KSE-100: Protests, strikes dents market sentiment; index loses 392 points
April 20, 2021
Bears returned to the Pakistan Stock Exchange (PSX) on Monday, over rising uncertainty owing to violent protests in Lahore and subsequent calls of countrywide strike.
On the first trading session of the week, the benchmark KSE-100 opened on a negative note and touched intra-day low at 44,611.83 level after losing 693.8 points. However, paring early losses, the index clocked at 44,913.57 by the closing bell after posting loss of 392 points
During the session the market reacted to rising uncertainty in the country, owing to violent protests by the banned outfit in Lahore and subsequent calls of a nationwide strike by former chairman of the Ruet-e-Hilal Committee, Mufti Muneebur Rehman, which was backed by JUI-F chief Maulana Fazlur Rehman and JI Chief Sirajul Haq. The rising political noise dented the sentiments and kicked off a selling pressure.
Govt to reduce IPPs’ gas tariff by 35%
The plan will result in putting burden on consumers
PHOTO: REUTERS
ISLAMABAD:
The federal government is all set to reduce gas tariff up to 35 per cent for the independent power producers (IPPs) operating on low quality gas in a bid to rank these plants in high merit order.
This plan will result in putting burden on the consumers to cross-subsidize the gas for power plants and the rate of federal excise duty may also go up.
According to the current formula, the government prioritizes the operation of those power plants which operate on cheaper fuel – dedicated gas which is low quality and cannot be transported to domestic consumers. Power plants and fertilizer sectors use this gas.
Business
February 19, 2021
KARACHI: Pakistan State Oil (PSO) has announced a net profit of Rs4.03 billion for the quarter ended December 31, 2020, up 363 percent from the profit of Rs869.66 million recorded in the corresponding quarter of the previous year.
The EPS for the quarter under review clocked in at Rs8.86 as against Rs3.91 in the same quarter previous year. PSO also declared a cash dividend of Rs5.0/share.
“The jump in earnings is due to growth in volumes and company recording inventory gains of Rs0.6 billion in Q2FY21 compared to inventory loss of Rs2 billion in Q2FY20, we view,” a report issued by Arif Habib Limited noted.
Cabinet scraps Mari dividend cap
Decision will help fetch better price for 18.4% govt stake in company
ECC decided to continue dividend distribution by Mari Petroleum having a 45% cap on guaranteed return. PHOTO: FILE
ISLAMABAD:
The cabinet on Tuesday approved the removal of cap on dividend distribution by Mari Petroleum Company Limited (MPCL) in a bid to fetch better price for the government of Pakistan shares.
The government plans to divest 18.39% shares in Mari Petroleum and the removal of dividend cap will help get a better price. The approval came during a meeting chaired by Prime Minister Imran Khan.
Earlier, the Economic Coordination Committee (ECC) had approved the removal of cap on dividend distribution by Mari Petroleum.
MPCL, ‘Akhuwat’ ink MoU for microloans
Islamabad
February 10, 2021
Islamabad : Mari Petroleum Company Limited (MPCL) has signed a memorandum of understand (MoU) with ‘Akhuwat’ for the smooth implementation of ‘Sarbuland’ an MPCL’s Initiative for Economic Empowerment, says a press release.
The MoU was duly endorsed by MD/CEO Mari Petroleum, Faheem Haider and Dr Amjad Saqib, founder and Executive Director of Akhuwat, at MCPL head office on Tuesday. Senior management representative from both organisation were also present at the occasion, says a press release.
The pilot project titled ‘Sarbuland’ will be executed in Mianwali where Microloan will be disbursed to potential beneficiaries for economically viable entrepreneurial/small scale ventures, as verified by Akhuwa’s assessment team and recovery period for these interest-free loans shall be 12 months.