MORNING SHOUT - 15TH SEP 2021

PSX wins Best Islamic Stock Exchange Award
In a significant development on a global level, especially in the
Islamic world, Pakistan Stock Exchange (PSX) has been awarded
the Best Islamic Stock Exchange Award 2021 by Global Islamic
Finance Awards (GIFA).
https://epaper.brecorder.com/2021/09/15/1-page/900673-news.html
Head of US Delegation to FATF Scott Rembrandt arrives in Pakistan
Scott Rembrandt, Head of the US Delegation to the Financial
Action Task Force (FATF), arrived in Pakistan on Tuesday on a
three-day visit aimed at discussing the country’s action plan
agreed with the forum, reported Aaj News.
https://www.brecorder.com/news/40120114/head-of-usdelegation-to-fatf-scott-rembrandt-arrives-in-pakistan
Wheat, sugar, ghee, pulses: Targeted cash subsidy rolled out
Finance Minister Shaukat Tarin said on Tuesday that the
government would be providing targeted cash subsidy on wheat,
sugar, ghee, and pulses from this month as part of the bottom-up
approach to protect 40% population against inflation, adding that
inflation is an “international phenomenon”.
https://www.brecorder.com/news/40120307/wheat-sugar-gheepulses-targeted-cash-subsidy-rolled-out
THE RUPEE: Dollar at Rs 169
PKR continued its downward slide on Tuesday against major
currencies. It touched 169 against USD in inter-bank market while
going below it in open market. It also touched 200 against Euro in
open market while going below 46 and 45 against AED and SR
respectively.
https://epaper.brecorder.com/2021/09/15/1-page/900674-news.html
Iron, steel output swells to 4.7m tonnes
The production of iron and steel, with billets/ingots mainly used in
the construction industry, in the last 10 years swelled by 196 per
cent to 4.777 million tonnes in FY21 from 1.616m tonnes in FY12.
https://www.dawn.com/news/1646475/iron-steel-output-swells-to47m-tonnes
Telecard plans to list SNL on PSX
The Board of Directors of Telecard Limited in its meeting held
today, has decided that its subsidiary, Supernet Limited (SNL) may
be listed on PSX by offering its shares to the existing shareholders in
proportion to their holdings, which shall be renounced by the
Company and thereafter be offered and issued to the public, to
the maximum extent of up to 18,343,195 ordinary shares.
https://mettisglobal.news/telecard-plans-to-list-snl-on-psx/

SBP injects $1.2b to stabilise rupee
The SBP pumped $1.2 billion into the inter-bank market in three
months to defend the weakening rupee but could not stop the
local currency from falling to a historic low, highlighting the cost of
expansionary policies without fixing the structural economic flaws.
https://tribune.com.pk/story/2320228/sbp-injects-12b-to-stabiliserupee
OGDC: Circular debt reaches Rs701bn
The circular debt of the Oil and Gas Company Limited (OGDCL)
reached Rs 701 billion, which is further swelling. This revelation was
made in the Senate Standing Committee on Petroleum’s meeting
held on Tuesday.
https://epaper.brecorder.com/2021/09/15/4-page/900695-news.html
Asian stocks stumble as weak China data fan global growth
worries
Asian shares fell on Wednesday as weak Chinese economic data
reinforced worries about slowing growth globally as well as in the
world’s second-biggest economy amid fraught nerves over a stilldominant pandemic and tapering of central banks’ stimulus.
https://www.investing.com/news/economy/asian-stocks-stumbleas-weak-china-data-fan-global-growth-worries-2616458
Oil Up, Boosted by Large Draw in U.S. Crude Supplies, Bright Fuel
Demand Outlook
Oil was up Wednesday morning in Asia, with data showing a
larger-than-expected draw in U.S. crude oil supplies. Expectations
that COVID-19 vaccination rates will also contribute to economic
recovery from COVID-19 also improved the fuel demand outlook.
https://www.investing.com/news/oil-up-boosted-by-large-draw-inus-crude-supplies-bright-fuel-demand-outlook-2616471
Democrats’ tax plan would cut bills for most Americans –
congressional estimate
U.S. tax code changes sought by Democrats in the House of
Representatives to help fund $3.5 trillion in domestic investments
would cut annual tax bills for Americans earning less than $200,000
a year through 2025, a congressional estimate showed on
Tuesday.
https://www.investing.com/news/economy/democrats-tax-planwould-cut-bills-for-most-americans-congressional-panel-2616118
China’s factory, consumer sectors stumble on COVID-19
disruptions
China’s factory and retail sectors faltered in August with output
and sales growth hitting one-year lows as fresh coronavirus
outbreaks and supply disruptions threatened the country’s
impressive economic recovery.
https://www.investing.com/news/economic-indicators/chinasindustrial-output-rose-53-yy-in-august-retail-sales-up-25-2616445