PSX
rallies 46pc to become Asia’s best market in 2016:
Pakistan’s benchmark
equity index, KSE100, has rallied 45.6 percent to become the Asia’s best
performing market in 2016.The multiyear growth trajectory received boost after
the MSCI announcement to reclassify Pakistan to Emerging Markets, resulting in
KSE100 index outperforming its peers in Frontier Markets and most of the
countries in Emerging Markets. Here, improving domestic economy and enormous
local liquidity supported the index levels at the time of weaknesses.Amongst
Asian markets, Pakistan remained on top. Moreover it also remained number one
in MSCI Frontier Markets. As shown in accompanied table, according to
Bloomberg, Pakistan market posted 5th highest return in the world. trong
performance of Pakistan equities in 2016 was mainly led by strong local cash
liquidity thanks to falling interest rate and rising investor confidence.
Money
Market: Bank investments rise
According to the
weekly statement of position of all scheduled banks for the week ended Dec 16,
2016 deposits and other accounts of all scheduled banks stood at Rs10,594.93bn
after a 0.56pc increase over the preceding week’s figure of
Rs10,536.20bn.Compared with last year’s corresponding figure of Rs9,235.51bn,
the current week’s figure was higher by 14.72pc.Deposits and other accounts of
all commercial banks stood at Rs10,529.91bn against preceding week’s deposits
of Rs10,472.13bn, showing a rise of 0.55pc. Deposits and other accounts of
specialised banks stood at Rs65.02bn, higher by 1.47pc against previous week’s
figure of Rs64.075bn.
Hydroelectric
power production rises 5.7% in 2016:
The hydroelectric
power stations, owned and operated by the Pakistan Water and Power Development
Authority (Wapda), provided 33.658 billion units of low-cost and
environment-friendly electricity to the national grid in the entire 2016, up
5.7% compared to 31.840 billion units generated in 2015. his additional
contribution of hydel electricity not only helped minimise load-shedding in the
country but also brought down power tariff,” a statement quoted Wapda as saying
on Saturday.The main factors behind the increase in low-cost power generation
included water releases from the reservoirs in line with the allocations made
by the Indus River System Authority and effective operation and consistent
maintenance of hydroelectric power stations.
Work
on Suki Kinari project to be started soon:
Work on 870 mega watt
(MW) Suki Kinari hydro projects in Mansehra will be started soon that will help
to overcome energy crisis in the country on its completion.This was stated by Commissioner
Hazara Division Muhammad Akbar khan while talking to media on Sunday. The
project is a part of China Pakistan Economic Corridor (CPEC), which is located
on Kunhar River in Kaghan valley. The project is expected to be completed in
2023.–NNI
Transmission
line plan overcomes MoF hurdle:
Economic
Co-ordination Committee (ECC) of the Cabinet has reportedly set aside the
objections of Finance Ministry on the award of 660 KV HVDC( 4000 MW)
Matiari-Lahore transmission line contract
amounting to $1.5 billion
to a Chinese company without technical and financial evaluation which is a
violation of Transmission Line Projects Policy 2015, Secretary Water and Power,
Younus Dagha and a top official of State Grid Corporation of China (SGCC)
signed the agreement in Beijing last week.Finance Division, in its comments on
the summary of the Water and Power Ministry stated that it supports the project
if it is based under G to G arrangement, however, prima facie there is no G to
G arrangement for this project and only a corporate agreement has been signed
between two public sector entities of the two countries.
SECP
vows to be more rigorous in enforcement during 2017:
Securities and
Exchange Commission of Pakistan (SECP) will be more rigorous during 2017 in
enforcement and there will be a record number of inspections of regulated
entities across all sectors and entities, from insurance companies to stock
brokers.“A Sharia governance framework is being developed to meet the
regulatory needs of Islamic finance across all sectors regulated by the SECP,”
stated by the SECP Chairman Zafarul Haq Hijazi while outlining the SECP’s
achievements of the outgoing year and announcing the future course of
action.The year 2017 shall see the SECP build upon these achievements to further
enhance investor confidence for the progress of the country’s economy, he said
while addressing to the SECP officers. Enumerating the outstanding achievements
of the outgoing year, he said that Pakistan’s three stock exchanges were
successfully demutualised and integrated into the Pakistan Stock Exchange (PSX)
to the benefit of investors, listed companies, and market intermediaries. The
PSX has been making progress by leaps and bounds. Today it is considered Asia’s
best performing stock exchange. Pakistan has re-entered the MSCI Emerging
Market Index, a sign of international recognition of the developments in the
capital market and wider economy.
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