On Market Front
TRACKING KSE-100
This week, the market lost 2,375 points to close at 44,114 points. The market went into free fall because of the Policy Rate hike by SBP, widening of the current account deficit to an alarming level, and continuous foreign selling due to MSCI reclassification.
ON SALE
In a conversation with Reuters, Telenor Group President said that they are looking to merge the Teleco business in the region including Pakistan. Telenor has already sold its majority stake in Thailand. Telenor plans to do the same in Pakistan due to limited organic growth.
MORE TAXES
To break the cement industry cartel and bring down the cost of cement, the government is exploring the idea to charge additional WHT on cement players who are underutilizing their manufacturing capacity.
On Economic Front
NOT AGAIN
On Friday, WHO has announced that it had detected a new variant of COVID -19 in South Africa named (Omicron variant) that could be far deadlier than the delta variant. Countries worldwide, including Pakistan, have started taking necessary steps to control the spread of the virus by restricting unnecessary travel from African countries.
A SIGH OF RELIEF
Global commodity prices started crashing after a new variant was detected in African countries. Falling prices will bode well for Pakistan giving its heavy reliance on Oil and Coal. Falling oil prices should reduce the current account deficit and inflationary pressure.
TWEET OF THE WEEK
