MAJOR NEWS TODAY: 7/3/2014

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MAJOR NEWS TODAY: 7/3/2014

1. Anti-terror law passed by National Assembly

2. Finance Minister says cartels operating in several sectors; says cartels permeates banking, manufacturing, telecom and media sectors

3. Government sets 1QFY14 borrowing target of Rs1trn (Rs300bn PIBs, Rs700bn T-bills)

4. ECC on Saturday likely to approve UFG benchmarks for gas utilities, may increase benchmark from 4.5% to 7%

5. ECC to approve dealer margin of Rs40 on each 50kg urea bag being sold by NFML

6. PPIB approves processing of 4,250MW coal-fired projects, which includes HUBCO (660MW), Yunus Brothers/Lucky Cement (660MW)

7. SECP issues stern warning to insurance companies, which invests in shares of associated companies without prior approval of the shareholders

8. Repatriation of profit, dividend crosses USD1bn mark

9. ICH policy withdrawal helps raise taxable revenue

PREVIOUS DAY FOREIGN FLOWS

Gross Buy	USD5.4mn
Gross Sell	USD7.1mn
Gross Buy & Sell	USD12.5mn
Net Sell	USD1.7mn

Sanie Khan

Sanie Khan holds a deep knowledge of the financial markets in Pakistan. Based in Karachi, he has over 20 years of hands-on management experience in financial technologies and managing operations in the financial sector. He was the General Manager at the Pakistan Stock Exchange (PSX) for 17 years. He along-with senior members of Exchange

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