 25% MoM against the net inflow of $158.4 million recorded in April 2021.
  • Pakistan's Forex Reserves increased by USD 8.60 Million or 0.04% and the total liquid foreign reserves held by the country stood at USD 23,586.50 Million on Jun 11, 2021.
  • China has retained the top position as a foreign direct investor in Pakistan during July-May FY21, with a net direct investment of $728.2 million, followed by Hongkong and the United Kingdom that invested a net $138.1 million and $130.5 million, respectively.
  • Pakistan’s Power Sector has received the highest net FDI worth $856.1 million, up by 16% YoY during July-May FY21, followed by the Financial Businesses and Oil & Gas Exploration sector with net FDI of $226.7mn and $206.2mn, respectively.
  • Pakistan’s domestic tractor assembling witnessed 65.36 percent growth during 10MFY21.
  • The government has announced a hike in petroleum product prices for the next fifteen days. As per the notice, the Price of petrol has increased by Rs2.13/litre to stand at Rs110.69 while the price of High-Speed Diesel (HSD) has been surged to Rs112.55, up by Rs1.79/litre.
  • The non-government sector has retired a net sum of Rs.42.33 billion during the week ended June 04, 2021, which brings the cumulative net borrowing for the ongoing fiscal year FY2021 to Rs.421.82 billion. The net borrowing as of the prior week was recorded at Rs.464.15 billion.
  • The government of Pakistan has acquired an additional debt of Rs.358.36 billion during the week ended June 04, 2021, which brings its total net borrowing for the ongoing fiscal year 2021 to Rs.1014.73 billion. As of the prior week, the government had borrowed a net sum of Rs.656.37 billion.
  • The group of 20 countries, representing the world’s biggest economies, has suspended Pakistan's debt payments of 3.17 billion dollars by the end of this year.
  • The total electricity consumption by the Industrial sector during November- March FY21 has shown a growth of 15% YoY compared to the same period last year.
  • Pakistan has become a Manpower Export Leader in the region despite the pandemic, as more than 224,705 Pakistanis went abroad for employment in 2020 as compared to 217,699 from Bangladesh and 94,145 from India.

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Weekly News Roundup

June 20, 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 government decided to withdraw the increase in general sales tax (GST) on dairy products and assign zero-rating to the dairy sector.

In order to promote financial literacy amongst the youth, State Bank of Pakistan (SBP) and JazzCash signed a Memorandum of Understanding (MoU).

On Friday, The World Bank’s Board of Executive Directors approved $442 million to improve access to water and sanitation services for the rural communities in Punjab province.

On the energy front, Power tariff for the consumers of Ex-Wapda Distribution Companies (Discos) may come down by about 12 paisa per unit.

Electricity generation in May rose by 8.3% year-on-year to 13,010 GWh.

In order to combat excessive load shedding in Karachi, federal government provided additional 500 Megawatt electricity.

On the same day, Indus River System Authority (IRSA) released 272,200 cusecs water from various rim stations with inflow of 288,000 cusecs.

Government announced a hike in prices of petroleum products for the next fifteen days.

Another IPO is going to hit the trading floor as Pakistan Aluminium Beverage Cans Ltd (PABC), is all set to issue 93,888,000, 26% of Paid-up Capital.

On the upside, Pakistan’s domestic tractor assembling witnessed 65.36% growth during 10MFY21.

Pakistan Mortgage Refinance Company (PMRC) announced the closing of yet another Sukuk worth Rs1billion, with HBL Islamic Banking.

The Securities and Exchange Commission of Pakistan (SECP) issued guidelines for the issuance of green bonds in Pakistan.

During the week, Coca-Cola Beverages Pakistan Limited (CCI Pakistan) announced to invest $50million in a Greenfield project.

The book-building process of Citi Pharma’s Initial Public Offer (IPO) concluded with an oversubscription of 2 times.

The State Bank of Pakistan (SBP) directed banks to provide free-of-cost digital fund transfer services up to, at least, a minimum aggregate sending limit of Rs25,000 per month per account/wallet.

On the technology side, the government has doubled the budgetary allocation for science and technology sector.

During the departed week, Pakistan lifted a rule barring the use of AstraZeneca's COVID-19 vaccine for people below 40 years old.

The Board of Investment (BOI) launched the Pakistan Regulatory Modernization Initiative Strategy (PRMI), Special Economic Zone Management System (SEZMIS), and Investor Relationship Management System (IRMS) with Public & Private partnership.

The group of 20 countries (G-20) suspended Pakistan's debt payments of $3.17bn by the end of this year.

Federal Board of Revenue has been allowed to conduct third-party audits against the persons who are deliberately trying to hide their taxable money.

The total electricity consumption by Industrial sector during November- March FY21 increased by 15% YoY compared to the same period last year.

Pakistan and Russia agreed to make joint efforts for enhancing bilateral trade volume.

Economic Coordination Committee of the Cabinet approved the launch of second phase of the Ehsaas Emergency Cash.

Announcements:

On the equity front, Fecto Cement Limited commissioned the commercial operation of a 5 MW captive solar power plant at its factory located at Sangjani, Islamabad.

Panther Tyres Limited (PTL) entered into a contract with Al-Ghazi Tractors Limited for a regular supply of tractor tyres.

Bawany Air Products Limited (BAPL) informed that the company has received a withdrawal of Public Announcement of Intention from Fossil Energy Private Limited.

Flying Cement Company Limited (FLYNG) announced that the company has successfully completed the installation of the new captive power plant of 12 MW in District Khushab.

Pak Brunei Investment Company Limited completed the acquisition of ten percent (10%) of KASBM's issued Modaraba certificates.

The Board of Directors of Byco Petroleum Pakistan Limited has considered and approved a change in the Company's name.

During the departed week, Reanda Consulting Private Limited submitted a Public Announcement of Intention (PAI) to acquire 35% of total voting ordinary shares and 63.08% of preference shares of Saudi Pak Leasing Company.

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Govt withdraws sales tax increase on dairy products

July 19, 2021 (MLN):  After attracting indignation from livestock farmers, bodies representing the livestock sector, and food experts, the government have decided to withdraw the increase in general sales tax (GST) on dairy products and assign zero-rating to the sector, media reports claimed on Saturday.

The government has also changed the dairy sector’s status to zero-rating on persistent demand from the livestock farmers.

“With inflation a threat to growth, we welcome government’s decision to zero-rate milk and reduce GST on other dairy items,” the Pakistan Business Council said while lauding the announcement. “[It] shows prime minister, finance minister, Advisor Commerce and the Federal Board of Revenue’s desire to provide affordable nutrition, formalize and develop this [dairy] sector.”

The government had increased sales tax on dairy products from 10% to 17% in the FY2021-22 budget in view of raking in additional revenue. However, the move was widely criticized by all stakeholders in the dairy product value chain warning the move could cause inflation in the coming months.

Finance Minister Shaukat Tareen’s announcement shocked dairy producers who said the move would be counterproductive and would lead to a reduction in dairy consumption in the already malnourished country.

Analysts had also warned that the increase in ST on dairy products will eventually result in an increase in National CPI over the upcoming months as dairy and related products account for nearly 10% in the food group index of CPI.

Before the budget, stakeholders were urging the government to assign zero-rating to the dairy sector in order to ensure that the general public’s nutritional needs were filled without making them costlier.

It is estimated that the government will bear a revenue loss of Rs5 billion from reduction in GST.

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