Weekly News Roundup

May 9, 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.

  • Pakistan State Oil (PSO) launched Pakistan’s first digitally integrated oil storage and dispatch terminal at PSO’s Keamari Terminal A (KTA).
  • On the trade front, Pakistan’s exports to UK surged by 31% YoY during Jul-Apr FY21 to $1.709bn compared to $1.309bn recorded in the same period last year.
  • In order to facilitate trade by expediting border checks between countries, Pakistan and USA launched the first international shipment from Pakistan that is compliant with the United Nations’ “Transports Internationaux Routiers” (TIR) Convention.
  • International Monetary Fund (IMF) displayed positive gesture to support Pakistan to navigate the difficult situation of Covid-19 crisis.
  • The federal government increased the rate of profit on Regular Income Certificates and Special savings certificates by 12bps.
  • Other major development during the week witnessed was the agreement between Pakistan and Turkmenistan to enhance bilateral economic and trade cooperation for broadening the trade connectivity.
  • Mobilink Microfinance Bank Limited (MMBL) secured a ‘Positive Outlook’ credit rating from Pakistan Credit Rating Agency (PACRA).
  • The State Bank of Pakistan (SBP) conducted an Open Market Operation on Thursday in which it injected Rs564.55billion into the market for 11 Days.
  • VIS Credit Rating Company Limited reaffirmed the entity ratings of ‘AA+/A-1+’ (Double A Plus/A-One Plus) to Lucky Cement Limited (LCL).
  • Prime Minister Imran Khan reached Saudi Arabia for a three-day official visit to discuss all areas of bilateral cooperation.
  • Pakistan asked International Monetary Fund (IMF) for easing out ‘tough conditions’ on $6bn loan.
  • During the departed week, Pakistan has achieved an important milestone as Amazon will add Pakistan to its Sellers’ list within a few days.
  • On the technological front, digitalization resulted in 186% growth in incorporation of new companies as Security and Exchange Commission of Pakistan (SECP) registered a total 2,185 new companies in the month of April, 2021.
  • In order to take the economy towards growth mode, Economic Advisory Council (EAC) constituted twelve working groups to frame short, medium and long-term policies for different sectors.
  • The Ministry of Planning, Development and Special Initiatives organised a Policy Roundtable on ‘Mainstreaming Interventions to address Disabilities in the National Youth Priority Action Agenda (NYPA).
  • Habib Bank Limited (HBL) enabled PayPak e-Commerce acceptance on its Internet Payment Gateway (IPG).
  • Federal Minister for Planning, Development, and Special Initiatives, Asad Umar directed to initiate work for Karachi Circular Railway (KCR) marketing.
  • Talking about investment potential of Pakistan, Foreign Minister Shah Mahmood Qureshi underlined the need to tap the vast investment opportunities in Pakistan in diverse fields including Information Technology.
  • The past week witnessed major development in Pakistan Stock Exchange Limited  as the Board of Directors appointed Dr. Shamshad Akhtar as the Chairperson of the Board of the Exchange.
  • During meeting of the National Coordination Committee on Agriculture Prime Minister Imran Khan directed to formulate a clear road-map based on solid steps for the revival of agricultural sector.
  • On the upside, Cement sector posted robust growth of 40.41 percent in April 2021 as the total Cement dispatches during April 2021 were 4.943 million.
  • Petroleum Division refuted the remarks made by esteemed Lawmaker of Balochistan Assembly pertaining to the formation of committe by the Provincial Assembly of Balochistan on recent bidding round of 20 oil and gas blocks.
  • Minister for Energy Muhammad Hammad Azhar urged early completion and materialization of Turkmenistan-Afghanistan-Pakistan-India (TAPI) Gas pipeline project.
  • Meezan Bank signed an agreement with Export-Import (EXIM) Bank of Pakistan for providing Shariah-compliant Consulting Services.
  • To ensure availability of sufficient stocks of commodities on their respective prices during Eid Finance Minister Shaukat Tarin directed departments for strict monitoring the prices of basic commodities.
  • Octopus Digital and HUB Power signed a Memorandum of Understanding (MoU) to establish a digital transformation partnership.
  • US senators introduced bill for duty-free economic zones along Pak-Afghan border
  • On the revenue side, Federal Board of Revenue (FBR) collected net revenue of Rs3780 billion during the first ten months of ongoing fiscal year.
  • Pakistan’s exports crossed $2bn mark in April 2021 for seven successive months.

Announcements:

  • On the equity front, Image Pakistan Limited (IMAGE) stated that the unusual movement in the price and traded volume of the company could be a result of growth in the company’s business.
  • In order to gain more visibility in the market, the Board of Directors of Roshan Packages Limited (RPL) decided to make a further long-term investment of Rs81.675mn by acquiring 7.425mn ordinary shares of the face value of Rs10 each at a price.
  • Synthetic Products Enterprises Limited (SPEL) started operating an on-grid roof-mounted solar power solution at its Pandoki Plant to generate green energy.
  • The shareholders of Habib Insurance Limited authorized the company to invest a total of Rs350mn in associated companies.
  • Pakistan Petroleum Limited (PPL) started commercial gas production from Benari Development & Production Lease (Benari D&PL) in Shah Bandar Block w.e.f May 3, 2021.

Financial result:

  • On the financial front, Al-Ghazi Tractors Limited (AGTL) revealed its financial results for the year ended on December 31, 2020. According to the company's financial statement, net profits locked in at Rs1.35bn, depicting a rise of 38% YoY compared to Rs997.65mn in the same period last year (SPLY).

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Posted on: 2021-05-09T16:46:00+05:00

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