MSCI decision to fuel inflows at PSX
Research firm upgrades Lucky Cement, adds TRG Pakistan in global indexes
As per the latest MSCI decision, Pakistan’s weight in MSCI Global Standard Indexes has improved to 0.023% compared to 0.016% earlier. PHOTO: FILE
KARACHI:
Morgan Stanley Capital International (MSCI) - which provides research-based indexes and analytics to global stock market investors - has conducted a semi-annual review to recompose its global indexes on Wednesday.
Accordingly, it has upgraded one Pakistani company to its emerging markets MSCI Global Standard Indexes from its MSCI Global Small Cap Indexes. Besides, it has added one new company from the country to its small cap indexes and deleted four companies in total from the two indexes, according to results of the May 2021 Semi-Annual Index Review.
Privatisation of Nandipur Power, NPPMCL at advanced stage
Business
May 7, 2021
ISLAMABAD: Privatization process of 425 megawatts Nandipur Power Plant and National Power Parks Management Company (NPPMCL) has reached an advance stage, a minister said on Thursday.
Minister for Privatisation Mohammedmian Soomro told an inter-ministerial meeting the privatisation of Nandipur Power Plant and NPPMCL is at advance stage.
“We are taking all necessary steps for facilitating the national and international investors for successful privatisation of NPPMCL, Nandipur, Guddu and other energy sector entities,” Soomro said.
The meeting discussed issues regarding privatisation of energy sector entities. Divestment of shares of Pakistan Petroleum Limited and Mari Petroleum Company Limited were also discussed. All technical, legal and other issues relating to the energy sector entities will be resolved with the corporation of all stakeholders expeditiously. All participants /parties also agre
Daily Times Minister says provision of microcredit will create employment opportunities at local level
May 7, 2021
Federal Minister for Finance and Revenue Shaukat Tarin held a meeting with the Minister for Industries and Production Makhdoom Khusroo Bakhtiyar at the Finance Division to discuss the features of a new credit scheme for the SME Sector. SAPM on Finance & Revenue Dr. Waqar Masood was also present during the meeting. Governor State Bank of Pakistan Reza Baqir joined the meeting through video link.
Governor State Bank of Pakistan briefed the Finance Minister on the proposal for the provision of funds for the small businesses (without collateral) for a tenure up to 3 years through the network of Commercial banks. The banks will design innovative products to reach out to the smaller businesses whereas the government will provide risk sharing facility to the banks, he added. The Governor also shared that, at present, there are around a hundred thousand small businesses av
KSE-100: Stocks extends winning streak; index up 231 points
May 7, 2021
Bullish momentum continued to rule the market sentiments at Pakistan Stock Exchange (PSX) as stock extended its winning streak into the third day owing to positive news-flow over resolution of long term IPP issue and government’s decision to renegotiate tariffs and tax issue with the IMF, lifted market sentiments.
On Thursday, the benchmark KSE-100 opened on a positive note and touched intra-day high at 45,245.37 level after gaining over 301.76 points. However, the index clocked at 45,174.67 level by the closing bell after posting a 231 points gain.
During the session, investor sentiments were primarily buoyed by the news regarding the resolution of the long-awaited IPPs issue following the Economic Coordination Committee’s decision to pay the first tranche of outstanding dues of one set of IPPs, and further delay the payments of unpaid bills of another is discriminatory given that the government has sign
LPG sector seeks probe into imports
Calls for setting up commission to investigate windfall gains made by importers
The local industry suggested two options to resolve the price disparity and provide a level playing field. PHOTO: FILE
ISLAMABAD:
The local liquefied petroleum gas (LPG) industry has called for formation of an inquiry commission to probe the windfall gains reaped by LPG importers, which have caused losses worth billions of rupees to the local industry and the national exchequer due to disparity in taxes.
The industry has also urged the prime minister to take notice of the situation and form a commission, like in the case of oil crisis, to investigate the gains made by the LPG importers.